A project report on joint venture

SAAB MARFIN MBA

INTRODUCTION

1
Max New York Life Insurance Company Ltd”. is a joint
venture between New York Life

SAAB MARFIN MBA

This project report has been completed in the interest of Max New York
Life Insurance Company Ltd. (Faridabad Branch). This project report
concerns with the study of selection and recruitment map for Agent and
“Max New York Life Insurance Company Ltd”. is a joint venture between
New York Life, a Fortune 100 company and Max India Limited, one of
India's leading multi-business corporations.

“Max India limited” is a multi-business corporate, driven by the spirit of
Enterprise, focused on Knowledge, People and Service oriented
businesses of Healthcare and Life Insurance.
Founded in 1985, Max India Limited is a Public Limited company listed in
the NSE and BSE of India with over 37,000 shareholders.

“New York Life Insurance” is one of the largest providers of life
insurance coverage in America. It has been ranked at Fortune 68, in the
2005 Fortune 500 listing of companies.
A Fortune 100 company founded in 1845 is the largest mutual life
insurance company in the United States and one of the largest life
insurers in the world. Headquarters located in New York City. New York
Life is a family of companies offering life insurance, annuities and
long-term care insurance.

The project’s main objective is to make a close observation on the
selection and recruitment process of agent and advisors and conducting a
survey to find the individuals who would like to make a career in Max
New York Life as an Agent and Advisor.
This project also highlights the scope, limitations and recommendations
of the study.

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And this entire project provided me an opportunity to know the corporate
world and of course the job opportunities available in the life insurance
sector.

BRIEF PROFILE OF THE INSURANCE INDUSTRY

Insurance is essentially a social device to reduce or eliminate risk of loss
to life and property. The risks which can be insured against include death,
fire, the perils of sea, accidents and burglary. Any risk contingent upon
these may be insured against at a premium commensurate with the risk
involved. The insurance business is divided into life insurance and
non-life (general) insurance, which includes fire, marine, social, and
various other forms of insurance. The life insurance industry across the
world has evolved over many decades; it is based on the principle of
insurance being a collective bearing of risk, which offers individuals an
opportunity to protect themselves.

“A large number of people form an association that shares the risks faced
by individuals.”

INSURANCE INDUSTRY

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LIFE INSURANCE NON-LIFE (general)
INSURANCE

INSURANCE REGULATORY & DEVELOPMENT
AUTHORITY (IRDA)

Insurance Regulatory and Development Authority (IRDA) was constituted
in 1999 by an Act of Parliament to protect the interests of the
policyholders and to regulate, promote and ensure orderly growth of the
insurance industry. IRDA consists of a ten member team that comprises a
Chairman, five whole-time members and four part-time members.

IRDA allows registration of new players in the insurance field. It also has
the authority to renew, modify, withdraw, suspend or cancel such
registration. IRDA ensures protection of the interests of the policy holders
in matters concerning assigning of policy, nomination by policy holders,
insurable interest, settlement of insurance claim, surrender value of
policy and other terms and conditions of contracts of insurance. It

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specifies requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents.

After creation of IRDA, insurance sector has seen tremendous growth.
Before IRDA came into force there were only a few players in the
insurance field, namely, Life Insurance Corporation of India (LIC) and
General Insurance Corporation of India (GIC). Since then 23 new players
have entered the insurance sector.

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COMPETITIVE STRUCTURE OF LIFE INSURANCE
IN INDIAN SCENARIO

The competitive market of Life insurance in Indian scenario is very big. At
present there are as many as fourteen major players in the Indian market.
India’s leading life insurance companies with a clear focus on providing
best in class life insurance solution to our customers are:
Aviva Life Insurance India
Bajaj Allianz
Birla Sun Life Insurance
HDFC Standard Life
ICICI Prudential
ING Vysya Life Insurance
Kotak Mahindra Old Mutual
LIC
METLife India Insurance
Reliance Life Insurance
SBI Life Insurance
Shriram Life Insurance
Max New York Life.

