CONTENT

 ACKNOWLEDGEMENT
SECTION
NAME
1 INTRODUC
TION
2 OBJE
CTIVE
3 METHODOL
OGY
4 LIMITAT
ION
5 FINDI
NG &
ANALY
SIS
6 RECOMMENDATI
ON
7 CONCLU
SION

BIBLIOGRAPHY
APPENDIX
ACKNOWLEDGEMENT

It gives me immense pleasure, having done a project on an

interesting and knowledgeable topic like “Channel development at Max New
York.”

This project has not only widened my horizon as far as academics are
concerned but also helped me to enlarge my knowledge bank. Marketing
Management and Human resources are not topics, which could be handled
with certain amount of casualty. It requires a deep study and hard work,
which is key to success. There are many people associated with this project
without which this project would not have been possible.

I thank my Institute who has given me an opportunity to show my skills. I

also thank all my nearer and dearer ones without whose support this project
would not been possible.

I would like to thank Mr. Partho Sarothi, the branch managerwho allow
me to do this project in Max New York Life successfully.
I am deeply grateful to Mr. Souvik Basu Sarbadhikari ( External
guide)for his ever willing help and guidance to complete my project
successfully.

I would like to thank to Mr.Chittresh Coomer ( Internal guide) for his

nobel inspiration, keen interest, constant supervision and ever willing help
throughout the course of this study.

Above all I would like to thank all contacted persons of firm who took out
valuable time to answer my queries and gave me full information about
insurance industry and Max New York Life.

I extend my sincere gratitude towards my parents, who have always

encouraged me and gave suggestions as how to work on project. They
always stand by me in solving all my queries. Their support has always
motivated me.

Above all it gives me immense pleasure to thank authors of various books

who indirectly helped me in gaining knowledge about insurance industry.

ANANYA ROY,
DEBIKA DAS

SUCHARITA
DAS.
 ABSTRACT
In today’s competitive world I find that insurance sector has the maximum
growth and potential as compare to the other sector. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15
% growth rate. This growth potential attracts us to enter in the sector and
MAX NEW YORK LIFE INSURANCE gave me the opportunity to work and get
experience in highly competitive and enhancing sector.

• The success story of good market share of different

organizations depends upon the availability of the product
and services near to the customer, which can be distributed
through a distribution channel and insurance sector,
distribution channel includes only agents or agency holders
of the company. If a company like MNYL, BA, TATA AIG etc
has adequate agents in the market they can capture big
market as compared to the other companies.

• Agents are best way for a company of insurance sector

through which policies and benefits of a company can be
explained to the customer.
 NEED OF THE PROJECT

MAX NEW YORK LIFE has the maximum job availability. They follow
some process regarding the recruiting people. The need of the project
during the course of my summer internship for Max New York life was to get
an insight into the training modules and sessions given to their employees of
the MNYL. Thus there was a need to design and build a competent training
module thereby enhancing the competency levels and interpersonal skills of
the employees of the company, so as to prepare them for providing better
service to their customer.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times.

A large number of new players have entered the market and are trying to
gain market share in this rapidly improving market. In recent time also Max
has the highest employment. It is the 7th highest insurance company in
India. In insurance sector a person can earn huge amount of money.
 SECTION 1

INTRODUCTION
ABOUT INSURANCE SECTOR
Insurance sector is an opportunity for India.
This business is growing at the rate of 18-22 per cent annually.
Presently it covers market of RS.450 billion.
Together with banking sector it contributes about 7% to GDP.
Gross premium collection is about 2% of GDP.
Still 80% of Indian population is without life insurance.
This is an indicator that growth potential for the insurance sector is
immense.
Insurance sector contribute a lot in economic development.
It provides long term fund for infrastructure development.
It is estimated that over the next ten years India would require
investments of the order of one trillion US dollar.
The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
There are two legislations that govern the sector-

The Insurance Act- 1938 The IRDA Act- 1999.

