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This is to certify that Nupur Gupta , a student of the Gauhati University has prepared her
Training Report entitled Recruitment of Financial Consultant at HDFC STD. LIFE
INSURANCE under my guidance. She has fulfilled all requirements under the
regulations of MBA (IIP) Gauhati University, leading th MBA (IIP) degree. This work is
the result of her own investigation and the project; neither as a whole nor any part of it
was submitted to any other University or Educational Institute for any research or
diploma.
I wish her all success in life.
Prof. Vibha Kushwaha
Management Department
New Delhi Institute of Management Studies
STUDENTS DECLARATION
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I hereby declare that the project Report conducted at
HDFC STANDARD LIFE INSURANCE, NEW DELHI
Under the guidance of
PROF. VIBHA
Submitted in partial fulfillment of the requirements for the Degree of
MASTER OF BUSINESS ADMINISTRATION
(Industry integrated)
TO
GAUHATI UNIVERSITY, GAUHATI
Is my original work and same has not been submitted for the award of any other
degree/diploma
Fellowship or other similar titles or prizes.
Place: NEW DELHI NUPUR GUPTA
Date: Reg.No-003325
ACKNOWLEDGMENTS
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I express my deepest and most sincere thanks to Prof VIBHA (Faculty Guide) and all my
teachers who provided me their valuable time and information. The OJT and
Project could not be possible without their able support and guidance. It was a
great opportunity for me to work with HDFC STANDARD LIFE INSURANCE. I
am extremely grateful to those who have shared their expertise and knowledge with
us and without whom the completion of this project would have been virtually
impossible.
I would like to thank my company guides MR.KAPIL, who has been a constant source
of inspiration for me during the completion of this project.
I am indebted to all staff members ofHDFC STANDARD LIFE INSURANCE for their
valuable support and cooperation during the entire tenure of this project. Not to forget, all
those who have kept our spirits surging and helped me in delivering my best.
Last but most important I thank God Almighty above who guided me and bestowed me
with the wisdom and an opportunity to carry out the project.
NUPUR GUPTA
TABLE OF CONTENTS
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CHAPTER-----1 INTRODUCTION
1.1 OVERVIEW OF THE INDUSTRY AS A WHOLE
1.2 INDUSTRY PROFILE
a. ORIGIN AND DEVELOPMENT OF THE INDUSTRY
b. GROWTH AND PRESENT STATUS OF THE INDUSTRY
c. FUTURE OF THE INDUSTRY
CHAPTER--2 PROFILE OF THE ORGNIZATION
2.1 ORIGIN OF THE ORGANIZATION
2.2 GORWTH AND DEVELOPMENT OF THE ORGNIZATION
2.3 PRESENT STATUS OF THE ORGANIZATION
2.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION
2.5 PRODUCT AND SEVICE PROFILE OF THE ORGANIZATION COMPETIORS
2.6 MARKET PROFILE OF THE ORGANIZATION
CHAPTER-3 DISCUSSIONS ON TRAINING
3.1 STUDENT WORKPROFILE
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(Role And Responsibility, TOOL AND TECHNIQUES)
3.2 KEY LEARNING
CHAPTER-4 STUDY OF SELECTED REASRCH PROBLEM
4.1 STATEMENT OF RESEARCH PROBLEM
4.2 STATEMENT OF REASEARCH OBJECTIVE
4.3 RESEACH DESIGE OR METHODOLOGY
CHAPTER-5 ANALYSES
5.1 ANALYSIS OF DATA
5.2 SUMMARY OF FINDING
CHAPTER-6 SUMMARY AND CONCULUSION
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LIST OF GRAPH AND CHARTS
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INTRODUCTION
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1.1 GENERAL INTRODUCTION ABOUT THE SECTOR
Insurance is a federal subject in India. The insurance sector has gone through a number of
phases and changes. Since 1999, when the government opened up the insurance sector by
allowing private companies to solicit insurance and also allowing foreign direct
investment of up to 26%, the insurance sector has been a booming market. However, the
largest life-insurance company in India is still owned by the government. The history of
the insurance sector in India reveals that it has witnessed complete dynamism for the past
two centuries approximately. The pre-independence era in India saw discrimination
between the lives of foreigners and Indians with higher premiums being charged for the
latter.
Insurance sector has been opened up for competition from Indian private insurance
companies with the enactment of Insurance Regulatory and Development Authority Act,
1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and
Development Authority (IRDA) was established on 19th April 2000 to protect the
interests of holder of insurance policy and to regulate, promote and ensure orderly growth
of the insurance industry. IRDA Act 1999 paved the way for the entry of private players
into the insurance market which was hitherto the exclusive privilege of public sector
insurance companies/ corporations
The insurance sector in India has completed all the facets of competition from being an
open competitive market to being nationalized and then getting back to the form of a
http://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Foreign_direct_investment8/6/2019 HDFC NUPUR
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liberalized market once again. India insurance is a flourishing industry, with several
national and international players competing and growing at rapid rates. Due to reforms
and the easing of policy regulations, the Indian insurance sector been allowed to flourish,
and as Indians become more familiar with different insurance products, this growth can
only increase, with the period from 2010 - 2015 projected to be the 'Golden Age' for the
Indian insurance industry.
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1.2 INDUSTRY PROFILE
a) Origin and development of Industry
The history of the Indian insurance sector dates back to 1818, when the Oriental Life
Insurance Company was formed in Kolkata. A new era began in the India insurance
sector, with the passing of the Life Insurance Act of 1912.
The Triton Insurance Company Ltd formed in 1850 and was the first of its kind in the
general insurance sector in India. Established in 1907, Indian Mercantile Insurance
Limited was the first company to handle all forms of India insurance. The Indian
Insurance Companies Act was passed in 1928. This act empowered the government of
India to gather necessary information about the life insurance and non-life insurance
organizations operating in the Indian financial markets.
The Government of India issued an Ordinance on 19th January, 1956 nationalizing the
Life Insurance sector and Life Insurance Corporation came into existence in the same
year. The LIC had monopoly till the late 90s when the Insurance sector was reopened to
the private sector. The insurance sector went through a full circle of phases from being
unregulated to completely regulate and then currently being partly deregulated. It is
governed by a number of acts.
The Insurance Act of 1938 was the first legislation governing all forms of insurance to
provide strict state control over insurance business. Until 1999, there were not any private
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insurance companies in India. The government then introduced the Insurance Regulatory
and Development Authority Act in 1999, thereby de-regulating the insurance sector and
allowing private companies. Furthermore, foreign investment was also allowed and
capped at 26% holding in the Indian insurance companies.
b) Growth and present status of the industry
The roots of the insurance sector can be tracked down in the year 1818 in the formation
of the life insurance Corporation in Calcutta. During that time different premiums were
charged for the Indian and English people lives. By the year of 1938, in India there were
total 176 insurance companies. In the year of 1938, with the passing of Insurance Act,
1938 there was the introduction of the first comprehensive legislation. It was passed with
the aim of providing the strict state control over the insurance business. After the
independence, insurance sector in India grew at a much higher pace. In the year 1956,
Indian government combined together 245 Indian and foreign insurers and the provident
societies under the name of nationalized Monopoly Corporation. It was the same period
when the life insurance corporation (LIC) came into the existence by the passing of the
Act of Parliament and through the contribution of capital around Rs. 5 crore. Till 1972,
private sector has enjoyed somehow monopoly in the general insurance sector. There
were around 107 private companies in the field. With the effect of the General Insurance
Business (Nationalization) Act, 1972, the general insurance business got nationalized in
the India. Due to the amalgamation of 107 private insurance companies, 4 new
companies, as the subsidiaries of the General Insurance Company, came into effect-
National Insurance Company, New India Assurance Company, Oriental Insurance
Company and United India Insurance Company. India's insurance sector is zooming to
show an unprecedented progressive growth of more than 200% by the period of 2009-09.