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MAX NEW YORK LIFE
INSURANCE COMPANY LTD.

A JOINT VENTURE BETWEEN

NEW YORK LIFE

AND
MAX INDIA LIMITED
VISION STATEMENT OF MNYL

“Helping bring millions of wishes come to life in our journey to become
the most admired life insurance company in India”

MISSION STATEMENT OF MNYL

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Become one of the top quality 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

COMPANY PROFILE

Max New York Life Insurance Company Ltd. is a joint venture between
India's leading multi-business corporations.
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. The
strategy is to establish itself as a trusted life insurance specialist through
a quality approach to business.
Max New York Life is the first life insurance company in India to be
awarded the IS0 9001:2000 certification.

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Max New York Life was among the top 25 companies to work with in
India, according to 2003 Business World magazine, "Great Workplaces In
India", Max New York Life was ranked at the 20th position. This survey is
the local version of the "Great Places To Work" survey carried out every
year in 22 countries.
Max New York Life was among top five most respected private life
insurance companies in India according to a 2004 Business World survey.
Max New York Life has truly built an enviable sales force. With 362 agents
becoming members of the MDRT in 2006, Max New York Life has moved
up in the Top 50 MDRT global list.
Max New York Life offers a range of flexible products. It now has 26 life
insurance products and 8 riders that can be customized to over 400
combinations enabling customers to choose the policy that best fits their
need.

MNYL

MAX INDIA NEW YORK LIFE
LIMITED

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MAX INDIA LIMITED

“Max India limited is a multi-business corporate, driven by the spirit of
businesses of Healthcare and Life Insurance.”
Founded in 1985, Max India Limited is a Public Limited company listed in
the NSE and BSE of India with over 37,000 shareholders.
Today, Max India Limited is a multi-business corporate, driven by the
spirit of

businesses of:
Healthcare (Max Healthcare)
Life Insurance (Max New York Life Insurance)
Clinical Research (Neeman Medical International)

Max also maintains interests in:
Specialty Plastic Products for the packaging industry (Max Speciality
Products)
Healthcare Staffing (Max Health Staff)
Prominent shareholders are Mr Analjit Singh and a leading private equity
firm, Warburg Pincus which accounts for 28.7% of the total shareholding.
The balance shareholding is held by the public and Institutional Investors.

Board of Directors- Max India Limited
Dr Bhai Mohan Singh Lifetime Chairman Emeritus, Max India

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Mr Analjit Singh Chairman, Max India

Dr S S Baijal Former Chairman, ICI Ltd.

Mr N C Singhal Former Vice Chairman & MD, SCICI

Mr N Rangachary Former Chairman, IRDA

Mr Nitin Sibal Vice President, Warburg Pincus India Pvt. Ltd.

Mr Piyush Mankad Former Secy., Ministry of Finance, Govt. of India

Mr Ashwani Windlass Former Managing Director, Hutchison Max Telecom
Ltd.

Mr Bharat Sahgal Managing Director, Warburg Pincus India Pvt. Ltd.

Mr B Anantharaman Jt. Managing Director, Max India

NEW YORK LIFE INSURANCE

New York Life Insurance is one of the largest providers of life insurance
coverage in America. It has been ranked at Fortune 68, in the 2005
Fortune 500 listing of companies.
A Fortune 100 company founded in 1845, is the largest mutual life
insurance company in the United States and one of the largest life

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insurers in the world. Headquartered in New York City, New York Life’s
family of companies offer life insurance, annuities and long-term care
insurance.
New York Life Investment Management LLC provides institutional asset
management and retirement plan services. Other New York Life
affiliates provide an array of securities products and services, as well as
institutional and retail mutual funds.
The mission of New York Life is to maintain its superior 'financial
strength', adhere to the highest standards of 'integrity' and demonstrate
'humanity' by treating its customers, agents and employees with
compassion, consideration and respect.
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.”
“As a leader in the insurance industry, New York Life continues to bring
to its operations new management concepts, advanced technologies, new
distribution and training systems and innovative insurance products.”