Important milestones in the life insurance business in
India:

Present Scenario
The Government of India liberalised the insurance sector in March 2000 with
the passage of the Insurance Regulatory and Development Authority (IRDA)
Bill, lifting all entry restrictions for private players and allowing foreign
players to enter the market with some limits on direct foreign ownership.
Under the current guidelines, there is a 26 percent equity cap for foreign
partners in an insurance company. There is a proposal to increase this limit
to 49 percent.
The opening up of the sector is likely to lead to greater spread and
deepening of insurance in India and this may also include restructuring and
revitalizing of the public sector companies. In the private sector 15 life
insurance companies have been registered. A host of private Insurance
companies operating in life segments have started selling their insurance
policies since 2001. Table shows the current market players in the life
Insurance Industry (Source IRDA).
Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Co. Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd
5 ING Vysya Life Insurance Co. Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Co. Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Ltd.
10 SBI Life Insurance Co. Ltd.
11 Tata AIG Life Insurance Co. Ltd.
12 Reliance Life Insurance Co. Ltd.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co. Ltd.
15 Shriram Life Insurance Co. Ltd.
16 Bharti AXA Life Insurance Co. Ltd.

Life Insurance Market Growth

The Life Insurance market in India is an underdeveloped market that was
only tapped by the state owned LIC till the entry of private insurers. The
penetration of life insurance products was 22 percent of the total 400 million
of the insurable population. Most customers were under- insured with no
flexibility or transparency in the products. With the entry of the private
insurers the rules of the game have changed.
Life insurance business in terms of first year premium has shown a growth of
more than 95% over the previous year and non life, or general insurance, is
not far behind either, growing at 22% during 2006-07.The 15 private
insurers in the life insurance market have already grabbed nearly 24 percent
of the market in terms of premium income. The new business premium of
the 15 private players has tripled over last year. Meanwhile, state owned
LIC's new premium business has fallen. Figure shows comparison between
premiums being collected by private and public limited players in year 2006
and 2007.

Innovative products, smart marketing and aggressive distribution. That's the

triple whammy combination that has enabled fledgling private insurance
companies to sign up Indian customers faster than anyone ever expected.
Indians, who have always seen life insurance as a tax saving device, are now
suddenly turning to the private sector and snapping up the new innovative
products on offer.
The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back
policies. But in the annuity or pension products business, the private
insurers have already wrested over 33 percent of the market. And in the
popular unit-linked insurance schemes they have a virtual monopoly, with
over 90 percent of the customers.
The private insurers also seem to be scoring big in other ways- they are
persuading people to take out bigger policies. For instance, the average size
of a life insurance policy before privatisation was around Rs 50,000. That has
risen to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to
persuade new customers.
ABOUT MAX NEW YORK LIFE

Max New York Life Insurance Company had started to build the business
in 1840 and a Fortune 100 company founded in 1845, is the largest mutual
life insurance company in the United States and one of the largest life
insurers in the world with more than USD$215 billion assets with more
than USD$215 billion assets. According to Moody's, "New York Life's rating
reflects the company's good quality investment portfolio. Headquartered in
New York City, New York Life’s family of companies offer life insurance,
annuities and long-term care insurance. New York Life Investment
Management LLC provides institutional asset management and retirement
plan services. Other New York Life affiliates provide an array of securities
products and services, as well as institutional and retail mutual funds.
The mission of New York Life is to maintain its superior 'financial strength',
adhere to the highest standards of 'integrity' and demonstrate 'humanity'
by treating its customers, agents and employees with compassion,
consideration and respect.
As a leader in the insurance industry, New York Life continues to bring to
its operations new management concepts, advanced technologies, new
distribution and training systems and innovative insurance products.
Key Dates:

1841: Nautilus Insurance Company is chartered to sell fire and marine

insurance.

1849: A product shift is marked by name change to New-York Life

Insurance
Company.

1868: The company opens its first international office.

1892: A branch office system is implemented by company president

John A. McCall.

1905: New York state investigation of insurance industry results in new

regulations subsequently fought by New York Life.

1929: The company moves to Madison Avenue corporate headquarters.

1951: The first group insurance policies are issued.

1969: A separate entity is created to manage growing commercial and

residential real estate holdings.

1984: The company enters the financial services market.

1987: The company purchases one of the largest healthcare companies in

the
nation.