The Associated Chambers of Commerce and Industry of India has clocked out the fact
that during this period, private players in the industry will see a growth of about 140 per
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cent, owing to the adoption of the aggressive marketing techniques in comparison of the
growth rate of 35 per cent-40 per cent achieved by the state owned insurance companies.
The chamber is expected to poise the business of insurance to reach at Rs.2000 billions in
coming 2 years from the present level of Rs. 500 billion. With the result of adoption of
the intense marketing strategies by the private players, the declination has been witnessed
in respect of the share of the state owned insurance companies captured in the market.
The market share fallout has been noticed in context of such companies like GIC, LIC,
which have come down to nearly 70 per cent in the past 4-5 years from the 97 per cent.
The experts have forecasted the more severe competition in the insurance sector likely to
be occurred in the near future. Till recently, insurance sector was majority driven by the
government sector players but now many private sector multinational players have comeinto the picture. Like HDFC, ICICI, Kotak, Mahindra and Birla Sunlife. Insurance sector
has been characterized as the booming sector of the Indian arena, which has shown the
growth rate of more than 15 per cent to 20 per cent. Insurance in India is put under the
federal subject and is governed by the Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972,
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and by various
other acts.
C) Future of the industry
The insurance sector has opened up for private insurance companies with the enactment
of IRDA Act, 1999. A large number of companies are competing under both life and
general Insurance. The FDI cap/equity in this sector is 26% and the proposals have to be
cleared by Insurance Regulatory and Development Authority (IRDA) established to
protect the interest of holder of Insurance policy and act as a regulator and facilitator in
the industry. Some of the major players in this sector are LIC, Max New York Life
Insurance, Bajaj Allianz, ICICI Prudential, HDFC Standard Life, Metlife Insurance, Birla
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Sun Life Insurance, etc. Various types of policies and instruments are coming up in the
market to attract more customers. Most of the population of India is not insured, hence
there is a lot of scope in this sector and a number of companies are planning to enter the
sector. Every futuristic individual would want himself to get insured.
The concentration of insurance markets in many developed countries of the world has
made the Indian insurance market more magnetic in terms of international insurance
players. Home insurance sector is likely to achieve a 100% growth since home insurance
are made compulsory for housing loan approvals by the financial institutions. In the
coming three years Health insurance sector is all set to become the second largest
business after motor insurance. During the period of 2008-09 to 2010-11 the non life
insurance premium is likely to have a growth of 25%.
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PROFILE OF
THE ORGANIZATION
2.1 ORIGIN OF THE ORGANIZATION
Helping Indians experience the joy of home ownership.
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HDFC was founded by Hasmukhbhai Parekh. HDFC Standard Life Insurance Co. Ltd. is
a joint venture between HDFC Ltd., India's largest housing finance institution and
Standard Life Assurance Company, Europe's largest mutual life company. It was the first
life insurance company to be granted a certificate of registration by the IRDA on the 23rd
of October 2000. Established on 14th August 2000, HDFC Standard Life Insurance Co.
has become the leading private insurance companies, offering a range of individual and
group insurance solutions, in India. HDFC was promoted with an initial share capital of
Rs. 100 million. Being a joint venture of top financial services groups, HDFC Standard
Life has adequate financial expertise to manage long-term investments safely and
resourcefully.
Discussions commenced - January 1995
Joint venture agreement s igned - October 1995
Joint venture agreement r enewed - October 1998
Life Insurance project team es tablished - January 2000(Mumbai)
Company off icially incorporated - 14th August 2000
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Firs t pr ivate sector Life Insurance company to be granted a
certificate of registration - 23 October 2000
Shareholding - HDFC 81.4 %
Standard Life 18.6 %
The partnership
HDFC and Standard Life f irst came together for a possible joint venture,
to enter the Life Insurance market , in January 1995. I t was clear from the
outset that both companies shared similar values and beliefs and a strong
relat ionship quickly formed. In October 1995 the companies signed a 3-
year joint venture agreement
F ur ther more S tandar d L if e pur chas ed a 5% s take i n HDF C, f ur ther
strengthening the relations.
Incorporation
The company was incorporated on 14th August 2000 under the name of
HDFC Standard Life Insurance Company Limited.
Thei r ambit ion f rom as far back as October 1995 was to be the f i rs t
private company to re-enter the life insurance market in India. On the 23rd
of October 2000, this ambi t ion was real ized when HDFC Standard Life
was the only life company to be granted a certificate of registration.
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HDFC are the main shareholders in HDFC Standard Life, wi th 81.4%,
wh ile St an da rd L if e o wns 1 8. 6% . G iv en S ta nd ar d L if e' s e xi st in g
investment in the HDFC Group, this is the maximum investment al lowed
under current regulations.
HDFC and Standard Life have a long and close relat ionship bui l t upon
shared values and trust . The ambition of HDFC Standard Life is to mirror
the success of the parent companies and be the yards t ick by which al l
other insurance companies in India are measured
2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION
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HDFC Standard Life first came together for a possible joint venture, to enter the Life
Insurance market, in January 1995. It was clear from the outset that both companies
shared similar values and beliefs and a strong relationship quickly formed. In October
1995 the companies signed a 3 year joint venture agreement.
The next three years were filled with uncertainty, due to changes in government and
ongoing delays in getting the IRDA (Insurance Regulatory and Development authority)
Act passed in parliament. Despite this both companies remained firmly committed to the
venture.
In October 1998, the joint venture agreement was renewed and additional resource made
available. Around this time Standard Life purchased 2% of Infrastructure Development
Finance Company Ltd. (IDFC). Standard Life also started to use the services of the
HDFC Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both
companies agreed the time was right to move the operation to the next level. Therefore, in
January 2000 an expert team from the UK joined a hand picked team from HDFC to form
the core project team, based in Mumbai.
In a further development Standard Life agreed to participate in the Asset Management
Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was
Launched on 20th july 2000.
Incorporation of HDFC Standard Life Insurance Company Limited:
The company was incorporated on 14th August 2000 under the name of HDFC
Standard life insurance Company limited.
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Their ambition from the beginning was to be the first private company to re-enter the life
insurance market in India. On the 23rd of October 2000, this ambition was realised when
HDFC Standard Life was the first life company to be granted a certificate of registration.
HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard
Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is
the maximum investment allowed under current regulations.
