Agent Recruitment - Summer Training Report

RAJASTHAN TECHNICAL UNIVERSITY, KOTA
A
Project Report
On
Training Undertaken at
Titled
“AGENT RECRUITMENT SKILLS AND MARKET RESEARCH OF
INCOME NEEDS IN FUTURE GENERALI INDIA LIFE
INSURANCE COMPANY LIMITED”
Submitted in partial fulfilment for the Award of degree of Master of Business

Administration (2008-2010)
Submitted by:- Submitted to:-

Abhishek Chouhan Mrs. Shalini Goyal
M.B.A. (3rd Semester)
G.D. MEMORIAL COLLEGE OF MANAGEMENT &

TECHNOLOGY
CERTIFICATE
This is to certify that Mr. Abhishek Chouhan s/o Narendra Kumar Chouhan student of
MBA 2nd semester two year full time course, has satisfactorily completed his summer
training on the topic of AGENT RECRUITMENT SKILLS AND MARKET RESEARCH OF
INCOME NEEDS at Future Generali India Life Insurance Company Limited. He has
submitted her training project report in fulfillment of Master of Business Administration
(MBA) programme by Rajasthan Technical University, Kota 2008 – 2010.
Date: 16-01-2010 Prof: Manish Kachawa

(Director)
PREFACE
I am very happy to place this project in the head of my esteemed readers. Work on the
project of analysis of Future Generali Life Insurance agent’s recruitment and market survey
is a very tough task but through the helping of my colleagues, professors and the other
people it’s become simple.
I would like to introduce myself as one of those aspirants, who are trying to make identity of
their won in the crowd of approaches and opportunity.
The project provides practical environment for us to explore. This report is the outcome of
45 days working with lot of enthusiasm and hardworking.
Through this project, I got good experience and learned a lot about HR and as well as
finance, which shall be of immense help in the future for me. I take this opportunity to
present this report and sincerely hope that it would be of great use to its readers.
ABHISHEK CHOUHAN
MBA 3rd semester
ACKNOWLEDGEMENT
I express my sincere thanks to my project guide, Mr. Ashish Sharma, Sales Manager of
Future Generali India for guiding me right from the inception till the successful completion
of the project. I sincerely acknowledge him for extending their valuable guidance, support
for literature, critical reviews of project and the report and above all the moral support he
had provided to me with all stages of this project.
I would also like to thank the supporting staff of MBA Department, for their help and
cooperation throughout our project.
ABHISHEK CHOUHAN
MBA 3rd Semester
EXECUTIVE SUMMARY
In today’s competitive market, for life insurance sector, recruiting good agents has often
been considered the number one job & problem in agency management. It is certainly a
task that new companies in the Indian life insurance market have put much stress on. The
reason is that life insurance remains a product, not many are easily disposed to buy and
not many want to sell either. The survival of agency manager depends on his convincing
enough qualified and competent people to choose life insurance selling as a permanent
career. Recruitment involves selecting the right candidate for the agent’s job and selling the
agency idea to him.
Recruitment continuously is very much important for life insurance companies; because
FYP (First Year Premium) is directly depend on the number of Agents/Advisors, Activity
Ratio, Case Rate & Case Size. Apart from recruiting more & more advisors it is necessary
to recruit quality advisors to maintain activity ratio, case rate and case size.
Further, it is very important to know the target segment for recruitment, in this project work,
I have segmented the whole market mainly on the basis of demographic (occupation, &
age), and geographic (urban & sub-urban areas) segmentation, to identify the potential
segment for recruitment.
CONTENTS
1. Introduction of Industry
2. Introduction of Company
3. Objectives of the Research
4. Research Methodology
4.1 Title of the Study

4.2 Duration of the Project
4.3 Objective of Study
4.4 Type of Research
4.5 Sample Size and method of selecting sample
4.6 Scope of Study
4.7 Limitation of Study
5. Facts and Findings
6. Analysis and Interpretation
7. SWOT Analysis
8. Conclusion
9. Recommendation and Suggestions
10. Appendix
11. Bibliography
INTRODUCTION OF INSURANCE
The business of insurance is related to the economic values of assets. Every asset has a
value. The asset would have been created through the efforts of the owner. The asset is
valuable to the owner, because he expects to get some benefits from it. The benefits may
be an income or something else. It is a benefit because it meets some of his needs. In the
case of a factory or a cow, the product generated by is sold and income generated. In the
case of a motor car, it provides comfort and convenience in transportation. There is no
direct income.
Every asset is expected to last for a certain period of time during which it will perform. After
that, the benefit may not be available. There is a life time for a machine in a factory or a
cow or a motor car. None of them will last forever. The owner is aware of this and he can
so manage his affairs that by the end of that period or life time, a substitute is made
available. Thus, he makes sure that the value or income is not lost. However, the asset
may get lost earlier. An accident or some unfortunate event may destroy it or make it non-
functional. In that case, the owner and those deriving benefits there from, would be
deprived of the benefit and the planned substitute would not have been ready. There is an
adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effect
of such adverse situations.
SOME DFFINITIONS OF INSURANCE

1. Insurance, in law and economics, is a form of risk management primarily used to
hedge against the risk of a contingent loss. Insurance is defined as the equitable
transfer of the risk of a potential loss, from one entity to another, in exchange for a
premium.
2. Plans in which individuals and organization who are concerned about potential risks
will pay premiums to an insurance company, who in return, will reimburse them if
there is loss. To generate a profit, the insurer will invest the premiums it receives.
3. A contract that provides compensation for specific losses in exchange for a periodic
payment. An individual contract is known as an insurance policy and the periodic
payment is known as an insurance premium.
4. A contract in which one party agrees to pay for another party‘s financial loss
resulting from a specified incident (for example, a collision, theft or storm damage).
BRIFE HISTORY OF INSURANCE

The business of insurance started with marine business, traders, who used to gather in the
Lloyd’s coffee house in London, agreed to share the losses to their goods while being
carried by ships. The losses used to occur because of pirates who robbed on the high seas
or because of bad weather spoiling the goods or sinking the ship/the first insurance policy
was issued in 1583 in England. In India, insurance began in 1870 with life insurance being
transacted by an English company was the Albert. The first Indian insurance company was
the Bombay Mutual Assurance Society Ltd, formed in 1970.
Later, the Hindustan cooperative was formed in Calcutta, the united India in Madras, the
Bombay life in Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were
all Indian companies, started as a result of the Swadeshi movement in the early 1900s. By
the year 1956, when the life insurance business was nationalized and the Life Insurance
Corporation of India (LIC) was formed on 1st September 1956, there were 170 companies
and 75 provident fund societies transacting life insurance business in India. After the
amendment to the relevant laws in 1999, the LIC did not have the exclusive privilege of
doing life insurance business in India. By 31/3/2002, eleven new insurance had been
registered and had begun to transact life insurance business in India.
PURPOSE & NEED OF INSURANCE

Only economic consequences can be insured. If the loss is not financial, insurance may not
be possible. Examples of non-economic losses are love and affection of parents,
leadership of managers, sentimental attachments to family heirlooms, innovative and
creative abilities, etc.
The mechanism of insurance is very simple. People who are exposed to the same risks
come together and agree that, if any one of them suffers a loss, the others will share the
loss and make good to the person who lost. All people who send goods by ship are
exposed to these risks, which are related to water damage, ship sinking, piracy etc. Those
owning factors are not exposed to these risks, but they are exposed to different kinds of
risks like fire, hailstorms, earthquakes, lightning, burglary etc. Like this, different kinds of
risks. By this method, the heavy loss that any one of them may suffer (all of them may such
losses at the same time) is divided into bearable small losses by all. In others words, the
risks is spread among the community and the likely big impact on one is reduced to smaller
manageable impacts on all.
There are certain principles, which make it possible for insurance to remain a fair
arrangement. The first is that it is difficult for any one individual to bear the consequence of
the risks that he is exposed to. It will become bearable when the community shares the
burden. The second is that the peril should occur in an accidental manner. Nobody should
be in a position to make the risks happen. In other words, none in the group should set fire
to his assets and ask others to share the costs of damage. This would be taking unfair
advantage of an arrangement put into place to protect people from the risks they are
exposed to the occurrence has to be random, accidental and not the deliberate creation of
insured person.
Assets are insured, because they are likely to be destroyed, through accidental
occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,
lightning, earthquakes etc. are perils. If such perils cab case damage it the asset, we say
that the asset is exposed to that risks. Perils are the events. Risks are the consequential
losses or damages. The risk to an owner of a building, because of the peril of an
earthquake, may be a few lakhs or a few crores of rupees, depending on the cost of the
building and the contents in it.
The risk only means that there is a possibility of loss or damage. The damage may or may
not happen. Insurance is done against the contingence that it may happen. There has to be
an uncertainty about the risk. Insurance is relevant only if there are uncertainties. If there
are no uncertainties about the occurrences of an event, it cannot be insured against, in the
case of a human being, death is certain, but the time of death is uncertain. In the case of a
person who is terminally ill, the time of earth is not uncertain, though not exactly known. He
cannot be insured.
Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril
cannot be avoided through insurance. The peril can sometimes be avoided, through better
safety and damage control management. Insurance only tries to reduce the impact of the
risks on the owner of the assets and those who depend on that asset. It only compensates
the losses and that too not fully.
Only economic consequences can be insured. If the loss is not financial, insurance may not
be possible. Examples of non-economic losses are love and affection of parents,
leadership of managers, sentimental attachments to family heirlooms, innovative and
creative abilities, etc.
If a Jumbo Jet with more than 350 passenger’s crashers, the loss would run into crores of
rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo jets,
come together into an insurance pool, whenever one of the Jumbo Jets in the pool crashes,
the loss to be borne by each airline would come down to a few lakhs of rupees. Thus,
insurance is a business of “haring”.
The manner in which the loss is to be shared can be shared can be determined
beforehand. It may be proportional to the risk that each person is exposed to. This would
be indicative of the benefit he would receive if he the peril befell him. The share could be
collected from the members after the loss has occurred or the likely shares may be
collected in advance, at the time of admission to the group. Insurance companies collect in
advance and create a find from which the losses are paid.
The collection to be made from each person in advance is determined on assumption.
While it may not be possible to tell beforehand, which person will suffer, it may be possible
to tell, on the basis of past experiences, how many person, on an average, may suffer
losses.
INSURANCE AS A SECURITY TOOLS