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GLOBAL AND ECONOMIC OUTLOOK OF MNYL
Max New York Life Insurance Company Ltd. is a joint venture between
India's leading multi-business corporations. 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. The strategy is to
establish itself as a trusted life insurance specialist through a quality
approach to business.
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 is Rs. 657 crore, which is more
than the norm laid down by IRDA.
Max New York Life is the first life insurance company in India to be
awarded the IS0 9001:2000 certification.
Max New York Life was among the top 25 companies to work with in
India, according to 2003 Business World magazine, "Great Workplaces In
India", Max New York Life was ranked at the 20th position. This survey is
the local version of the "Great Places To Work" survey carried out every
year in 22 countries.
MNYL is among the top five most respected private life insurance
companies in India according to a 2004 Business World survey.
MNYL has truly built an enviable sales force. With 201 agents becoming
members of the MDRT in 2005, Max New York Life has moved up in the
Top 50 MDRT global list.
“Indian Insurance market is expected to be around $25 billion by 2010.
Expected CAGR of over 20% p.a.”

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Largely untapped market: about 0.6% of the global market for 17% of the
world’s population.
Strong economic growth with increase in affluence and rising risk
awareness leading to rapid growth in the Insurance sector.
The life insurance sector has grown by 35 per cent in terms of new
business premium last fiscal.
The new premium pie has grown to Rs 35,898 crore, from Rs 26,602
crore in the previous year.

Max New York Life Insurance Co Ltd (MNYL) proposes to increase its paid
up capital from the existing Rs 250 crore to Rs 300 crore in view of the
growing business volumes.
LIC's market share has been further reduced to 71.4 per cent from 78.1
per cent. Among the private player.
Bajaj Allianz Life grew by 216 per cent and clocked in new business
premium of Rs 2,715.6 crore. The company cornered a market share of
7.56 per cent.
ICICI Prudential on the other hand garnered premium of Rs 2,637 crore
and holds a market share of 7.35 per cent.

Total estimated investment opportunity of $4-5 billion.

OBJECTIVES OF THE COMPANY
To provide better services to the MNYL customers by knowing
their needs

Become one of the top quartile life insurance companies in India

Be a national player

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Be the brand of first choice

Be the employer of choice

Become principal of choice for agents

To increase the service network

To spread knowledge of life insurance among people and telling
them the importance of life insurance

Providing investment opportunities to public, and

To increasing the holding in the Indian market

ORGANIZATIONAL HIERARCHY

The organizational hierarchy of MNYL is as similar as most of the other
corporate groups.
The Top Management is headed by

Analjit Singh
Chairman,
Max India Limited

Gary R. Bennett
Managing Director and Chief Executive Officer,
Max New York Life Insurance Company Ltd.

Anuroop 'Tony' Singh
Vice Chairman,
Max New York Life Insurance Company Ltd.

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Joseph Gilmour
President and Chief Executive Officer,
New York Life International.

The middle management comprises of

Regional manager

Managing partner

Partner

Associate partner

Sales manager/ Assistant sales manager, and at last

Agent & advisors.

CHAIRMAN

CHIEF EXECUTIVE
OFFICER

MANAGING
DIRECTOR
REGIONAL
MANAGER
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MANAGING PARTNER
PARTNER

SAAB MARFIN MBA

Figure 1

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ORGANIZATION STRUCTURE

The organization structure of MNYL comprises of the following major

departments.

