Dhara Project

8/3/2019 Dhara Project

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PREFACE

I am DHARA DAVE, the student of INDUS Institute ofTechnology & Engineering, presenting this report beforeyou. As a part of practical studies, I have taken training fromBHARTI AXA LIFE INSURANCE Ltd. I am very glad torepresent this project report before you as it involves myhard work, experience as well as co ordination of all staffmembers.

Such type of training is very helpful to management studentsas it helps in strengthening confidence and gives experienceto check the theoretical knowledge.

DHARA DAVEMBA

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ACKNOWLEDGEMENT

The success of any project is never limited to the individualundertaking the project. However, there are some key

personalities whose role is very vital in project. Iacknowledge with deep sense of appreciation the co-operation received from ASIF Siras well as PANKAJ Sir.

Firstly I would like to thank Mr. ABHINAV SHUKLA, trainingmanager, without whom I wont be able to complete thisproject report.At the same I would like to thank Mr. KAVAN DAVE for

providing me better understanding of working of company. Iwould like to thank JIGNESH Sir, for better co-operation. Iam also thankful to Ms.MAMTA PARIKH, as she made uscomfortable with the basic concepts and procedure forrecruitment. They were always been willingly presentwhenever I needed their support. I am also thankful to themfor the time they have spared for me, from their extremelybusy schedule.

I would like to thank our internal project guide Mrs. GARIMAMISHRA Faculty guide in IITE. She is extremely friendlyand co operative during the entire course of our training. Hercontinuous support and constructive suggestions madetraining much easy.

Finally, I want to express my appreciation for the continuousand sincere support of all the faculty members of IITE.

DHARA DAVEMBA

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INDEX

No. TopicPgNo

.1 INTRODUCTION.. 5

Profile of Bharti 6Profile of AXA.. 12Corporate Profile ( BAL ).... 22

2. Organization Structure.. 25

3 Financial Policy.. 26Financial Performance 27

4 Personnel 29Recruitment Process... 30Personnel Policies 30Training & Development. 31Welfare Activities. 33

5 Production / Operations. 34Products. 36Quality Control.. 39

.Facility Layout 40

6 Marketing. 41Areas of Operation 42Competitors 44

Advertisement & Sales Promotion. 44Brand Forum in India 45

7 As a trainee. 47

8 Methodology 49

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Study & Its Objective... 50.Sample 51

9 Results. 52

Interpretation of the Results 56

10 Life Insurance in India 57

11 Conclusion 60

12 Bibliography. 61

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INTRODUCTION


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History of the organization & its objective

BHARTI

Sunil Bharti Mittal,founder,Chairman and managing Directorof Bharti Group can be labeled as the most ambitioustelecom entrepreneur in India.Sunil Mittal got interested in push button phones while on atrip to Taiwan, andin 1982, introduced the phones to India, replacing the oldfashioned, bulky rotary phones that were in use in the

country then. Bharti Telecom Limited(BTL) was incorporatedand entered into a technical tie up with Siemens AG ofGermany for manufacture of electronic push button phones.

Sunil Bharti Mittal

Chairman and managing Director of Bharti Group

The turning point came in 1992 when the Indian

government was awarding licenses for mobile phoneservices for the first time. One of the conditions for theDelhi cellular license was that the bidder has someexperience as a telecom operator. Mittal clinched a dealwith the French Telecom group Vivendi. Two years later,Sunil secured rights to serve New Delhi. In 1995, BhartiCellular Limited (BCL) was formed to offer cellular servicesunder the brand name Airtel. Within a few years Bhartibecame the first telecom company cross the 2-millionmobile subscriber mark.

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Bharati

Enterprise

Bharati

Enterprise

Bharati

TeletechLtd.

Bharati

TeletechLtd.

Telecom

SeychellesLtd.

Telecom

SeychellesLtd.

Bharati

TelecomLtd.

Bharati

TelecomLtd.

Fieldfresh

Foods Pvt.Ltd.

Fieldfresh

Foods Pvt.Ltd.

JerseyAirtel Ltd.

JerseyAirtel Ltd.

Bharati

Axa LifeInsurance

Ltd.

Bharati

Axa LifeInsurance

Ltd.

Bharati

TelesoftLtd.

Bharati

TelesoftLtd.

Bharati

Retail Pvt.Ltd.

Bharati

Retail Pvt.Ltd.

Teletech

Services

(India) Ltd.

Teletech

Services

(India) Ltd.

Bharati

Airtel Ltd.Bharati

Airtel Ltd.

