TRAINING REPORT

ON

AGENTS RECRUITMENT PROCESS

OF
MAX NEW YORK LIFE
The Partial fulfillment of the degree
Of BBA (Industry Integrated)
Affiliated from
Maharshi Dayanand University
Rohtak
Session: (2008-2011)
Project Guide: Ms Jyoti Tyagi

SUBMITTEDBY: SUBMITTED TO:

CONTROLLER OF SIDDHARTHA
EXAMINATION BHARDWAJ
4th SEMESTER
BBA (II)

DAV INSTITUTE OF MANAGEMENT

 FARIDABAD

ACKNOWLEDGEMENT

It was a great opportunity for me to work with MAX NEWYORK LIFE INSURANCE. I am
extremely grateful to those who have shared their expertise and knowledge with me and without
whom the completion of this project would have been virtually impossible.

Firstly, I would like to thank our project guide Mr. ANIL KUMAR Manager, Max New York
Life, who has been a constant source of inspiration for us during the completion of this project.
He gave us invaluable inputs during our endeavor to complete this project.

I would like to thanks Ms JYOTI TYAGI for their constant enthusiastic encouragement and

valuable suggestions without which this project would not been successfully completed.

I am indebted to my friends for their valuable support and cooperation during the entire tenure of
this project. Not to forget, all those who have kept our spirits surging and helped us in delivering
our best.

(SIDDHARTHABHARDWAJ)
 TABLE OF CONTENT

S.NO PARTICULARS PAGE.NO

1. EXECUTIVE SUMMARY

2. OBJECTIVE OF STUDY

3. INTRODUCTION

4. LITERATURE REVIEW

5. COMPANY PROFILE

6. RESEARCH METHODLOGY

7. DATA ANALYSIS

8. RECOMMEDATIONS

9. CONCLUSION

10. SUGGESTIONS
 11. APPENDIX

• BIBLIOGRAPHY
• QUESTIONAIRE

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. The Title of Report “AGENT
RECRUITMENT PROCESS OF MAX NEW YORK LIFE INSURANCE”.

In beginning Introduction of Insurance Industry in this introduces the Insurance industry in

detail. It includes history of insurance, about IRDA and their Regulations and discuss the
beginning of insurance industry

In Literature Review explains Recruitment and recruitment process of agents in detail.

In Company Profile discuss the profile of Max New York life which includes its market value,
growth, foundations, asset value.

In Research Methodology explains the Research Theory , Research Design, Sample Size in
detail.

In Data Analysis explains views of respondents with graph and questionnaire which by them
and interpret it.

In Recommendations after analysis report, explains needs and changes which require of
improve agent recruitment process of max new York life insurance.

In Conclusion concluded the report and finds out points which come from it and then work on it.
 Lastly, Bibliography writes sources from where data collected, it includes the different websites,
magazines of business and catlog of Max New York Life Insurance

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 Max New York Life Insurance.

• Awareness of agents regarding to supplementary income needs of agents.

 INTRODUCTION TO INSURANCE INDUSTRY
In some sense we can say that insurance appears simultaneously with the appearance of human
society. We know of two types of economies in human societies: money economies (with
markets, money, financial instruments and so on) and non-money or natural economies (without
money, markets, financial instruments and so on). The second type is a more ancient form than
the first.

In such an economy and community, we can see insurance in the form of people helping each
other. For example, if a house burns down, the members of the community help build a new one.
Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise,
neighbours will not receive help in the future. This type of insurance has survived to the present
day in some countries where modern money economy with its financial instruments is not
widespread (for example countries in the territory of the former Soviet Union).

Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which
insurance is part of the financial sphere), early methods of transferring or distributing risk were
practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares
across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians
developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and
practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to
cancel the loan should the shipment be stolen or lost at sea.

Achaemenian monarchs of Ancient Persia were the first to insure their people and made it
official by registering the insuring process in governmental notary offices. The insurance
tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of
different ethnic groups as well as others willing to take part, presented gifts to the monarch. The
most important gift was presented during a special ceremony. When a gift was worth more than
10,000 Derrick (Achaemenian gold coin) the issue was registered in a special office. This was
advantageous to those who presented such special gifts. For others, the presents were fairly
assessed by the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift registered by the
court was in trouble, the monarch and the court would help him. Jahez, a historian and writer,
writes in one of his books on ancient Iran: Whenever the owner of the present is in trouble or
wants to construct a building, set up a feast, have his children married, etc. the one in charge of
this in the court would check the registration. If the registered amount exceeded 10,000 Derrik,
he or she would receive an amount of twice as much.

A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'.
Merchants whose goods were being shipped together would pay a proportionally divided
premium which would be used to reimburse any merchant whose goods were jettisoned during
storm or sink age.