HDFC and Standard Life have a long and close relationship built upon shared values and
trust. The ambition of HDFC Standard Life is to mirror the success of the parent
companies and be the yardstick by which all other insurance companies in India are
measured.
HDFC Standard Life Insurance Company Limited is one of India's leading private life
insurance companies offering a range of individual and group insurance solutions. It is a
joint venture between Housing Development Finance Corporation Limited (HDFC Ltd),
India's leading housing finance institution and Standard Life plc, the leading providers of
financial services in the United Kingdom.
HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture.
HDFC Standard Life's Product portfolio comprises solutions, which meet various
customer needs such as Protection, Pension, Savings, and Investment. Customers have
the added advantage of customizing the Plans, by adding optional benefits called riders,
at a nominal price. The company currently has 21 retail and 6 group products in its
portfolio.
HDFC Standard Life maintains very high professional standards during product offerings
by providing sound financial advice, efficient post-sale service, and immaculate financial
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security. Ongoing training for conventional products, and specialized training, for unit-
linked products, for its financial consultants, has also helped its customers choose the
product, best suited for their needs.
HDFC Standard Life operates across more than 726 cities and towns of the country
supported by its strong network of more than 1, 45,000 Financial Consultants. HDFC
Standard Life also has more than 383 corporate agents and other sales intermediaries
including banks for distribution of insurance products.
HDFC Standard Life Insurance offers a range of individual and group solutions, which
can be easily personalized to specific needs. Its group solutions have been planned to
offer complete flexibility, together with a low charging structure. As of 31 December,
2008, the Company's new business premium income stood at Rs. 1,839.70 Crores; it has
covered over 812,811 lives so far. Given below is a comprehensive list of policies and
products on offer by HDFC Standard Life Insurance.
2.3 PRESENT STATUS OF THE ORGANIZATION
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HDFC Standard Life, one of Indias leading private life insurance companies, offers a
range of individual and group insurance solutions. It is a joint venture between Housing
Development Finance Corporation Limited (HDFC), Indias leading housing finance
institution and Standard Life plc, the leading provider of financial services in the United
Kingdom.
HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of
equity in the joint venture, while the rest is held by others.
HDFC Standard Lifes product portfolio comprises solutions, which meet various
customer needs such as Protection, Pension, Savings, Investment and Health. Customers
have the added advantage of customizing the plans, by adding optional benefits called
riders, at a nominal price. The company currently has 32 retail and 4 group products in its
portfolio, along with five optional rider benefits catering to the savings, investment,
protection and retirement needs of customers.
HDFC Standard Life continues to have one of the widest reaches among new insurance
companies with 568 branches servicing customer needs in over 700 cities and towns. The
company has a strong presence in its existing markets with a base of 2,00,000 Financial
Consultants.
Business Objectives
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The primary objective of HDFC is to enhance residential housing stock in the country
through the provision of housing finance in a systematic and professional manner, and to
promote home ownership. Another objective is to increase the flow of resources to the
housing sector by integrating the housing finance sector with the overall domestic
financial markets.
Organizational Goals
HDFC's main goals are to :
a) Develop close relationships with individual households,
b) Maintain its position as the premier housing finance institution in the country,
c) Transform ideas into viable and creative solutions,
d) Provide consistently high returns to shareholders, and
The products of the company fall broadly under the following categories:
Unit Linked Insurance Plans (ULIP)
Traditional Insurance Plans
Annuity Plans
Group Insurance Plans
The area of work in the project was mainly for the first three. The study started with
ULIPs. After having a thorough understanding of the companys ULIP products, the
study extended to the ULIP plans offered by other companies in the Life Insurance
market. Some of the terminologies used to prepare the Comparison chart are as follows.
ULIP(Unit Linked Policy)
In a unit linked policy, the company receives premium from the policyholder and invests
it in appropriate funds as chosen by the policy holder. This new mechanism is unlike the
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traditional policies where the policyholder had no control over his investments. Similar to
a share floated by a company, units are quantified form of investment. A unit is worth an
amount of money invested in the funds, and its price fluctuates as the market fluctuates.
When the market is on a high, units are costlier and when it is on a low, the units are
cheaper. To put it as a simple mathematical equation:
Net Assets invested in various funds
Unit Price = Total number of outstanding units
Premiums
Carrying on a research on the insurance industries
They are the contributions made by the policy holder at regular intervals of time viz.
Annually, Half yearly, Quarterly or monthly.
Sum Assured
It is that amount which is guaranteed to the family/nominee in case of death of the
policyholder
Life Benefits
It is that amount (non-guaranteed), which the policy holder gets on survival of the policy
term, or when he wishes to terminate his policy (provided his policy is alive for the
minimum period as stated by the company and he pays the premium for the minimum
interval set)
Risk Cover
A very important concept in the insurance industry. This means that the policyholder is
guaranteed an amount to his family in case of his death.
Bonus
The company announces a guaranteed bonus rate at the end of each fiscal year. This
amount is added to the Sum Assured and given to the due person (nominee in case of
death)
Funds
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The different kind of investments prevailing in the market can be made use of by
investing in the different kinds of funds a ULIP offers. The basic funds offered by the
insurance companies are:
Equity fund
Here the money is invested in the Indian stock market
Debt fund
Here the money is invested in Government bonds and other long-term
bonds
Cash fund
Here the money is invested in pure money market, or treasury bills
Balanced fund
The company decided a ratio of the above three funds and invests
accordingly
Other funds offered are a mixture of the above parent funds. All the funds can be
offered only after the approval of IRDA as per current regulations.
Features used on the line of comparison
Main features of ULIP.
IRR for different funds and returns
Growth trend for NAV
Main Features of ULIP
Currently there are 10 companies in the market, which offer Unit Linked products. All
these companies offer various limits(upper and lower) for the sum assured,depending on their underwriting constraints. Some of the important features
which was used by me for the comparison is as follows:
Min and max sum assured offered
Allocation charges
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All kinds of charges levied
Policy terms
Pension policies / Annuity Schemes
After the brief stint with ULIPs, my study now extended to the pension schemes offered
by various companies. The study was limited only to the main features of the companies
annuity schemes and preparation of the comparative chart for the pension schemes. The
features were selected by me based on the current customer needs in the market and also
the ones given in the brochures in the company websites. These features were such that
there could be a comparison based on them. The comparisons were made in such a way
that at one glance one could make out the benefits and deficiencies of the product. The
presentation was not for the disposal of the customer and was for the use of the officials
concerned. After the comparative chart, an IRR illustration for major annuity schemes of
some companies was prepared. In addition to this, a return statement of the annuity itself
at the prevailing market annuity rates was also prepared.
More about HDFC SLIC
The road to success is a tough and challenging journey in the dark where only obstacles
light the path. However, success on a terrain like this is not without a solution.
As we found out nearly three decades ago, in 1977, the solution for success is customer
satisfaction. All you need is the courage to innovate, the skill to understand your clientele
and the desire to give them your best.
Today, nearly three million satisfied customers whose dream we helped realise, stand
testimony to our success.
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Our objective, from the beginning, has been to enhance residential housing stock and
promote home ownership.
