"Recruitment Process of AEGON

Religare Life Insurance Company"

A Summer Training Project Report

Submitted in Partial Fulfillment of the degree of

Of
Master of Business Administration (MBA)
(Uttar Pradesh Technical University, Lucknow)

Submitted By
Ruby Singh
PGDM IIIrd SEM

Session - 2008-10

1
 ACKNOWLEDGEMENTS

If words are considered to be signs of gratitude then let these words convey the very same

My sincere gratitude to Aegon Religare for providing me with an opportunity to work

with Aegon religare Life insurance and giving necessary directions on doing this project

to the best of my abilities.

I am highly indebted to Mr. Durgesh Saxena Business Manager and company project

guide, who has provided me with the necessary information and also for the support

extended out to me in the completion of this report and his valuable suggestion and

comments on bringing out this report in the best way possible.

I also thank to Mr. Rajiv Secoria my fac ulty member, BBD, Lko, who has sincerely

supported me with the valuable insights into the completion of this project.

I am grateful to all faculty members of BBD, Lko and my friends who have helped me in

the successful completion of this project.

Ruby Singh

TABLE OF CONTENTS

2
1 ACKNOWLEDGEMENT

2
2 OBJECTIVE OF THE STUDY 5
3 RESEARCH METHODOLOGY 6
4 BRIEF HISTORY OF INSURANCE INDUSTRY 8
5 BRIEF HISTORY OF AEGON RELIGARE 9
6 INTRODUCTION TO TOPIC

31
7 THE RECRUITMENT PROCESS 33
8 Name gathering
9 Initial screening
10Numerical Aptitude Test
11Career Seminar
12 Evaluation of P-100

13Career interview
14 ANALYSIS & INTERPRETATION 55

15 FINDINGS ABOUT THE SELECTION OF NEW ADVISOR 85

16SUGGESTION 89
17 RECOMMENDATION 91
18LIMITATIONS 94
19CONCLUSION 96
20 BIBLIOGRAPHY

100
21 QUESTIONNAIRE

102

3
4
 OBJECTIVE OF THE STUDY

The Summer Internship Program was carried with two prime objectives in

mind.

• The recruitment of the insurance advisors.

• A survey conducted on the agent advisors of AEGON RELIGARE

• Comparative analysis

• Ahead prospects of the organization.

RESEARCH METHODOLOGY

5
a) OBJECTIVE OF RESEARCH: “Study the recruitment process of agent advisors and

lead generation”.

b) NATURE OF STUDY: Exploratory in nature

c) INFORMATION REQUIRED: Employees view regarding recruitment process of

agent advisors like:

1 Name gathering

2 Initial screening interview

3 Selection interview

4 NAT & reference check

5 Career seminar

6 P100

7 Career interview

SAMPLE DESIGN

a) SAMPLE SIZE: Employees of AEGON RELIGARE

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b) SAMPLE UNIT: Employees of AEGON RELIGARE

c) SAMPLE SELECTION: Simple, random and convenience method.

LIMITATION

a) Shortage of time

TOOLS USED; pie chart and bar digram

SOURCES OF DATA COLLECTION

a) PRIMARY SOURCE: Personal interviews of employees, structured questionnaire

prepared of the basis of recruitment process of agent advisor.

b) SECONDARY SOURCE: Various processes of recruitment and policies adopted by

the company and reference books.

A BRIEF HISTORY OF THE INSURANCE

INDUSTRY

The origin of insurance is very old .The time when we were not even born; man has

sought some sort of protection from the unpredictable calamities of the nature. The basic

urge in man to secure himself against any form of risk and uncertainty led to the origin of

7
insurance. The insurance came to India from UK; with the establishment of the Oriental

Life Insurance Corporation in 1818. The Indian life insurance company act 1912 was the

first statutory body that started to regulate the life insurance business in India. By 1956

about 154 Indian, 16 foreign and 75 provident firms were been established in India. Then

the central government took over these companies and as a result the LIC was formed.

Since then LIC has worked towards spreading life insurance and building a wide network

across the length and the breath of the country. After the liberalization the entrance of

foreign players has added to the competition in the market. The General insurance

business in India, on the other hand, can trace its roots to the Triton Insurance Company

Ltd., the first general insurance company established in the year 1850 in Calcutta by the

British. In 1957 General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices. In 1972

The General Insurance Business (Nationalization) Act, 1972 nationalized the general

insurance business in India with effect from 1st January 1973. It was after this that 107

insurers amalgamated and grouped into four companies viz. the National Insurance

Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company

Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

Company’s History:

 AEGON was established in 1983.

 Its oldest roots can be traced to the period when the company provided

modest burial funds to customers to ensure a decent funeral for a family

8
 member or loved one. These funds are the historical roots of industrial life

insurance

 AEGON's main predecessors are

 'Algemeene Friesche' - 1844

 'Eerste Nederlandsche' - 1882

 'Groot-Noordhollandsche' - 1845

 ‘Olveh' (1879) and

 ‘Nillmij’ - 1859

Business Principles

AEGON will continue to focus on life insurance, pensions and investment products in

both existing and selected new markets.

AEGON is committed to a decentralized structure that provides substantial autonomy for

local operations and we will seek a leading position in each of our chosen markets to

generate benefits of scale, combined with profitable and sustainable growth

9
AEGON touches the lives of millions of people around the world in many different ways.

Their aim is to help them all create better futures. Their actions towards that end are

driven by respect, responsibility, ambition and clarity.

For their customers this means delivering products that provide financial protection,

asset accumulation and a service level that aims to be the best practice among peers.

For shareholders the emphasis is on achieving attractive shareholder returns, high levels

of security and reassurance through the clarity of our strategy, the quality of our

management and our strong financial track record

AEGON, one of the world’s largest life

insurance and pension groups, Religare,
one of India’s leading integrated
financial services groups and Bennett,
Coleman & company, India’s largest
media house, have come together to
launch AEGON Religare Life
Insurance Company Limited. This
venture is dedicated to build a firm
future, both for customers and
employees and will continue to balance
a local approach with the power of an
expanding global operation.

10
 We launched our pan-India multi-
channel operations in July, 2008 with
over 30 branches spread across India.
Our business philosophy is to help
people plan their life better. We provide
high quality advice to our customers
and offer superior customer service.
About Religare Enterprises Limited

Religare Enterprises Limited (REL) is a global financial services group with a presence
across Asia, Africa, Middle East, Europe and the Americas. In India, Religare’s largest
market, the group offers a wide array of products and services ranging from insurance,
asset management, broking and lending solutions to investment banking and wealth
management. The group has also pioneered the concept of investments in alternative asset
classes such as arts and films. With over 10,000 employees across multiple geographies,
Religare serves over a million clients, including corporates and institutions, high net
worth families and individuals, and retail investors. REL hold 44% equity in ARLI.