Human Resource Sales

Finance & Accounts Organizatio
dmm
Operations nal
structure
s
Under writers Acturian dept.
Medical
Financial

Training dept. Product management
Figure 2

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BRANCHES OF MNYL
REGISTERED OFFICE

Max New York Life Insurance Company Limited,
Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla,
New Delhi - 110020
Tel: (011) 6933610

HOME OFFICE

Max New York Life Insurance Company Limited,
11th Floor, DLF Square Building,
Jacaranda Marg, Phase II,
Gurgaon - 122002
Tel: (0124) 2561717

BRANCH OFFICES:

AHEMDABAD CHANDIGARH MOGA MUMBAI

AGRA CHENNAI LUDHIYANA NASIK

AMRITSAR COCHIN KOTTYAM NOIDA

BANGLORE COIMBATORE KOLLAM PATIALA

BHATINDA DEHRADUN KOLKATA PUNE

BHOPAL DELHI KANNUR SANGRUR

BHUWANESHWAR FARIDABAD HYDERABAD SURAT

CALICUT GOA GURGOAN TRICHUR

TRIVENDRUM VIJAYWARA VISHAKHAPATTNAM AURANGABAD

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UDAYPUR VADODRA AJMER KOTA

MILLION DOLLAR ROUND TABLE

A world wide organization of the top producers of the life
insurance sales.

74 participating nations and territories

New York Life is the no.1 in the MDRT membership 50 years in a
row

MNYL leads the MDRT among Indian private insurers

MNYL is in Top 100 MDRT global lists-(ranked 49th).

“362 MNYL Agent Advisors have qualified for the 2006 MDRT.”

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THE RESEARCH PROCESS

DEFINING THE RESEARCH
OBJECTIVE

DEVELOPING THE RESEARCH PLAN

COLLECTING INFORMATION

ANALYZING THE INFORMATION

INTERPRETING THE FINAL RESULTS

Figure 3

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RESEARCH METHODOLOGY

“Research methodology is a way to systematically solve the research
problem.”
In it we study the various steps that are generally adopted by a researcher
in studying his research problem along with the logic behind them.

DEVELOPING THE RESEARCH
PLAN
The second stage is the most important stage because in this stage we
have to make an efficient plan for collecting the information about the
project report.
The research plan includes
Data sources
Research approaches, and
Research instrument.

Data sources:

There are two ways of collecting data for the research,
Primary data, and
Secondary data.

To conduct a research, the researcher has to gather primary data
secondary data.

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In this project report the research is based on both i.e., primary as well as
secondary data.
And for collecting the primary data the following persons are contacted
Collegiate (through questionnaire method)
Business men (through questionnaire method)
Service people (through questionnaire method) etc…
The secondary data has been collected from
Internet
Catalogs and
Booklets etc…

Research approaches:
This project report is based on the observational and descriptive research.
Observational research is that research in which, the research is
done by researcher through observing the situations related to the
research project and interpreting them. Where as in descriptive
research the research based on the secondary data or past findings
conducts the research by describing conditions or circumstances.
Research design:
“A research design is the arrangement of condition for collection
and analysis of data in a manner that aims to combine relevance to
the research purpose with economy in procedure”.
Types of research design:
Descriptive research
Analytical research
Fundamental research
Exploratory research
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Conceptual research
In this project largely the secondary data has been used for drawing the
inferences and primary data is also collected through survey limited to
the Faridabad only.

Research instrument:
The instrument which is used for the survey is the questionnaire method.

Questionnaire method:
A questionnaire consists of set of questions presented to different people,
due to its flexibility the questioner is the most common instrument used
for collecting the primary data.
This questionnaire consists of eight questions related to persons
Personal details
Occupation
Qualification
And certain questions related to his view about joining MNYL as an agent
and advisors.

SIZE OF THE REPRESENTATIVE SAMPLE
The sample size is limited to the Faridabad city only.
The sample size which is of 100 people comprises following respondent...
Students (collegiate)
Business men
Service people
Retired persons etc…

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REVIEW OF LITERATURE

Once the objective of the study is formulated the researcher should
undertake extensive literature survey connected with the objective of the
study. For this purpose the researcher should look into the already
available information about the concerned topic, and then he should refer
it and see it, if it is useful for him or not. This information he could
gather from the following sources

Public library
Academic journals
Conference proceedings
Government reports
Books
Earlier reports and from other organizations.