Now, our offerings range from hassle-free home loans and deposit products, to property
related services and a training facility.
We also offer specialized financial services to our customer base through partnerships
with some of the best financial institutions worldwide.
Organization & Management
HDFC is a professionally managed organisation with a board of directors consisting of
eminent persons who represent various fields including finance, taxation, construction
and urban policy & development. The board primarily focuses on strategy formulation,
policy and control, designed to deliver increasing value to shareholders
Board of Directors
Details of the Board of Directors in terms of their directorships/memberships in
committees of other public companies (excluding HDFC) are as under:
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S. No. Name of Director Category
1. Mr. Deepak S. Parekh Executive Chairman
2. Mr.Keshub Mahindra Independent
3. Mr. Shirish B. Patel Independent
4. Mr. B. S. Mehta Independent
5. MR. D. M. Sukthankar Independent
6. Mr. D. N. Ghosh Independent
7. Dr. S. A. Dave Independent
8. Mr. S. Venkitearamanan Independent
9. Dr. Ram S. Tarneja Independent10. Mr. N. M. Munjee Independent
11. Dr. Bimal Jalan M.P ( Rajya Sabha )
12. Mr. D. N. Satwalekar Non-executive
13. Mr. Samshed S. Irani Special Director
14. Ms. Renu Sud Karnad Joint Manager Director
15. Mr. K. M. Mistry Vice-Chairman &
Managing Director
HDFC has a staff strength of 1445 (as on 31st March, 2008), which includes
professionals from the fields of finance, law, accountancy, engineering and marketing.
KEY PERSONS OF HDFC SLIC
DEEPAK PAREKH(CHAIRMAN)
DEEPAK SATAWALEKAR(CEO AND MD HDLC SLIC
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SUBSIDIARY & ASSOCIATE COMPANIES
HDFC Bank
HDFC Mutual Fund
HDFC Standard Life
Intelenet Global Services Ltd.
HDFC Chubb General Insurance Company Ltd.
HDFC Reality
Other Companies Co-Promoted by HDFC
HDFC Trustee Company Ltd.
HDFC Developers Ltd.
HDFC Venture Capital Ltd.
HDFC Ventures Trustee Company Ltd.
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4 Functional Departments of the Organization.
CEO
HOD HOD HOD HOD
(HR) (FINANCE) (OPERATIONS) (SALES)
IN HOD (HR)-FIVE SUB DIVIDED DEPARTMENTS ARE IN BALIC
(A) Associate Vice President (Business HR)
(B) AVP Payrolls
(C) Performance Management System
(D) Learning and development
(E) HR audit
IN ASSOCIATE VICE PRESIDENT (BUSS HR) UNDER
ZONAL MANAGER (Delhi NCR)
IN ZONAL MANAGER CAN BE SUB DIVIDED INTO
STATE HR
SENIOR HR
EXECUTIVE HR
Competition Information
HDFC Standard Life Insurance Company Ltd.
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Max New York Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
Om Kotak Mahindra Life Insurance Co. Ltd.
Birla Sun Life Insurance Co. Ltd.
Tata Aig Life Insurance Co. Ltd.
SBI Life Insurance Co. Ltd.
ING Vysya Life Insurance Co. Pvt. Ltd.
Allianz Bajaj Life Insurance Co. Ltd.
MetLife India Insurance Co. Pvt. Ltd.
AMP SANMAR Assurance Co. Ltd.
Aviva Life Insurance Company Ltd.
EXECUTIVE SUMMARY:
As in current scenario when there are so many players in life insurance sector, each is
having tough competition with other. Each company is opting best possible strategy
to spread its wings and attracting customer towards it by providing uninterrupted
services.
HDFC Standard Life Insurance is also giving better services to its customers through
the channel of financial consultant. My project was to recruit financial consultants.
First of all I was explained about the importance of a financial consultant in the
company, their functions and then, how and where to find them.
My study included the follow-up of procedures used for the recruitment of an
insurance advisor who can sell the products of the company. For this I performed
market research by using various kinds of activities like meeting persons individually
in the market, convincing people by tele-calling and through canopy activity to join
HDFC as a financial consultant. I had to introduce them with the benefits of
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becoming a financial consultant and if they agree for it then doing their further
documentation.
I conducted my research in Delhi and the areas close to it to know the public
response and conducting analysis part. I got questionnaires filled with various
customers to know their opinion and awareness about insurance sector.
This study gave me immense opportunity to enhance my inter-personal skills and to
have practical exposure of dealing with the customer directly. It was a delighting
experience to engage myself in this summer internship because it taught me the ways
of approaching and convincing the customer and finally recruiting them for theorganisation in which I worked.
Finally, interesting conclusions were drawn from the collected data.
2.6 PRODUCT AND SERVICES PROFILE OF THE ORGANIZATION
COMPETITORS
The various products by HDFC Standard Life include:
INDIVIDUAL PRODUCTS:
Protection Plans
o Term Assurance Plan
o Loan Cover Term
o Assurance Plan
Investment Plans:
o Single Premium Whole Life Plan
Pension Plans:
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Personal Pension Plan Unit Linked Pension Plan
Unit Linked Pension Plus
Savings Plans:
o Endowment Assurance Plan
o Unit Linked Endowment
o Unit Linked Endowment Plus
o Money Back Plan
o Children's Plan
o Unit Linked Youngstar
o Unit Linked Youngstar Plus
GROUP PRODUCTS
o Group Term Insurance
o Group Variable Term Insurance
o Group Unit Linked Plan
OTHER PRODUCTS
Rural Products
Social Development Insurance Plan
Tax Benefit Schemes
2.7 MARKET PROFILE OF THE ORGANIZATION
Swot Analysis of HDFC Standard life insurance (HDFC)
Strengths
Localized branches.
Strong brand name
Big budget & Willingness to invest in market.
Highly educated & well-experienced top management.
Huge resources as compared to those of rivals.
HDFC maintains high quality of their products.
Glamorous, attractive & effective campaigning.
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Wide brand variety to face the competitors variety to face the competitors & to
serve the masses.
High demand of the product
Weaknesses
More individuality in staff than conformity with the companys goal.
Lack of advertising material in some areas of region.
Focusing on bulk orders rather than small ones.
Opportunities
Increase market share by improving services.
Target consumers increase in remarkable percentage every year.
Threats
Loosing market share due to inefficient workforce.
Decline in the market reputation due to ineffective & delaying.
Heavy investment.
Relevance of Swot analysis.
The Swot analysis makes us aware of the strengths which will serve as pillar to
take strategic decision.
The weakness tells us about the problems confronted by the company and
accordingly the future step to be taken to over come them.
Swot analysis projects an idea about the investment area which will yield more
profit as well as the risk concerned.
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JOINT VENTURE
MAJOR INSURANCE PLAYERS IN INDIAN MARKET
FY 2005-06
0100
200
300
400
500
600
700
800
1
NAME OF COMPANY
Rs.(crores)
MNYL
ICICI
HDFC
BIRLA
TATA AIG
OM KOTAK
BAJAJ ALLINZE
SBI
ING VYAS
MET LIFE
AVIVA
AMP SANMAR
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Though ICICI has lost 4% market share but still it is the market leader with 37%market
share.
