A Project Report On AGENCY RECRUITMENT DYNAMICS IN BARDOLI AREA

Undertaken at:

Bajaj Allianz Life Insurance Co. Ltd., Bardoli Submitted by: Mr. Nirmal Patel 05MBA30 Guided by: Mr. Kallol Das

MBA (2005-07) SHRIMAD RAJCHANDRA INSTITUTE OF MANAGEMENT AND COMPUTER APPLICATION

SHRIMAD RAJCHANDRA INSTITUTE OF MANAGEMENT AND COMPUTER APPLICATIONS MBA (2005-07)

COLLEGE CERTIFICATE

This is to certify that the winter project report entitled Agency Recruitment Dynamics in Bardoli Area has been carried out by Mr. Nirmal Patel. at Bajaj Allianz Life Insurance Company Ltd. as a partial fulfillment of the requirement for the degree of Master of Business Administration (M.B.A.) during academic year 2006-07.

[Mr. Kallol Das] Patel] FACULTY GUIDE Date: Place: Gopal Vidyanagar

[Dr. Bankim

DIRECTOR

DECLARATION
I, Nirmal K. Patel, hereby declare that the project report entitled Agency Recruitment Dynamics in Bardoli area prepared under the guidance of Mr. Kallol Das submitted in partial fulfillment of the requirement of Master of Business Administration is my original work and not submitted for award of any other degree/diploma or other similar titles or prizes to any other institute/organization or University.

Nirmal K. Patel

ACKNOWLEDGEMENT
Firstly, I am thankful to Ms. Rita Gupta, Sales Manager - Priority Circle, Bajaj Allianz Life Insurance Co. Ltd., for providing me opportunity to venture in to the corporate world and for helping me at each and every stage of my project work. I, hereby, express my deep sense of gratitude to Mr. Kallol Das, faculty of SRIMCA, whose guidance and feedback on the project has helped me a lot and enhanced me to give the right shape to this project. Last but not the least, I am grateful to all my respondents who devoted their valuable time to give their response and to all those who helped me directly or indirectly at any stage of this project work.

Nirmal K. Patel

EXECUTIVE SUMMARY
Research Objectives: The key objectives of the study are: To measure top of mind awareness about life insurance companies. To measure perceptions with respect to insurance agency prospects. To check the important of various benefits of agency provided by insurance industry. To check to what extent agents agree with Bajaj Allianz agency features. Design/Methodology/Approach: This is carried out using quantitative survey of 100 target audience members in Bardoli city. Each respondent is personally contacted to fill up the questionnaire. In this method, regarding sampling design, nonprobability sampling design has been selected. Further, convenience sampling method was selected. The research design is descriptive because descriptive research provides data about "who, what, when, where and how" of a situation, not what caused it. It provides the number of times something occurs, or frequency, lends itself to statistical calculations such as determining the average number of occurrences or central tendencies. Findings: Such key findings are as follows: According to the study, LIC is having highest level of brand awareness followed by Bajaj Allianz and ICICI Prudential.

Around 70% target audience members hold life insurance policy from various life insurance companies. The major sources of awareness for Bajaj Allianz Life Insurance Co. Ltd. are others like insurance consultants, friends, relatives etc. apart from T.V. and Newspapers.

Around 70% target audience members do not know that insurance provides extra earning opportunity through part time work.

Various features like extra earning opportunity, flexibility in working hours, strong company brand/ image, wide range of well designed plans etc important equally for Target audience members who are taking agency of insurance.

In the study it was shows out that flexibility in working hours have highest advantages followed by wide range of plan, high growth potential, extra income earning opportunity, various promotional schemes and strong company brand image.

External Validity: In this study, probability sampling is not used and so the results cannot be generalized to the population of Bardoli.

TABLE OF CONTENTS
Sr. No.
1

Topic INTRODUCTION
1.1 About Life Insurance 1.2 The Life Insurance Industry 1.3. About Bajaj Allianz

Page No.