11
AEGON Religare Life Insurance Company

AEGON, an international life insurance, pension and investment company, Religare, a

global financial services group and Bennett, Coleman & company, India’s largest
media house, have come together to launch AEGON Religare Life Insurance Company
Limited (ARLI). This venture is dedicated to build a profitable customer-centric
business with scale, providing a work environment that fosters excellence and innovation.
This joint venture will balance a local approach with the power of an expanding global
operation.

ARLI launched its pan-India operations in July, 2008 following a multi-channel

distribution strategy with a vision to help people plan their life better. The fulfillment of
this vision is based upon having a complete product suite, providing customised advice
and enhancing the overall customer experience through superior service.

ARLI has launched a suite of products that are focused on providing the customer with
the means to meeting their long-term financial goals. At the same time product
development has been founded on the tenet of providing the customer with great value.
ARLI products such as AEGON Religare iTerm Plan and AEGON Religare Future
Protect Plan have been ranked among the best in terms of value and have attracted many
external accolades.

12
 Values and Vision

Products of aegon religare:

13
 Life insurance plans:

o Protection Plans

o Child Plans

o Saving Plans

o Retirement Plans

Protection Plans

Level Term Plan

Increasing Term Plan

Decreasing Term Plan

Group Term Plan

Rural Term Plan

Child Plans

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Star Child Plan

Saving Plans
Protect Gain Plan

Premium Gain Plan

Premium Gain Plus Plan

Retirement Plans
Pension Plan

Insta Pension Plan

15
 INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor

was formed to evaluate the Indian insurance industry and give its recommendations. The

committee came up with the following major provisions

1 Private Companies with a minimum paid up capital of Rs. 1 billion should be

allowed to enter the industry

2 Foreign companies may be allowed to enter the industry in collaboration with the

domestic companies

3 Only one State Level Life Insurance Company should be allowed to operate in

each state

It was after this committee came into affect the regulatory body for insurance sector was

formed with the name of IRDA

The IRDA since its incorporation as a statutory body has been framing regulations and

registering the private sector insurance companies. IRDA being an independent statutory

body has put a framework of globally compatible regulations.

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 IMPACT OF LIBERALIZATION

The introduction of private players in the industry has added to the colors in the dull

industry. The initiatives taken by the private players are very competitive and have given

immense competition to the on time monopoly of the market LIC. Since the advent of the

private players in the market the industry has seen new and innovative steps taken by the

players in this sector. The new players have improved the service quality of the insurance.

As a result LIC down the years have seen the declining phase in its career. The market

share was distributed among the private players. Though LIC still holds the 75% of the

insurance sector but the upcoming natures of these private players are enough to give

more competition to LIC in the near future. LIC market share has decreased from 95%

(2002-03) to 81 %( 2004-05).

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 INSURANCE MARKET IN INDIA

India with about 200 million middle class household shows a huge untapped potential for

players in the insurance industry. Saturation of markets in many developed economies

has made the Indian market even more attractive for global insurance majors. The

insurance sector in India has come to a position of very high potential and

competitiveness in the market. Innovative products and aggressive distribution have

become the say of the day. Indians, have always seen life insurance as a tax saving

device, are now suddenly turning to the private sector that are providing them new

products and variety for their choice. Life insurance industry is waiting for a big growth

as many Indian and foreign companies are waiting in the line for the green signal to start

their operations. The Indian consumer

Should be ready now because the market is going to give them an array of products,

different in price, features and benefits. How the customer is going to make his choice

will determine the future of the industry.

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 BUSINESS IS GROWING RAPIDLY:

Aegon Religare strategy has been to build a quality business portfolio by insuring young

and healthy lives and by selling protection-based life insurance products to its customers.

The growth of the company in its third full year of business operations shows that the

strategy is paying off handsomely. The agency distribution system set in place by Aegon

Life is widely acknowledged as the best in the Indian marketplace and the number of

Agent Advisors who make it to the Million Dollar Round Table (MDRT), the symbol of

excellence among insurance professionals worldwide, continues to rise.

PAN-INDIA PRESENCE;

AEGON, one of the world’s largest life insurance and pension groups, Religare, one of

India’s leading integrated financial services groups and Bennett, Coleman & company,

India’s largest media house, have come together to launch AEGON Religare Life

Insurance Company Limited. This venture is dedicated to build a firm future, both for

customers and employees and will continue to balance a local approach with the power of

an expanding global operation.

19
We launched our pan-India multi-channel operations in July, 2008 with over 30 branches

spread across India. Our business philosophy is to help people plan their life better. We

provide high quality advice to our customers and offer superior customer service.

In an industry first, AEGON Religare Life Insurance offers policy servicing on the phone

via Interactive Voice Response System (IVR) by issuing the customer a T-Pin for

authentication. It is also the first company to include the customer’s medical report in the

policy kit.

AEGON’s businesses serve over 40 million customers in over 20 markets throughout the

Americas, Europe and Asia, with major operations in the United States, the Netherlands

and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON

companies employ almost 32,000 people worldwide. The company’s common shares are

listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages

EUR 351 billion in revenue generating investments. AEGON has more than 160 years of

experience with its roots going back to 1844. It holds 26% equity in our company.

20
 About Religare Enterprises Limited

Religare is a diversified financial services group of India offering a multitude of

investment options. Financial services which Religare offers can be broadly clubbed

across three key verticals - Retail, Institutional and Wealth spectrums. Religare has also

ventured into the alternative investments sphere through its holistic arts initiative and

Film fund. With a view to expand, diversify and introduce offerings benchmarked against

global best practices, Religare operates in the wealth management space under the brand

name 'Religare Macquarie Private Wealth'. Religare has a pan India presence, 1837

locations across 498 cities and towns. It also currently operates from nine international

locations following its acquisition of London's brokerage & investment firm, Hichens,

Harrison & Co. plc. (Now Religare Hichens, Harrison Plc).

Bennett, Coleman & Co. Ltd. (BCCL), part of the mammoth Times Group, is India’s

largest media house. It reaches out to 2468 cities and towns all over India. The group

owns and manages powerful media brands like The Times of India, The Economic

Times, Maharashtra Times, Navbharat Times, Femina, Filmfare, Grazia, Top Gear, Radio

Mirchi, Zoom, Times Now, Times Music, Times OOH, Private Treaties and

indiatimes.com. All of its brands are multinational in outlook, traditional at heart and

national in spirit. From the very first edition on November 3, 1838 the mammoth BCCL

Group has come a long way. By way of the innovative venture of Times Private Treaties

(http://www.timesprivatetreaties.com), the BCCL Group holds 30% equity in our

company.

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 QUALITY PORTFOLIO

AEGON Religare life to harness womanpower for growth

With specific thrust on hiring women as part of its growth plan this year, AEGON

Religare Life Insurance has planned to recruit 350 business managers and over 15,000

advisors in the next three months across India.