MNYL was the biggest loser in that financial year. Its market has decreased from
13% to 7%.
Biggest gainer for this year was SBI. It had captured 8%of private market.
This is mainly because of poor service, very indifferent behavior of their agents,
taking more time in resolving the people problem, delay in payment etc.
MARKET SHARE IN 2005-06
7%
37%
13%
14%
5%
4%
7% 8%
2%
1%
1%
1%
MNYL
ICICI
HDFC
BIRLA
TATA AIG
OM KOTAK
BAJAJ ALLINZE
SBI
ING VYAS
MET LIFE
AVIVA
AMP SANMAR
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In this year also ICICI lost its market share but still it is number one in private
companies.
MNYL has performed again badly and lost its market share by 2%.
MARKET SHARE IN 2006-07
5%
32%
9%19%7%
5%
7%
8%
3%
1%
3%
1%
MNYLICICI
HDFC
BIRLA
TATA AIG
OM KOTAK
BAJAJ ALLINZE
SBI
ING VYAS
MET LIFE
AVIVA
AMP SANMAR
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DISCUSSION
ON
TRAINING
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3.1 WORKPROFILE
I am working as an financial consultant in HDFC STANDARD LIFE INSURANCE.
HDFC STD.LIFE INSURANCE looks out for in a candidate.
We look out for a candidate who values Integrity
Has a zeal for Excellence
Is focused on Results
Is Self driven and Enthusiastic
Is a good Learner and Team Player
Is dedicated to Customer Satisfaction
HDFC SLIC recruitment process are as follows:
This is a good business opportunity offered by HDFC Standard Life to become a business
partner and earn a good amount of money.
Business description
Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a excel in
your endeavour. A great career move in every way Zero investment, there is no start-up
capital. You can work full-time or part-time, depending on your convenience Sunrise
industry Support every step of the way At HDFC Standard Life, training is an inherent
element of our support system - at no extra cost - for our new Financial Consultants.
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EXCELLENT OPPORTUNITY
Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding
career
Flexible work timings You can work whenever you like. You can work full-time or
part-time, depending on your convenience. However, the time you invest will determine
your success
Any one can join - Young graduates, Housewives, Retired Personnel, Self-employed or
Working Professionals.
Zero Investment - There is no start-up capital required. Be your own boss with flexible
working environment, unlimited earning potential and opportunities to be part of a world
class sales team.
Attractive Remuneration - Company offers excellent commissions, award and rewards
for the performers. You have unlimited earning potential. Commission structure is pretty
handsome and is 15-40% and renewal commission of 5% second year onwards till the
policy is in force.
Certificate by IRDA- You will get world class training free of cost and certification by
Insurance Regulatory Development Authority.
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TRAINING- Perfects your knowledge about the insurance industry as well as our
products
IRDA Training- Prepares you for your career as a Financial Consultant and enables you
to pass the IRDA examination easily
Disha Training- Hones your selling skills, enables you to understand customer needs
and provide need-based insurance solutions
Advanced Training- Upgrades your capability and knowledge through sophisticated
training programs customised for the changing world of financial products and markets
Desired Profile:
Age: 18 Yrs to 65 Yrs
Education: Intermediate or more
Experience: Not Mandatory
Type of Job: Full Time or Part Time
Documents Required:
8 photograph,
Age proof (passport, Birthcertificate, College Leaving Certificate, Driving License),
Address proof,
Education proof,
Copy of PAN Card,
Duely Signed Cancelled Cheque of self,
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A candidate needs to bring a DD of Rs. 925/- in case of offline training and Rs.825 in
case of online training towards HDFC SLIC LTD payable at Mumbai.
Recruitment process of FCs
Fill up of Agency form
IRDA Training (50 hrs)
IRDA Exam
Fail
Pass
Exit
Product Training
Traditional Pr.
ULIP Product
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Internal
Assessment
Pass
Fail
Certification
Exit
Job Description for Financial consultants
Pre sales role
Identifying prospective clients.
Meeting prospective clients.
Understanding the need of the client.
Presenting solutions to client.
Closing sales.
Post sales role
Taking 1-2 references from the client
Providing timely updates to the client for maintaining
Lifelong relationship.
Benefits to FCs
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Financial Benefits:
Commission on issuance of every policy.
Commission directly credited to bank account of FCs within 15 days. These commission
varies from 7.5-40% according to plan.
BASIC COMMISSION
First year Commission payable on regular premium conventional policies issued on or
after 21st march 2007
Name of the plan 1st year commission
Endowment Assurance plan 40%
Money Back plan 40%
Childrens plan 40%
Term Assurance plan 25%
Lone cover Term Assurance
plan
25%
Personal Pension Plan 7.5%
RENEWAL COMMISSION:
Renewal commission would be paid from the 2nd year onwards on regular premium
policies. Renewal commission is not payable on single premium plans.
Endowment Assurance plan 5%
Money Back Plan 5%
Childrens plan 5%
Lone cover Term Assurance Plan 5%
Term Assurance plan 5%
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Personal Pension Plan 2%
BONUS COMMISSION
Bonus commission would be payable on the first year premium received and adjusted on
the regular premium policies under the following plans,
1.Endowment Assurance Plan
2.Money Back Plan
3.Childrens Plan
4.Term Assurance Plan
5.Lone Cover Term Assurance Plan
Bonus commission is not payable on the single premium plans and on the policies issued
under the Personal Pension Plan and all Unit Linked Plans. Bonus commission rate would
depend on financial consultant crossing the minimum RNEP(Received Net Effective
Premium) within one year.
Period RNEP Bonus commission % of the 1st year Premiumreceived
In one
year
1,00,000 5%
1,50,000 10%
2,25,000 15%
REWARDS & RECOGNITION
Within 30 days of Licensing Consultant can become
STAR Converted premium 2 Lacs
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Silver Medal-Worth Rs 5200(approx)
RISING STAR Converted premium of 5 Lacs
Gold Medal-Worth Rs 13,000(approx)
MILLIONAIRE STAR Converted premium of 10 Lacs
Gold Medal -Worth Rs 25,000(approx)
GLOBAL STAR Converted premium of 24 Lacs
Gold Medal-Worth Rs 60,000(approx)
Extra Payouts for STAR Performers
Star Performers Club
Status Bronze Silver Gold Centurion
Benefits 1%max
Rs.5999
2.5%,max
Rs.37499
5%,no upper
limit
Graded-
4.5%to8.5%
Additional
status bonus
0.50% 0.50% 0.50%
MONTHLY & QUARTERLY CONTESTS
There are various Sales linked monthly & quarterly contests occur in which FCs has
opportunity to gain something. Like
Gift Vouchers
Home Appliances
Two-Wheelers
Gold/Diamonds Jewelry
Foreign Trips
Mobile Phones
Laptops
Cars etc.
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OTHER BENEFITS
On field support- Joint fieldwork with respective SDM/BDM.
Training support Various training modules to enhance your sales skills,
interpersonal skills etc.
Marketing support Consumer Contact Programs.