RESEARCH METHODOLOGY
2.1 2.2 2.3 2.4 2.5 2.6 2.7 Res0earch Objectives Research Design Types of Data Used Sampling Plan Data Collection Method Data Analysis Research Limitations

DATA PRESENTATION & ANALYSIS

3.1 Top of mind awareness of Life Insurance companies 3.2 Target audience members possessing life insurance policy 3.3 Sources of awareness of Bajaj Allianz Life Insurance Co. Ltd. 3.4 Awareness of extra earning opportunity of insurance agency 3.5 Perception of relative importance of respondents with respect to insurance agency 3.6 Relative belief respondents with respect to Bajaj Allianz 4.

FINDINGS BIBLIOGRAPHY APPENDIX

CHAPTER 1: INTRODUCTION
1.1 About Life Insurance3
1.1.1 What is Life Insurance? The economic value o0f human life arises out of its relation to other lives. Whenever continuity of life is financially valuable to family dependents, business associates or educational & philanthropic situation, the necessary for life insurance is present. 1.1.2. Why Life Insurance? Provide security for the family - Combines risk cover and savings. Plan for life's uncertainties - Accidental Permanent Total/Partial Disability; Critical Illness; Hospitalization Expenses. Lifestyle maintenance - post retirement. Tax benefits. Encourages regular savings and protects against extravagance. Peace of Mind.

1.2 The Life Insurance Industry3

1.2.1. The Indian Insurance Industry Life insurance industry, as on 1.4.2000, comprised mainly one playerlife Sr. No . 1. 2. Insurance Registra tion No. 102 104 Corporation Date of Regn. 23.10.2000 15.11.2000 HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Company Ltd. of India (LIC). The other insurance companies that registered subsequently are listed in the table below: Name of the Company

3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

105 107 109 110 111 114 116 117 121 122 127

24.11.2000 10.01.2001 31.01.2001 12.02.2001 30.03.2001 02.08.2001 03.08.2001 06.08.2001 30.01.2002 14.05.2002 06.02.2004

ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Ltd. ING Vysya Life Insurance Company Pvt. Ltd. Bajaj Allianz Life Insurance Company Ltd. Metlife India Life Insurance Company Pvt. Ltd. AMP Sammar Life Insurance Company Ltd. Aviva Life Insurance Company India Pvt. Ltd. Sahara India Insurance Company Ltd.

1.2.2. IRDA (Insurance Regulatory & Development Authority) The authority helps in consultation with the insurance advisor committee. IRDA was set up as an independent regulatory authority, which has not put in place regulation in line with global forms. So far in private sector, 12 life insurance companies have been registered. 1.2.2.1. Role of IRDA IRDA made some necessary parameters for becoming life advisor like person should be at least 12th pass. It provides for insurance training of 100 hours and the prospective agents should pass IRDA exam.

1.3. About Bajaj Allianz4

1.3.1. Company Profile Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance

companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No. 116 on 3rd August 2001 to conduct Life Insurance business in India. 1.3.2. Some Achievements of Bajaj Allianz Life Insurance No.1 Private Life Insurance Company in India for year 2005-06 Growth rate of 216% for financial year 2005-2006. Over 15, 00,000 satisfied customers A countrywide network of 700+ offices Assets under management Rs. 3,324 crore. Shareholder capital base of Rs. 500 crore. 1.3.3. Financial Performance Summary Fiscal Year 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 *(6 months) 1.3.4. Bancassurance The company has a strategy for Bancassurance. Two of the tie-ups are:
1. 2.

No of policies sold in FY 21,376 1,15,965 1,86,443 2,88,189 7,81,685

GWP in FY Rs Rs Rs Rs Rs 7 cr. 69 cr. 221 cr. 1002 cr. 3134 cr.