Always on the move and making an impact and excelling inwhatever he did, this clear thinking risk taker has changedthe face of the Indian ICT space. For his contribution hehas been honored with several awards. He was chosen as

one of the top entrepreneurs in the world for the year 2000and amongst Stars of Asia, by Business Week, hereceived IT Man of the year Award 2002 from Dataquestand CEO Of the year, 2002 Award (World HRD Congress).He is the member of National Council of Confederation ofIndian Industry (CII), Federation if Indian Chambers ofCommerce & Industry (FICCI), Chairman, Indo-US JointBusiness Council, Member, Advisory Committee

constituted by Ministry of IT. Now he heads a successfulempire focused on different areas of business throughindependent Joint Venture companies with a marketcapitalization of approximately $2 billion, employing over5000 people and still growing.

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BHARTI ENTERPRISES

Bharti Airtel ltd.

Bharti airtel ltd is Indias leading provider oftelecommunications services. The company has 4 distinctBusiness divisions- Mobile & telephone services, longdistsnce services and enterprise services.

Bharti TeleTech ltd

Bharti TeleTech LTD manufactures and exports world classtelecom equipment under the brand Beetel.

Telecom Seychelles ltd

Telecom Seychelles Ltd provides telecom services inSeychelles, under the brand Airtel

Bharti Telesoft ltd

Bharti telesoft ltd delivers best-in-class, revenue-criticalVAS products and services to telecom carriers.

TeleTECH Services (India) Ltd

TeleTech Services (India) Ltd is joint venture with TeleTechInc., USA. It offers a range of Customer Management

Services.

FieldFresh Foods Pvt Ltd

FieldFresh Foods Pvt Ltd is Bhartis venture with ELRothschild Group owned ELRO Holdings India Ltd., to

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export fresh Agri products exclusively to markets in Europeand USA.

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Bharti is the First

To launches Indias first private sector

National Long Distance service.

Mobile service to cross the three millioncustomer mark and to cross 100000 in Himachal. To launch worlds first Flexi- Rechargepre-paid Coupon for its customer

To announce innovative outstanding toenhance Quality of Customer Services

To launch talk-time transfer service for itspre-paid customers in Delhi

To win the prestigious MIS Asia ITExcellence Award 2005

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AWARDS

o Airtel wins the World Communications Best

Brand Awardo Bharti Tele-Ventures is the Asian Mobile newsMobile Operator of The Yearo Airtel chosen as Most Preferred Mobile Servicesby CNBC Awaaz Consumer Awardso Bharti Tele-Ventures is the Indian MobileOperator of the Year 2005o BHARTI wins Silver Trophy at the CII National

Six Sigma Awardso Bharti Tele-Ventures amongst the top technologycompanies in the world-Business Week

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STRENGTHS

o A trusted brand nameo All India presenceo Largest in the telecom industryo Strong financial base

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AXA-Profile

50 million (500lakhs) customers

130000 employees and exclusive sales associates72 billion euros (Rs. 416300 crores) in revenues869 billion euros (5024500 crores) in assets undermanagement2.9 billion euros (Rs. 16800 crores) in adjusted earnings.

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AXA Financial Protection

AXA is a world leader in financial protection and wealth

management, with major operations in Western Europe,North America and the Asia/Pacific area. AXA services 50million customers throughout the world individuals andbusinesses. In total, the AXA Group has approximately110000 employees and distributions worldwide, working inaround fifty countries.

The XA Group reported total revenues for the first half of

2006 of billion and underlying earnings of 2090 million andhad 1091 billion in assets under management as of June 30,2006. AXAs ordinary shares are listed and trade under thesymbol AXA on the Paris Stock Exchange. AXA AmericanDepository Shares (ADSs) are listed on the NYSE under theticker symbol AXA.

AXA Group has a strong, long lasting history. The Group cantrace its right back to the 18th century. After a succession of

mergers, acquisitions and name changes involving some ofthe leading insurance companies in the UK and around theworld, the name AXA was first introduced in 1985.

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AXA VISION

We have chosen a demanding business. If we do it right,then we enable our clients to be life confident because they

feel reassured, protected and supported as they undertakeimportant projects at various stages in their lives. Our visionof the business is what guides our daily work. It reflects thesocial and human aspects of Financial Protection, whosevalue to people has never been greater.

Henri de Castries-Chairman of the AXA Management Board

Business: Financial Protection:- Financial Protectioninvolves offering customers- individuals as well as small,mid-size and large businesses- a wide range of product andservices that meet their insurance, protection, savings,retirement and financial planning needs throughout theirlives.