Availability of office infrastructure for telecalling, quotations, benefits illustration
etc.
Consultant corner to access illustration, sales done, and contest updates etc.
Personal email id.
The company agent would be a professional sales person and would be given the
designation of a consultant by the company .The consultant should would act as
financial advisior to the customer so that he or she would analyse the customer financial
requirement and help them plan their goals.
Recommended appropriate solutions so that customer is able to meet his/her financial
objectives in the most optimum manner.He or she shall provides support to customers on
an ongoing basis.
Then the company also support the consultant by providing the requirement training and
information.
ROLE AND RESPONSIBILITY
Recruitment of financial counsultant.
Calling perspective.
Line up of candidate for Interview.
Screening for interview.
Formulating a proper match between job description& job specification.
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Completing documents for candidate to joining.
Tools and technique used for the selection of financial counsultant
Interview Method (Cold calling): This method involves presentation of oral verbal
stimuli and reply in terms of oral - verbal responses. This method can be used through
personal interviews and, if possible, through telephone interviews. Interview method is
used to collect and gather information about candidate
1. Personal interview: The bank can use this method to collect data. At the time of
interview, we can ask certain questions and interviewer (SME customer) responds tothese questions. In this way data collected is recorded on data collection reports and this
data is then presented to relation executive to find prospects.
Major benefits of this method are:
a) More information and that too in greater depth can be obtained.
b) Personal information can as well be obtained easily.
c) The language of the interview can be adapted to the ability or education level of the
person interviewed and as such misinterpretations concerning questions can be avoided.
2. Telephone interviews: This method of data collection consists in contacting
respondents on telephone itself. On contacting a person on telephone he is asked about
his banking requirements and is told about the product. If person shows interest then
appointment is taken.
Observation Method: Under the observation method the information is sought by way
of sales executive own direct observation without asking from the respondent. This
method is used very rarely by executive of ICICI bank. For instance to know customers
banker, it can be observed from surroundings. For example cheque book lying on table of
that client can give clue about his banker. Swipe machine used to swipe debit
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3.2 KEY LEARNINGS
Information regarding Insurance sector.
Changing recruitment for insurance sector
Industry with special focus on the profile of Financial Consultant
Importance of documentation and Induction formalities.
Live Experience
It was really a great experience to work with HDFC STANDARD life insurance and to
know about their work culture. In my training period I was made aware of the HR
Department of the company which gave me a broader perspective about my research
work. . I did shorlisiting, screening, calling,interview co-ordination,joining
formalities,induction etc
CHAPTER 4 STUDY OF SELECTED RESEARCH PROBLEM
4.1 STATEMENT OF RESEARCH PROBLEM
For every problem there is research. As the researches are based on some objectives,
objective of the research is to the study the recruitment and selection process of HDFC
STANDARD LIFE INSURANCE.
STATEMENT OF RESEARCH OBJECTIVE
The basis objective of the project was to find out the highly network individual those can
act as an financial consultant.
To study the corporate profile with some light on their future plans.
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To study organizational structure of relationship among all the members of the
organization.
To identify the shortcomings in recruitment and selection process.
To conduct an analysis on recruitment and selection process of HDFC
STANDARD LIFE
To outline the suggestions to make the recruitment and selection process more
effective by framing some guidelines for the same.
4.2 RESEARCH DESIGN AND METHODOLOGY
To judge effective process for recruitment of financial counsultat
To analyse effective of job description
Use of questionarie
And interview method
4.3 COLLECTION OF DATA
TYPES OF DATA
There are two types of data: -
Primary data
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Secondary data.
PRIMARY DATA: - The data, which is collected through observations, experiments and
surveys, is called as primary data. It can be collected in 3 ways: - Observation Method,
Experimental Method and Survey Method.
SECONDARY DATA: - Secondary research method is the method by which data is
collected by journals, newspapers, magazines reviews. The company gets the review
about the product by the product critics. In this project company booklet and Internet
were used as the means for getting information on the recruitment and selection process
and getting sufficient information about the company. The main data used i.e. about therecruitment and selection followed by the HR department,are all taken from the
companys booklet.
key levers for achieving business objectives
1. Number of licensed financial consultant
2. Financial consultant activation
3. Financial consultant productivity
number of policies (fc productivity)
average premium per policies
Recruiting financial consultants
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"HDFC's finest investment is in its Human Resources. It draws its personnel from
many disciplines. They are the building blocks on which the company's performance &
productivity is based". Mr. H T Parekh Founder-Chairman, HDFC Ltd.
HDFC Standard Life is one of the leading life insurance companies having a track record
of declaring bonuses every year since inception. We attribute this success to our people,
who are our most important asset. We believe they are a key facet of the company and it
is their contribution that has enabled us to achieve our current status. Since they deserve
the best, our efforts have been to provide them with the best environment, best culture
and best development opportunities possible.
Be HDFCs certified financial consultant.
Heres is the unique opportunity to put your career path on the fast track. Join HDFC
SLIC as a financial consultant and help you analyze yours customers financial needs,
provide customized financial solutions to each one and conduct reviews on a regular basis
to keep your customer on track.
Along with being a great career move you get associated with HDFC SLIC. Indias most
respected private life insurance company. We at HDFC SLIC also offer you unmatched
support with various training programmes to help you excel in your endeavor.
A great career move in every way
PRIMARY OBJECTIVE:
The objective of this project is about increasing market share by creating awareness about
insurance . HDFC Std. Life is out to provide insurance to the huge prospective market
through its channel of agent advisors. In addition to this, various promotional campaigns
are held for attracting customers. So this project basically aims towards creating a niche
for HDFC in the insurance sector.
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To create the Brand equity of HDFC Std Life Insurance Co.
Exact feedback from the market about the products of HDFC Standard Life by
directly interacting with the consumers.
By achieving the above specified goals the following Value Addition will be derived:
Create awareness among the consumers about the benefit of life insurance which will
lead to increase in the sales.
Create a deeper penetration through our regular visit to each and every
prospective client of Max New York Life.
LIMITATION
Lack of awarness of the people.
Time limitation for doing study.
Bindlly faith on LIC.
No testing of secondary data for its
.
Need of the Study
Every life insurance company wants to provide better and quick service to its customers.
For this it needs some channels in order to enable customers to interact easily with the
company.
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Financial Consultants bridge the gap between company and the customer by imparting
them the right kind of information.
So, the persons those who could bear this responsibility are constantly searched by the
insurance company. The main purpose of this study was to recruit quality financial
consultants.
Secondly, the motive behind this study of mine was to have practical knowledge
of recruitment by adopting various kinds of strategies and to learn new things.
5.1 ANALYSIS OF DATA
The insurance sector in India have come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360-degree turn witnessed over a
period of almost two centuries.
Nationalization of life insurance industry in India in year 1956 led to the emergence of
LIC and with which monopoly of LIC started. The insurance industrys contribution to
Indian economy was not up to expectations the situation remained same as late as year
1999.
In year 1999 the insurance industry saw the light of liberalization. The market was
opened for private and foreign players much to the delight of customers. Customers are
enjoying cost effective, suitable products and better services.