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they
organized guilds called "benevolent societies" which cared for the families and paid funeral
expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The
Talmud deals with several aspects of insuring goods. Before insurance was established in the late
17th century, "friendly societies" existed in England, in which people donated amounts of money
to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of
contracts) were invented in Genoa in the 14th century, as were insurance pools backed by
pledges of landed estates. These new insurance contracts allowed insurance to be separated from
investment, a separation of roles that first proved useful in marine insurance. Insurance became
far more sophisticated in post-Renaissance Europe, and specialized varieties developed.
Some forms of insurance had developed in London by the early decades of the seventeenth
century. For example, the will of the English colonist Robert Hayman mentions two "policies of
insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of £100
each, one relates to the safe arrival of Hayman's ship in Guyana and the other is in regard to "one
hundred pounds assured by the said Doctor Arthur Duck on my life".

Hayman's will was signed and sealed on 17 November 1628 but not proved until 1633. Toward
the end of the seventeenth century, London's growing importance as a centre for trade increased
demand for marine insurance.

In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship
owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news.
It became the meeting place for parties wishing to insure cargoes and ships, and those willing to
underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is
not an insurance company) for marine and other specialist types of insurance, but it works rather
differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London, which in 1666
devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to
insure buildings. In 1680, he established England's first fire insurance company, "The Fire
Office," to insure brick and frame homes.

The first insurance company in the United States underwrote fire insurance and was formed in
Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to
popularize and make standard the practice of insurance, particularly against fire in the form of
perpetual insurance. In 1752, he founded the Philadelphia Contribution ship for the Insurance of
Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire
prevention.

Not only did his company warn against certain fire hazards, it refused to insure certain buildings
where the risk of fire was too great, such as all wooden houses. In the United States, regulation
of the insurance industry is highly Balkanized, with primary responsibility assumed by
individual state insurance departments.
Whereas insurance markets have become centralized nationally and internationally, state
insurance commissioners operate individually, though at times in concert through a national
insurance commissioners' organization. In recent years, some have called for a dual state and
federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for
insurance similar to that which oversees state banks and national banks.

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.

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. 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.
 LITERATURE REVIEW

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
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.

According to Section 43. Register of Insurance Agents

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.

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 graduation and the minimum age is
25 years..

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.

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 Cycle
No.
1. Before licenses are issued and the agent codes are generated, the On-going
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
2. Applications for issuing licenses to act as insurance agents are in On-going
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.

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

termination or on expiry of their licenses or on termination of their termination.
agreements.
4. In case if the agent/ advisors is found guilty of any *misconduct On-going
(*see prescribed Code of Code), the agency should be terminated
immediately.
5. Maintain a Register of Agents (in electronic form) showing the On-going
following (S 43):
 Name and address of each agent

 Date of appointment

 Date of cessation
 6. 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 & Compliance Ongoing

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 prescribed Ongoing
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 been Ongoing

used by the agents/ advisors.

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:

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) 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.
(f) Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer.
(g) 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.
(h) Render necessary assistance to the policyholders or claimants or beneficiaries in complying
with the requirements for settlement of claims by the insurer.

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. 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.

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 appropriate action will be initiated as per the Consequence Management Process
against the concerned Manager 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 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. 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 Manager 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 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

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 Manager 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 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

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 Manager and he shall be guilty of misconduct.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.

COMPANY PROFILE

Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one
of India's leading multi-business corporations and New York Life International, the international
arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality
platform. In line with its vision to be the most admired life insurance company in India, it has
developed a strong corporate governance model based on the core values of excellence, honesty,
knowledge, caring, integrity and teamwork.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid up capital as on 31st March, 2009 is
Rs 1782 crore. Max New York Life has multi-channel distribution spread across the country.
Agency distribution is the primary channel complemented by partnership distribution,
bancassurance, alliance marketing and dedicated distribution for emerging markets. The
Company places a lot of emphasis on its selection process for agent advisors, which comprises
four stages - screening, psychometric test, career seminar and final interview.

The agent advisors are trained in-house to ensure optimal control on quality of training. The
company currently has around 93,000 agent advisors and more than 800 own employed sales
force at 712offices across 389 cities. The company also has 36 referral tie-ups with banks, 24
partnership distribution and alliance marketing relationships each. Max New York Life has put in
place a unique hub and spoke model of distribution to deepen our rural penetration. This is the
first time such a model has been put in place for rural marketing of insurance.

The company has 133 offices dedicated to rural areas. Max New York Life invests significantly
in its training programme and each agent is trained for around 100 hours as opposed to the
mandatory 50 hours stipulated by the IRDA before beginning to sell in the marketplace. Training
is a continuous process for agents at Max New York Life and ensures development of skills and
knowledge through a structured programme spread over 400 hours in two years. This focus on
continuous quality training has resulted in the company having amongst the highest agent pass
rate in IRDA examinations and the agents have the highest productivity among private life
insurers. 218 agent advisors have qualified for the Million Dollar Round Table (MDRT)
membership in 2008.