1996: The company sells its healthcare operations.

2000: The company brings all asset management businesses under one
roof.
Company History 0f NEW YORK LIFE COMPANY
New York Life Insurance Company is one of the largest insurance companies
in the United States and the world. Ranked as a Fortune 100 company, New
York Life has provided its policyholders with financial security and
investment opportunities since 1841. As a mutual company, New York Life is
owned solely by its policyholders, to whom it pays annual dividends and
provides long-term coverage on a wide range of insurance products. The
company prospered during its first 100 years of operations, as the growth of
the nation's population and economy created an expanding market for life
insurance. Since World War II New York Life has maintained its competitive
edge by diversification.
Building the Business: 1840s-50s
In 1840 New York State passed a law allowing a married woman to insure her
husband's life with immunity from having the benefits seized by his
creditors. Such legislation recognized the use of life insurance in a
developing industrial economy and widened its potential market beyond
wealthy speculators.

New York Life has its origins in a charter granted by the New York state
legislature to Nautilus Insurance Company in 1841, for the sale of fire and
marine insurance. The company began issuing policies in April 1845 and
soon decided to jettison its fire and marine business in order to concentrate
on life insurance. By 1849 the company was so securely established in this
new business that it petitioned the state legislature and had its name
changed to New-York Life Insurance Company.

Civil War Risks and Postwar Expansion: 1860s-90s

The Civil War presented the company with its first major crisis, since it had
developed a sizable southern business. President Abraham Lincoln's
prohibition of commerce with the Confederate states during the war cut off
communication between the home office and its southern policyholders,
creating a host of problems, including lapsed payments and unpaid claims.
The company compensated for these losses, however, by issuing policies to
soldiers and civilians involved in combat. One of the few companies to take
on such war risks, New-York Life managed continued growth despite its
southern losses. In fact, the company sold more than half of the 6,500 new
life insurance policies issued in New York City in 1862.

After the war, New-York Life expanded quickly with the nation's booming
economy. The company recovered its southern business by paying benefits
on death claims left unsettled during the war and by allowing former
customers to renew their lapsed policies. New-York Life also became an
international name during this era, opening offices in Canada in 1868, Great
Britain in 1870, Paris in 1884, Berlin in 1885, Vienna in 1887, Amsterdam in
1891, and Budapest in 1894. by 1900 its growth in sales made it one of the
nation's three biggest mutual insurance companies, along with Mutual Life
Insurance Company and Equitable Life Assurance Society.

World Conditions Creating Volatile Environment: 1900s-

40s
New-York Life prepared early for World War I, selling securities and borrowing
in order to increase cash reserves and meet wartime obligations. During the
war the company also issued war-risk policies. The war's greatest challenges
came in its aftershocks. The worldwide influenza epidemic of 1918 and 1919
hit the United States with unexpected ferocity: death claims resulted in a
$10 million loss for the company, almost twice the cost of benefits paid
during the war.
During the Russian Revolution of 1917 the company's assets in Moscow were
seized. Soon after, New York Life began its withdrawal from Europe, a
reaction to unfriendly regulation and a volatile world economy.
Industry on the Rise: 1950s-70s
Recognizing the need for housing in the postwar nation, New York Life began
moving its assets out of wartime government securities and into real estate
development in the late 1940s. The company established a mortgage-loan
program for veterans in 1946 and also invested in residential housing
developments in Queens and Manhattan and in Chicago and Princeton, New
Jersey, during the 1940s and 1950s. In 1969 it established the Nautilus
Realty Corporation to handle its commercial and residential real estate
operations, which proved to be of increasing importance as inflation in the
1970s and 1980s made other investments less desirable.
In the 1960s New York Life introduced the family insurance plan, a policy of
comprehensive family coverage. When economic recession and inflation
caused the lapse rate on new policies to increase in the early 1970s, the
company created an insurance conservation office to study ways of better
serving--and thus keeping--customers.
Diversification Prompted by Industry Downturn: 1980s
Another major growth area for New York Life during the 1980s was
healthcare. The spiraling cost of medical care in the 1970s and 1980s
strengthened the appeal of insurance as a security against long-term illness.
In 1987 New York Life purchased controlling interest in Sanus Corporation
Health Systems, one of the largest healthcare companies in the nation. At
the time, New York Life's greatest concern in the healthcare field was AIDS.