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Asset Production

Life Protection

Savings Retail Banking Products

Asset Accumulation Asset Management

Retirement Annuities

Life Stages

Financial

Planning


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Ambition:-The company is working toward the shared ambition ofattaining leadership in core Financial Protection business,

through the quality of products and services as well asthrough superior performance.

Values:-

Team spirit Integrity InnovationPragmatism

Professionalism

These values are the foundations of their ambition. Theyserve as a guide, inspiring the actions and decisions of AXAemployees. These values reflect the way of doing andthinking, for the benefit of their clients, shareholders,employees, business partners and the community.

Commitments:-AXA aspired to do business responsibly, and to build trust-based relationships with its stakeholders:Clients: Consistently deliver efficient local service andadapted solutions, while adhering to the highest standard ofprofessional conduct.Shareholders: Create lasting value by achieving operatingperformance that ranks among the best in the industry, andstrive to furnish accurate financial information.Employees: Ensure professional fulfillment by offering asupportive and respectful workplace where people areempowered and the continuous development ofcompetences is encouraged.

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Suppliers: Maintain excellent supplier relationships byadhering to a set ofclearly defined procurement guidelinesand promoting ongoing dialogue.The community: Act as a responsible corporate citizen by

sharing their professional expertise with the community,innovating in the area of employment and sponsoringphilanthropic initiatives.The Environment: Contribute to environmental preservationefforts by making available environmental risk managementcapability and promrting environmentally sound practices inthe workplace.

Strategy:-To attain its leadership ambition, the AXA Group has built itsstrategy around a business model and a set of clearlydefined operational priorities. AXAs business model entailsfortifying, consolidating and developing organic growthretaining existing clients and acquiring new ones to ensurethat the Group is able to seize genuine opportunities forexternal growth. AXAs development efforts are focused on

the most profitable segments, and the Group seeks toenhance its positioning in developed or high-growth markets.

AXA has set five operational priorities or catalysts forchange, which together are known as the five cylinders of itsgrowth.

Product innovation: a source of differention that reflectsAXA desire to offer added value every time it introduces

a new product in one of its markets.Core business expertise: AXAs goal is to offer the best

service at the best price.Distribution management: a second source of

differention that reflects AXAs aspiration of enhancing

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sales performance by lessening the administrative loadon its distributors.

Quality of service.Productivity: AXA seeks to reduce operating costs and

improve quality every year. Cost reduction is an ongoingchallenge, not a one-off reaction to a difficult operatingenvironment.

To achieve operational excellence in each of these keyareas, AXA has adopted a continuous processimprovement program based on listening to the voice of

the customer. Its global strategy is leveraged by the sizeand the reach of AXA Group, which encourages localoperating units to develop and exploit synergies.

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AXA Brand

Today, 52 million clients in the world trust AXA and theAXA name. Since 1998, the AXA Group has been doingbusiness under a single brand with global reach: AXA.The AXA logo was created in1985. The name and logowere designed to reflect the Groups image: professional,united, vibrant and ambitious.

1982- The new group starts search for anew name. 1985- The new group chooses an

international name:AXA 2003- The name and logo were designed

to reflect the Groups image:

To provide a clearer vision of the transformation of itscore business from traditional insurance to the broader

concept of Financial Protection, the AXA Group added thewords Financial Protection as a baseline to its logo andadopted a tagline designed to underscore the notion ofproximity and the most basic of human values:Simple, natural, optimistic and intimate, the be lifeconfident tagline reflects AXAs culture and ability to moveforward.

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Employees:

Employer of choice for employees of choice

Our expectations of you

Excellent performer in your chosen area Client-driven and results oriented Team player, able and willing tocollaborate with others Open-minded and constantly willing to

learn Eager to contribute energy and ideas Flexible and embracing of change Total integrity

In short term the employee performs (Results and value)and the company provides compensation and good workingenvironment. In a long term association the company

provides learning and career opportunities whereas theemployee brings continuous learning and self development.