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To ensure the utilization of new capital in Indian market only, government has regulated
the investment methodology adopted by insurance companies.
Today, the players in the market are facing various challenges. They have to spread
awareness about insurance and to win the confidence of the Indian customers as well.
Life Insurance, A Rs. 27,500 Crores industry today, expected to grow to an astronomical
Rs. 115,000 crores by 2010. An industry poised for exciting change, as new companies
will be allowed to offer insurance products to the Indian consumer.
Insurance industry, as on 1.4.2006, comprised mainly two players: the state insurers-
Life Insurers
Life Insurance Corporation of India (LIC) General Insurance
General Insurance Corporation of India (GIC)
GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries
have been de-linked from the parent company and made as independent insurance
companies) 1) The Oriental Insurance Co. Ltd.
2) The New India Assurance Co. Ltd.
3) National Insurance Co. Ltd.
4) United India Insurance Co. Ltd.
Insurance Industry after 2000-2001 had many new entrants, namely:
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Q.2 Please ranks the following medium of recruitment: (1 to most appropriate, 2 to less
appropriate & so on)
Medium Rank 1
Newspaper 8
Internet 10
Campus Recruitment 16Telephonic Interview 3
Employee Referrals 1
Previous Applications 0Consultancies 12
Most popular medium
16%
20%
32%6%
2%0%
24%
Newspaper
Internet
Campus Rec
Telephonic Intvw
Emp Referrals
Previous Appl
Consultancies
Note : According to the chart Campus Recruitment is regarded as the most appropriatemedium of recruitment.
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Q.3 Do you think Internet (Job-websites like naukri.com) helps the candidates to get their
desired kind of job?
Strongly
Disagree
Response
1 2
2 3
3 11
4 19
5 15
Strongly Agree
0%4% 6%
22%
38%
30%0%
Strongly Disagree
1
2
3
4
5
Strongly Agree
Note: It can be concluded from the above chart that 68% people think that internet
(job websites) help the candidates to get their desired kind of job.
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Q.4 Acc. to you, are consultancies playing a major role in recruiting the candidates these
days?
Strongly Disagree Response
1 5
2 4
3 13
4 15
5 13
Strongly Agree
0% 10%8%
26%
30%
26%0%
Strongly Disagree
1
2
3
4
5
Strongly A gree
Note: From the chart it can be concluded that 56% people think that consultancies
Play a major role in recruiting the candidates these days.
Q.5 Acc. to you, how many rounds should be there in a selection procedure?
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No of rounds Response
One 1
Two 20Three 25
Four 4
Five 0
No of rounds
2%
40%
50%
8%
0% One
Two
Three
Four
Five
Note: According to 50% of the people there should be maximum three rounds in a
selection procedure. And according to 40% of the people surveyed, only two roundsshould be there in a selection procedure.
Q.6. Do you think Group Discussion (GD) is the appropriate medium to judge a
candidates potential?
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Strongly Disagree Response
1 0
2 4
3 18
4 16
5 12
Strongly Agree
Group Discussion
0%0% 8%
36%
32%
24% 0%
Strongly Disagree
1
2
3
4
5
Strongly Agree
Note: According to 56% people Group Discussion (GD) is the appropriate medium tojudge a candidates potential.
Q.7 Should Aptitude test be a compulsory step during the selection of a candidate?
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Compulsory Step Response
Yes 31
No 19
Aptitude test
62%
38% Yes
No
Note: According to 62% people surveyed, aptitude test should be made a compulsory step
in the selection process.
Q.8 In your opinion, which type of employment-interview is appropriate tool for judging
a candidates potential during selection procedure?
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Type of Interview Response
One-to-one 29
Sequential 13
Panel 8
Type of Interview
29
138
0
10
20
30
40
One- to-one Sequential Panel
Type of Interview
58%26%
16%
One-to-one
Sequential
Panel
Note: According to 58% people one-to-one interview is appropriate tool for judging acandidates potential during selection procedure. According to 26% people, sequential
interview and according to 16% people, panel interview is appropriate tool for judging a
candidates potential during selection procedure.
Q.9 Please rank the following type of interviews: (1 to most appropriate, 2 to less
appropriate & so on)
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Type of Interview Rank 1Structured 11
Unstructured 10Mixed 15
Behavioural 10
Stressful 4
Type of Interview
22%
20%
30%
20%
8% Structured
Unstructured
Mixed
Behavioural
Stressful
Note: According to the chart it can be concluded that 30% people were in favour of
mixed interview, 22% were in favour of structured interview and 20% were in favour of
both behavioural and Stressful interview.
Q.10 Acc. to you, is interview the tool to judge a candidates communication skills only?
Response No of People
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Completely 10Not at all 11
Up to Some Extent 29
10 11
29
05
101520253035
Completely
Notatall
UptoSome
Extent
No of People
Interview
20%
22%58%
Completely
Not at all
Upto Some
Extent
Note: According to 58% people interview up to some extent is the tool to judge acandidates communication skills only. And according to 22% people it is not the tool to
judge communication skills only and 20% people, interview completely judges a
candidates communication skills.
Q.11Acc. to you, which of the following techniques be used in a selection system? (
the appropriate one and X the one not desired)
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Technique Response
Psychological Tests 14
Role-play 5
In-Basket 13GD 41
Projective tests 13Personality tests 29
Knowledge tests 29
Interaction analysis 7
Interviews 45
Technique
7%
3%
7%
20%
7%15%
15%
4%
22%
Psychological Tests
Role-play
In-Basket
GD
Projective tests
Personality tests
Knowledge tests
Interaction analysis
Interviews
Note: It can be concluded from the above pie-chart that Interview is the most populartechnique according to most of the people. After that, GD, projective and personality tests
are other popular tools.
Q.12 Acc. to you, which of the following is the most valid and reliable tool of selection
procedure?
Reliable tool Response
GD 9
Interview 21
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Aptitude test 12Project Presentation 1
Personality tests 7
Reliable Tool
18%
42%
24%
2%
14%
GD
Interview
Aptitude test
Project Presentation
Personality tests
Note: According to the people surveyed, 42% considers interview to be the most reliable
tool, 24% considers aptitude test to be most reliable and 18% considers GD as the reliable
tool in selection process. While only 14% considers personality tests to be the mostreliable tool during selection procedure.
Q.13 In your opinion, should Stress interview be made a compulsory tool of selection
procedure?
Stress Interview Response
Yes 12
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No 38
Stress Interview
24%
76%
Yes
No
Note: According to the people surveyed, 76% people said that stress interview should not
be a compulsory tool of selection procedure and only 24% said that it should be includedduring selection process.
Q.14 Do you think corruption, favouritism and influence are mostly found during
selection process?
Strongly Disagree Response
1 19
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2 17
3 10
4 4
5 0
Strongly Agree
0%38%
34%
20%8% 0%0%
Strongly
Disagree1
2
3
4
5
Strongly Agree
Note: According to the people surveyed, around 72% thinks that corruption, favoritism
and influence are not found during selection process these days.