The united Nations Declaration of human Rights 1948 provides that “Everyone has a right
to a standard of living adequate for the health and well-being of himself and his family,
including food, clothing, housing and medical care and necessary social services and the
right to security the event of unemployment, sickness, disability, widowhood or other lack of
livelihood in circumstances beyond the control”.
When the breadwinner dies, to that extent, the family’s income dies. The economic
condition of the family is affected, unless other arrangements come into being to restore the
situation Life insurance provides if this did not happen, another family would be pushed into
the lower strata creates a cost on society. The lower strata create a cost on society. Poor
people cost the nation by way of subsidies and doles and so on. Poor people also cost by
way of larger growth in population, poor education and vagaries in behavior of children. Life
insu0rance tends to reduce such costs. In this sense life insurance business is
complementary to the state’s efforts in social management.
Under a socialistic system the responsibility of full security is placed upon the state to find
resources for providing social security. In the capitalistic society, provisions of security are
largely left to the individuals. The society provides instruments, which can be used in
security this aim. Insurance is one of them. In a capitalistic society too, there is a tendency
to provide some social security by the state under some schemes, where members are
required to contribute e.g. Social Security Schemes in U.K.
In India, social security finds a place in our constitution. Article41 requires state, within the
limits of its economic capacity and development, to make effective provisions for security
right to work, to education and to provide public assistance in case of unemployment, old
age, sickness and disablement and in other cases of undeserved want. Part of the state’s
obligations to the poorer sections is met through the mechanism of life insurance.
TYPES OF INSURANCE
1. Auto Insurance
This is insurance, which protect the insured against losses involving the use of
automobiles.
2. Business Insurance
Insurance that is intended to serve the insurance needs of a business rather than
the needs of an individual.
3. Health Insurance
A broad term applying to all types of insurance indemnifying or reimbursing for
losses caused by bodily injury or sickness or for expenses of medical treatment
necessitated by sickness or accidental bodily injury. Health policies can offer
many options and very in their approaches to coverage. It might also include
prescriptions and doctor visits.
4. Life Insurance
It provides for payment of a sum of money upon the death of the insured person.
5. Loss of Income Insurance

Insurance that covers workers who are unable to work for any reason. They are
usually paid 80% of the insured income. They may have to be off work for 3
months before the policy comes in effect.
6. Property Insurance
Property insurance provides protection against risks to property, such as fire,
theft or weather damage.
7. Travel Insurance
Is an insurance cover taken by those who travel abroad, which covers certain
losses such as medical expenses, loss of personal belongings, travel delay,
personal liabilities?
8. Workers Compensation Insurance

A State-mandated from of insurance covering workers injured in job-related
accidents.
9. Insurance advice
Advice offered to you related to insurance.
Tax Benefits, Riders and Age Eligibility
1. Premiums paid under this plan are eligible for tax benefits under Section 80C
of the Income Tax Act, 1961. Any sum received under this plan is exempt
from tax under section 10(10D) of the Income Tax Act, 1961.
2. Attach Accident, Waiver of premium, Payer Benefit (for juvenile policy) and
Critical Illness riders to this policy at a nominal extra cost for added
protection.
The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies were the launch of the
IRDA’s online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to sell
their products, which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a framework of
globally compatible regulations. In the private sector 12 life insurance and 6 general
insurance companies have been registered.
INSURANCE IN INDIA
Insurance in India can be traced back to the Vedas. For instance, Yogakshema, the name
of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig
Veda. The term suggests that a form of "community insurance" was prevalent around 1000
BC and practiced by the Aryans.
Burial societies of the kind found in ancient Rome were formed in the Buddhist period to
help families build houses, protect widows and children. Bombay Mutual Assurance
Society, the first Indian life assurance society, was formed in 1870.
Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-
90s. It was during the swadeshi movement in the early 20th century that insurance
witnessed a big boom in India with several more companies being set up. As these
companies grew, the government began to exercise control on them. The Insurance Act
was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that
looked into investments, expenditure and management of these companies' funds.
By the mid-1950s, there were around 170 insurance companies and 80 provident fund
societies in the country's life insurance scene. However, in the absence of regulatory
systems, scams and irregularities were almost a way of life at most of these companies. As
a result, the government decided nationalizes the life assurance business in India. The Life
Insurance Corporation of India was set up in 1956 to take over around 250 life companies.
For years thereafter, insurance remained a monopoly of the public sector. It was only after
seven years of deliberation and debate - after the RN Malhotra Committee report of 1994
became the first serious document calling for the re- opening up of the insurance sector to
private players -- that the sector was finally opened up to private players in 2001.
The Insurance Regulatory & Development Authority, an autonomous insurance regulator

set up in 2000, has extensive powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured. The insurance sector in India has
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.
Milestone of Indian Life Insurance Industry
The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the
important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian, foreign insurers and provident societies was taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 crore from the Government of India.
Insurance sector reforms:

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.
Malhotra was formed to evaluate the Indian insurance industry and recommend its future
direction.
The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector. The reforms were aimed at "creating a more efficient and
competitive financial system suitable for the requirements of the economy keeping in mind
the structural changes currently underway and recognizing that insurance is an important
part of the overall financial system where it was necessary to address the need for similar
reforms".
In 1994, the committee submitted the report and some of the key recommendations
included:
1) Structure
• Government stake in the insurance Companies to be brought down to 50%.
• Government should take over the holdings of GIC and its subsidiaries so that these
subsidiaries can act as independent corporations.
• All the insurance companies should be given greater freedom to operate.
2) Competition
• Private Companies with a minimum paid up capital of Rs.1bn should be allowed to
enter the industry.
• No Company should deal in both Life and General Insurance through a single entity.
• Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies.
• Postal Life Insurance should be allowed to operate in the rural market.
• Only One State Level Life Insurance Company should be allowed to operate in each
state.
3) Regulatory Body
• The Insurance Act should be changed.
• An Insurance Regulatory body should be set up.
• Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent.
4) Investments
• Mandatory Investments of LIC Life Fund in government securities to be reduced
from 75% to 50%.
• GIC and its subsidiaries are not to hold more than 5% in any company (There
current holdings to be brought down to this level over a period of time).
5) Customer Service
• LIC should pay interest on delays in payments beyond 30 days.
• Insurance companies must be encouraged to set up unit linked pension plans.
• Computerization of operations and updating of technology to be carried out in the
insurance industry The committee emphasized that in order to improve the customer
services and increase the coverage of the insurance industry should be opened up
to competition.
But at the same time, the committee felt the need to exercise caution as any failure on the
part of new players could ruin the public confidence in the industry. Hence, it was decided
to allow competition in a limited way by stipulating the minimum capital requirement of
Rs.100 crores. The committee felt the need to provide greater autonomy to insurance
companies in order to improve their performance and enable them to act as independent
companies with economic motives. For this purpose, it had proposed setting up an
independent regulatory body.
MAJOR POLICY CHANGES

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. Under the new dispensation Indian insurance companies in
private sector were permitted to operate in India with the following conditions:
• Company is formed and registered under the Companies Act, 1956;
• The aggregate holdings of equity shares by a foreign company, either by itself or
through its subsidiary companies or its nominees, do not exceed 26%, paid up
equity capital of such Indian insurance company;
• The company's sole purpose is to carry on life insurance business or general
insurance business or reinsurance business.
• The minimum paid up equity capital for life or general insurance business is Rs.100
crores.
• The minimum paid up equity capital for carrying on reinsurance business has been
prescribed as Rs.200 crores.
The Authority has notified 27 Regulations on various issues which include Registration of
Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of
Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of
policy holders' interest etc. Applications were invited by the Authority with effect from 15th
August, 2000 for issue of the Certificate of Registration to both life and non-life insurers.
The Authority has its Head Quarter at Hyderabad.
Insurance Companies:
IRDA has so far granted registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are included, there
are currently 13 insurance companies in the life side and 13 companies operating in
general insurance business. General Insurance Corporation has been approved as the
"Indian reinsurer" for underwriting only reinsurance business. Particulars of the life
insurance companies and general insurance companies including their web address are
given below:
Indian Insurance sector touted to record a 18% growth