“We consciously want to employ a minimum of 30 percent women as agents,” AEGON

Religare’s chief marketing and distribution officer Yateesh Srivatsava said.

One of the newest entrants in the life insurance market, AEGON Religare has planned to

ramp up its head count to achieve the targeted premium of Rs 240 crore this fiscal.

Till June 2009, the company sold products to 32,000 customers with a total premium of

Rs 70 crore.

“Since we are completing one full year in August 2009, we have decided to focus on

building distributions,” Srivatsava said. It has 52 branches with 46 being agency outlets.

It has agents strength of around 4,000 with nearly 1,200 of them being women.

“Every branch was engaging around 80 to 150 advisors and now, following the economic

recovery and company’s aggressive marketing plans, we have decided to increase this to

nearly 400 to 600 advisors per branch,” Srivatsava said.

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Also, the company is ramping-up its current strength of 550 business managers to 900

and Srivatsava hopes at least 20 percent of business managers would also be women.

“Industry data show women agents are almost twice productive than their male

counterparts. Our experience is exactly the same. While men agents on an average sell 1.2

policies a month, women agents sell 2.4 policies a month,” Srivatsava said.

He felt, women are more responsible, respond better to training programmes and better in

communicating policy details to people. “Because of their soft skills, the productivity is

higher and the attrition rate is also very less among women agents,” he added. Also, the

company has planned to segment the advisors for better results. “We have divided the

advisors into three segments, namely standard advisors, specialist advisors represented by

housewife and senior citizens and the third category belonging to businessmen from SME

sector, who can turn into mini corporate agents in future,” Srivatsava said.

The company has set up different proposition and different induction structure for every

segment of advisors. “We spend around Rs 2,000 per advisor towards their training

programme to clear IRDA examination,” he added.

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Religare annuity plan to tap retirees, VRS optees

Aegon Religare Life Insurance plans to launch a new annuity product to tap the growing

retiring population and voluntary retirement scheme (VRS) segment this financial year.

“The annuity plan is a big business globally and it has a great potential in the Indian

market. We plan to introduce it this financial year,” Yateesh Srivastava, chief marketing

officer of Aegon Religare Life Insurance, said. The 160-year-old Hague-based Aegon has

a substantial annuity plan customer base in the UK with 5 percent returns on the

investments, he added.

There was no avenue available to get maximum returns on the big-ticket investment of

the retirees and the company would come out with an attractive high yield returns

package.

At present, insurers gave between 4.8 percent to 6.2 percent returns on investment. The

annuity plan has an advantage of lock-in returns, while returns from the banks fluctuate

according to market conditions, he said.

24
The company would tap customers who invest a minimum of Rs 10 lakh to buy the

policy.

Srivastava said as part of its aggressive growth plan, the company would hire 12,000

insurance advisers over the next six months.

At present, it has 5,000 advisers at its 52 branches spread across 42 cities since its launch

in July 2008.

Srivastava said the plan was to mop up Rs 25 crore to Rs 30 crore per month across 11

various insurance products. While the company clocked business worth Rs 45 crore at the

end of March 31, 2009, it increased to Rs 67 crore in the first quarter. “Our target is to

achieve a revenue base of Rs 240 crore in the financial year 2010,” Srivastava said.

The company would invest Rs 180 crore by March 31, 2010 to achieve its targets. With

this, its total capital infusion would touch Rs 530 crore.

The three partners — Aegon with 26 percent equity, Ranbaxy with 44 percent and

Bennett Coleman and Company with 30 percent — will share the investment equally,

Srivastava said.

AEGON Religare Life to invest Rs 230 cr.

25
AEGON Religare Life Insurance, one of the newest entrants in the life insurance market,

plans to invest Rs 230 crore into the company this year. The company had started

operations in July last year, with an initial investment of Rs 350 crore.

According to Aegon Religare CEO Rajiv Jamkhedkar, the company aims at breaking

even in its seventh year of business. The company will not be averse to pumping in more

capital this year, if the opportunity arises, said Mr Jamkhedkar. The money will be

invested by the company’s shareholders, Religare, Aegon and Bennet, Coleman and Co

(BCCL). “The contributions will be in accordance with our share-holding pattern,” he

added.

Religare owns 44% in the company, while BCCL owns 30% and Aegon owns rest 26%.

In its first year of business, the company has sold 23,000 policies and collected Rs 46.3

crore in premium. Going forward, Aegon Religare plans to focus on building its

distribution channels and adds another 10,000 agents and up to 300 sales staff, added Mr

Jamkhedkar.

AEGON Religare life insurance infuses Rs 45 crore capital

AEGON Religare Life Insurance, today said that its promoters have infused an additional

Rs 45 crore into the capital base of the company.

26
This enhances the company's total capital to Rs 395 crore as of July 27.

AEGON Religare Life Insurance is promoted by AEGON, a global life insurance major

and Religare, an Indian integrated financial services group.

The capital infused this year is at Rs 95 crore, including the latest infusion, a press release

issued here said.

"This has been done to build distribution as a part of AEGON Religare Life Insurance's

strategy for the financial year 2009-10," the release said.

The company has a complete product basket comprising of three term plans, 2 ULIPs, a

pension plan and a child plan.

INTRODUCTION TO TOPIC

What is recruitment?

27
Recruitment is the process of searching for and obtaining applications so as to build a

pool of job seekers from whom the right people for the right jobs may be selected.

The purpose of recruitment is to build a pool of applicants. Recruitment

represents the first contact a company makes with potential employees. Recruitment done

well will result in better selection.

It is the process of finding and attracting capable applicants for

employment. The process begins where new recruits are sought and ends when their

applications are submitted. The result is a pool of applicants from which new employees

are selected.

PURPOSES AND IMPORTANCE

The purpose of recruitment is to provide a pool of potentially qualified job candidates.

Specifically the purposes are to:

28
Determine the present and future requirements of the organization in conjunction with its

personnel planning and job analysis activities.

1 Increase the pool of job candidates at minimum cost.

2 Help increase the success rate of the selection process by reducing the number

of visibly underqualified or overqualified job applicants.

3 Help reduce the probability that job applicants, once recruited and
selected, will leave the organization only after a short period of time.
4 Meet the organization’s legal and social obligations regarding the

composition of its workforce.

5 Being identifying and preparing potential job applicants who will be

appropriate candidates.

6 Increase organizational and individual effectiveness in the short term and

long term.

7 Evaluate the effectiveness of various recruiting techniques and sources

for all types of job applicants.

THE RECRUITMENT PROCESS

The insurance industry grows on the shoulders of the insurance agents and advisors. It is

because of this reason that recruitment of quality agent advisors becomes a prime job of a

29
sales manager which is the only possible means to ensure success on both personal level

and for the organization as a whole.

AEGON RELIGARE says managers are very important for company. As a manager they

will play a critical role in managerial corporate by means of recruiting quality agent

advisors and developing them to do their job effectively.