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FORTUNE GLOBAL 500-2007

Rank Company Revenues

($millions)

Profits($millions)

1 Wal-Mart Stores 351139.0 11284.02 Exxon Mobil 347254.0 39500.03 Royal Dutch Shell 318845.0 25442.04 BP 274316.0 22000.05 General Motors 207349.0 1978.0

6 Toyota Motor 204746.4 14055.87 Chevron 200567.0 17138.08 DaimlerChrysler 190191.4 4048.89 ConocoPhillips 172451.0 15550.010 Total 168356.7 14764.711 General Electric 168307.0 20829.012 Ford Motor 160126.0 -12613.013 ING Group 158274.3 9650.8

14 Citigroup 146777.0 21538.015 AXA 139738.1 6379.9

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Strengths A trusted brand name Global presence Largest in the insurance industry (in terms of revenue) Strong financial base

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CORPORATE PROFILE

Bharti AXA Life Insurance is a joint venture between Bharti,one of Indias leading business groups with interests intelecom, agri business and retail, and AXA, world leader infinancial protection and wealth management. The jointventure company has a 74% stake from Bharti and 26%stake of AXA.

The company launched national operations in December2006. Today, it has over 5200 employees across over 12states in the country. The business philosophy is built

around the promise of making people "Life Confident".

As company expands its presence across the country tocater to clients insurance and wealth management needswith their product and service offerings, they continue tobring 'life confidence' to customers spread across India.Whatever your plans in life, you can be confident that BhartiAXA Life will offer the right financial solutions to help you

achieve them.

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Vision

To be a leader of the preferred company for financialprotection and wealth management in India.

Strategy

To achieve a top 5 market position in India through amulti-product platform.

To adapt AXAs best practice blueprints as a soundplatform for profitable growth.

To leverage Bharatis local knowledge, infrastructureand customer base.

To deliver high level of shareboarder return. To build long term value with our business partners by

enhancing the proportion to their customers. To be the employer of choice to attract and retain the

best talent in India. To be recognized as being close and qualified by our

customers.

Strategic differentiators Strong partner Bharti- provides access to customer

base of more than 20 million. Multi channel execution capability. Current Asia product range which is a strong match to

products sold to the mass and mass affluent. Global scale providing cost effective and speedy re-use

of systems, products and business capability.

Strong AXA and Bharti brand which can be leveragedto attract and retain a high quality management team.

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Core Values

Team spirit Integrity Innovation Pragmatism Professionalism

These values are the foundation of their ambition. Theyserve as a guide, inspiring the actions and decisions ofBharti AXA employees. These values reflect way of doingand thinking, for the benefit of clients, shareholders,employees, business partners and the community.

Presence

Hyderabad MehsanaMumbai Nawashair

Delhi NoidaBangalore BhatindaKolkata HowrahChennai Kharagpur

Ahmedabad GurgaonLudhiana Durgapur Lucknow SiliguriSurat VijaywadaKochi PondicherryIndore Jamshedpur Chandigarh VijaywadaVadodara Calicut

Nagpur TrivendrumBhubneshwar ErodeJaipur Trissur Nasik Amritsar Kanpur Jalandhar Anand Patiala

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Aurangabad PuneAbohar Rajkot

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Financial Policy

Financial Protection involves offering customers- individualsas well as small, mid-size and large businesses- a widerange of product and services that meet their insurance,protection, savings, retirement and financial planning needsthroughout their lives.

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Financial Performance

Comparison with competition (absolute returns)

1 month 3months

6months

Rank 1 year Rank 3 years

Equity

Bharti AXA Grow Money 17.06% 29.24% 43.08% 2 62.92% 2

Bajaj Allianz Equity Plus 13.82% 24.10% 37.83% 6 47.09% 6 231.00%

ICICI Prudential

Maximiser12.97% 24.59% 44.15% 4

49.62% 4255.12%

HDFC Growth Fund 13.36% 22.51% 38.56% 7 46.12% 7 255.12%

SBI Life Horizon Equity 17.95% 32.00% 46.97% 3 60.44% 3

Aviva Life Bond Growth 7.83% 14.35% 23.70% 8 33.26% 8 177.81%Reliance Life Equity 12.50% 24.36% 42.86% 5 48.24% 5

Tata AIG Equity 18.64% 32.15% 53.36% 1 72.00% 1

Balanced Fund

Bharti AXA save n Grow 8.35% 14.15% 21.30% 3 27.50% 3

Bajaj Allianz Balanced

Plus9.90% 16.59% 24.98% 2

31.87% 291.68%

ICICI Prudential Plus 5.45% 10.49% 20.30% 5 23.70% 5 72.53%

HDFC Balanced Managed 7.89% 13.40% 22.64% 4 27.35% 4 111.52%Aviva Life Bond Balanced 4.06% 7.36% 13.78% 6 17.83% 6 81.73%