Standard Chartered Bank Syndicate Bank

1.3.5. Company Products (A) Individual Plans 1. NEW UNITGAIN- A Unit Linked Plan

2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

RISK CARE- Pure Term Plan TERM CARE- Term Plan with Return-of-Premium INVESTGAIN- An Endowment Plan LIFETIME CARE- Whole Life Plan CHILDGAIN- Children's Policy LOAN PROTECTOR- A Mortgage Reducing Term Insurance Plan CASHGAIN- Money Back Plan KEYMAN INSURANCE- A Promising Business Opportunity SWARNA VISHRANTI- Retirement Plan NEW UNITGAIN PLUS- Unit Link plan with higher allocation RIDERS UNITGAIN PLUS- While the basic life insurance MAHILAGAIN RIDER- The unique plan that takes care of you and
your loved ones.

NEW UNITGAIN EASY PENSION PLUS- A Plan that enables you retire SWARNA RAKSHA-ROC- A plan that provides you with regular income for life. HEALTHCARE-This is a three-year health insurance plan, with life NEW UNITGAIN PREMIERSP-

with laughter lines not worry lines

15. 16.

insurance benefit.
17. 18. 19. Upfront Allocation of 105% of single premium on day 1

NEW UG SUPER- High Allocation Guaranteed life cover NEW FAMILYGAIN- The only Unitlinked insurance plan with ethical equity fund SAVECARE Economy-SP- An investment that provides financial NEW UNITGAIN Plus SP-

20.

security and liquidity.

21. A single premium plan with maximum allocations

(B)

Individual Plans :Rural

Bajaj Allianz Samraksha a rural insurance plan.

1. SAMRAKSHA To Secure2.

CAPITAL UG- Capital Unitgain is a unit linked endowment regular

premium plan that is designed to suit all your insurance & investment needs.
3.

UNITGAIN GUARANTEE SP-

High Allocation and Full or partial withdrawals are allowed

anytime after 3 years

(C) Group Plans

1. GROUP CREDIT SHIELD-Available for Employer - Employee Groups
and Non Employer-Employee Groups 2.

GROUP TERM LIFE-Available for Employer - Employee Groups

and Non

Employer-Employee Groups 3.

GROUP TERM LIFE SCHEME- in lieu of EDLI (Employees Deposit Insurance) GROUP SUPERANNUATION SCHEME GROUP GRATUITY CARE SCHEME- Giving your Employees and their heartening reassurance of your care and financial

Linked
4. 5.

families the security.

(D) Insurance for NRIs Bajaj Allianz offers a large suit of products to cater every insurance need for NRIs. They are as follows: 1. 2. 3. 4. 5. 6. INVESTGAIN - Our 'With Profits Endowment Plan. CASHGAIN - Our 'With Profits Money Back Plan'. CHILDGAIN - Our 'With Profits Money Back Plan' for children. LIFETIME CARE - Our 'With Profits Whole of Life Plan'. SWARNA VISHRANTI - Our 'With Profits Differed Annuity Plan'. UNITGAIN - Our 'Unit Linked Whole of Life Plan'

CHAPTER 2: RESEARCH METHODOLOGY

Please find below the details of the research objectives and methodology opted in this study.

2.1. Research Objectives

To measure top of mind awareness about life insurance companies. To measure perceptions with respect to insurance agency prospects. To check the important of various benefits of agency provided by

insurance industry. To check to what extent agents agree with Bajaj Allianz agency features.

2.2 Research Design2

The research design constitutes the blueprint for the measurement, collection and analysis of data. It aids the scientist in the allocation of his limited resources by posing crucial choices. This research design is descriptive. Descriptive research design describes the "who, what, when, where and how" of a situation, not what caused it. Therefore, descriptive research is used when the objective is to provide a systematic description that is as factual and accurate as possible. It provides the number of times something occurs, or frequency, and lends itself to statistical calculations such as determining the average number of occurrences or central tendencies.

2.3 Types of Data Used2

2.3.1. Secondary Data Data was collected through secondary sources like Internet, books on insurance and business research book. 2.3.2. Primary Data This data was collected through questionnaire from Target audience members in and around Bardoli region.

2.4. Sampling Plan

The Sampling plan consists of three things: 2.4.1. Sampling unit Here sampling unit includes students, businessperson, and employees of Government and private sectors. 2.4.2. Sample size

The sample size selected was 100, which was a very feasible figure looking into time constraints. 2.4.3. Sampling procedure In this method, regarding sampling design, non-probability sampling design has been selected. Further, convenience sampling method was selected.