A key AEGON RELIGARE objective is profitable growth at a competitive cost. To

achieve that goal the managers must continually select and develop high quality new

advisors while building, nurturing and supervision an established sales force. Success in

field management therefore requires an unusual blend of sills and talents –some of ethic

one may already have, and some which one will need to develop.

What is a business manager job?

As Aegon religare business manager one will have to be an effective leader. This is a

challenging work. They find that recruiting is much more than selling a career

opportunity, it is a commitment to help new agents make good transition, new meeting

etc from the previous career to the profession of sales.

30
Throughout their work they will always lead by example .They cannot expect their agents

to meet high standards if they do not demand the same standards of themselves. AEGON

RELIGARE expects that they will develop the knowledge and habits that had made them

successful in the past, and dwell upon the enhancement of the personal development of

the agent advisors with a personal dedication to self discipline and high standards of

ethics. They must ensure that the agent advisors realize that to succeed they must have a

passion for helping others, and an unwavering commitment to developing a winning

team.

This commitment will help them persevere in difficult circumstances and do the right

thing when tough decisions are required as a steward of theAEGON RELIGARE, there

will be an obligation to generation of agents past, present and future.

There are tremendous and varied rewards to this work- emotional, financial and

professional. As Aaegon religare manager, the opportunities for emotional and financial

rewards are similar, but they will come from different sources for example they may

derive enjoyment as a manager from –

Leading and teaching:

31
 Being a role model and a source of guidance for the people with whom you work. This

often includes helping people who are “under employed” reach their full potential by

your coaching and encouragement.

Team building:
Bringing together a group of individuals and molding them into a cohesive team that

provides mutual encouragements, support and achievements.

The business manager’s role.

There are two basic roles that need to be effectively full filled by a sales manager, viz,

recruitment of quality agent advisors and their development. While the recruitment

activity would be explained in greater detail in the later articles, the development part is

beyond the scope of this project.

It is because of the importance of this activity that a well defined process has been laid

down by the company. It is said that “Becoming an outstanding recruiter won’t

guarantee your success but not being able to recruit for whatever reason will

definitely guarantee failure.”

The fundamentals of recruiting involve having:

32
A philosophy of consistent and continual recruitment.

1 An ideal candidate profile.

2 A recruiting process

3 Clearly defined goals

A sales manager’s primary objective is to master the art of prospecting new agents. Here

arises the question as to who are the quality agents. With years of experience and

expertise in the business the company has laid down that a quality agent advisor is one

who has

1 A history of success pattern

2 A well defined natural market

3 An income history at a level equal to executive council or higher

4 Work habits that indicate high energy and leadership potential

5 Good self esteem and a competitive nature

6 Adequate personal financial reserves.

Some demographic factors which must be considered while recruiting an insurance agent

advisor are:

1 Time in area

2 Income history

3 Education level

4 Leadership experience

33
 5 Sales background

6 Community involvement

7 Employment background

8 Professional background

Keeping in mind the above mentioned factors there are certain laid down by the company

which the sales manager has to abide by while recruiting an insurance advisor?

1 The prospect should be above the age of 25

2 The prospect should be a graduate

3 The prospect should be living in the area for more than 5 year

4 The prospect should be married

To be successful in his primary job a sales manager should follow the recruitment process

that has been laid down. Strict adherence to the process will definitely guarantee greater

success. The recruitment process is as follow:

Name gathering -------

Initial screening day 1

Test and reference check day 3

Career seminar/ administering P-200 day 6

Evaluation of P-200 and survey day 10

34
Career interview day 11

Additional interview day 12

NAME GATHERING

The importance of this activity cannot be said too often “prospecting is the single

most important skill required a manager’s future success”. If a manager is able to

generate enough quality candidate names, he/she will be able to select and hire top

quality candidates. Industry studies have proven the importance of prospecting. Studies of

high retention and high productivity agencies have found only one major discriminator

between these agencies and those with poor retention and productivity. That the

discriminator is simply that good offices interview more candidates per hire. “On an

average these agencies conduct 20 screening interview and administer 15 numerical

ability test for each agents hired. Conversely the low productivity and retention agencies

conduct only 12 screening interviews and administer 7 numerical tests per hire. Clearly

35
effective prospecting is the answer. A manager will be better able to select out unsuitable

candidate and to let go of agents who are not performing to standards. Without

confidence in his/her prospecting skills he/she will be inclined to appoint candidates who

are significantly less than ideal and to hang on to poor performers long after they should

have resigned.

EFFECTIVE SOURCES OF NAME GATHERING

The sources of name gathering can be broadly divided into two categories

a) Primary Sources
 Agent referrals

 Centre of Influences

 Nominators

 Personal Observations

 Policy Holders

 Friends and Family

b) Supplement Sources

36
  Newspaper Advertising

 Direct mail/ Pre-Approach Letters

 Employment news

 Seminars

 Campus Recruitments

 Personnel Directors.

Agent Referral Program (ARP)

Agent Referral Program (ARP) is a unique tool in sourcing quality new names from

successful advisors. It can also act as an additional income opportunity for the advisors.

The existing agent advisors in the team are required to give references of prospective

names. As they are in the business they know the requirement better and so they are the

best source of quality names. In order to get quality names from the agent advisors the

sales manager should

1 Ask for references in every Performance review and planning (RPP)

2 Ask after every successful field demonstration

3 Take Advisors out for dinner and use the opportunity to ask for referrals.

37
But in turn there is a need to reward and encourage the agent advisor so that this becomes

an ongoing habit.

Centre of Influence

A centre of influence can be defined as people with whom you already have an

established relationship for referrals as an agent. Your centers of influence for recruiting

will include friends business and civic contacts and your clients.

Because these people respect you as a professional they will want to help you succeed.

Ultimately they will most likely be your second most productive source of candidate

referrals. Referrals from agents have consistently proven to be the best source for quality

names. We begin with Centre of Influence at this point because you will have few of your

own agents to ask.

To cultivate your Centers of Influence you will need a well organized presentation of the

career opportunity and a description of the type of candidate you seek. Your existing

38
Centre of Influence may be thinking of a very different profile or people that you have in

your mind. Therefore your presentation must direct their focus to a different set of

qualities and characteristics for agent candidate’s referrals.

Nominators

A prominent people in the community who may be in a position to recommend

prospective agents. Development of nominator can be a very useful practice for sales

managers as they can also be a very good source of quality names. With constant

communication with the nominator he/she can be developed into a Centre of Influence.

So this practice if done religiously can be a very good source of quality names. For better

results the companies has laid down certain scripts which a sales manager should use

while communicating with the nominator.

While talking to a nominator a manager should keep in mind that he/she

should always take permission before speaking to the nominator and always insure that

by helping his/her the nominator would also help other people. Also the sales manager

should not forget to maintain regular contact and thank and acknowledge the efforts of

the nominator and develop him as a centre of influence.