Reliance Life Balanced 3.15% 5.70% 12.20% 7 14.50% 7

Tata AIG Balanced Fund 10.63% 17.42% 29.03% 1 37.66% 1

Bond

Bharti AXA Steady

Money0.83% 2.08% 8.22% 1

10.35% 1

Bajaj Allianz Debt Plus 1.29% 2.43% 6.04% 5 7.93% 6 19.79%

ICICI Prudential Protector 1.18% 2.07% 5.54% 6 7.94% 5 17.93%

HDFC Secure Managed 1.02% 1.97% 6.14% 4 8.16% 4 20.18%

SBI Life Horizon Fund 1.15% 1.74% 6.31% 3 9.82% 3

Aviva Life Bond Secure 2.07% 3.48% 8.09% 2 10.17% 2 32.75%

Reliance Life Capital

Secure Fund0.66% 2.01% 4.02% 7

7.47% 7

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(Bharti AXA IM), the asset management joint venture(subject to SEBI license) between Bharti Ventures Limitedand AXA Group has announced the appointment of Mr.Prateek Agrawal as the Head of Equity and Mr. Sujoy Das

as Head of Fixed Income respectively.

Mr. Prateek Agrawal has over 14 years of experience in theIndian equity markets. Having started his career as amember of the SBI Capital Markets research team, Prateekgrew to head it in a short span of 10 years. Before joiningBharti AXA IM, Prateek was the Head of the equity team inABN AMRO Asset Management Company. He joined ABN

AMRO AMC in 2004 as a part of the core investment teamand at the time of leaving, was managing all their equityfunds.

Mr. Sujoy Das had a rich experience of over 7 years withDSP Merrill Lynch Fund Managers as a senior member ofthe Fixed Income fund management team,before joiningBharti AXA Investment Managers inSeptember, 2007. Sujoy

brings with him vast experiencein trading, research and fundmanagement. He has spent more than 11 years of hiscareer in the financial markets. Sujoy started his careerin1996 with the treasury of Bank of Punjab Ltd.

Commenting on the senior appointments, Mr. SandeepDasgupta, CEO,Bharti AXA Investment Mnagers Private Ltd.Said, We are delighted to have Prateek and Sujoy onboard with Bharti AXA IM. Intellect manpower withadequateon-ground experience is extremely crucial to thebusiness.

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PERSONNEL


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Recruitment Process

All the candidates are interviewed by followingmanagerso HRo Regional Heado Line Manager

Screening is done on the basis of interview Then evaluation sheet is prepared andvarious documents are required like address proof,resignation letter from previous company etc. Calls are made to check the references givenby candidates. Selected candidates are informed about

joining date.

Personnel Policies

After joining the company, new employees get

business code within the four days. New employee is provided training for four days for

agency and training for five days for DSF. Training includes basic knowledge of product services,

HR, work profile etc. If new employee resigns, he needs to give notice

before one month. After 45 days, settlement is doneand he can claim for PF. And if he has not given notice

before 1 month employee has to pay salary of onemonth.

There is an attendance policy; there are some chargesfor late comers.

For every branch, birthday celebration and otheractivities are carried out.

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Formals are compulsory for all employees for wholeweek except Saturday.

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Training and development

The objective of the Confidence Campo Complete the curriculum defined by IRDA (training

for 18 days and 100 hours not more than 6 hoursa day).

o Understand the basic concepts of life insurance.

o Practice and prepare for the pre-licensingexamination.

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The Learning Curve

UnconsciousIncompetence

ConsciousIncompetence

ConsciousCompetence

UnconsciousCompetence

Knowledge

Skill

NoKnowledge

AttitudeU R Here


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Overview of training:

Program duration-3 days

Intro to the industry and to the company IC33 preparation Pre licensing exam BAL products & AML/ULIP certification Field operations

Regular training inputs for a year:

Every week one 4 hour session to enhance skills whichincludes a 3 day selling skills workshop and knowledge oflife insurance, products, financial basics, unit linked,business insurance & taxation.

Pre licensing examination:

Requirement: 50 hours of training for the IC33 examconducted by Insurance institute of India (III).

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Welfare Activities

1. Cyclone Relief Fund:This activity was carried out by Bharti AXA lifeinsurance to collect funds to save people suffering fromdisaster.

2.Bharti AXA hearts lives in action:This activity was carried out by Bharti AXA to collectfundsfor the poor children.

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Production / Operations


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Bharti AXA Life Insurance

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PRODUCTS

Individual Plans :

1. Bharti AXA Dream Life PensionA Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurances uniquepension product ensures that your retirement life is yourDream Life.Live your Dreams! Be Life Confident!