RECRUITMENT:

It is understood as a process of searching for and obtaining applicants
for jobs, from among whom the right people can be selected.

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PURPOSE AND IMPORTANCE

Determining the present and future requirements of an
organization.
Identifying and preparing potential job applicants.
Increasing organizational and individual effectiveness.
Increasing the pool of job candidates at minimum costs.

FACTORS GOVERNING RECRUITMENT:

External
Internal

External factors are those factors which the organization adopts through

Print media
Advertisements
Seminars
Campus recruitment
Employment exchanges etc…

Internal factors are those factors which the organization uses from its
own employees. It includes

Present employees
Employee referral
Former employees and former applicants etc…

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RECRUITMENT PROCEDURE MAP

This process starts from day-1 and goes up to
day 12

Additiona
l
Interview

Career
interview

Evaluate P200 &
survey

Career seminar/ administer
P200

Selection
interview

Screening
interview
Name gathering
(internal)

Figure 4

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Name gathering

In this the prospective agent is asked to gather as many names as
possible from internal sources.

The purpose is to build steady pipeline of contacts.

It should also follow the “rule of 31”

Rule of 31

Gather 3 new names of prospective agents’ everyday.

Arrange 1 screening interview appointment everyday.

Initial screening interview
It is done if the person fits to the “initial 5.”

Purposes- does he meet the initial 5

Is he worth taking through our tests outcome?

Selection interview
It comes after initial screening. It is done to test the conviction and
sustainability of a career.

Tests
In this a test is conducted by the recruiter.

The test comprises numerical ability test and reference checks.

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Career seminar
A seminar is organized by the recruiter for the persons recruited as agent
and advisors.

P-200
It provides an idea to the agent about his initial market from where the
agent can get a list of probable buyers.

Evaluate P-200/ Market survey
In this the agent evaluates its initial market and get referred leads and at
this point he is ready to accept this opportunity as a career.

Career interview
In this the agent is reviewed for its past performance.
And the recruiter checks the agent’s motivation, dreams and
longevity.Now the candidate is ready to join it as a career.

Application forms
In this the application form is given to the agent and he is asked to
contact the person who wants to be insured or ready to invest according
to his needs.

ROLE OF AN AGENT ADVISOR
Identify future customers

Make appointments

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Conduct meetings and review their financial situations

Provide customized solutions

Close sales

Get references

Provide the deliverables coupled with excellent services.

TRAITS OF AN AGENT & ADVISOR

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CONFIDENCE

TO BECOME TRAITS OF SELF
FINANCIALLY AN AGENT MOTIVATION
INDEPENDENT &
ADVISOR

RELATION-
SHIP
SKILS

Figure 5

RECRUITMENT PYRAMID OF MNYL
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2
CONTRACTED

CAREER INTERVIEW
4

6
P-200

8
CAREER SEMINAR

16
NAT/ ARIF

20
SCREENINGS

60
QUALIFIED NAMES

Figure 6

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RECRUITMENT PROCESS

NAME INITIAL SELECTION
GATHERING SCREENING INTERVIEW
INTERVIEW

TEST

CAREER
SEMINAR

APPLICATION
FORM
P-200

CAREER INTERVIEW MARKET
SURVEY

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Figure 7

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OBJECTIVE OF THE STUDY

MAIN OBJECTIVE:

The main objective is to make a close observation on the selection and
recruitment process of the agents and advisors to Max New York Life.
In order to meet the main objective I did a survey to find out the
interested persons who wants to be a part of MNYL.
After the survey was conducted the collected data was tabulated and
analyzed to interpret the final results.
And necessary recommendations have been made.

SCOPE OF THE STUDY

This is an important project for the Max New York Life Faridabad (branch).
As the company is concerned about its recruitment procedure adopted
for selecting efficient persons as agents and advisors. Considering this
fact, I made a survey in the market concerning about the individuals who
would be interested in becoming Max New York Life agent and advisors
and further seeing it as a career opportunity.
This project will help the organization to know its potential market i.e.,
agents.
It also helps organization to find new and interesting ways to attract as
many persons as possible by presenting it as a career option. And also to
make a close observation on the selection and recruitment process of
MNYL in the Faridabad city.