39
 Personal Observation

It can be defined as a face to face contact made on an impromptu basis in order to secure

an appointment for a recruiting interview.

Effective recruiting requires consistent activity. Personal observation is a method of

prospecting that enables you to be always recruiting and taking advantage of every

opportunity that arises. These opportunities usually occur when you are in the midst of

some other activity or event. You may be having lunch with an agent attending a child’s

sporting event, working out in the gym or running errands on the weekends.

As you use personal observation, you will notice more and more the caliber of the

individual you meet daily. Ideal candidate are impressive people, and you will want to

approach them if you have not been introduced.

These are some of the most effective sources of gathering names. There are other very

important sources like newspaper advertisements, seminars, college interns etc. but these

40
sources should be used as supplementary means to the once discussed earlier for greater

result and consistency.

Once sufficient names have been gathered and after having qualified the names to suit the

requirement, the next obvious step is the initial screening.

The importance of name gathering can be seen form the recruitment funnel. The funnel

says that in order to recruit 2 quality agents the sales manager should have 60 qualified

names. Out of those 60 qualified names there should be at least 20 initial screening, and 8

career seminars and 4 career interview. This shows how important getting enough

qualified names is. Also since theAEGON RELIGARE works on a quality model,

therefore it is important to screen good number of well qualified names before recruiting

agents. It is because of this reason that AEGON RELIGARE has a highly respect and

efficient agent advisors team amongst all other insurance companies in India.

41
 The Recruitment Funnel

INITIAL SCREENING

It is the first interaction of the recruiter with the prospect agent and the first step towards

the entire interview process. There are primarily two objectives of the initial screening.

First: To literally screen the candidate and to determine whether to go ahead with the

other recruitment processes. If the candidate fits in the scheme of the things then the

second objective is to be achieved.

Second: To inspire and motivate the candidate to consider this as a career option. Here

care has to be taken to maintain the interest of the candidate with the presentation. It is

important to maintain a right degree of professionalism and be well prepared for the

interview.

42
 The Interview Structure

The meeting has three phases:

1) The Introduction: this should be no more than 15 minutes and here the

manager should give the candidate enough opportunity to tell about

himself.

2) Describe the opportunity: Once the manager has enough information

about the candidates background he/she should briefly describe the

opportunity.

3) Have the candidate complete the company profile.

1) The Introduction And Screening Question:

Here the manager should start by briefly describing the structure of the meeting, the

purpose of the interview and the process that would be followed and the payoff for both

the candidate and the company. Then the manager should ask general questions about the

43
candidate and listen to him carefully. This dialogue provides important information about

the candidate to the manager. The manager should use a structured series of questions and

record the answers in the candidates recruitment file.

2) Discussing The Career Opportunity:

The manager should take approximately 10 minutes to explain the career opportunity to

the candidate. And the manager should use the “push – pull” technique here. One

should avoid selling too much. Quality candidates will become suspicious about the

standards if the manager seems to hire the candidate on the spot.

The manager should also stat that it is an outstanding opportunity and the selection

process is a challenge that most candidates do not successfully complete. This way the

manager can make his/her presentation more attractive with the push pull technique. Also

this will help you avoid the following problem. If you have wasted too much time selling

the career and then the candidate fails the numerical ability test, you have wasted a lot of

your time. So during the initial screening interview, be professional, minimize

distractions, and use the push pull technique.

44
The career presentation should cover five areas.

 A brief discussion of the insurance industry

 The benefits of being associated with AEGON RELIGARE.

 The general benefits of a career in life insurance business, explaining the

opportunity of becoming sales managers or agency associates.

 The benefits of being associated with that particular General Office.

 The selection process.

Provide an overview of the steps of the process and clearly stat that our

objective is to encourage and promote only candidate with a strong probability

of success.

45
 NUMERICAL APTITUDE TEST

This test focuses on the comfort level of the agents in simple mathematical

calculations and basic finance questions like simple interest, compound interest etc, as

they would be generating illustrations while they sell.

The numerical ability test has 50 questions each carrying 1 mark, there is negative

marking of 0.25 marks for every wrong answer. The time allowed for the test is60

minutes. The agent has to obtain a minimum of 50% marks to pass the test. Calculators

are not allowed. The test has to be administered and checked by the agency coordinator

and the results are published on the same day.

The room which is used to conduct the test will also make an impression on the

candidate. The managers should make sure that the room in which the test is being

conducted should be quite and free from all distractions. Borrowing an office, or putting

the candidate in an empty office may send the wrong signal to the potential peak

performer.

46
 CAREER SEMINAR
So far in the recruitment process the manager has tried to access the ability

of the candidate. But the candidate should also be given an opportunity to know about the

company and the career opportunity; he/she should be able to access for himself/herself

the worth of the company and the opportunity given to him/her. In order to help the

candidate know about the company and the opportunity the company conducts a career

seminar every Friday in the evening. The career seminar is usually conducted by the

Branch head or the Business Manager. In the seminar a very illustrative presentation is

made. The candidates who have been screened by the sales managers over the week are

invited to attend the seminar. In the seminar the presentation starts with a general

description about the insurance company followed by an introduction to AEGON

RELIGARE giving a lot of emphasis on its reputation and credibility. The invitees are

then informed about the nature of the work which has been offered to then, the method in

which the work has to be carried out etc in great details. Also they are told about how

they would earn in this business and are given a brief illustration of how much they can

earn in this business. The presentation then has a guest speaker which is usually an

exiting successful agent advisor who discusses his success story with the invitees. This

illustrative presentation then draws a lot of attention and then the invitees clarify their

doubts and ask any kind of question they have. They person who is conducting the

seminar is more that happy to answer the question. In this manner the career seminar

47
imprints an image of the organization and the career opportunity in the minds of the

prospects and they are now in a better situation to take a decision about this offer.

EVALUATION OF P-100

After attending the career seminar the candidate is given a project called the P-100. In

this the candidate is required to write down the names of 100 people that he/she knows

along with some of their details. A sample copy of the P-100 is attached in the

appendices. Once they have filled the P-100 with the names, then an evaluation is done

on those names. This has a two fold benefit.

a) The company would know about the natural market of the candidates which

would largely be responsible for his/her initial success.

b) The candidate will have a database and can make an effective use of it.

In order to judge the natural market of the candidate, the manager picks up names

randomly form the P-100 list and call then. It is expected that the person who has been

called recognizes the candidate and give due attention to the call.

48
P-100also helps a manager to categorize the natural market of the candidate under various

parameter like average annual income , age, etc. as insurance is sold as per the needs and

the spending ability of any individual, this categorization can help the candidate in

streamlining his approach while doing business.