Diversification into real estate development, mutual funds, partnership

investments, annuities and pensions, and healthcare preserved New York
Life's market position, and it entered the 1990s ready to take advantage of
expanding demand for these new products.

Reacting to the Changing Marketplaces: 1990s

New York Life reorganized its management structure in 1992. A team of
specialists from areas such as service, legal, marketing, and actuarial led by
a product manager could move new offerings through the pipeline and out
into the market more quickly than in the past. In 1993, New York Life rolled
out a variable annuity policy and in 1994 its first variable universal life
policy. To tap into a market of more conservative investors, the company
began selling a variable annuity product through the banking system in
1995. New York Life sold its NYL Care Health Plans subsidiary in 1998

Preparing for the Future: 2000 and Beyond

The creation of New York Life Investment Management LLC, in 2000, brought
all of the company's $115 billion in assets under management into one
subsidiary. New York Life followed a trend in the insurance industry--
distancing the financial products from traditional insurance products--
intended to improve competitive strength

New York Life prepared for another venture in the finance end of business by
seeking and receiving approval to operate a federally insured thrift, a move
made possible by changes in federal regulations during the late 1990s. The
company first planned to offer trusts and individual retirement accounts. The
trust operation gave New York Life the ability to manage insurance money
distributions, a capability it lacked to this point.

A matter related to its long dissolved European operation was finally

resolved in 2001. New York Life settled claims by the survivors of ethnic
Armenians killed by Turkish soldiers back in World War I. A 1999 class-action
lawsuit led to legislation allowing Armenians living in California to pursue
claims against insurers for unpaid benefits.

REWARD AND RECOGNITION

PRODUCTS OF MNYL

• Whole Life Plans

• Unit Linked Insurance Plans

• Endowment Plans

• Children Plan
 • Money Back Plans

• Pension Plans

• Health & Accident Related Riders

VISION

To become one of the most admired life insurance company of

the India.

MISSION

i) To become one of the top quartile life insurance

companies in India.
ii) To be a national player.
iii) To be the brand of first choice.
iv) To be the employer of choice
v) To become principal of choice for agents.
VALUES

This vision to become India's most admired life insurance company

will be realized through our unique set of values, which are as follows:

• Knowledge
Knowledge leads to expertise; and our expertise is in helping people
protect themselves. Perfectly combining global expertise with local
knowledge, we are India's life insurance specialist. Max New York Life
believes that for knowledge to be of value it must be focused, current,
tested and shared.

• Caring
Max New York Life is redefining the life insurance paradigm by focusing
on customers first. The service process is responsive, personalized,
humane and empathetic. Every individual who represents the
company is for us our brand champion.

• Honesty
Honesty is the heart of the life insurance business. It is all about trust.
Transparency, integrity and dependability form the cornerstones of the
Max New York Life experience. The company ensures that everyone
who represents the brand carries a promise : we care — in word as
well as deed.
 • Excellence
Excellence at Max New York Life implies the ability to perform at a
consistently high level. Focused on the value of continuous improvement in
people, processes and the organization, the company strives for the highest
standards of quality in every aspect of its business.
 STRATEGY OFSELECTING,
RECRUTING AND
DEVELOPING THE AGENCY
CHANNEL
FLOW BASED APPROACH TO CHANNEL DEVELOPMENT

Interested?
NOTCLEARED
CLEARED
IC-33 ?

NO
YES

1] NAME GATHERING IN P200

There are several ways for gathering names in order to follow rule of 31.

Natural Market:

A natural market consist of people to whom you know well from your
family, friend circle, relative can be a good prospect. The most
admired way for recruitment in MNYL is through natural market.
Natural market persons are easily approachable and most of the
successful recruitment in MNYL is from natural market.

Personal Observation:
 It means identify the right person through observation. For e.g. a
person residing in your locality and very famous in taking initiative in
social activities can be a good prospect.