According to K N Bhandari, the Secretary General of General Insurance Council, India's
general insurance sector is slated to grow at an 18% rate in 2008. The comparable figure
for 2007 was 13%. As per Mr. Bhandari, the present market value of the Indian general
insurance sector is Rs 30,000-crore. The current penetration level of the Indian insurance
sector is 0.65%.
The Indian urban sector is a significant contributor to the general insurance market. In
comparison, contribution from rural India is small. Efforts are afoot to capture the dormant
rural market via strategies like awareness generation, institutional marketing and e-
marketing.
LIFE INSURERS Websites
Public Sector
Life Insurance Corporation of India www.licindia.com
Private Sector
Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in
Birla Sun-Life Insurance Company Limited www.birlasunlife.com
HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com
ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com
ING Vysya Life Insurance Company Limited www.ingvysayalife.com
Max New York Life Insurance Co. Limited www.maxnewyorklife.com
MetLife Insurance Company Limited www.metlife.com
Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com
SBI Life Insurance Company Limited www.sbilife.co.in
TATA AIG Life Insurance Company Limited www.tata-aig.com
AMP Sanmar Assurance Company Limited www.ampsanmar.com
Dabur CGU Life Insurance Co. Pvt. Limited www.avivaindia.com
GENERAL INSURERS
Public Sector
National Insurance Company Limited www.nationalinsuranceindia.com
New India Assurance Company Limited www.niacl.com
Oriental Insurance Company Limited www.orientalinsurance.nic.in
United India Insurance Company Limited www.uiic.co.in
Private Sector
Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in
ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com
IFFCO-Tokyo General Insurance Co. Ltd. www.itgi.co.in
Reliance General Insurance Co. Limited www.ril.com
Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com
TATA AIG General Insurance Co. Limited www.tata-aig.com
Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com
Export Credit Guarantee Corporation www.ecgcindia.com
HDFC Chubb General Insurance Co. Ltd.
REINSURER
General Insurance Corporation of India www.gicindia.com
Introduction of Future Generali India Life and Non Life
Insurance Company Limited
Company Profile
Future Generali is a joint venture between the India-based Future Group and the Italy-
based Generali Group.
Future Generali is present in India in both the Life and Non-Life businesses as Future
Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
Future Group
Future Group, led by Mr. Kishore Biyani, is positioned to cater to the entire Indian
consumption space. The Future Group operates through six verticals:
1. Future Retail (encompassing all lines of retail business)
2. Future Capital (financial products and services)
3. Future Brands (all brands owned or managed by group companies)
4. Future Space (management of retail real estate)
5. Future Logistics (management of supply chain and distribution)
6. Future Media (development and management of retail media spaces)
The group’s flagship enterprise, Pantaloon Retail, is India’s leading retail company with
presence in food, fashion and footwear, home solutions and consumer electronics, books
and music, health, wellness and beauty, general merchandise, communication products, E-
tailing and leisure and entertainment. The company owns and manages multiple retail
formats catering to a wide cross-section of the Indian society and its width and depth of
merchandise helps it capture almost the entire consumption basket of the Indian consumer.
Headquartered in Mumbai (Bombay), the company operates through 4 million square feet
of retail space, has over 150 stores across 35 cities in India and employs over 15,000
people. The company’s revenues for FY 05-06 were Rs. 2017 crore
Founded in 1987, as a garment manufacturing company, Pantaloon Retail forayed into
modern retail in 1997 with the opening up of a chain of department stores, Pantaloons. In
2001, it launched Big Bazaar, a hypermarket chain, followed by Food Bazaar, a
supermarket chain and went on to launch Central, a first of its kind, seamless mall located
in the heart of major Indian cities. Some of it’s other formats include, Collection I (home
improvement products), E-Zone (consumer electronics), Depot (books, music, gifts and
stationaries), all (fashion apparel for plus-size individuals), Shoe Factory (footwear) and
Blue Sky (fashion accessories). It has recently launched its retailing venture,
futurebazaar.com.
Some of the group’s subsidiaries include Home Solutions Retail India Ltd, Future Bazaar
India Ltd and Converge Retail India Ltd, which leads the group’s foray into home
improvement, retailing and communication products, respectively. Other group companies
include, Pantaloon Industries Ltd, Galaxy Entertainment and Indus League Clothing. It has
also entered joint venture agreements with a number of companies including ETAM group,
Gini & Jony, Liberty Shoes, Staples and Planet Sports, a company that owns the franchisee
of international brands like Marks & Spencer, Debenhams, Guess and The Body Shop in
India.
Future Capital Holdings, the group’s financial arm, focuses on asset management through
real estate investment funds (Horizon and Kshitij) and consumer-related private equity
fund, in division. It also plans to get into insurance, consumer credit and offer other financial
products and services.
Future Group’s vision is to, "deliver Everything, Everywhere, Every time to Every Indian
Consumer in the most profitable manner." One of the core values at Future Group is,
‘Indian’ and its corporate credo is – Rewrite rules, Retain values.
Generali Group
Established in Trieste on December 26, 1831, Generali is an international group present in
more than 40 countries and 5th largest company in the world with insurance companies and
companies mostly operating in the financial and real estate sectors. Its ranked is 47th in
Global fortune list of 500’s (2009). Over the years, the Generali Group has reconstructed a
significant presence in Central Eastern Europe and has started to develop business in the
principal markets of the Far East, including China and India.
• Generali Group is a key player in Continental Europe, with a significant presence in
all the principal countries.
• Generali is the third largest European insurance group by premium written and the
47th largest company by revenues in the "Fortune Global 500" 2009 worldwide
ranking.
• Characterised since 1831 by a strong international drive.
• Implementing a decentralised multi-brand and multi-local approach.
• Focused on the retail market.
• Using a multi-channel distribution strategy.
Vision and values of Generali Group
Group`s Vision
• We are committed to being a leading international team that produces consistent,
excellent results for our stakeholders in the short and long term.
• We believe in the value of our people and we build our competitive advantage
through the commitment of every individual. We will therefore seek to produce and
to leverage constantly a pioneering spirit, innovation and excellence.
• We are committed to becoming the most attractive employer for the best performing
people.
• We will work constantly to enhance our group identity, proud of our history and of the
richness of our diversities.
Pioneering spirit
Inclination towards innovation and continuous search for new and better solutions, being
open to changes and being ambitious to continuously improve and innovate.
Passion for clients

Emphasis on clients and their needs, searching for the optimal solution to satisfy them
both by supplying high quality products and services as well as by providing them with
transparent and thorough information.
Responsibility
Ethical choice of accepting the consequences of one’s own actions and of being loyal to
the organization, taking the initiative and making decisions within one’s own competence
and responsibility.
Respect
Strong belief that “doing business” implies respecting the rules; rules linked to our duties
towards shareholders as well as rules affecting the relationship with all our stakeholders,
especially our employees and the community where we operate.
Flexibility
Ability to be open and to encourage others to stay open to change, to maintain and
improve work effectiveness in new situations, to adapt one’s attitude and behaviour to work
effectively with different people, to readily adapt to changing priorities, new procedures and
methods, better ideas and strategies.
Integration
Ability to grow and work together by listening to each other and openly and constructively
comparing different ideas, which is fundamental to improve both oneself and business
results.
Professionalism
Continuous commitment of the individual and of the organization to develop knowledge
and to increase the value of experience, in order to achieve a specific and distinctive know-
how.
Transparency
A “must” in the exchange of opinions and information, based on clear purposes and on
behavioural coherence in order to create and strengthen confidence amongst people and
integrity in business performance.
Business activity and Mission of Generali Group:

The Group`s Activity
The Generali Group is one of the most significant participants in the global insurance and
financial products market.
The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the
Group's Parent and principal operating Company, characterised from the outset by a strong
international outlook and now present in 64 Countries, Assicurazioni Generali has
consolidated its position among the world's leading insurance operators. It has in fact a
strong position in western Europe, its main area of activity, with significant market shares in
Germany, France, Austria, Spain, Switzerland as well as Israel.
In recent years, the Group has made a significant return to central-eastern European
markets and has set up offices in the principal markets of the Far East, among which China
and India.
In the last decade, the Group has widened its product offerings from only insurance to
include the entire range of financial and real estate services and asset management.
The Group's Mission