The manager can also know if the market base of the candidate shows any tendency

towards any particular type of profession. The manager can also ask the candidate to

make calls to the names listed in the P-100to try and sell them the product and evaluate

the candidate on this. This will help the manager is knowing the shortcomings which can

be eliminated later.

CAREER INTERVIEW

After the completion of the career seminar and the evaluation of P-100, the candidate and the

company know about each other and can make a call. Therefore the last part of the recruitment

process is the career interview which is conducted by the Branch head. The main purpose of this

interview is to review all the previous activities of the recruitment process, and top check the

motivation level and the dreams and aspirations of the candidate. The Branch head would also

look to know about the expectations of the candidate and his intentions about a association with

the company. This ideally is the last past of the recruitment process after which the candidate is

finally invited to join the training program. But in case there is any disconnect between the views

of the business manager and the branch head, then there is another interview, the additional

interview to take a final call on this.

49
After completion of these rounds of interview and assessment the candidate is finally invited to

join the training program for a period of one month, during which he is awarded the license to

work with AEGON RELIGARE Company as an agent advisor.

Strategies Adopted

I have adopted a multi dimensional strategy for achieving my targets. The strategy

revolved around various activities like telecalling, Direct questionnaires, market

research/surveys , field work etc.

Prior to adopting these strategies I have prepared a database of different clients through

personal references and also databse of unknown clients provided by company.

Schedule
Contact the customer

Through telecalling Through personal calling

Convincing the customer about the services

Following the customer

Convincing to become an Advisor

50
 Providing complete information regarding benefits

Findings and data analysis;

Recruitment of advisors:- In insurance industry advisors play most important

role, and these advisors are recruited through different ways. Mainly four ways for

recruiting the advisors are-

1. Through personal references.

2. Through advertisements.

3. Through walk in interviews.

4. Through placement agencies.

Recruitment_Personal reference

Response Frequency Percent

yes 24 88.9
no 3 11.1
Total 27 100.0

51
Recruitment_Advertisement

Response Frequency Percent

yes 10 37.0
no 17 63.0
Total 27 100.0

Recruitment_Interviews

Response Frequency Percent

yes 12 44.4
no 15 55.6
Total 27 100.0

Recruitment_Placementagencies

Response Frequency Percent

no 27 100.0

52
So most of the companies are recruiting their advisors through personal reference and

through advertisement, some companies are recruiting their advisors through walk in

interviews also, but none company is recruiting their advisors through placement

agencies.

Through placement agencies

Through walk in interviews

53
Making advisors active:

To get efficient work from their advisors companies do some practices to make them

active. some practices are-

1. By increasing incentives.

2. By offering higher channel position.

3. By awarding them non cash prizes.

4. By giving them training session.

Active_Incentives

Response Frequency Percent

yes 7 25.9
no 20 74.1
Total 27 100.0

Active_Higher channel position

54
 Response Frequency Percent
yes 6 22.2
no 21 77.8
Total 27 100.0

Active_Noncashprizes

Response Frequency Percent

yes 10 37.0
no 17 63.0
Total 27 100.0

Active_Training session

55
 Response Frequency Percent
yes 14 51.9
no 13 48.1
Total 27 100.0

So most of the companies are giving training session and awarding non cash prizes to

make their advisors active, some of the companies are increasing incentives and offering

higher channel position to make their advisors active.

56
Recruitment of advisors through personal reference and
making them active:-

Recruit

Companies, recruiting their advisors through personal reference are doing practices to

make them active in under mentioned numbers.

14 57
By increasing incentives- 6 (17.65%)

By awarding non cash prizes- 9 (26.47%)

By giving higher channel position- 5 (14.71%)

By giving them training session- 14 (41.78%)

So companies are concentrating on training session and awarding non cash prizes to make

their advisors active

Recruitment of advisors through advertisement and making

them active:-

Recr

Companies, recruiting their advisors through advertisement are doing practices to make

them active in under mentioned numbers.

5

58
By increasing incentives- 4 (26.67%)

By awarding non cash prizes- 4 (26.67%)

By giving higher channel position- 2 (13.33%)

By giving them training session- 5 (33.33%)

So companies, recruiting their advisors through advertisement are concentrating on

increasing incentive, awarding non cash prizes and training session.

Recruitment of advisors through walk in interviews and

making them active:-

59
 Recrui

Companies, recruiting their advisors through walk in interviews are doing practices to

make them active in under mentioned numbers.

By increasing incentives- 4 (23.52%)

By awarding non cash prizes- 6 (35.3%)

By giving higher channel position- 3 (17.6%)

By giving them training session- 4 (23.52%)

So companies, recruiting their advisors through advertisement are concentrating on

increasing incentive, awarding non cash prizes and training session.

60
 SURVEY OF AGENCY ADVISOR

The aim of the survey was to find the out what are the factors that motivate an insurance

agent advisor and also to find out how the organization can help the agents in improving

their performance. The survey was carried out on a sample size of 30 agent advisors of

AEGON RELIGARE It was questionnaire based survey in which I personally sat with

each and every sample and discussed the various question. This practice though time

consuming help me in bringing out the best results as I could not get the most intriguing

answers and also the agents and advisor felt more comfortable in giving their genuine

feedback and suggestions. The survey was carried over a period of one month and each

say was an enriching experience as each day the agent advisors had some enriching

experience to share. During the duration of one month I tried to cover agent advisors from

various demographics. For example I tried to cover equal number of tenured agents and

61
the newer once. I also made a point to cover the agent advisors of all age groups and I

was happy to observe that different age groups had different view about the various

aspects covered in the survey. The survey also gave me an opportunity to interact with a

good number of agent and advisors which was a very rewarding experience. In the

subsequent pages I will share with you the finding of the survey. This survey revealed

some interesting facts about the motivational needs and expectations of the agent

advisors. More than 60% of the advisors who work with AEGON RELIGARE currently

have their own business or other job and the primary reason why they have joined

AEGON RELIGARE is extra money.

The graph below shows the various factors which motivate the agent advisors.

62
 motivating factor

money
12
10 rec ognition
8
as sociation with
6 an organis aation
4 influenced by
2 others succ es s
ha d freet im e
0

From the graph it is evident that most of the agent advisors working with AEGON

RELIGARE are motivated by the kind of money that they can make in the business. The

other factors which motivate them are recognition and association with a multi national

organization. There are few who motivate themselves by the success of the other agents.

A handful of people do not actually have any thing to motivate them, they are working

with AEGON RELIGARE to spare time.

CHARACTERISTICS AN AGENT ADVISOR SHOULD POSSESS?

63
The agents and advisors have also given some important feedback about the important

characteristics which an AEGON RELIGARE agent advisor should possess. The results

are shown with the help of a graph below.

characteristics

30%
25%
patience
20% comunication
15% relation building
10% persistence
5% hardworking
0%
1

The agents feel that communication is the most important characteristics that an advisor

should possess, followed by patience and the ability to work hard. Therefore the

management of AEGON RELIGARE should give emphasis on developing the

communication skills of the agents. Also as an advisor makes most of his appointments

over the phone, there should be greater emphasis on soft skill development in the training

module.