2. Bharti AXA Life AspireLifeUnit Linked Endowment Product.

Aspire Life helps you create a pool of wealth to meet yourlong-term needs, while also providing you adequateprotection in case the need arises.

3. Bharti AXA Life Invest ConfidentUnit Linked Single Premium Product.

You have always strived hard to achieve the best for youand your loved ones, so when it comes to making aninvestment decision, we know that you would expect thebest from it too.

4. Bharti AXA Life Wealth ConfidentA unit-linked investment cum protection policy.

Your wealth, your status ensures that you get preferentialstatus wherever you go. So why shouldn't your money getthe same?

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5. Bharti AXA Life FutureConfidentA unit-linked policy a which offers comprehensive protection

along with wealth creation in the long term.

6. Bharti AXA Life FutureConfident IIA unit-linked product which offers enhanced protection alongwith wealth creation in the long term.

7. Bharti AXA Life SaveConfidentTraditional money back insurance product for long termsavings.

Your changing lifestages decide your financial milestoneplanning. When you foresee intermittent financialrequirements in the years to come, like regular expensesrelated to your childs education, liquidity becomes a key

aspect of your planning along with long term savings, andprotection for your family.

8. Bharti AXA Life SecureConfidentA Long Term Life Insurance.

All of us desire to maximise the happiness for our family atall times, irrespective of the circumstances. The thought ofunfortunate events befalling us may cause us anxiety aboutproviding a secured happiness to our loved ones.

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Group Plans:

1. Bharti AXA Life Mortgage Credit Shield

Mortgage Credit Shield is a Group Product that providescoverage to people who have availed of a Mortgage\ Homeloan\ Home equity loan from an Institution/Bank.

2. Bharti AXA Life Credit Shield

Credit Shield is a Group Product that provides coverage topeople who have availed of a loan for 1 to 5 years fromGroup Policyholder

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Quality Control

IndividualObjectives &

Focus

MeasuresWeight

in %

Adherence to process

Successful: Minimum Satisfactory score inbranch certification and audit

15Outstanding: Above average score in branchcertification and audit

AccuracySuccessful: above 95%

25Outstanding: >98%

Applied/Paid

ratio(Pendingmanagement)

Successful: above 95%

20Outstanding: > 98%

Response Time /Service Desk

Successful: Above 85% score in the internalbranch survey

15Outstanding: Above 95% score in the internalbranch survey

Issuance TAT

Successful: Above 90% achievement inSubmission to Issuance TAT

10

Outstanding: Above 95% achievement inSubmission to Issuance TAT

Medical TATSuccessful: above 97% for the review period

5Outstanding: >98% for the review period

ComplaintsManagement

Successful: 95% overall resolution providedwithin TAT

5Outstanding: 98% overall resolution providedwithin TAT

InitiativesSuccessful: Having and regional level impact

5Outstanding: Having a national level impact

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MARKETING


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BALBAL

ADC (Airtel DistributionChannel)

ADC (Airtel Distribution

Channel)AgencyAgency

CAB (Corporate Agent andBrokers)

CAB (Corporate Agent and

Brokers)BancassuranceBancassurance DSFDSF

Blue Chip

BrothersBlue Chip

BrothersBajaj BrothersBajaj Brothers Citi FinanceCiti Finance

Areas of operation

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Agency

12 LAs promoted to MoA Puneet Dubey (Jalandhar) MoA promoted MoA II 7 BSM promoted

Contests for this month Josh (AMJ) 10,814 registrations for the April& May Exams

CAB

Corporate agents Jupiter Insurance Consultant(Unicon) & Konnexions empanelled; businesscommenced

ASK Insurance Brokers empanelled. North Region contribution increases to 59% as

compared to 40% in 2007-08

Bancassurance

Covered 668 group lives Insurance being sold in over 200 CCFIL branches

Over 557 loan officers have undergone the (ILI)Investment Linked Insurance training Net Issuance over Rs. 2.0 Crore

DSF

10 FAs promoted 1 SM promoted to ARSM (Sadiq Din) Contest for the month Reach for the Sky 35 FAs who qualified for the JFM contest visited

Malaysia ARC presence in over 300 ARCs

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COMPETITORS

Before insurance sector was opened to the private sector,Life Insurance Corporation (LIC) was the only insurance

company in India. After the opening up of Insurance sectorin India there has been a glut of insurance companies inIndia. These companies have come up with innovative andflexible insurance policies to cater to varying needs of theindividual. Opening up of the Insurance sector has alsoforced the LIC to tighten up its belt and deliver betterservice. All in all it has been a bonanza for the consumer.