2.5 Data Collection Method

2.5.1. Field area The area for survey was Bardoli and surrounding region. 2.5.2. Contact method Contact method for survey was face-to-face personal interview.

2.6. Data Analysis1

Graphs, charts and percentage, T-test, cross table, mean etc. analyzed the information. One-sample T-test is the statistical test, which is used to test the difference between sample statistic and a hypothesized population parameter. It is used when the types of data are interval in nature. Chi-square test has been used to provide the method for testing the association between the dependent and independent variables.

Data analysis has been done using SPSS software for doing t-test and chi-square test.

2.7 Research Limitations

The following are the limitations of this study.

Since the sampling method used was convenience sampling due to time and cost constraint, the result cannot be generalized to the population.

The target audience members may misunderstand some of the questions and thereby give wrong responses. Many of the target audience members had very little knowledge about insurance sector. Therefore, their comments on the insurance sector may be negatively biased.

CHAPTER 3: DATA PRESENTATION & ANALYSIS

This chapter presents the analysis of the data gathered.

3.1 Top Of Companies

Mind

Awareness

Of

Life

Insurance

Company LIC ICICI Prudential Bajaj Allianz HDFC Standard Max New York

Frequency 62 14 18 3 3

Percentage 62% 14% 18% 3% 3%

Total

100

100%

Top of mind awareness of attempt Life Insurance companies

3% 3% 18% LIC ICICI Prudential Bajaj Allianz 14% 62% HDFC Standard Max New York

In the study it was found out that LIC is having highest level of top-of mind awareness followed by Bajaj Allianz and ICICI Prudential Life Insurance.

3.2 Target Audience Insurance Policy

Members

Possessing

Life

Respondents possessing life insurance policy

32% Policy holder Non-policy holder 68%

In the study it was found out that 68% Target audience members are holding life insurance policy. 3.2.1 Cross tabulation - Annual income versus Policy Holder Annual income Have policy No Yes Total Count % Within have policy Count % Within have policy Count % Within have policy <1 lac 4 12.5% 18 26.5% 22 22.0% 1 to 2.9 13 40.6% 27 39.7% 40 40.0% 3 to 5 8 25.0% 16 23.5% 24 24.0% 5& above 7 21.9% 7 10.3% 14 14.0% 32 100% 68 100% 100 100% Total

From the table, we can see that the target audience members in the annual income slab Rs. 1 - 2.9 lacs per annum have the highest policies (40%) followed by Rs. 3 to 5 lacs per annum (24%), less then Rs. 1 lac per annum (22%) and Rs. above 5 lacs (14%). 3.2.2 Cross tabulation: Occupation versus Policy Holders Occupation Total

Have policy No Yes Total

Count % Within Have policy Count % Within Have policy Count % Within Have policy

Student Business Service Others 6 9 14 3 18.8% 18 26.5% 24 24.0% 28.1% 17 25.0% 26 26.0% 43.8% 26 38.2% 40 40.0% 9.4% 7 10.3% 10 10.0%

32 100% 68 100% 100 100%

From the table, we can see that the target audience members in the service occupation have the highest policies (40%) followed by businessmen (26%), students (24%) and others (10%). 3.2.3 Cross tabulation: Education versus Policy Holders Have policy No Yes Total Count % Within Have policy Count % Within Have policy Count % Within Have policy Education Gradua H.S.C te P.G Others 6 14 8 4 18.8% 14 20.6% 20 20.0% 43.8% 36 52.9% 50 50.0% 25.0% 12 17.6% 20 20.0% 12.5% 6 8.8% 10 10.0% Total 32 100.0 % 68 100.0 % 100 100.0 %

From the table, we can see that the target audience members in the graduate category have the highest policies (50%) followed by H.S.C (20%), post graduate (20%) and others (10%).