The Mission of the Generali Group is to:
• Become the leading insurance group in terms of profitability in the major European
countries in which the Group operates and play an important role in high-potential
markets.
• Grow in the retail and SME (Small & Medium-sized Enterprises) sectors by
implementing a distribution strategy based primarily on agents networks and focused
on a multi-brand approach.
INTRODUCTION OF RECRUITMENT
Recruitment and Selection system in Insurance sector had become vital for maximum
output and effective business results.
This study will provide sufficient information about Recruitment and Selection systems
carried out in Future Generali India Life Insurance Company Ltd.
Meaning:
“Recruitment and Selection system refers to sourcing and building efficient Human
Resource to the organization to attain its objectives”.
This policy complies with, and supports, the Company’s Equal Opportunities Policy by:
• Ensuring that every stage of the recruitment and selection process is carried out in a
systematic way, based on pre-agreed criteria, to eliminate the potential for personal
bias affecting the decision making process.
• Ensuring that all decision points are fully documented to assist with subsequent
monitoring.
• Making the whole procedure as open as possible, to ensure that all candidates
understand why decisions have been taken and, where they wish, to obtain
meaningful feedback.
• Enabling demonstration of robust, transparent processes and thereby providing a
basis for defense in the event of challenge.
Analyzing Your Workplace:
To assist you analyze your workplace to identify recruitment or selection issues for women,
we suggest you:
• Revisit your workforce profile to find where your female employees are.
• Consult with your employees.
• Examine your existing recruitment and selection policies and practices.
Developing Policy and Procedures

• Put in place a policy requiring recruitment and selection processes to select the best
person for the job.
• Develop a quality, consistent process for recruitment that delivers diverse recruits.
• Have a recruitment strategy that links to your business plan, and to a strategy to
retain employees.
Reviewing Recruitment and Selection Opportunities

• Monitor each stage of the recruitment process to identify any practice that may
disadvantage some candidates.
• Investigate whether women have equal opportunity in the recruitment and selection
process by collecting information on the numbers of men and women:
➢ applying for positions
➢ being short-listed
➢ being interviewed
➢ being appointed, and
➢ Survey staff about their perception of equity in recruitment procedures.
• Consider collecting diversity information as part of the process. There could be a
pool of diverse candidates you’re not reaching or unnecessarily excluding.
Reviewing Job Descriptions:
• Ensure all job profiles/descriptions reflect the real requirements of the job, rather
than describing the person who filled that job previously.
• Write job profiles in language that encourages both men and women to apply –
including women of and Differing backgrounds. For example, avoid use of jargon
and acronyms that tend to be exclusive.
Recruitment of Agents
I) Need, Scope & Objective of the Policy
As most part of the insurance business is through agents/corporate agents who bring in
non face to face business relationships with the policyholders, therefore there is need for
the selection process of agents/corporate agents to be monitored carefully.
Agents/ Advisors who are dealing directly with the public (whether as members of staff or
agents) are the first point of contact with potential money launderers and their efforts are
therefore vital to the strategy in the fight against money laundering.
The Company monitoring the agents should monitor sales practices followed by agents and
ensure that if any unfair practice is being reported then action is taken after due
investigation.
Services of defaulting agents who expose the Company to AML related risks or are found
guilty of misconduct on multiple occasions should be terminated and the details reported to
IRDA for further action.
Insurance Company when faced with a non-compliant agent or corporate agent should take
necessary action to secure compliance, including when appropriate, terminating its
business relationship with such an agent/corporate agent.
The Stakeholders of the policy are:

a. Sales Manager, Agency Development Manager, Branch Manager, Regional
Manager and the Zonal Business Head of the Company.
b. Prospective Agent/ Advisors.
c. Agency team.
d. Channel Operation team.
e. Learning & Development Team.
f. Legal team.
By way of this policy, we have made an attempt to consolidate the regulatory provisions
involved in the recruitment, training and licensing process and designed the consequent
management / complaint handing process in case of any deviation from the policy.
This policy shall ensure that the smooth and robust Agency Recruitment, Training and
Licensing process. It highlights the role, responsibility of all the stakeholders.
This policy also puts in place the Consequence Management of Complaints Process, in
case of any misconduct by any agent or non-compliant agent.
II) Regulatory requirements for Insurers

a. Prohibition of payment by way of commission or otherwise for procuring business,
b. Prohibition of rebates,
c. Register of Insurance Agents, etc.
A) Limitation of expenditure on commission

(l) No person shall pay or contract to pay to an insurance agent, and no insurance agent
shall receive or contract to receive by way of commission or remuneration in any form
in respect of any policy of life insurance issued in India by an insurer after the 31st day
of December, 1950, and effected through an insurance agent, an amount exceeding-
(a) Where the policy grants an immediate annuity or a deferred annuity in consideration
of a single premium, or where only one premium is payable on the policy, two per
cent of that premium,
(b) where the policy grants a deferred annuity in consideration or more than one
premium, seven and a half per cent of the first year's premium, and two per cent of
each renewal premium payable on the policy, and
(c) in any other case, thirty five per cent of the first year's premium, seven and a half
per cent of the second and third year's renewal premium, and thereafter five per
cent of each renewal premium payable on the policy:
Provided that in a case referred to in clause (c), an insurer, during the first ten years of his
business may pay to an insurance agent and an insurance agent may receive from such an
insurer, forty per cent of the first year's premium payable on the policy:
Provided further that in case referred to in clause (c) where the rate of commission
payable on the first year’s premium is equal to or less than twenty-one per cent thereof,
and the rate on the fourth and fifth year’s premiums does not exceed sis per cent thereof,
the Life Insurance Corporation of India may pay to an insurance agent, and the insurance
agent may receive from it, commission on the sixth and subsequent year’s renewal
premiums payable on the policy at a rate not exceeding six per cent of each renewal
premium.
(2) No person shall pay or contract to pay to a special agent, and no special agent, shall
receive or contract to receive, by way of commission or as remuneration in any form, in
respect of any policy of life insurance issued in India by an insurer after the 31st day of
December, 1950, and effected through a special agent, an amount exceeding -
a. In a case referred to in clause (a) of sub–section (1), one half per cent of the
premium,
b. In a case referred to in clause (b) of sub–section (1), two per cent of the first
year's premium payable on the policy and
c. In a case referred to in clause (c) of sub–section (1), fifteen per cent of the
first year's premium payable on the policy:
Provided that in a case referred to in clause (c), an insurer, during the first ten years of his
business, may pay to a special agent, and a special agent may receive from such an
insurer, seventeen and a half per cent of the first year's premium payable on the policy:
Provided further that in a case referred to in clause (c), where the rate of commission
payable on the first year’s premium is equal to or less than twenty-one per cent thereof,
and the rate on the fourth and fifty year’s premiums does not exceed six per cent thereof,
the Life Insurance Corporation of India may pay to an insurance agent, and the insurance
agent may receive from it, commission on the sixth and subsequent year’s renewal
premiums payable on the policy at a rate not exceeding six per cent of each renewal
premium.
(3) No person shall pay or contract to pay to a special agent, and no special agent, shall
receive or contract to receive, by way of commission or remuneration in any form in
respect of any policy of general insurance issued in India by an insurer after the
Commencement of Insurance (Amendment Act, 1968, and effected through an
insurance agent, an amount not exceeding fifteen per cent of the premium payable on
the policy where the policy relates to fire or marine insurance or miscellaneous
insurance.
(4) No person shall pay or contract to pay to a principal agent, and no principal agent shall
receive or contract to receive, by way of commission or remuneration in any form, in
respect of any policy of general insurance issued in India by an insurer after the
commencement of the Insurance (Amendment) Act, l950, and effected through a
principal agent, an amount exceeding
a. In the case referred to in clause (a) of sub–section (3), twenty per cent of the
premium payable on the policy, and
b. In the case referred to in clause (b) of that sub–section, fifteen per cent on the
policy,
Less any commission payable to any insurance agent in respect of the said policy:
Provided that the Authority may, in such circumstances and to such extent and for such
period as may be specified, authorize the payment of commission or remuneration
exceeding the limits specified in this sub–section to a principal agent of an insurer
incorporated or domiciled elsewhere than in India, if such agent carries out and has
continuously carried out in his own office duties on behalf of the insurer which would
otherwise have been performed by the insurer.
(5) Without prejudice to the provisions of section 102 in respect of a contravention of any
of the provisions of the preceding sub–sections by an insurer, any insurance agent
who contravenes the provisions of sub–section (1) or sub-section (3) shall be
punishable with fine which may extend to one hundred rupees.
B) Prohibition of rebates
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to
any person to take or renew or continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor shall any person taking
out or renewing or continuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy

of life insurance taken out by himself on his own life shall not be deemed to be acceptance
of a rebate of premium within the meaning of this sub–section if at the time of such
acceptance the insurance agent satisfies the prescribed conditions establishing that he is a
bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be
punishable with fine which may extend to five hundred rupees.
C) According to Section 43. Register of Insurance Agents
(l) Every insurer and every person who acting on behalf of an insurer employs insurance
agents shall maintain a register showing the name and address of every insurance
agent appointed by him and the date on which his appointment began and the date, if
any, on which his appointment ceased.
Commission as % of premiums
Single premium policies 2%
granting immediate / deferred
annuity
Other Single premium policies 2%
More than 1 premium policies  7.5% of FY premium
granting deferred annuity  2.0 % of renewals
Other policies  40% of FY premium (After 1st years from
commencement, 35%)
 7.5% of renewals for 2nd & 3rd years
 5% of renewals thereafter
Agency commission (tied) has to be paid within following limits:

III) Regulatory requirements for Agents
Recruitment, Training & Licensing
In relation to recruitment, training & Licensing of advisors, IRDA has prescribed detailed
guidelines which are as follows:
Every Agent under the Insurance Regulatory and Development Authority (Licensing of
Insurance Agents) Regulations, 2000 is required to obtain a license before soliciting any
insurance Business. Any individual desiring to obtain the License shall fulfil the following
criteria:
a) Possess at least the minimum qualification of a pass in 12th Standard or equivalent

examination conducted by any recognised Board/Institution.
b) Completed from an approved institution, at least, fifty hours’ practical training in life
or general insurance business, as the case may be, which may be spread over one
to two weeks, whereas in case of Composite License, have completed from an
approved institution, at least, seventy five hours’ practical training in life and general
insurance business, which may be spread over two to three weeks.
c) Has passed pre-recruitment examination in life or general insurance business, or
both, as the case may be, conducted by the Insurance Institute of India, Mumbai, or
any other examination body.
d) Has the requisite knowledge to solicit and procure insurance business and is
capable of providing the necessary service to the policyholders;
He has to make an application for obtaining the license to designated person (DP) of the
insurer in prescribed form together with the fees of Two hundred and fifty rupees.
The license to act an agent shall be valid for a period of three years from the date of its
issue.
In case of renewal of license, the agent has to undergo twenty five hours of additional
training in life or general business. In case of composite insurance agent, additional fifty
hours of training is required.
IV) Responsibility of the Channel Operations team & Agency team
This function is responsible for conducting Agency licensing / Re-licensing and other
agency servicing.
Sr. Particulars Compliance

No. Cycle
1. Before licenses are issued and the agent codes are On-going
generated, the requisite formalities have been completed
particularly as regards
 Possess at least the minimum qualification,
 Completed requisite training,
 passed pre-recruitment examination
 Required documentations have been completed before
starting the relationship.
TAT - to issue the License to the Agent within 2 working days
of passing of the examination
1. Applications for issuing licenses to act as insurance agents On-going
are in line with the IRDA regulations. In particular it shall be
ensured that:
 No persons, other than Agent is allowed to sell the
policies.
 Not to withhold licenses of any agent unless there are
serious reasons which need to be duly recorded.
1. Advisor/Agent codes have been auto blocked immediately on Immediately on

termination or on expiry of their licenses or on termination of termination.
their agreements.
2. In case if the agent/ advisors is found guilty of any On-going
*misconduct (*see prescribed Code of Code), the agency
should be terminated immediately.
3. Maintain a Register of Agents (in electronic form) showing On-going
the following (S 43):
 Name and address of each agent
 Date of appointment
 Date of cessation
1. Below Agency data to be submitted to Compliance team for Half Yearly/

reporting by them (Compliance team) to IRDA. Monthly
• Updated list of Corporate Agents as on March 31 and
September 30 – TAT - Half yearly by April 10 & Oct 10
respectively.
• Details of Termination of Corporate Agent – TAT -
Monthly by 5th of every month.
• List of cases wherein the licenses have been withheld
every month – TAT - Monthly by 5th of every month.
• Complete details of each person sponsored for
examination and training – TAT - Monthly by 5th of
every month.
• Details of agents whose services are terminated for
reasons other than non-performance – TAT - Monthly
by 5th of every month.
8. Details of agents who are involved in any form of Ongoing
*malpractices (*see prescribed Code of Code) to be
submitted to the Compliance team immediately for publishing
it on the Company’s website along with the date from which
they said agent ceases to be agent.
9. Duly approved advertisements from the Marketing & Ongoing

Compliance department are used/issued by the Agent and in
case of advertisements not developed or issued by the
Company; prior written approval is taken from the Marketing
& Compliance department before making any advertisement.
10. Agents are paid by way of commission as per the limits Ongoing
prescribed by the IRDA and he is not paid in any form any
amount in respect of any policy not effected through him.
11. Only pre-approved sales material/benefit illustrations have Ongoing

been used by the agents/ advisors.
V) Prescribed Code of Conduct
The sales team (all channels) is responsible to ensure that none of the agents, advisors,
sales executive deviate from the requirements discussed hereunder.
DO’s & DONT’s:
Every Insurance Agents/ Advisors are required to strictly follow The Code of Conduct as
prescribed by the IRDA:
(a) Identify himself and the insurance company of whom he is an insurance agent.
(b) Disclose his licence to the prospect on demand.
(c) Disseminate the requisite information in respect of insurance products offered for sale
by his insurer and take into account the needs of the prospect while recommending
a specific insurance plan.
(d) Disclose the scales of commission in respect of the insurance product offered for sale, if
asked by the prospect.
(e) Indicate the premium to be charged by the insurer for the insurance product offered for
sale.
(f) Explain to the prospect the nature of information required in the proposal form by the
insurer, and also the importance of disclosure of material information in the purchase
of an insurance contract.
(g) bring to the notice of the insurer any adverse habits or income inconsistency of the
prospect, in the form of a report (called “Insurance Agent’s Confidential Report”)
along with every proposal submitted to the insurer, and any material fact that may
adversely affect the underwriting decision of the insurer as regards acceptance of
the proposal, by making all reasonable enquiries about the prospect.
(h) Inform promptly the prospect about the acceptance or rejection of the proposal by the
insurer.
(i) Obtain the requisite documents at the time of filing the proposal form with the insurer;
and other documents subsequently asked for by the insurer for completion of the
proposal.
(j) Render necessary assistance to the policyholders or claimants or beneficiaries in
complying with the requirements for settlement of claims by the insurer.
(k) Advise every individual policyholder to effect nomination or assignment or change of
address or exercise of options, as the case may be, and offer necessary assistance
in this behalf, wherever necessary.
Insurance Agents shall NOT Practice the following:

(a)Solicit or procure insurance business without holding a valid licence.
(b)Induce the prospect to omit any material information in the proposal form.
(c)Induce the prospect to submit wrong information in the proposal form or documents
submitted to the insurer for acceptance of the proposal.
(d) Behave in a discourteous manner with the prospect.
(e)Interfere with any proposal introduced by any other insurance agent.
(f)Offer different rates, advantages, terms and conditions other than those offered by his
insurer.
(g)Demand or receive a share of proceeds from the beneficiary under an insurance
contract.
(h)Force a policyholder to terminate the existing policy and to effect a new proposal from
him within three years from the date of such termination.
(i)Have, in case of a corporate agent, a portfolio of insurance business under which the
premium is in excess of fifty percent of total premium procured, in any year, from
one person (who is not an individual) or one organisation or one group of
organisations.
(j)Apply for fresh licence to act as an insurance agent, if his licence was earlier cancelled
by the designated person, and a period of five years has not elapsed from the date
of such cancellation.
(k)Become or remain a director of any insurance company.
Agent should be communicated that, if he commits or practices any of the above don’t, he
shall be liable to be terminated.
Every Insurance Agent should endeavor to conserve the insurance business already
procured and make every attempt to ensure premium remittance by the policyholders is
within the stipulated time, by giving renewal premium notices in writing and orally to
policyholders.
Any deviation from the above prescribed code of conduct will be considered non-adherence
and appropriate action will be initiated as per the Consequence Management Process
against the concerned agent and he shall be guilty of misconduct
VI) Recruitment Process of Agents/ Advisors:
Responsibility and Accountability:

1) Sales Manager (SM):
Shall be directly responsible for undertaking the following recruitment process within the
regulatory guidelines and must ensure:
• Documents are submitted as per process note released by Channel Operations team
from time to time and that the documents are not fake or forged.
• Agents complete the stipulated training from the Agent Training Institute and prepare
them for undertaking the examination conducted by Insurance Institute of India
• Photograph in the hall ticket and in the examination form are identical (recent one).
• Exam centre allotted to the candidate is nearest exam centre to the branch office of
the company where he is taking agency.
• Agents registered with the company take the exam on the day pre-fixed.
Any deviation from the above mentioned process will be considered non-adherence and
appropriate action will be initiated as per the Consequence Management Process against
the concerned agent and the Sales Manger and he shall be guilty of misconduct.
A Quarterly declaration to the effect that there is complete adherence to this policy shall be
given by each SM.
2) Agency Development Manager (ADM):
ADM will be directly responsible for supervising the above recruitment process within the
regulatory guidelines.
Any deviation from the above mentioned process will be considered non adherence and
the concerned Manager and he shall be guilty of misconduct.
given by each ADM.
3) Branch Manager (BM):
Shall be directly responsible for verifying the above recruitment process within the
regulatory guidelines at the branch level and must:
• Oversee the activities concerning recruitments and will be overall responsible for the
code of conduct of the sales teams working in the branch.
• Act as a guide and ensure that every team member is made aware of the recruitment
policy, regulatory provisions and company guidelines and processes in force
• Ensure all documents that are being presented are in order and take full responsibility
regarding its authenticity.
• Ensure proper/rightful use of company seal/stamp. Must ensure that there are no
extra/duplicate stamps in the branch in order to stop misuse.
• Ensure candidates registered for exams do appear themselves. Any attempt to use
unfair means will have to be brought to the notice of company officers immediately.
• Ensure that the training institute is fully compliant as per the guidelines laid down by
the regulator as well as internal guidelines circulated by Channels Operations from
time to time
Since the BMs are administrative heads of branches it is expected that they drive a culture
of compliance in their respective branches and ensure that the provisions laid out are
implemented fully at all times.
given by each BM.
4) Regional Manager (RM)
Shall be directly responsible for verifying the above recruitment process within the
regulatory guidelines at the regional level and must:
• Review the process in every branch from time to time
• Have a mechanism whereby compliance is reviewed periodically during branch
reviews
• Ensure there is a sign-off process at the end of review
given by each RM.
5) Zone Business Head (ZBH):
Shall be directly and overall responsible for ensuring 100% compliance of the above
recruitment process within the regulatory guidelines at the zonal level and must:
• Review the various processes in review meetings
• Have a mechanism whereby compliance is reviewed periodically during Zonal
reviews
• Ensure there is a sign-off process at the end of review
A declaration to the effect that there is complete adherence to this policy shall be given by
each ZBH.
VII) Responsibility of the Learning & Development (L&D) team:

1. Should provide training to all new agents/ advisors on background to money
laundering, mandatory KYC norms and AML related Compliances.
2. Contents in the training modules pertaining to any regulations/statue/law shall be pre-
approved by the compliance department.
3. Ensure that all prospective agents/agents undergo training as per the new syllabus
and adhere to the new norms of training hours prescribed in this policy ;
4. Ensure that the list of rules and regulations covering performance of agents and
corporate agents must be put in place.
5. Ensure that the agents and corporate Agents/ advisors should be made aware of the
insurance institution’s policy for dealing with non-regular customers particularly where
large transactions are involved, and the need for extra vigilance in these cases.
6. Agents /advisors who receive completed proposals and cheques for payment of the
single premium contribution should be appropriately trained in the processing and
verification procedures by the L&D team.
7. Should provide a higher level of instruction covering all aspects of money laundering
procedures to Administration/Operations supervisors and managers with the
responsibility for supervising or managing staff.
8. Should also provide ongoing training in the form of refresher training at regular
intervals to ensure that staff does not forget their responsibilities by a twelve or six-
monthly review of training.
9. Should verify the status of Agent Training Institute from IRDA website before
sponsoring candidates for training to said Institute.
10. Should ensure that the candidate sponsored for training by the Company passes the
Agents pre-recruitment examination within six months of completing his/her training
failing which, he/she would be required to undergo the training again.
11. Agents/Advisors should be made aware of the Company’s Human Capital Policy.
While product training, the rider understanding should be very clear.
12. In case of ULIP Training, the importance of market risk factors associated with the
ULIP Products should be properly communicated to the customers by the advisors/
agents.
13. Should oversee the proper conduct of the training at the training institute through
regular audit and inspection and ensure that no candidate is sponsored to those
institutes that are not maintaining the required standards of and facilities for the
training.
VIII) Other Important Points:
1) SOLICITATION
Following needs to be seen:
• Evaluate customer’s life insurance need
• Ability of customer to pay premiums over intended policy duration
• Suitability of product for him
• Explain the product in full
1) PRESENTATIONS
For presentations, please use the pre-approved material or the material provided by the
Company.
3) TELEMARKETING
Telemarketing is also advertising. The Company is registered with the National Do Not Call
Registry (NDNC Registry) Telecom Regulatory Authority of India (TRAI). All telemarketing
scripts require pre-approval from Compliance. The NDNC Registry will be a data base
having the list of all telephone numbers of the subscribers who do not want to receive
unsolicited commercial communication UCC. Verify calling telephone numbers list with the
NDNC registry before making a call to the customer. The Company as telemarketers who
make calls to the numbers registered in Do Not Call List, whereby shall be payable to pay
Rs.500/ - to the service provider for every first (UCC) and Rs.1000/- shall be payable for
subsequent UCC. There is a provision for disconnection of the Company telephone number
/ telecom resource if the UCC is sent even after levy of Rs.500/- & Rs.1000/- tariff.
4) REBATING / DISCOUNTING
Rebating is prohibited. Any person making default shall be punishable with fine which may
extend to five hundred rupees.
5) MISREPRESENTING
1.1.a No person is authorized to issue, circulate or use directly or indirectly,
any written or oral statement or circular misrepresenting the terms of
any policy issued or to be issued by the company, or misrepresenting
the benefits or privileges promised under any policy or estimating the
future bonuses, accruals, guarantees payable under any policy
otherwise than mentioned in the terms of the policy.
1.1.b Misrepresenting also includes failure to properly explain the policy

provisions or to unintentionally or intentionally make mistakes in
completing the application for insurance. Misrepresenting any facts in
order to sell insurance is fraudulent.
1.1.c In the case of any deviations from the above the company shall take
strict disciplinary action as per the approved malpractice matrix.
1.1.d Misrepresent about tax benefits which could be claimed under any
insurance plan.
6) MISLEADING COMMENTS ABOUT COMPETITORS

Do not:
a) Make false or misleading statements about competitors.

b) Make any unfair or incomplete comparisons with other insurers, their policies, benefits,
agents, services, method of marketing or compare unlike policies.
c) Make misleading, derogatory, false or maliciously critical statements about the financial
condition of any insurance company.
IX) Consequence Management of Complaints Process:

• As and when such fraud cases occurs or any non-adherence or in case of any incident
that can harm the interest of the organization the concerned Manager must as a first
step inform and report (with all the necessary details, documents, facts of the case) to
the immediate supervisor concerned Zonal Manager who in turn ensures that it is
shared with Legal Department and Head Agency at Head Office on the same day.
• The case shall be reported, in case the matter needs immediate attention/escalation, a
mail may be sent to Agency Head or Company Secretary and Legal Head.
• Kindly note that any delay in bringing the matter to notice of the Legal department will
be construed as an attempt to hide facts.
• The Company shall conduct an enquiry to be conducted by authorized independent

personnel (preferably by the Internal Audit team) to find out the facts of the case with
relevant supporting and share with the Legal team within 3 days of its occurrence.
• The Legal team shall in consultation with the Agency team give their suggestions with
action points to close the cases within 3 days of the case being reported to them.
COURSE OF ACTION IF:
A) The Agent/ Advisors are found guilty of misconduct or are non-

compliant:
• Necessary action shall be taken to secure compliance.

• The concerned Agent /Advisors shall be given a warning, in case of 1st instance.
• In case of 2nd repeated instance, the concerned Agent /Advisors shall be issued a show
cause notice and escalation to concerned SM shall be done and further if necessary &
deemed appropriate, terminating its business relationship with such an agent.
B) The Sales Manager (SM) / Agency Development Manager (ADM)/

Branch Manager (BM) is non–complaint to the process and is found
guilty of misconduct:

• Further, the concerned SM/ADM shall be given a warning, in case of 1st instance.
• In case of 2nd repeated instance, the concerned SM/ADM /BM shall be issued a show
because notice and escalation to concerned Supervisor shall be done and further if
necessary & deemed appropriate shall be liable to be terminated from the services of
the Company.
• The concerned immediate supervisor will be given warning in case of first incident.
• However, in case of second incident the concerned immediate supervisor shall be
issued a show because notice and escalation to the Head Agency & Legal Head shall
be done and further if necessary & deemed appropriate shall be liable to be terminated
from the services of the Company.
C) The Regional Manager (RM) / Zonal Business Head (ZBH) is non
complaint to the process and is found guilty of misconduct:

• Further, the concerned RM/ZBH shall be given a warning, in case of 1st instance.
• However, in case of second incident the concerned RM/ ZBH shall be issued a show
cause notice and escalation to the Chief Sales & Business Development Officer (CSBD)
and CEO shall be done and further if necessary & deemed appropriate shall be liable to
be terminated from the services of the Company.
• Then, on monthly basis the excel report of all such cases shall be prepared by the
Agency team with the action taken (i.e. the closure of the case) as per the specific
suggestion of the Legal team and forwarded to the Legal team.
• Legal team should ensure that the required action has been taken and all such cases
are closed before reporting the same to the CSBD & CEO.
• The Legal team shall on monthly basis report all such cases to the CSBD & CEO.
Illustration of Agency related Complaints/ Misconduct:
• Documents that are being presented are not in order /they are forged or fake.
• Improper/wrongful use of company seal/stamp.
• Unfair means are used pass in the pre recruitment examination by the prospective
agents/ advisors.
• Not completed the requisite practical training.
REASERCH METHODOLOGY
INTRODUCTION
Research in common parlance refers to a search for knowledge. The advanced

learner’s dictionary of current English lays down the meaning of research as “a careful
investigation of enquiry especially through search for new facts in any branch of
knowledge.”
The systematic approach concerning generalization and the formulation of a theory
is also research. The purpose of research is to discover answers to questions through the
application of scientific procedures.
TITLE OF STUDY
The title of this study is to carry on brief study on “AGENT RECRUITMENT SKILLS
AND INCOME NEEDS IN FUTURE GENERALI INDIA LIFE INSURANCE
COMPANY LIMITED”
DURATION OF STUDY
➢ The study was conducted for period of 45 days.
OBJECTIVE OF STUDY
• To study the Recruitment and Selection System in the organization.