Q.15 What would you like to suggest to improve the following processes:-
a) Recruitment
b) Selection
For this open-ended question, following answers were provided:
For recruitment:
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Employees are in the favor of giving to the trainees who underwent training in
this organization and gave good result.
Most of the employees external source of recruitment .
Currently, market is dominated by state owned LIC (Life Insurance Corporation of
India). It has 83 per cent of market share. The remaining 17 per cent go to private
players. The private players are giving a very tough fight to the government owned LIC
and are very aggressive in marketing of their products. One thing which needs to be
highlighted is that most of the private players are concentrating on the urban population
and tapping High Net worth Individuals and corporate and thus a saturation point is not
very far. The industry have started to move to B-class and C-class towns the in search
of new customers i n the same way Insurance industry has to move to rural India to tap a
vast untapped pool of customers.
It can be truly said that the insurance sector is one of the success stories of the ongoing
financial reforms. The industry has made great strides forward in the last four years with
customer-centric developments being the mainstay of the improvements. A product thatwas earlier viewed only as a tax-saving option is now considered a viable financial
instrument to meet different needs. Higher standards of service, convenient access
through advisors, agents and banks, choice and flexibility in products, greater
transparency, and use of information technology are some of the key differentiating
factors since the opening up of the industry in 2005. If we analyze the history of growth
of the insurance industry since reforms, it is marked by all-round growth of all players.
More or less all players (including the market leader LIC) have aggressively recruited
SUMMARY
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AND
CONCLUSIONS
6.1 Summary of Learning Experience
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Learnt
How to do prospecting.
How to work professionally
How to communicate properly with the customers.
Almost all the work procedure in human resource department.
How to deal complicated situations with patience and perfection.
And last but not least how to manage a team.
After working with this company, I came to know about
all the internal as well as external procedure of Human Resourse Department and
came to know to learn different Insurance plans, Facilities and many more things
that company provides to their employees and customers. I Have also learnt about
the working of all the departments of an insurance company and also came to
know about the various insurance companies in india.
6.2 CONCLUSION AND RECOMMDATIONS
The study of the INSURANCE INDUSTRY IN INDIA and preparing the
presentation was a real challenge. The guidance of my mentor and senior officials of
the college were of very much help to me in my endeavor. The coordination among
the various departments is excellent which makes innovations and motivating
thinking possible. Apart from a small gap of communication among the IT
department and the training department, which if bridged accordingly, the training
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system is flawless. The department also relies in too much of free lance trainers,
which requires that the trainers have to be
trained from scratch, but the department has prepared some very good presentations
which is very easy to understand and train. The training department is the crux of the
college.
As such privatization through liberalization is an opportunity to be exploited, not
necessarily a threat. For continuous growth, Indian insurance companies will need the
flexibilities to ascertain and respond to the customer needs. Insurance service will no
longer be just bought, it will have to be sold in a biased market, new channels of
marketing, personal insurances like over the counter covers will have to be devised.
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BIBLOGRAPHY
References From books
1. Beri, G. C. (2005) Marketing Research 3rd edition, Tata McGraw Hill
Publication, New Delhi, India.
2. Kothari, C. R. (2007) Research methodology 3rd edition, Wishwa Prakashan,
New Age International (P) Ltd. Daryaganj, New Delhi, India.
3. Kotler Philip, (2007) Marketing Management, Prentice Hall of India
Pvt. Ltd. New Delhi, India
4. Schiffman. Leon G., (2005) Consumer Behavior, Prentice Hall of India
Pvt. Ltd. New Delhi, India
5. Gitman, Lawrence J. (2007) Principles of Managerial Finance 11th edition,
Dorling Kindersley ( India ) Pvt. Ltd., Licensees of Pearson Education in South
Asia.
6. Zikmund, William G. (2007) Business Research 3 rd edition, South-
Western, Thomas Learning Inc. USA
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QUESTIONNAIRE
HDFC Standard Life Insurance
Q.1 In which category do you belong?
Student Job-Seeker Employee
Q.2 Please rank the following medium of recruitment: (1 to most appropriate, 2 to less
appropriate & so on)
1. Newspaper / Advertisements _____2. Internet /Job Portals _____3. Campus-recruitment _____
4. Telephonic Interviews _____
5. Employee Referrals _____
6. Previous applicants _____7. Consultancies _____
Q.3 Do you think Internet (Job-websites like naukri.com) helps the candidates to gettheir desired kind of job?
Strongly Agree __ __ __ __ __ Strongly Disagree
Q.4 Acc. to you, are consultancies playing a major role in recruiting the candidates these
days?
Strongly Agree __ __ __ __ __ Strongly Disagree
Q.5 Acc. to you, how many rounds should be there in a selection procedure? (Tick one)
o One
o Two
o Threeo Four
o Five
Q.6. Do you think Group Discussion (GD) is the appropriate medium to judge acandidates potential?
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Strongly Agree __ __ __ __ __ Strongly Disagree
Q.7 Should Aptitude test be a compulsory step during the selection of a candidate?
Yes No
Q.8 In your opinion, which type of employment-interview is appropriate tool for judginga candidates potential during selection procedure? (Tick one)
o One-to-one o Sequential o Panel
Q.9 Please rank the following type of interviews: (1 to most appropriate, 2 to less
appropriate & so on)
o
Structured _____ o Unstructured _____
o Mixed _____
o Behavioural _____
o Stressful _____
Q.10 Acc. to you, is interview the tool to judge a candidates communication skills only?
o Completely o Not at all oUp to some extent
Q.11 Acc. to you, which of the following techniques be used in a selection system? ( the appropriate one and X the one not desired)
1. Standardised Psychological tests2. Role-Play
3. In-basket
4. Group Discussions5. Projective tests
6. Personality tests
7. Knowledge tests
8. Interaction analysis technique
9. Interviews
Q.12 Acc. to you, which of the following is the most valid and reliable tool of selection
procedure? (Tick one)
o GD
o Interview
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o Aptitude test
o Project Presentation
o Personality Tests
Q.13 In your opinion, should Stress interview be made a compulsory tool of selection
procedure?
Yes No
Q.14 Do you think corruption, favouritism and influence are mostly found during
selection process?
Strongly Agree __ __ __ __ __ Strongly Disagree
Q.15 What would you like to suggest to improve the following processes:-
a) Recruitment
b) Selection
Demographics
1) Name- -------------------------------------------------------------------------------
2) Gender- a) Male b) Female
3) Age a) 18 25 Years b) 25 35 Years
c) 35 45 Years d) 45 Years and above
4) Income a) 5000 10000 b) 10000 20000
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c) 20000 30000 d) 30000- and above
5) Email ----------------------------------------------------------------------------------
6.ANNEXURE:
WEBSITES:www.licindia.com
www.indiainfoline.com
www.iciciprulife.com
www.irdaindia.com
www.indianinsurance.com
http://www.licindia.com/http://www.indiainfoline.com/http://www.iciciprulife.com/http://www.irdaindia.com/http://www.indianinsurance.com/http://www.licindia.com/http://www.indiainfoline.com/http://www.iciciprulife.com/http://www.irdaindia.com/http://www.indianinsurance.com/Recommended