3.3 Sources of Awareness Insurance Co. Ltd.

of

Bajaj

Allianz

Life

Media T.V Magazine News paper Hoarding Others Total

Frequency 32 12 39 9 48 140

Percentage 22.85% 8.60% 27.85% 6.42% 34.28% 100.00%

23% 34% 9% 6% T.V Magazine News paper Hoarding Others

28%

From the figure, we can see that the main source of awareness for Bajaj Allianz others (34%) followed by news paper (28%), T.v (23%), magazine (9%) and hoardings (6%).

3.4 Awareness Of Extra Earning Opportunity Of Insurance Agency

Response Yes No Total

Frequency 30 70 100

Percentage 30% 70% 100%

Awareness of extra earning opportunity of insurance agency.

30%
Yes No

70%

In the study, it was found out 30% of the sample knows insurance provides extra earning opportunity by working part time.

3.5 Perception Of Relative Importance Of Agency Features According to Respondents

Statistic Extra income FlexibilityPromotion High Brand Wide

Mean Std. Deviation

3.66 0.96

3.76 1.23

scheme 3.55 1.05

growth 3.66 1.15

image 3.52 0.97

plan 3.71 1.20

Well designed plans Company\brand image High growth Promotional schemes Flexibility Extra income 3.4 3.45 3.5 3.55 3.6 3.66 3.65 3.7 3.55 3.52 3.66

3.71

3.76

3.75

3.8

In the study it was found out that flexibility in working hours (3.76) is found most important followed by wide range of plans (3.71), high growth potential (3.66), extra income earning opportunity (3.66), various promotional schemes (3.55) and strong company brand image (3.52).

3.6 Relative Beliefs Of Respondents With Respect To Bajaj Allianz

3.6.1 Bajaj Allianz Life Insurance Agency Gives You Good Extra Income Earning Opportunity Ho= Target audience members are neutral that Bajaj Allianz agency provide extra earning opportunity. H1 = Target audience members are not neutral that Bajaj Allianz agency provide extra earning opportunity. One-Sample Statistics Std. Deviation .869 Std. Error Mean .087

Statistic Extra income

N 100

Mean 3.18

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .041 .180 .01 .35

Statistic Extra income

t 2.071

df

Here null hypothesis is rejected because as per t-test significance is less then 0.05. Also t-value is positive. It means target audience members are more than neutral about Bajaj Allianz regarding extra earning benefit.

3.6.2 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives Flexibility In Working

Ho= Target audience members are neutral that Bajaj Allianz agency provide flexibility in working. H1 = Target audience members are not neutral that Bajaj Allianz agency provide flexibility in working. One-Sample Statistics Std. Deviation 1.110 Std. Error Mean .112

Statistic Flexibility in working

N 99

Mean 2.95

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2- Differen Interval of the tailed) ce Difference 98 .652 -.051 -.27 .17

Statistic Flexibility in working

t -.453

df

Here null hypothesis is accepted because as per t-test, significance is more than 0.05. It means target audience members are neutral about Bajaj Allianz regarding flexibility in working by agency.

3.6.3 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives Various Promotional Schemes Benefit To Agents

Ho= Target audience members are neutral that Bajaj Allianz agency provides various promotional schemes benefits to agents. H1= Target audience members are neutral that Bajaj Allianz agency provide various promotional schemes benefits to agents. One-Sample Statistics Std. Deviation 1.112 Std. Error Mean .111

Statistic Promotional schemes

N 100

Mean 3.42

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference .000 .420 .20 .64

Statistic Promotional schemes

t 3.778

df 99

Here null hypothesis is rejected because t- test significance is less than 0.05. Also t-value is positive and so we can infer that target audience members are more than neutral with Bajaj Allianz with respect to various promotional schemes.

3.6.4 Bajaj Allianz Life insurance Co. Ltd. Agency Gives High Growth Potential

Ho= Target audience members agree that Bajaj Allianz agency provides high growth potential. H1= Target audience members do not agree that Bajaj Allianz agency provides high growth potential. One-Sample Statistics Std. Deviation 1.056 Std. Error Mean .106

Statistic High growth rate

N 100

Mean 3.66

One-Sample Test Test Value = 4 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .002 -.340 -.55 -.13

Statistic High growth rate

t -3.219

df

Here null hypothesis is rejected because as per t-test, significance is less then 0.05. Also t-value is negative. So we can infer that target audience members are less than neutral with Bajaj Allianz with respect to high growth potential.