• To study the process of intake of employees with relation to Experience,
Communication skills and Qualification in the organization
• To know strategies which using for recruitment in FGI.
• Awareness of agents regarding to supplementary income needs of agents.
RESEARCH DESIGN
“A research design is the arrangement of conditions for collection and analysis of data in a
manner that aims to combine relevance to the research purpose with economy in
procedure.” - JOHN.W.BEST
Research may be defined as “any organized inquiry designed and carried out to provide
information for solving a problem”. - EMORY
“Research is essentially an investigation, a recording and an analysis of evidence for the
purpose of gaining knowledge”. - ROBERT ROSS
DESCRIPTIVE RESEARCH DESIGN
Descriptive research design studies are those studies, which are concerned with describing
the character of a group.
The researcher makes a plan of the study his research work. That will enable the
researcher to save and resources such a plan of study or blue print or study is called a
research design.
DATA COLLECTION
The study was based on questionnaire method. The study was about the Recruitment and
Selection System.
There are two types of data collection:
 Primary data
 Secondary data
Primary data
The primary data are those, which are collected a fresh and for the first time happen
to be original in character. It has been collected through a Questionnaire and personal
interview.
Secondary data
Secondary data are those which have already been collected by someone else and
which have already been passed through the stratified process. It has collected through the
books, journals & Internet.
RESEARCH INSTRUMENT
➢ Questionnaire containing closed ended questions.
SAMPLE DESIGN:
POPULATION
➢ It covers the 70 employees working in Future Generali India Life Insurance
Company Ltd.
SAMPLE UNIT
Sample unit is 70 Future Generali India Life Insurance Company Ltd.
Total Employee strength of the particular branch is above eighty.
SAMPLE PROCEDURES
In this study convenient sampling method was adopted. First the each
organization was divided into different departments like Operations, Customer
Services, Human Resources, Internet Marketing and under writing
departments. From this department, the respondents were selected on the
basis of convenience.
CONTACT METHOD
➢ Respondents were contacted personally.
INTERVEIW SCHEDULE
➢ The interview schedule has been used to collect the data. Information can be
gathered even when the respondents happen to be literate or illiterate.
TABULATION
➢ It is the arrangement of classified data in an orderly manner. This involves

creating table for recording the filled in interview schedule. These tables are
of immense help to analysis by using the statistics tools help to analysis by
using the statistical tools.
TOOLS USED FOR ANALYSIS
Simple percentage analysis

➢ It is simple analysis tool. In this method, based on the opinions of the
respondents, percentage and bar chart is calculated for the respective scales
of each factor.
Formula:
Simple percentage = No of Respondents
Total No of Sample Size
LIMITATIONS OF THE STUDY

➢ The study is focused only in Future Generali India Life Insurance Company Ltd.
➢ Thus the respondents are not come forward to provide their feedback regarding their
organization than the result is bias.
➢ In this study the sample size is 70. The result might vary when the sample size
values changes it.
➢ Researcher fined the difficulty in searching the appropriate advisor and respondent
throughout the city.
➢ The research was limited to the Jodhpur city.
ANALYSIS AND INTERPRETATION

TABLE NO: 1
Q1. What
S.NO DESCRIPTION NUMBER OF PERCENTAGE
is your
RESPONDENTS (%)
age? 1. Below-25 10 14.29
2. 25-30 35 50
3. 30-35 18 25.71
4. 35-40 7 10
TOTAL 70 100
S.NO DESCRIPTION NO OF PERCENTAGE
RESPONDENTS %
1. Male 55 78.57
2. Female 15 21.43
TOTAL 70 100
INTERPRETATION:
The above table depicts that 50% of the respondents are below the age group of 25-30
years age`, 25.71% of the respondents are between the age group of 30-35 years, 10% of
the respondents are comes under the category of 35-40 years age group and 1% of the
respondents are comes under category of above below-25 years of age group.
TABLE NO: 2
Q2. What is your Gender?
INTERPRETATION
The above table reveals that 78.57% of the respondents are male and 21.43% of the
respondents are female.
TABLE NO: 3
Q3. What is your current profession?
So. No. TYPE OF PROFESSION NO.OF PERCENTAGE

RESPONDENTS
1. Professional 26 37
2. Private - Service 17 24
3. Public - Service 8 12
4. Self – Employed 16 23
5. Any Other 3 4
Total 70 100
INTERPRETATION
The above pie chart shows that 37% of the respondents has pursuing professional job,
while 24% of respondents are doing private service, 23% of respondents are self employed
12% of the respondents are in public service and 4% are in other sectors.
TABLE NO: 4
Q4. What are your current salary particulars which are given by
company?
RESPONDENTS
1. Below 5000 3 4.28
2. 5000-10000 30 42.86
3. 10000-15000 26 37.14
4. Above 15000 11 15.72
TOTAL 70 100

RESPONDENTS
1. Yes 49 70
2. No 21 30
TOTAL 70 100
INTERPRETATION:
The above table depicts that 43.3% of respondents are earned comes the salary of 5000-
10000, 36.6% of the respondents have got RS 10000-15000 per month, 16.6% are fall in
the income group of above 15000 and 3.3% of the respondents comes under the 5000
level of category.
TABLE NO: 5
Q5. Are you satisfied with your current job?
INTERPRETATION:
The above table depicts that 70% of respondents are says that they are satisfy with their
current job while 30% of respondent are not satisfy their job.
TABLE NO: 6
Q6. Are you satisfied with the recruitment process of the company?

RESPONDENTS
1. Good 31 44.28
2. Fine 35 50.00
3. Bad 4 5.72
TOTAL 70 100
INTERPRETATION:
The above table depicts that 50% of respondents are says that recruitment process is fine,
44.28% of respondent says that recruitment process is good and 5.72% respondent says
recruitment process is bad.
TABLE NO: 7
Q7. Is there training requires for improve the performance of an advisor?
S.NO. DISCRIPTION NO. OF PERCENTAGE
RESPONDENTS
1. YES 49 70
2. NO 21 30
TOTAL 70 100
INTERPRETATION
The above table shows that 70% of respondents are says that training is require for
improvement in performance of agents while 30% of respondents are not agree for arrange
the training session for improve in agents performance.
TABLE NO: 8
Q8. According to you, which quality plays important role in recruitment
and selection process of agents?
S.NO. QUALITY NO. OF PERCENTAGE

RESPONDENTS
1. Leadership 21 30
2. Qualification 14 20
3. Communication 35 50
Total 70 100
INTERPRETATION:
The above table shows that 50% of respondents are says that communication skill is an
important quality for agent while 30% of respondents are says that leadership is important
skill for an agent, and 20% of respondents are says qualification is important in recruitment
and selection process.
TABLE NO: 9
Q9. Which segment do you think is the best for recruitment for as an

RESPONDENTS
1. Businessman 10 15
2. Govt. Employees 21 30
3. Retired Person 21 30
4. House wife 8 10
5. Fresher 10 15
TOTAL 70 100
advisor?
INTERPRETATION
The above table shows that 30% of respondents was suggested govt. employees and
retired person are the best option for recruit as an agents and 15% respondents says that
businessman and fresher while 10% respondents says that house wife are the best option
for recruit as agents.
TABLE NO: 10
Q10. Would you be interested in a source of supplementary income?
S. No. DISCRIPTION No. OF PERCENTAGE
RESPONDENTS
1. Yes 32 46
2. No 7 9.33
3. May be 31 44.67
TOTAL 70 100
INTERPRETATION:
The above table shows that 46% of respondents were interest in supplementary income
source while 44.67% of respondent are not sure about supplementary income source and
remaining were not interested for that.
TABLE NO-11
Q11. Which source will you preferred for supplement ones income?
RESPONDENTS
1. Life Insurance Agency 45 65
2. Multi level Marketing 10 15
3. Tuitions 4 5
4. Part Time Business 7 10
5. Trading and Investment in stocks 4 5
Total 70 100
INTERPRETATION:
The above table depicts that 65% of respondents are says that they will prefer life
insurance sector for supplement income while 15% of respondent are prefer multi level
marketing, 10% of respondents are prefer part time business, 5% of respondents are
prefer tuitions and 5% of respondents prefer trading and investment in stocks for
supplement income.
TABLE-12
Q12. Would you be interested in a source of supplementary income
offers flexible working hours and unlimited earning opportunity?