Nominator Call:

A nominator is a person who is very much influential in the market as

well as in societies. Name gathering and identification is easy in this
case, but these people are highly unapproachable. These people can
be very productive in giving references of the prospect. They are not
prospect by default.

Centre of Influence (CoI) Call:

A centre of influence person is people who are influential and you

know them personally. They are approached for giving references of
the client.

Prospect Call:

Prospects itself are approached. They can be anyone from natural

market, Nominator’s reference, CoI‘s reference or by other means.

2] SHORT LISTING Max Mew York Life follows some process regarding
the short listing the people. From P200 , company can judge the prospective
person. The basic objective of this selection is to have good retention and
greater effectiveness in the delivery of service. Regarding this issue
company has some parameters, it called 9 points criteria .

Parameters are following:-

AGE

<25 1 POINT
 25-35 2 POINT

35+ 3 POINT

GENDER

MALE 2 POINT

FEMALE 3 POINT

QUALIFICATION

UNDER GRADUATION 1 POINT

POST GRADUATION 2 POINT

MARITAL SATUS

MARRIED 2 POINT

UNMARRIED 1 POINT

LIVING IN THE CITY FOR 5 YEARS

<5 YRS 1 POINT

>5 2 POINT

AN EXAMPLE:- POINTS

Piyush Roy

Age-34 =2

Gender-Male =2
 Qualification-Graduation =1

Marital Status-Married =2

Living in the city-For 15yrs =2

TOTAL =9
This person will eligible for advisor in MNYL . Because he has fulfilled the
9 marks criteria. In this way when a person’s every criteria will give the net
result of 9 points then he or she will eligible for agent.

3] CONTACTING

Candidates are called either as nominator, Prospective Agents and a

meeting is fixed with them according to the convenience of both the party.
Here script plays very important role in fixing appointment with the
prospect.

4] INITIAL SCREENING

Initial screening is taken if candidate is found eligible using 4 point model. In

intial screening, a sales manager first gives the introduction about the
company. Then several questions such as his family background, his natural
market, traits for a sales person, and his present and past experiences of his
jobs are questioned.

Every candidate is required to get at least 3 points in eligibility model the

company. The eligibility standards for AA selection are as follows. In case of
score less than 3, special zonal head approval is required.

FIVE POINT SYSTEM:

Age 25 and over 1 point

Graduate 1 point
Married 1 point
Lived in city more than 5 years 1 point
NAT score 1 point (if passed)

5 ] NAT

Numerical Ability test is taken. Passing Score is 50%.

6] CAREER SEMINAR AND P200

All the prospects are required to attend career seminar at MNYL which
provides broader aspects of growth as an Agent Advisor.

P200 is a worksheet which is given to each prospect to judge his natural

market. The prospects are required to mention at least 100 contacts from
their natural market.

7 ]CAREER INTERVIEW

P200 is evaluated in Career Interview. If candidate’s market is found worth,

he is selected to attend training and Development programme.

8] FCS

All the selected candidates are required to attend 22 day training session for
receiving the license from IRDA to become an Agent Advisor.

9] CONTRACT

All the successful candidates having legal license of IRDA are contracted
with MNYL.
SECTION TWO

OBJECTIVE
OBJECTIVE OF THE PROJECT

The main objective of doing this project is to study employee attitude

regarding the. During this student internship program period we have to
achieve something which is helpful to the development of ourselves and
some value addition to the company. Getting more to the company because
of recruitment and selection program is the main objective. It gives us good
exposes of ourselves and creating good impression.

➢ Customer & potential agent’s perceptions about insurance as a

product category.

➢ To study the existing compensation for agents of Max.

➢ To study the existing channel development process of MNYL.

 SECTION THREE

RESAEARCH METHODOLOGY
Research Design:

• Exploratory & Descriptive Experimental research

The research is primarily both exploratory as well as descriptive in nature.

The sources of information are both primary & secondary.

A well-structured questionnaire was prepared and interviews were

conducted to collect the customer’s perception and buying behaviour
through this questionnaire.