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DATA COLLECTION:

Data collection is the process of collecting information related to the
project report. My It could be from any possible source available to the
researcher.
To conduct a research, the researcher has to gather primary data,
secondary data.

Primary data:

“Primary data are those which are collected afresh and for the first time,
and thus happen to be original in character.”
The researcher first looks for the secondary data to see whether the
problem can be solved without collecting the primary data.

Secondary data:
“Secondary data are those which have already been collected by
someone else and which have already been passed through the statistical
process.”

Secondary data provides a starting point for the research and offer the
advantage of low cost and readily availability.
Where as the primary data is freshly collected by the researcher and is
analyzed properly so that it can be interpreted properly and provides

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good results.
In this project report the research is based on both the data.

For collecting the primary data the following persons are contacted
Collegiate (through questionnaire method)
Business men (through questionnaire method)
Service people (through questionnaire method) etc…

The secondary data has been collected from
Internet
Business magazines
Catalogs
Booklets
Pamphlets etc…

After data has been collected by the researcher, the next step is to
analyze it.
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Data analysis is done through tabulation and graphs.
It is important so as to draw the conclusion about the project.

DATA ANALYSIS:

After data has been collected by the researcher, the next step is to
analyzing it. Data analysis is done through the help of tabulation and
graphs. It is important so as to draw the conclusion about the project.

FLOW CHART OF DATA ANALYSIS PROCESS

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PREPARING THE RAW DATA

TABULATING THE DATA

PREPARING CHARTS AND GRAPHS

INTERPRETING THE DATA

Figure 8

THIS DIAGRAM SHOWS THE PERSONS WHO COULD

BECOME THE AGENTS:

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Studen
ts

House Service
Wives men

AGENTS

Retired Busine
Person ss
s Men

Busine
ss
Women

Figure 9

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THIS TABLE EXPLAINS ABOUT THE PERSONS

CONTACTED FOR BECOMING AGENT ADVISOR WITH

DIFFERENT OCCUPATIONS.

Occupation Respondents

Collegiate 27

Business men 23

Service men 15

Business women 7

House wife’s 5

Retired persons 23

Table 2

This table shows that the persons who are more interested in becoming
the agent advisors are businessman, collegiate, and retired persons but
service people and working women are not that much interested.

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DATA ON THE PERSONS CONTACTED, WHO ARE

RESIDENTS OF FARIDABAD CITY

PERSONS OUT RESIDENTS NON-RESIDENTS
CONTACTED OF

Collegiate 27 23 4

Business men 23 20 3

Service men 15 15 0

Business 7 6 1
women
House wife’s 5 5

Retired persons 23 23 0

Table 3

It shows that the people who are interested in becoming the agent
advisors are largely the resident of Faridabad only.

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DATA REPRESENTING THE VIEW OF THE PROSPECTIVE

AGENTS

PERSONS OUT POSITIVE NEGATIVE NEUTRAL
CONTACTED OF

Collegiate 27 7 15 5
Business men 23 5 12 6
Service men 15 2 10 3
Business 7 0 6 1
women

House wife’s 5 1 4 0
Retired 23 4 11 8
persons

Table 4
(NOTE): This data is based on the basis of questionnaire

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This table shows the attitude of the contacted persons for becoming the
agent advisor of MNYL, and from it I come to know that many of them are
with negative attitude some of them are neutral and very less are of
positive attitude.

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THE DATA SHOWS THE MDRT QUALIFIED AGENTS

FROM 2001 TO 2006 FOR MAX NEW YORK LIFE.

This chart shows the number of MNYL agents who have qualified for the
MDRT and it shows that the qualifiers are increasing every year.
Chart 1
From Max New York Life’s (manual )

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Earnings, if business grows by just 10% P.A.