RESPONDENTS
1. YES 14 21
2. NO 47 68
3. MAY BE 9 11
TOTAL 70 100
INTERPRETATION
The above table shows that 68% of respondents were interested in source of
supplementary income for unlimited earning opportunity and 21% of respondents were not
interested in supplementary income while 11% respondents were not sure about source of
supplementary income.
SWOT ANALYSIS OF FUTURE GENERALI
1. STRENGTHS:
i. Future Generali is the largest private player in India, with a market

share of around 36% amongst the private players
ii. Future Generali has deposited a paid up capital of Rs 925 crore
with IRDA caution deposit, the highest among all the life insurance
company in India where as LIC has deposited Rs 60 crore so far.
iii. Future Generali is the first life insurance company to offer ECS
debit facility.
iv. Future Generali is the first company to introduce unit link life
insurance and pension products. Presently the maximum numbers
of ranges are under ULIP life insurance, investment as well as
pension plan.
v. Products:
• Flexibility to switch your fund value at your own discretion
four times a year viz. maximizer, protector, balancer,
preserver.
• Greater transparency-policy holder knows what is
happening to his money and where the company has
invested his money.
• Liquidity options-you can make complete or partial
withdrawals any time after 3 years.
• Life insurance plans are eligible for deduction under sec
80.
1. WEAKNESSES:
i. Industry in nascent stage.

ii. Rural areas still not covered.
iii. Not very known among Indian population.
iv. Lack of credibility among the people because Future Generali
being a private player.
v. Premiums are high as compared to its competitors.
vi. Very few branches in the country.
vii. Products:
• The policy doesn’t have the surrender option before third
year.
• Plan does not offer any guarantee or assured return.
• Product profile is not very comprehensive.
• Mortality, management and administrative charges are sky
scrapping as compared to its competitors.
1. OPPORTUNITIES
i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.
iii. The whole private sector is opened to be trapped even though the
competition is fierce from government owned insurance
companies.
iv. It’s a volume business that is even if the company has few good
corporate the turnover cease to increase by manifold.
v. Products:
• Preserver funds look good due to comfortable liquidity in
the economy and there is little chance hike in short-term
rate by RBI.
• Finance minister unveiled a budget favoring consumer
spending, boosting demand and therefore higher economic
growth.
1. THREATS
i. The government players will become aggressive thus growth is

going to be tough.
ii. Entry of other players is not ruled out.
iii. Apprehension towards Future Generali being a private life
insurance company.
iv. We expect the industry to rationalize in future that is mergers and
acquisitions will happen, which will impact the industry and Future
Generali fortunes.
v. Products:
• Past performance of these plans is not indicative of the
future performance of the plan.
• The sum invested in the funds is subject to market risks
and there can be no assurance that the objective of plan
will be achieved.
• All benefits payable under the policy are subject to tax laws
and other financial enactment, as they exist from time to
time.
CONCLUSION
After overhauling the all situation that boosted a number of Pvt. Companies associated with
multinational in the Insurance Sector to give befitting competition to the established
behemoth Future Generali in private sector, we come at the conclusion that :
• Recruitment process is fine and it is according to company’s policies for recruit

experienced and more skilled employees and they take interest in supplementary
income sources.
• Respondents want to arrange the training session for improve their communication and
convince skills. Because they says communication skills is the quality which plays
important role in recruitment and selection process of agents. And Dynamic and
growth-oriented organization recognizes Communication as an important aspect of the
Recruitment and Selection system for managerial function in a rapidly changing and
economic environment.
• Mostly respondents prefer insurance sector for the source of supplementary income as
a part time income. But they does not interested in the supplementary income which
offers flexible working hours and unlimited earning opportunity.
RECOMMENDATION AND SUGGETIONS

1. They should increase the employee’s morale and help him to attain the target.
2. They should improve their agent recruitment procedure and recruit more
experienced employees.
3. Candidates who enter into the Job Market must make sure that their efficiency in
Communication is up to the expectation of an organization.
4. Company should provide the training session for agents.
5. The organization should provide or set up a communication lab for the benefit of the
fresher and existing employees that makes a career development and new
opportunity to grow up in the organization.
6. The company should allot funds to create a communication laboratory for the
beneficiary of all the employees.
7. Sub-Urban areas are the most potential segment for recruitment than the urban
areas, company should target more on Sub-Urban to get quality recruitment.
8. According to survey, company should target the govt. employees and retired
persons for recruit as agents because they have a number of contacts and
references which can help in sell the products and achieve the pre-determined target
of company and increase the profit.
9. Company should make some attractive offers which will attract citizens and
company can recruit more agents.
e. g. They can offer free life insurance for agents of the company after they will
join the company.
APPENDIX
Q1. What is your age?

1. Below-25 2. 25-30
3. 30-35 4. 35-40
Q2. What is your Gender?

1. Male
2. Female
Q3. What is your current profession?

1. Professional 2. Private – Service
3. Public – Service 4. Self – Employed

5. Any Other
Q4. What are your current salary particulars which are given by company?
1. Below 5000 2. 5000-10000
3. 10000-15000 4. Above 15000
Q5. Are you satisfied with your current job?

1. Yes
2. No
Q6. Are you satisfied with the recruitment process of the company?
1. Good
2. Fine
3. Bad
Q7. Is there training requires for improve the performance of an advisor

1. Yes
2. No
Q8. According to you, which quality plays important role in recruitment and
selection process of agents?
1. Leadership
2. Qualification
3. Communication
Q9. Which segment do you think is the best for recruitment for as an advisor?
1. Businessman 2. Govt. Employees
3. Retired Person 4. House wife
5. Fresher
Q10. Would you be interested in a source of supplementary income?

1. Yes
2. No
3. May be
Q11. Which source will you preferred for supplement ones income?
1. Life Insurance Agency 2. Multi level Marketing
3. Tuitions 4. Part Time Business
5. Trading and Investment in stocks
Q12. Would you be interested in a source of supplementary income offers

flexible working hours and unlimited earning opportunity?
1. Yes
2. No
3. May Be
BIBLIOGRAPHY
Websites
• www.futuregeneraliindia.com
• www.irdaindia.org
• www.thehindubusinessline.com
• www.nurcmedianext.com
• www.scribd.com
• www.google.com
• www.wekipidea.com
Magazines
• Insurance World
• The Outlook Money
• IRDA-33
Materials provided by Future Generali India Life Insurance Company

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RAJASTHAN TECHNICAL UNIVERSITY, KOTA

Submitted in partial fulfilment for the Award of degree of Master of Business

Submitted by:- Submitted to:-

G.D. MEMORIAL COLLEGE OF MANAGEMENT &

Date: 16-01-2010 Prof: Manish Kachawa

3. Objectives of the Research

4.1 Title of the Study

5. Facts and Findings

6. Analysis and Interpretation

9. Recommendation and Suggestions

SOME DFFINITIONS OF INSURANCE

BRIFE HISTORY OF INSURANCE

PURPOSE & NEED OF INSURANCE

INSURANCE AS A SECURITY TOOLS

5. Loss of Income Insurance

8. Workers Compensation Insurance

Tax Benefits, Riders and Age Eligibility

The Insurance Regulatory and Development Authority (IRDA)

The Insurance Regulatory & Development Authority, an autonomous insurance regulator

Milestone of Indian Life Insurance Industry

Insurance sector reforms:

MAJOR POLICY CHANGES

Indian Insurance sector touted to record a 18% growth

Vision and values of Generali Group

Passion for clients

Business activity and Mission of Generali Group:

The Group's Mission

Developing Policy and Procedures

Reviewing Recruitment and Selection Opportunities

Reviewing Job Descriptions:

The Stakeholders of the policy are:

II) Regulatory requirements for Insurers

A) Limitation of expenditure on commission

Provided that acceptance by an insurance agent of commission in connection with a policy

C) According to Section 43. Register of Insurance Agents

Agency commission (tied) has to be paid within following limits:

a) Possess at least the minimum qualification of a pass in 12th Standard or equivalent

IV) Responsibility of the Channel Operations team & Agency team

Sr. Particulars Compliance

1. Advisor/Agent codes have been auto blocked immediately on Immediately on

1. Below Agency data to be submitted to Compliance team for Half Yearly/

9. Duly approved advertisements from the Marketing & Ongoing

11. Only pre-approved sales material/benefit illustrations have Ongoing

V) Prescribed Code of Conduct

DO’s & DONT’s:

Insurance Agents shall NOT Practice the following:

VI) Recruitment Process of Agents/ Advisors:

Responsibility and Accountability:

2) Agency Development Manager (ADM):

3) Branch Manager (BM):

4) Regional Manager (RM)

5) Zone Business Head (ZBH):

VII) Responsibility of the Learning & Development (L&D) team:

VIII) Other Important Points:

1.1.b Misrepresenting also includes failure to properly explain the policy

6) MISLEADING COMMENTS ABOUT COMPETITORS

a) Make false or misleading statements about competitors.

IX) Consequence Management of Complaints Process:

• The Company shall conduct an enquiry to be conducted by authorized independent

COURSE OF ACTION IF:

A) The Agent/ Advisors are found guilty of misconduct or are non-

• Necessary action shall be taken to secure compliance.