Birla Sun Life Insurance HDFC Standard Life Insurance ICICI Prudential ING Vysya Kotak Mahindra Max New York Life Insurance Metlife India Insurance Reliance Life Insurance SBI Life Insurance Shriram Life Insurance Tata AIG Life Insurance

Advertising and sales promotion

Sources of advertisement:

Media

Mouth to Mouth

Hoardings

Sponsorship

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Brand forum in India

Why do they need to change their Brand Signature Be Life Confident?

Research on the new signature reveals a clearalignment towards customers need and a focus onbuilding trust, which is important for the industry. Hencethe signature needs to move from Confidence to thenext level of Redefining Standards.

What is expected of support functions like IT, HRtowards contributing to this exercise?Internal customers are as important as externalcustomers. Hence support functions also need to buildtrust by following the attributes of being available,attentive and reliable.

Be Life Confident is melted into minds. Its very sad to

lose that caption.Change is difficult. In this case, it is a progress tothe next level of development, more than change.

In a country like India with diverse culture andlanguages and with its geographical length, it would takeanother two years to reach customers, to tell them ormake them understand new brand signature.

The new brand signature will be rolled out in locallanguages and backed by significant expenditureto ensure visibility. But before that, company willdo extensive customer research to make theadvertising more relevant.

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AXAs new brand signature Redefining Standards

Any promise they make will redefine the benefits thatpeople should expect from insurance services.

The Switch the red diagonal line from logo indicates alternatives or changes and so it supportsboth the form and content of the message. The Switchis AXAs new symbol for change.

Three attitudes (availability, reliability and

alternativeness) tell their customers clearly what typesof service AXA will provide, while conveying our deepcommitment to their mission.

o Availability: We are there when our customersneed us and we listen to them, truly.

o Reliability: We say what we do and do what wesay, we deliver and keep our customersinformed, so that they can trust us.

o Attentive: We treat our customers withempathy and consideration, providepersonalized advice along their lives andreward their loyalty.

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As a trainee.

My observation

Staff is very cooperative. The people with whom I camein contact are as follows.ASIF SANDHI Agency Development ManagerPANKAJ Sir PAYAL Madam HR ManagerABHINAV SHUKLA Training ManagerKAVAN DAVE Agency ManagerMAMTA PARIKH Agency coordinator

JIGNESH ACHARYA Branch Distribution OperationExecutive

Office is fully furnished and fully facilitated by A.C. Each and every person whether he/she is from top

management or lower management was behaving verysmoothly. The staff has tried to solve our even smallestproblem.

My experience

While taking actual training, I came to learn lot ofthings.

Through this training, I can experience real corporatelife as well as the functioning of insurance sector.

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My work profile

I need to convince the people to become an agent ofBharti AXA Life insurance.

I need to give knowledge about company, companysproducts, performance as well as future plans.

Other work experience

Payal madam, HR Manager has given us trainingin H.R. field. We need to make an evaluationsheet of interviewed candidates and check their

references.

Abhinav sir, training manager, has given ustraining in data work. We need to make excelsheets containing data of various candidates.

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METHODOLOGY


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The study and its objective

Pankaj Sir gave me project title named People interestedin joining insurance company as an advisor.

The objective is to find the number of people interested ininsurance sector, how much of knowledge general publicis having and why they are interested in insurance sector.That means we need to find the factor insist the people totake interesting in insurance company, etc.

I need to make a survey of 100 people. I need to ask

some questions to general public and make an analysison that base.

Tools for data collection and data analysis

The main tool for data collection and data analysis isquestionnaire. The questionnaire contains following typesof questions.

Are you interested in joining insurance company? Which company would you like to join? Why do you want to join insurance field? Would you like to associate with Bharti AXA? Can you give some references?

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RESULTS


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1.

Interest of people for insurance compa

People intrested in joining insuran

company

People not intrested in joining

insurance company

2.

People Intereste

LIC

HDFC

ICICI

Bajaj

Aviva

Reliance

SBI

Bharti AXA

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3.

Reason for joining insurance field

money

fame

business

4.

People like to associate with Bharti AXA

People like to associate with B.A.L.

People don't like to associate withB.A.L.

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5.

Reason for Joining BAL

Brand

Reputation

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Interpretation of the results

People are not having faith in insurance business.There is a wrong image in the minds of people.People dont want to trust private insurancecompanies.