MDRT is an exclusive congregation of the world’s top selling insurance agents and is
internationally recognized as the standard of excellence in the life insurance business. Max New
York Life offers a suite of flexible products. It now has 37 individual life and health insurance
products and 8 riders that can be customised to over 800 combinations enabling customers to
choose the policy that best fits their need. Besides this, the company offers 6 products and 7
riders in group insurance business.

The company currently has more than 12000 employees. Vision- To become the most admired
life insurance Company in India. Mission ·Become one of the top quartile life insurance
companies in India ·Be a national player ·Be the brand of first choice ·Be the employer of choice
·Become principal of choice for agents Awards and Recognitions Some of the industry firsts first
company to provide Free look period of 15 days to the customer.

This was later made mandatory by the regulator first company to start toll free line for agent
service first and the only life insurance company in India to implement Lean methodology of
service excellence in service industry first life insurance company in India to provide various
services to the agents and customers over phone first Indian life insurance company to start
service center at the regional level first life insurance company in India to be awarded ISO
9001:2000 certification

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid up capital as on 30th April, 2009 is
Rs1782crore.
Max New York Life has multi-channel distribution spread across the country. Agency
distribution is the primary channel complemented by partnership distribution, banc assurance,
alliance marketing and dedicated distribution for emerging markets.
The Company places a lot of emphasis on its selection process for agent advisors, which
comprises four stages - screening, psychometric test, career seminar and final interview. The
agent advisors are trained in-house to ensure optimal control on quality of training.The company
currently has around 92,667 agent advisors at 712 offices across 389 cities. The company also
has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing
relationships each. Max New York Life has put in place a unique hub and spoke model of
distribution to deepen our rural penetration.
This is the first time such a model has been put in place for rural marketing of insurance.
Max New York Life offers a suite of flexible products. It now has 37 products covering both life
and health insurance and 8 riders that can be customized to over 800 combinations enabling
customers to choose the policy that best fits their need besides this, the company offers 6
products and 7 riders in Group Insurance Business.The Company currently has more than 12,531
employees
Vision

 To create long term value along with market leadership

 To help people mitigate risks of life, accident, health and money at all stages and under
all circumstances
 Enhance the financial future of our customers, including enterprises

Values

 Integrity
 Commitment
 Passion
 Seamlessness
 Speed

Asset Under Management-

Max New York Life Insurance announced that it has clocked Rs. 2,100 crore in collected
premiums for the period Jan - July 2008 recording a growth of 81% over the similar period last
year. Of this, first year premiums contributed Rs. 1195crore, while earnings from renewal
premium stood at Rs.905 crore. The company has acquired around 27 lakh policies since
inception and is ranked number 3 amongst private life insurers in terms of number of policies
sold (YTD June). The Assets under Management have also increased to over Rs.4138 crore on
July 31, 2008 as compared to Rs.2271 crore on July 31, 2007. The capital base of the company is
expected to expand to Rs.3600 crore from current equity base of Rs.1, 232 crore.

New York Life is one of the largest and strongest life insurance companies in the world with
more than USD$215 billion assets under management and has received among the highest
ratings for financial strength from the life insurance industry's principal rating agencies: A.M.
Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA). According to Moody's,
"New York Life's rating reflects the company's good quality investment portfolio, ample
liquidity, and sound capitalization, as well as the good growth potential of its international
business.”

Strategies-
Max New York Life Insurance is further strengthening its investment function, the growth
strategy of the company. The company plans to strengthen its investment desk by adding
analysts and fund managers and launching more fund options to provide better value to its
customers of both ULIP and traditional products.

The company also announced completion of one year of its Growth Super Fund, which has
provided a return on investment of 20.2% as on 30th May 2008. At a time when equity markets
have been volatile, the Growth Super Fund has performed exceptionally well.

During the same period CNX 500 recorded a growth of 11.11% and the BSE Sensex a growth of
12.86%. Growth Super is a fund that has the mandate to invest a minimum of 70% in equity and
can scale it up to 100%, with the rest invested in debt and cash instruments.