THIS TABLE SHOWS THE GROWTH IN INCOME OF

AGENTS ON THE BASIS OF THEIR COMMISSION

PERCENTAGES.

Year-1 Year-2 Year-3 Year-4
onwards

Avg.premium 12000
(Rs)

No. of cases 120
per year

commission 35% 7.5% 7.5% 5%

From Max New York Life’s(manual)
Table 5

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THIS GRAPH SHOWS THE INCREASE IN THE INCOME

OF THE AGENTS

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This graph shows the earning pattern of the agents, from it we come to
know that there are lots of opportunities available to earn good amount
of money, in a long term period he can earn a good amount.
Chart 2
From Max New York Life’s (manual)

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THIS TABLE SHOWS THE INCREASE IN THE INCOME OF

THE AGENTS

1st year Renewal Additional Agent total
commission Commission Business Referral
support fee

Yer 504000 90000 3000 597000
-1
Yer 737906 354811 127200 12000 1231917
-5
Yer 1188406 879586 127200 12000 2207192
-1
0
Yer 3032418 2834631 127200 12000 6056249
-2
0
Yer 7994999 8020190 127200 12000 16154389
-3
0

This table shows the earning pattern of the agents, from it we come to
know that there are lots of opportunities available to earn good amount
of money, in a long term period he can earn a good amount.

Table 6

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DATA INTERPRETATION
The data interpretation involves the representation of the data collected
and analyzed. And from this, it is revealed that there are many
opportunities for becoming an Agent advisor.

Ten reasons why you should become an Agent
Advisor with Max New York Life
Rewarding Career

As a Max New York Life Agent Advisor, you will help people realize their
dreams by fulfilling their financial goals. The difference you make to their
lives is more rewarding and satisfying than you could ever imagine.2 A
Successful Team By joining us, you will be a part of the country's finest
team of life insurance Agent Advisors. We had 201 MDRT members in the
year 2005. The Million Dollar Round Table is a global forum that salutes
the world's most successful Insurance Agents

Attractive Remuneration

We offer one of the best remuneration systems in the industry that not
only provides income for today, but also earnings for the future. What's
more, you can set your own income targets with a potential to earn as
much as you want for the rest of your life.

Independence

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SAAB MARFIN MBA

As an Agent Advisor, you will be a true entrepreneur. You have the
freedom to be your own boss, work for yourself, choose your own clients
and make your own money. All of this, without your having to make any
initial capital investment except for your time.

World-Class Training

We provide you with the best-in-class training systems, since that is what
differentiates Max New York Life Agent Advisors from the rest. Even if
you don't have previous experience in selling, our multi-dimensional
training programme conducted by our qualified in-house training
personnel, will make you a specialist in life insurance sales. Our training
programme is backed by New York Life Insurance University.

Commitment to Career Agency System

Our commitment to the Career Agency System means that, we support
you and your efforts not just today, but at every stage of your business.
We believe in encouraging our Agent Advisors to strive towards the
highest levels of success, throughout their careers. In fact, depending on
your performance, we also offer a management career option with the
company.

Infrastructure Support

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We have invested in creating a state-of-the-art infrastructure at each of
our offices. You will have access to the necessary tools, technology and
people support that will enable you to build a profitable long-term
business

Full Range of Products and Services

You can offer your customers over 400 product combinations of our
unique Products and Riders, to help them meet all their financial goals. In
order to give you a greater competitive edge, we are also continuously
working on newer and more innovative products.

Sales and Marketing Support

We support our Agent Advisors with innovative sales and marketing tools.
The Sales, Promotions and Marketing collaterals that we provide will help
you take your business to new heights.

Financial Strength

Max New York Life offers you and your customer unmatched financial
strength and solidity. Our paid-up capital of Rs.587 cores is higher than
the norms stipulated by the regulatory authority for insurance in India.

