The Summer Excel Training I have done in Bharti AXA life Insurance Company Ltd. Guwahati, in the partial fulfillment of MBA course for 30 days was a memorable one in my management education.
I gathered a very good practical experience with this project.
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A project report on Training & Recruitment of Life Insurance Agent. Guwahati branch.
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2. To introduce Bharti AXA to those people who don’t have any knowledge about Bharti AXA and its products and services.
3. To understand the process of recruitment and selection of agent in life insurance.
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5. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
6. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
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8. An insurance company’s strength lies in the fact that huge amounts come by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policyholders.
9. The management of insurance companies is required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. This is why successful insurance companies would not be found investing in speculative ventures. Their investments benefit the society at large.
10. The system of insurance provides numerous direct and indirect benefits to the individual and his family as well as to industry and commerce and to the community and the nation as a whole. Those who insure, both individuals and corporate, are directly benefited because they are protected from the consequences of the loss that may be caused by the accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and releases the capital for further expansion and development of business and industry.
11. The very existence of risk that is, uncertainty concerning the future, is a severe handicaps in economic activities. Insurance removes the fear, worry and anxiety associated with this future uncertainty and thus encourages free investment of capital in business enterprises and promotes efficient use of existing resources.
12. Thus insurance encourages commercial and industrial development and there by contributes to a vigorous economy and increased national productivity.
13. Present day organization of industry, commerce and trade depend entirely on insurance for their operation, banks and financial institutions lend money to industrial and commercial undertakings only on the basis of the collateral security of insurance. No bank or financial institution would advance loans on property unless it is insured against loss or damage by insurable perils.
14. Insurers are closely associated with several agencies and institutions engaged in fire loss prevention, cargo loss prevention, cargo loss prevention, industrial safety and road safety. Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts.
15. The object of these surveys is not only to assess the risk for rating purposes but also to suggest and recommend to the insured, various improvements in the risk, which will attract lower rates of premium and what is more important , reduce the loss potential. For example, burglary surveyors make recommendation in regard to security measures such as better locking system, appointment of Watchman, etc. Engineering surveys play a most useful part in accident prevention as valuable technical advice is provided in respect of plant and machinery.
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17. To adapt AXA's best practice blueprints as a sound platform for profitable growth
20. To build long term value with our business partners by enhancing the proposition to their customers
21. To be the employer of choice to attract and retain the best talent in India
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23. As a caring parent, you want only the best for your child. As your child grows, his aspirations will grow too and so will your responsibilities. Whether it’s higher studies abroad, a grand wedding or a comfortable home … you can now ensure that your child is always one step ahead
24. You can fulfill all the dreams you have for your child, and give him what he deserves. A bright future!
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26. Answering the simple health related questions, Sign up the simple application form, submit photograph, proofs for identity, address and age.
27. A cover note is issued to policy holder and insurance cover starts instantly.
28. 100% allocation of premium- Full allocation of premium to the Investment Fund, according to policy holder choice from 2nd year onwards.
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33. 20% of students said that they have no knowledge about insurance.
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37. During the training period we felt that most of people who are already working in insurance sector think that it is easy to sell the product of LIC than to sell the product of other life insurance company.
38. Most of people say that this job affects upon their social relation with other and also effect upon their business.
39. Most of people believe that private insurance companies carried out fraud activity that’s why they never believe upon the private players.
40. People think that it is a time consuming activity and also required huge market skills.
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42. An insurance company must work with honesty to win the confident of its agent and general public.
43. Duration of training must be reducing as in these day people have no extra time.
45. Fees charged by companies from candidate for IRDA exam and training should reduce.
46. Many other extra facilities must be provide to agent to attract them such local and foreign trips, special price on achieving a target, open bank account at free of cost.
47. Bharti-AXA Life Insurance Company must organize more and more seminars and also participate in the job trade fairs to find out more candidates.
51. A special function must organize time to time in which the special prizes distribute among those agent who perform well.
52. Reduce the minimum premium amount it will help company to attract the agent of other company, as it increases the scope of market of its agent.BIBLIOGRAPHY<br />IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai<br />www.irdaindia.org<br />www.bhart-axalife.com<br />www.wikipedia.org<br />www.ibef.org<br />90079359599<br />The opportunity<br />About 2/3 of the Indian population is ‘insurable”<br />High % of population is uninsured or underinsurance.<br />We Indian are “natural savers”<br />Indians save the maximum in the world.<br />Those ‘insured’ are ‘underinsured’.<br />