Sampling methodology:
Sampling Technique:

Initially a rough draft was prepared keeping in mind the objective of the
research. A pilot study was done in order to know the accuracy of the
questionnaire. The final questionnaire was arrived only after certain
important changes were done. Thus our sampling came out to be
judgemental and convenient.

Sampling unit :

The respondents who were asked to fill out questionnaire are the sampling
units. These comprise of employees of MNCs, Govt. Employees, and Self
Employed etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly
peoples from central Kolkata.
Sampling Area:

The area of the research was Esplanade.

DATA COLLECTION:-

(a)Primary data
(b)Secondary data

(a) Primary data collected specially from the field for the purpose of
providing information on the decision under question.

(b) These are the existing data. Secondary data collected from internal
source and also from the external source.

Internal source from company’s record, which is already

conducted found within the company and also from company’s
website.

External source from client, advertising etc.

 SECTION

LIMITATION OF RESEARCH
 Due to lack of time we had to restricted in the particular area.

We couldn’t take interview of agents & advisors of the company.

Many people were not interested to fill up the questionnaire.

Regarding the making of questionnaire we were bound to make

that on the basis of the company’s selection criteria only. So we
were not able to get more information.
 SECTION FIVE

FINDINGS AND ANALYSIS

 1) AGE GROUP

EVALUATION
We have done the survey on the basis of the recruitment criteria of MNYL
and we have got some feedback & we divide them into percentage:-

Feedback in percentage:-
AGE GROUP PERCENTAGE
Below 18 1%
19-25 20%
26-35 40%
36-45 12%
46-60 15%
Above 60 12%

2) GENDER

EVALUATION
On the basis of our survey we have considered both the genders and here
we have drawn a chart on the basis of that survey.

Feedback in percentage:-

GENDER PERCENTAGE
Female 40%
Male 60%

FEMALE
MALE
Feedback in percentage:-

FEMALE PERCENTAGE
INTERESTED 25%
NOT INTERESTED 75%
MALE PERCENTAGE
INTERESTED 45%
NOT INTERESTED 65%

3)

OCCUPATION
EVALUATION
 On the basis of our survey we have got the feedbacks from those
people whom we have divided in some segments :-

Feedback in Percentage---

OCCUPATION PERCENTAGE
Student 10%
Service holder 12%
Unemployed 15%
Business man 33%
Self employed 30%

4) MARITAL STATUS

EVALUATION:-

As per the recruitment criteria in Max New York Life the marital
status is one of the most important part, so that we have drawn it in 100%
level.

Feedback in percentage---

STATUS PERCENTAGE
Married 80%
Unmarried 20%
MARRIED PEOPLE UNMARRIED PEOPLE

EVALUATION
Feedback in percentage---

MARRIED PERCENTAGE
Interested 56%
Not interested 44%
UNMARRIED PERCENTAGE
Interested 14%
Not interested 86%

5) QUALIFICATION

EVALUATION
Another important recruitment criteria in Max New York Life is the
educational qualification and we have drawn that in the table and divided in
different segments.

Feedback in percentage---

EDUATIONAL QUALIFICATION PERCENTAGE

10th 20%
12th 17%
Graduation 42%
Post graduation 18%
Others 3%

6) AVAILABILITY OF PRESENT JOB MARKET

EVALUATION
As per our survey we have tried to show that how many people thinks that in
present job market how much job availability is there. As per their respond
we have divided them in percentage.

Feedback in percentage---

AVAILIBILITY OF JOB PERCENTAGE

Easily available 11%
Moderately available 80%
Not available 9%

7) OPINION ABOUT THE MEANING OF

INSURANCE

EVALUATION
To complete this survey successfully we have to know that as per the people
what is the meaning of insurance . And we have drawn the chart according
to the people’s response.

Feedback in percentage---
 MEANING OF INSURANCE PERCENTAGE
Wastage of money 1%
Savings 25%
Investment 38%
Protection from uncertainties 36%

9) LEADING INSURANCE COMPANY AS PER

SURVEY

EVALUATION
At present day also most of the people prefer the public sector. So, as LIC
is undertaking of Govt. of India thus most of the people have chosen LIC as
the leading insurance company.