3.6.5 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A Company/Brand Image

Ho= Target audience members are neutral that Bajaj Allianz agency provides a company/ brand image which is helpful in the agency business. H1= Target audience members are not neutral that Bajaj Allianz agency provide a company/brand image which is helpful in the agency business. One-Sample Statistics Std. Deviation 1.114 Std. Error Mean .111

Statistic Company brand image

N 100

Mean 3.18

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .109 .180 -.04 .40

Statistic Company brand image

t 1.616

df

Here null hypothesis is accepted because as per t- test, significance value is more then 0.05. It means target audience members are neutral with Bajaj Allianz with respect to company/ brand image.

3.6.6 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A Wide Range Of Well-designed Plans

Ho= Target audience members are neutral that Bajaj Allianz agency provides a wide range of well-designed plans which are helpful to agent in this business. H1= Target audience members are not neutral that Bajaj Allianz agency provide a wide range of well-designed plans which are helpful to agent in this business. One-Sample Statistics Std. Deviation 1.093 Std. Error Mean .109

Statistic Attractive Plan

N 100

Mean 3.24

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .030 .240 .02 .46

Statistic Attractive Plan

t 2.196

df

Here null hypothesis is rejected because as per t-test, significance is less than 0.05. Also t-value is positive. It means target audience members are more than neutral with Bajaj Allianz with respect to a wide range of well-designed plans.

3.6.7 Career Scope At Bajaj Allianz Life Insurance Co. Ltd. Is Excellent

Ho= Target audience members are neutral that Bajaj Allianz agency provides excellent career scope. H1= Target audience members are not neutral that Bajaj Allianz agency provides excellent career scope.

Statistic Carrier scope

N 100

Mean 3.34

Std. Deviation 1.297

Std. Error Mean .130

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .010 .340 .08 .60

Statistic Carrier scope

t 2.622

df

Here null hypothesis is rejected because as per t-test, significance is less than 0.05. Also, t-value is positive. It means target audience members are more than neutral with Bajaj Allianz with respect to excellent career scope.

3.6.8 Becoming An Agent Of Bajaj Allianz Life Insurance Co. Ltd. Is A Very Wise Business Decision

Ho= Target audience members are neutral that going for Bajaj Allianz agency is a wise business decision. H1= Target audience members are neutral that going for Bajaj Allianz agency is a wise business decision. One-Sample Statistics Std. Deviation 1.156 Std. Error Mean .112

Statistic Wise decision

N 100

Mean 3.70

One-Sample Test Test Value = 3 Mean 95% Confidence Sig. (2Differen Interval of the tailed) ce Difference 99 .000 .660 .45 .87

Statistic Wise decision

t 6.249

df

Here null hypothesis is rejected because as per t-test, significance is less than 0.05. Also t-value is positive. It means target audience members are more than neutral regarding considering decision for becoming agent of Bajaj Allianz as a wise business decision.

CHAPTER 4: FINDINGS
This chapter presents the findings developed from the analysis of data collected. According to the study, LIC is having highest level of brand awareness followed by Bajaj Allianz and ICICI Prudential. Around 70% target audience members hold life insurance policy from various life insurance companies. The major sources of awareness for Bajaj Allianz Life Insurance Co. Ltd. are others like insurance consultant, friends, relatives etc. apart from T.V. and Newspapers. Around 70% target audience members do not know that insurance provides extra earning opportunity through part time work. Various features like extra earning opportunity, flexibility in working hours, strong company brand/ image, wide range of well designed plans etc important equally for target audience members who are taking agency of insurance. In the study it was seen that flexibility in working hours has highest relative importance followed by. In the study, it was seen that target audience belief are accepted at neutral level only two statements. They are flexibility in working hours and company brand image. Target audience members lacking in knowing about various promotional schemes given to agency holder, which improve through using print and digital media. Target audiences have not idea about Bajaj Allianz growth level, so give growth record about company and agency holding.