Most of theAEGON RELIGARE agents advisor feel that they are growing with the as

rate as which the insurance industry is growing which is a very good sign, how ever there

are a few percentage

64
Who feel that they are not growing as fast as the industry is, and they feel that the reason

for not growing is their lack of time devotion and hard work.

The feedback of the agent advisors regarding the recruitment interview has been very

positive with the majority of the agent advisors saying that they are very pleased with the

entire recruitment process.

The graph given below shows the above said fact.

comfort with screening interview

80%

60%

40% comfortable
not comfortable
20%

0%
comfortable not
comfortable

Some of the agents felt that the presentation of the managers during the screening

interview is very impressive and that the way they project this career is very effective.

The fact that the manager had treated them like guests rather than an individual who is

seeking a work opportunity left a lasting impression. The advisors also feel that the career

seminar had helped in making up their mind to a great extent. However a good percentage

65
of the agents surveyed had not attended the career seminar which means that a number of

prospect do not get an opportunity to attend the seminar and therefore the company might

lose a potential top performer.

The graph below:

Those there were mixed reaction about other things but a majority of the advisors had a

similar opinion about the training program. This can be seen in the graph given below

66
 satisfaction with training program

100%

80%

60% sat isfied

40% uns at isfied

20%

0%
s atis fied uns atisfied

The agent and advisors also feel that the success of the advisor in bringing good business

is also due to the world class Training program.

How many agents are satisfied with the overall recruitment process? The agent

advisor gives a good number of feedback and suggestions which have been discussed

below.

67
 % OF RECRUITMENT SATISFACTION

80
70

60
50
Satisfied
40
Not Satisfied
30
20

10
0

Awareness of people about aegon religare life Insurance Company

About65% of the respondents are aware aegon religare Company by the

advertisement that they watch, have heard the name of the company from their family

members and friends aegon religare as in the market for not more than 1 Years but the

popularity found in the survey was tremendous , so the way publicity done by aegon

religare is very effective.

1. Are you aware of the various company policies?

68
1) Yes 2) No
Konwledge of Company Policies

Yes 95%
No 5% Yes
No

Almost all the employees are aware of

the company policies. Some people who are trainees and on contract basis don’t have

idea about all the policies.

2. Are your doubts regarding the work are cleared urgently?

1) Yes 2) No
Doubt Status
Yes 89
No 21

Yes

Doubts regarding the work are cleared on very No

urgent basis as to complete the work within the

given time span.

3. Which criteria are given more importance at the time of interview?

Options Given Percentage

Experience 5%
Qualification 45%
Technical Skills 10%
All 40%
Total 100%

69
 Experience

Qualification

Technical Skills

All

This graph shows that company preferred mostly qualification as well as all combination

of all the skills, which includes qualification as well as experience.

4. Are you satisfied with companies policy?

Options No. of Respondents

Yes 83
No 17
Total 100

70
 90
80
70
60
50 yes
40 no
30
20
10
0

This graph shows that 83% says quality claims are true and17% says false.

5. Do you think the activation and promotion of aegon religare is better then
its competitors?

Options No. of Respondents

Yes 59
No 41
Total 100

71
 60

50

40
yes
30 no

20

10

This graph shows that 59% think activation and promotion of product is good and 41%

think its not.

72
 Comparative Study of Advisors Recruitment

COMPANIES QUALIFICATION AGE GROUP SECTOR FEES

(Rs.)
HDFC 12th Above 24 All Sector 1050

Bajaj Allianz Graduate Above 30 Only from 1000

business and
service class
excluding
financial sector.
Birla Sunlife 12th 20-35 All Sector 1000

Aegon Religare Graduate Above 25 All Sectors 850

excluding
Govt.Employees

73
 Findings # 1

Male Vs Female Respondence

27%

Male
Female

73%

Finding-1 shows the difference between the male & female respondent

who are selected as a new advisor the male dominant over female. There is

a big difference between the male & female advisor.

74
 Findings # 2

Marital Status of Respondent

39%

61%

Married Unmarried

Finding –2 shows the martial status of new advisors. Out of 100

advisors selected 61 are one married which is a good sign because they

are much more aware insurance and 39 unmarried.

75
 Findings # 3

Age of
Respondent

18% 2%

53%
27%

Less 25 25-35 35-45 Above 55

Finding-3 shows the age group of selected advisors are quiet

encouraging. 53 % are over age of 55 years which is quite good

for company because they much more trusted by the prospect

than the other age group.

76
 Findings # 4

Qualification Of Respondent

27% 16%

57%

12th Graduation Post Graduation

Finding-4 shows most of the selected advisors have a good qualification.

Most of them are graduate and post graduate.

77
 Findings # 5

Dependent Of Respondent

15%

23%
62%

None Two Above Two

Finding-5 shows, because 61% advisors are married so the dependent

person on them are same.

Findings #6

Annual Family Income of

Respondence

7% 23%
17%

53%

Less 100000 100000-200000

200000-400000 Above 400000

78
Finding-6Most of the new advisors have a very good family

support. The annual family income of most of the new advisors

are over 10,000 which is very encouragement

79
 Findings # 7

Interest In Extra Earning

24%

76%

Yes No

Finding-7shows selection is advisors in base on commission

basis so there is always a big possibility of extra income. Hard

working advisors can earn more then expectation, because their is

no limit of earning. If a advisors sell more policy he can get

more commission so there know limitation on earnings. .

80
81
 FINDINGS ABOUT THE
SELECTIONS OF NEW ADVISOR

• FINDINGS Most of the people are satisfied with their work profile. They are

not interested in earning more via insurance industry.

• Most of the people felt that the training procedure is quite tough for become a

life advisor due to their circumstances.

• The prospective advisors for this kind of job are Professional, retired

personnel from public or private sector, housewives, advocates, student, other

agent (i.e. Post Office Agent), and anyone who have good contact etc.

• Most of the people do not know about broker, corporate agents and bank

assurance; they rely on their agents only.

• People don’t take seriously the prospects of selling insurance, which can

return them more than satisfactory benefits and commission if they do it

effectively.

• Most of the people prefer to become an advisor for Life Insurance Corporation

of India rather than for private companies due to the strong feeling about

Govt. concern.

• Some people have their doubts on the credibility and long stay of private

insurance companies.

82
 • Many people shows the postponement attitude towards become an advisor for

insurance selling.

• Some people who want to earn more not admire the profile of life advisor due

to marketing aspect.

• Because of less advertising many people lacking facts about private life

insurance companies.

• The agents and advisors find that the career seminar is a very important tool in

selling the agency as a career and most of them have been influenced by this.

• The agents and advisors are very satisfied with the training program at AEGON

RELIGARE and believe that is it one of the reason for their success.