Feedback in percentage---

COMPANY PERCENTAGE
Max New York Life 6%
LIC 50%
SBI 25%
ICICI 12%
TATA AIG 7%

10) INTERESTED TO JOIN INSURANCE SECTOR

EVALUATION

During to our survey we noticed that people are not interested to join the
insurance sector, especially in private insurance company due to lack of
security.

Feedback in percentage---

PEOPLE PERCENTAGE
Not interested 70%
Interested 30%
 SECTION SIX

RECOMMENDATION
 Max New York Life as an insurance firm has a very strong
presence in India and is rapidly expanding its operations in India. After
working on this project I feel that following are some of the ways in which
the company can improve the current market base and selection procedure
for AAs, the key revenue generating resource for the company:

➢ Low awareness about MNYL brand in the mind of potential AAs.

➢ Max New York Life insurance compensation package is considered to

be quite good as per market standard. However the 15 days full time
training programme is causing apprehension in minds of potential
agents. A part time training alternative can also be considered.

➢ MNYL can provide some database collected from other sources to the
new recruits at least in the first month.

➢ The registration fee for IRDA training programme is higher than other
private companies. MNYL should considered reducing the charge.

➢ Initial fee for agents policy is too high so MNYL can considerer this.
SECTION SEVEN

CONCLUSION
 My Experience with MNYL will always be grateful for me. I learned many
things in MNYL. The very first thing I learned in MNYL is to handle objections
from the customers. Different type of scripts of MNYL helps in this.

Working on deadline for achieving target is most crucial process in this

sector and I am thankful to my sales Manager who were always behind me
to support during initial call and helps me to complete my training.

The GO meet to reward successful AA and SM for the month is another

example which clearly emphasizes that MNYL has strong belief in
maintaining a healthy relationship with their stakeholders.

Overall “Recruiting Agent Developing The Agency Channel ” was a fair

attempt from me. During the project I was able to make 200 names.

My telephonic conversation with the prospect always gave me a positive

direction to build my confidence and even in bad phase of response I learnt
the art of making calmness.

I shared a lot of activities with my colleagues. All the trainees from different
background also remained a source of energy for my daily activities.
APPENDIX

Questionnaire
 1. Name :
2. Address :

3. Phone No:
4. Age group: [Please tick whichever is applicable]
1) Below 18 years 2) 19-25 years 3) 26-35 years 4) 36-45 years,
5) 45-60 years, 6) Above 60 years
5. Gender: 1)Male 2)Female
6. Occupation:
1) Student, 2) Service, 3) Unemployed 4) Business 5) Self-employed
7. Level of income in yearly basis:
1) 100000-150000 2)150001-200000 3)200001-
250000 4)250001 & above 5) less than 100000

8. Marital status: 1) Married 2) Single

9. Educational qualification
1) Upto10th level 2)12th level 3) graduation 4) post-graduation
5)others……....
10. What do you know about availability of present job market?
1) Not available 2)moderately available
3)easily available
11. Would you like to work part time in multinational company?
1) yes 2)no

12. What do you understand by insurance in a 100% rating scale?

1) protection from uncertainties
2)savings: 3)investment:
4)wastage of money:
13. According to you in 100% rating scale which of the following is a
leading insurance company
 1)LIC : 2)ICICI Pru.: 3)MAX NEW
YORK: 4)TATA AIG: 5)SBI LIFE:
14. If you are getting a job in a insurance sector, would you like to accept?
1)yes 2) no

LIST OF ABBREVIATIONS.

MNYL Max New York Life

AA Agent Advisor
PO Personal Observation
NAT Numerical Ability Test
FCS Fundamental Career Seminar
IRDA Insurance Regulatory & Development Authority
CoI Centre of Influence
ATP Annual Target Premium
MDRT Million Dollar Round Table
CSR Corporate Social Responsibility
SM Sales Manager
SCA Sustainable Competitive Advantage
 BIBLIOGRAPHY

WWW.GOOGLE.COM

WWW.MAXNEWYORKLIFE.COM

WWW.HINDUBUSINESS.COM

EXISTING RECORD OF COMPANY