Majority of people believe in LIC and ICICIprudential. The market share of ICICI and LIC isvery high, while other private insurancecompanies are making struggles to cope up withthe market competition.

People are interested in insurance field basicallyfor money. Firstly they are aimed to earn income.

According to survey, out of 47, 21 people areinterested in associating with BAL and 26 are notinterested.

Out of them, majority are interested for reputationonly.

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Life insurance in India

Life Insurance is the fastest growing sector in India

since 2000 as Government allowed Private players andFDI up to 26% .Life Insurance in India was nationalized byincorporating Life Insurance Corporation (LIC) in 1956. Allprivate life insurance companies at that time were taken overby LIC.

In 1993 the Government of Republic of India appointed RNMalhotra Committee to lay down a road map for privatizationof the life insurance sector.

While the committee submitted its report in 1994, it tookanother six years before the enabling legislation was passedin the year 2000, legislation amending the Insurance Actof1938 and legislating the Insurance Regulatory andDevelopment Authority Actof 2000. The same year that thenewly appointed insurance regulator - Insurance Regulatoryand Development Authority IRDA -- started issuing licenses

to private life insurers.List of Life Insurers (as of Sept, 2006)

Apart from Life Insurance Corporation, the public sector lifeinsurer, there are 17 other private sector life insurers, mostof them joint ventures between Indian groups and globalinsurance giants.

Life Insurer in Public Sector

1. Life Insurance Corporation of India

Life Insurers in Private Sector

1. ICICI Prudential Life Insurance

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2. Bajaj Allianz Life, Pranav,Surat 13. MNYL Life Insurance4. Sahara Life Insurance5. Tata AIG Life

6. HDFC Standard Life7. Birla Sunlife8. SBI Life Insurance9. Kotak Mahindra Old Mutual Life Insurance10. Aviva Life Insurance11. Reliance Life Insurance Company Limited - Formerly

known as AMP Sanmar LIC12. MetLife India Life Insurance

13. ING Vysya Life Insurance14. Max New York Life Insurance15. Shriram Life Insurance16. Bharti AXA Life Insurance Co Ltd17. Future General Life Insurance Co Ltd18. IDBI Fortis Life Insurance Co Ltd19. Aegon Religare Life Insurance Co Ltd20. DLF and Pramerica ( will soon Launch the

operations)

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Foreign Direct Investment (FDI) Policy in Insurance Sector

As per the current (Mar 06) FDI norms, foreign participationin an Indian insurance company is restricted to 26.0% of itsequity / ordinary share capital. The Union Budget for fiscal2005 had recommended that the ceiling on foreign holdingbe increased to 49.0%. However, the matter is still underdiscussions.

Indian Life Insurance Industry Overview

All life insurance companies in India have to comply with thestrict regulations laid out by Insurance Regulatory andDevelopment Authority of India (IRDA). Therefore there is norisk in going in for private insurance players. In terms ofbeing rated for financial strength like international players,only ICICI Prudential is rated by Fitch India at NationalInsurer Financial Strength Rating of AAA (Ind) with stableoutlook indicating the highest claims paying ability rating.Life Insurance Corporation of India (LIC), the state ownedbehemoth, remains by far the largest player in the market.Among the private sector players, ICICI Prudential LifeInsurance(JV between ICICI Bank and Prudential PLC) isthe largest followed by Bajaj Allianz Life Insurance CompanyLimited (JV between Bajaj Group and Allianz). The privatecompanies are coming out with better products which are

more beneficial to the customer. Among such products arethe ULIPs or the Unit Linked Investment Plans which offerboth life cover as well as scope for savings or investmentoptions as the customer desires. Further, these types ofplans are subject to a minimum lock-in period of three yearsto prevent misuse of the significant tax benefits offered to

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such plans under the Income Tax Act. Hence, comparison ofsuch products with mutual funds would be erroneous.

Conclusion

Insurance sector is a growing sector in India.Nowadays private companies come out with theirinnovative products and services in insurance field.There is a cut throat competition in each and every fieldand therefore finally consumers are benefited.

It was really great experience to take training in Bharti

AXA life insurance Ltd. It is a joint venture betweenbharti and AXA. I am heartily thankful to all the staffmembers for their co operation.

DHARA DAVEMBA

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Bibliography

www.bharti-axalife.com

google search Abhinav sir Asif Sir Pankaj Sir Kavan Sir Mamta mam Jignesh Sir
http://www.bharti-axalife.com/http://www.bharti-axalife.com/

Documents

Dhara Project