BIBLIOGRAPHY
1. Cooper, D.R. & Schindler, P.S. (2006), Business Research Methods, Tata McGraw Hill, New Delhi. 2. IC-33 LIFE INSURANCE (Revised), Insurance Institute of India. (Examination Hand Book of Pre-Recruitment Examination For Insurance Agents) 3. Insurers; Retrieved on 15-3-2007; from http://www.bimaonline.com/cgi-bin/insurers/insurers.asp 4. Nargundkar, R. (2005), Marketing Research, Tata McGraw-Hill Publishing Company Limited, New Delhi. 5. Why Bajaj Allianz Life Insurance?; Retrieved on 15-3-2007; From http://www.allianzbajaj.co.in/lifeinsurance/AboutUs/why_ab.asp

APPENDIX
Questionnaire
Respected Sir/Madam I am Nirmal Patel the student of MBA, final year, of Shrimad Rajchandra Institute of Mgt. & Computer Application, Tarsadi. As a part of my academic curriculum, I have undertaken a project on Agency Recruitment at . I request you to please spare some of your valuable time to fill up the questionnaire. This information provided by you will be kept strictly confidential. Nirmal Patel

(1) When I mentioned life insurance which company comes to your mind? _______________________________________________________ (2) Do you have life insurance Policy? - Yes - No (3) You have come to know about through which media? - T.V - Magazine - Newspaper - Hoarding - Others.
Bajaj Allianz Life Insurance Co. Ltd.

(4) Do you know that insurance provides extra earning opportunity by working part time? - Yes - No

(5) To what extent you are with to the following statements. 1- Not very important 2- Not important 3- Neutral 4- Important 5- Very important

(A) Life insurance agency offers extra income earning opportunity. 1 2 3 4 5 (B) Life insurance agency offers flexibility in working hours. 1 2 3 4 5 (C) Life insurance agency offers various promotional schemes benefits to agent. 1 2 3 4 5 (D) Life insurance agency offers high growth potential. 1 2 3 4 5 (E) Life insurance agency offers a strong company/brand image is helpful in becoming successful in agency business. 1 2 3 4 5 (F) Life insurance agency offers a wide range of well designed plans are helpful to agent in becoming successful in insurance business. 1 2 3 4 5 (6) Indicate to what extent you agree with the Bajaj Allianz Life Insurance Co. Ltd 1- Strongly disagree 2- Disagree 3- Neutral 4- Agree 5- Strongly agree (A) Bajaj Allianz Life Insurance Co. Ltd. agency gives you a good extra income earning opportunity. 1 2 3 4 5 (B) Bajaj Allianz Life Insurance Co. Ltd. agency gives flexibility in working. 1 2 3 4 5 (C) Bajaj Allianz Life Insurance Co. Ltd. agency gives various promotional schemes benefit to agent. 1 2 3 4 5 (D) Bajaj Allianz Life insurance Co. Ltd. agency gives high growth potential. 1 2 3 4 5 (E) Bajaj Allianz Life Insurance Co. Ltd. agency gives a company/brand image is helpful successful in the agency business.

(f) Bajaj Allianz Life Insurance Co. Ltd. agency gives a wide range of well designed plans are helpful to agent successful in this business. 1 2 3 4 5 (G) The career scope at Bajaj Allianz Life Insurance Co. Ltd. is excellent. 1 2 3 4 5 (H) Becoming an agent of Bajaj Allianz Life Insurance Co. Ltd. is a very wise business decision. 1 2 3 4 5 (7) Demographic profile Name: _____________________________________________________________ Address: ___________________________________________________________ __________________________________________________________ __ __________________________________________________________ __ Phone No. _________________ Mobile No. ________________________________ Education: - H.S.C - Graduate Post Graduate - Others Annul income: < 1 Lacs. 12.9 Lacs. 3-5 Lacs >5 & above Occupation: Student Business Service Others. __________

Thank You