• A good number of agents feel that there should be more policies for the children

• A good number of agents are not satisfied with the facilities provided by the

management. They would like the company to increase the number of telephone

in the agent area and also make the camp shop more efficient

• The agent advisors also felt that they are not given regular updates on the position

of the application that they have submitted.

83
• The agents are happy with the kind of support they are getting from the

management, but some feel that the management should be more supportive

towards non productive agent

84
SUGGESTION

85
 SUGGESTION

• AEGON RELIGARE Life Insurance needs more publicity.

• AEGON RELIGARE Life insurance should focus more on young and low aged

people that is between 25-35 because they are more energetic and money

oriented.

• Advertising of the insurance product should be used to create awareness with brand

identity.

• Information should be correctly communicated with their respective people for

increasing brand loyalty.

• With the help of excellent services they can develop the position in front of

customer. This is one thing that private players can do.

• The processing fees for becoming an advisor is Rs825.This should be borne by the

company as it acts as a deterrent in converting prospects into advisors.

• Newspaper/Magazines and television are the most effective medium of advertising

life insurance. So they utilize these medium for popularity.

• Insurance advisors should be well trained because they are the people who

directly fulfill the motive of concern.

86
RECOMMENDATIONS

87
 RECOMMENDATIONS

• AEGON RELIGARE Life Insurance should start recruiting advisors through

placement agencies. By practicing this Aegon religare more capable advisors who

can work efficiently. Inactive advisors kind of thing would not happen.

• To increase awareness in rural market Aegon Religare life Insurance in villages and

small towns. This can be done by putting kiosk in fairs and festival melas

organizing in villages.

• Most of the agents and advisors feel that communication is the most important

characteristics that an advisor should possess. And as the agents take most of their

appointments over the phone, the training module should contain program which

would train them on soft skills and telephone etiquette.

• Most of the agents and advisors are not satisfied with the working of the camp

shop, therefore some measures should be taken to make it more effective and

spontaneous.

• Since money is the most important motivating factor, the company should make

regular updates in the reward and recognition program, as many agents and

88
 advisors feel that the rewards and recognition system are not enough remuneration

for their hard work and commitment.

• There is a need for refreshment for the clients who visit the office. Unable to do

so might leave a bad impression in the minds of the client about the organization.

89
LIMITATIONS

90
 LIMITATIONS

 Some of the respondents were not cooperative.

 Some respondents were hesitating to give business details.

 Biasness is another limitation that the scope of the survey.

 The reliability and scope of survey greatly relies on the cooperation of the

respondents.

91
CONCLUSION

92
 CONCLUSION

• Insurance companies are recruiting their advisors mainly through personal reference,

through advertisement, and through walk in interviews. None of the company is

recruiting their advisors through placement agencies. But some companies have

started recruiting their advisors through placement agencies as a trial basis.

• Those advisors who are recruited through personal references need more training

session and company has to put effort to make them active. Most of the companies are

giving training session to advisors to make them active. Only one or two companies

are providing higher channel position and increasing incentives to make them active.

• Most of the insurance companies have started recruiting agency manager and high

posted people from professional colleges to improve efficiency of the insurance

company.

• Insurance companies are deploying their products mostly based on customer needs

and demands. Insurance companies are not doing enough market researches to know

the potential of the market.

• Branch managers of most of the companies think that providing better service quality

is the best tool to compete in the market. Better service quality may be in the form-

1. Issuing policy in time.

93
 2. Providing claims in time.

3. Making customers aware about their status of policy.

• Promotion activities and publicity campaigns of AEGON RELIGARE LIFE

INSURANCE are not up to the mark.

• Telephonic appointment fixing and then meeting the client seems to be the best

way to get some valuable time out of the corporate.

• The first and foremost objective was to identify people who can take up the

financial consultant with AEGON RELIGARE LIFE INSURANCE , so the main

focus was to identify the locations where we can meet a good number of

people in time . As per researcher it is mainly the crowded place like shopping

malls , BSNL office , and corporate

• As the entire exercise was mainly limited to identify financial consultant, the

specific guidelines laid by the company where mainly sex , age , qualification

, profile and social contacts.

• Lastly, since the researcher used to meet a lot of people it was quite evident

that everybody’s profile won’t match the desired qualification for becoming a

financial consultant. This prompted as to identify at least some prospects that

can take various plans available with the company.

94
 AEGON RELIGARE LIFE INSURANCE has maintained a good reputation for its

services and policies. Recruitment procedure & policy is very important to any

organization in today’s business world as it helps to select & recruit the right candidate

for the right work followed properly. It helps to accomplish organizing goals & objective.

Recruitment & Selection is sun function of staffing where fitting up of all organizational

position with adequate, qualified competent & efficient personal.

95
BIBLIOGRAPHY

96
 BIBLIOGRAPHY

1. Recruitment Process Review- AEGON RELIGARE

2. Monthly Magazines of Recruitment Process-

Franklin Templeton.

3. Human resource and personnel management-

Aswathappa. K.

4. Websites:

a) www.aegon religare.com

b) www.google.com

QUESTIONNAIRE FOR THE RECRUITMENT OF ADVISOR

97
 QUESTIONNAIRE

1. Name _________________________________

2. Address _________________________________

________________________________

3. Age

a. Less than 25 c. 35-45

b. 25 – 35 d. 45 and above

4. Qualification

a. Graduate c. Diploma

b. Postgraduate d. Other discipline

5. Occupation

a. Business c. Job holder

b. Professional d. Other

6. What is your average annual income?

a. Up to 1 lakh

b. 1 lakh to 3 lakhs

c. 3 lakhs to 5 lakhs

98
 d. 5 lakhs and more

7. Your family size

a. Below 5 members

b. 5 – 10 members

c. Above 10 members

8. According to you life insurance is,

e. A tax saving plan

f. A saving scheme with good return

g. A financial security for the family

h. Risk coverage

i. All the above

9. Have you taken any life insurance product of Aegon Religare Life insurance?

YES NO

If yes

10. Which are in these?

j. Unit gain plan

k. Invest gain plan

l. Whole life plan

m. Children plan

n. Pension plan

o. Others __________________

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 10. Are you aware of the benefits in your policy?

Yes No

If yes what are they?

 Sum assured

 Additional benefits

 Maturity date

 Risk coverage

11. According to you what are the disadvantages in an insurance plan?

 Lapsation

 Liquidity

 Fixed term

 Unable to decide your premium

 Unable to decide the sum assured

 High risk coverage at high premiums

 Other disadvantages

12. In which of the following would you like to invest?

 Equity fund

 Debt fund

 Balanced fund

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  Cash fund

 Mutual fund

 Recurring deposits

13. Any suggestion for Aegon Religare Life Insurance

______________________________________________________

______________________________________________________

Thank you for sparing your valuable time

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