Products –
Max New York Life brings to you specially customized products and services that are flexible
and can e customized to suit your needs
It now has 30 life insurance products and 8 riders that can be customized to over 800
combinations enabling customers to choose the policy or plan that best fits their need. These
include:

INDIVIDUAL INSURANCE

Protection Plans:
• Whole Life
• Level Term
• Five Year Term R & C
 • Life Partner Plus

Savings:
o Life Gain Endowment
o Life Pay Money Back
o Life Gain Plus 20
o Life Gain Plus 25
o 20-Year Endowment
Unit Linked:
o Life Maker Premium
o Life Maker Gold
o Life Maker Platinum
o Life Maker Pension
o Life Invest

GROUP INSURANCE
o Group Term Life
o Group Gratuity
o Employee Deposit Linked Insurance
o Credit Shield
o Unit Linked Group Gratuity
o Unit Linked Group Superannuation
RURAL INSURANCE
o Max Suraksha
o Easy Term
o Max Mangal Endowment
o Max Vriksha Money Back

MAX ASSURE
o Max Assure Bonus Builder
o Max Assure Business Builder
 o Max Assure Money Back
o Max Assure Future Builder
o Max Assure Secure Returns Builder

NAV
• Life Maker Investment Plan
• Life Maker Pension Plan
• Life Maker Premium
• Smart Steps
• Group Gratuity
• Group Superannuation

• Max Amsure Secure Returns Builder

Different Channels of Distribution

i) Agency Channel:- In Max New York Life Insurance, business is done mainly through Agent
Advisor. In India it has more than 55000 agents.
Two Programs is run under Agency Channel
i) AAP:
ii) CEIP
ii) Banc assurance: - Banc assurance is an innovative distribution channel involving banks to
sell insurance products of Insurance Companies. Max New York Life Insurance has tied up with
Yes Bank
iii) Direct Sales Team (DST):- Max New York Life Insurance makes a data base of potential
customers; contact them on the telephone to market different policy of the company.
iv) Alternate channels - Business is done through associate partners, internet etc.

Span of Organization
Max New York Life Insurance has a strong growth focus. The company plans to significantly
expand its distribution footprint by opening more than 100 new offices every year for next 3-4
years. The number of agent advisors is expected to touch 2, 00,000 from current 36,500. The
growth in agency distribution will be complemented by strong growth in partnership distribution.
The company currently has an equity base of Rs.1, 032 crore. To support this growth plan, the
shareholders are committed to increase the capital base to Rs. 2,650 crores over the next 3-4
years. There are 13000 employees all over India and 55000 Agent advisors.
CEO (Chief Executive Officer)

Channel Head

2 Vice President

M.P (Managing Partner)

SGO (Senior General Officer)

Partner

6 A.P (Associate Partner)

9 ASM/SM (Assistant Sales Manager/Sales Manager)

Max New York Life invests only in safe debt instruments with the highest credit ratings.
Our current portfolio has almost 70% invested in GOI bonds, 25% in corporate bonds (AAA and
AA rated bonds only). The balance 5% is invested in short-term cash instruments to meet
working capital requirements.
.IRDA has overarching rights to amalgamate companies and change the management to protect
policyholder interests.

RESEARCH 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.

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 Max New York Life Insurance Company Ltd.

SAMPLE UNIT
Sample unit is 70 Max New York 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.

INTERVIEW 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

DATA ANALYSIS
 TABLE NO- 1
Q1. What is your age?

S.NO DESCRIPTION NUMBER OF PERCENTAGE

RESPONDENTS (%)
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
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?

 S.NO DESCRIPTION NO OF PERCENTAGE
RESPONDENTS %
1. Male 55 78.57

2. Female 15 21.43

TOTAL 70 100

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?

S.NO DESCRIPTION NO OF PERCENTAGE

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

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?

S.NO DESCRIPTION NO OF PERCENTAGE

RESPONDENTS

1. Yes 49 70
2. No 21 30
TOTAL 70 100

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?

S.NO DESCRIPTION NO OF PERCENTAGE

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 advisor?

S.NO. DISCRIPTION NO. OF PERCENTAGE

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

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?

S.NO. DISCRIPTION NO. OF PERCENTAGE

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?

S.NO. DISCRIPTION NO. OF PERCENTAGE

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.

RECOMMENDATIONS

 They should increase the employee’s morale and help him to attain the target.

 They should improve their agent recruitment procedure and recruit more experienced
employees.

 Candidates who enter into the Job Market must make sure that their efficiency in
Communication is up to the expectation of an organization.

 Company should provide the training session for agents.

  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.

 The company should allot funds to create a communication laboratory for the beneficiary
of all the employees.

 Urban areas are the most potential segment for recruitment than the urban areas, company
should target more on Sub-Urban 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 to get
quality recruitment.

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 MAX NEW
YORK LIFE 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.

LIMITATIONS OF THE STUDY

 The study is focused only in MAX NEWYORK LIFE Insurance Company Ltd.

 Researchers find the difficulty in searching the appropriate advisor and respondent
throughout the city

 In this study the sample size is 70. The results might vary when the sample size values
changes it.
  Thus the respondents are not come forward to provide their feedback regarding their
organisation than the result is bias.

APPENDIX

QUESTIONAIRES

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

BIBLOGRAPHY

Websites
• www.scribd.com
• www.google.com
 • www.wekipedia.com
• www.maxnewyorklife.com

Magazines
• Insurance World
• The Outlook Money
• IRDA-33