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FINDINGS OF THE STUDY

From this project report, it was revealed that there are many
opportunities available for the person who wants to be in the Life
Insurance business as an agent and advisors.
A prospective agent could see a bright future in terms of earning money
as well as seeing it as a career option.
But from the survey it was also brought into light that normally every
person is not willing to become an agent and advisor (what ever may the
reason be) although there are lot of opportunities available, due to this
reason the job of the recruiter becomes little difficult because every he
has to find out the new ways to attract the people.
This report also shows the attitude of the contacted persons for
becoming the agent advisor of MNYL, and these were there views…
Many of them are with negative attitude
Some of them are neutral and
Very less are of positive attitude.

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CONCLUSION

From this project report, it was revealed that there are many
opportunities available for the person who wants to be in the Life
Insurance business as an agent and advisors.
A prospective agent could see a bright future in terms of earning money
as well as seeing it as a career option.
But from the survey it was also brought into light that normally every
person is not willing to become an agent and advisor (what ever may the
reason be) although there are lot of opportunities available, due to this
reason the job of the recruiter becomes little difficult because every he
has to find out the new ways to attract the people.

This report also shows the attitude of the contacted persons for
becoming the agent advisor of MNYL, and these were there views…
Many of them are with negative attitude
Some of them are neutral and
Very less are of positive attitude.

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SUGGESTIONS

The company should increase its operation area in different
places i.e., places where the people still don’t know about
insurance.

The company should recruit its responsible executives from
rural areas also.

The company should take steps to educate and inform the
people from rural areas about the Life Insurance and its
importance also the company should conduct campaigning
programs in nearby rural areas i.e., in nearby villages.

The company should arrange frequent group seminars on career
building, which would highlight the importance of life insurance
to the general public.

The company should open its doors for all those persons who
would like to become the Agents.

The company should provide good and fair incentives and
commission to its agents.

Apart from all these the company should also introduce
personality development programs for its Agents and Advisors.

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LIMITATIONS OF THE STUDY

As per my convenience I have chosen the Faridabad city as my
research area, which limits its scope to other cities.

The sample size taken by me is limited to the 100 people only.

The time allotted to me for conducting research and for
completing the project report was limited, as the time frame was
of six weeks.

While conducting the research I come to know that People did
not take much interest in answering to me and it is hard to
convince them for it.

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BIBLIOGRAPHY

BOOKS:

Best, John W., and Kahn, James V., “Research In Education”, 5th Ed., New
Delhi: Prentice-Hall of India Pvt. Ltd., 1996.

Kothari C.R, “Quantitative Techniques”, New Delhi, Vikas Publishing
House Pvt. Ltd., 2002.

Kotler Philip, “Marketing Management”, Singapore,

Pearson Education Pvt. Ltd., 2003.

WEBSITES:

www.maxnewyorklife.com
www.sbilife.com
www.irda.com
www.iciciprudential.com

OTHER SOURCES:

(From organization)

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Agent’s manual

Sales manager’s manual

Brochures

Pamphlets etc…

ANNEXURE

Questionnaire for recruiting Agent and Advisors

Q.1 Personal details of the individual :

Name -----------------------------------------

Address -----------------------------------------

Contact No. -----------------------------------------

Age ----------------------------------years

Occupation ----------------------------------------

Qualification ----------------------------------------

Q.2 what is your job profile?

Self employed ---------
Service personal --------
Student --------
House wife --------
Others… --------

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SAAB MARFIN MBA

Q.3 Are you living in this city for last 5 years?

Yes---- No----

Q.4 Are you comfortable in doing side by side business which could earn
you well?

Yes---- No-----

Q.5 what do know about Max New York Life Insurance company?

Q.6 what is your view about joining MNYL as an Agent advisor?

Positive --------
Negative --------
Neutral --------

Q.7 would you like to attend our career seminar?

Yes----- No------

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Q.8 could you name 10 persons who you think could be interested in
attending the career seminar?

Persons name Contact no.
1
2
3
4
5
6
7
8
9
10

Note: please fill up the entries carefully

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Table describing the figures, charts and tables.

Figure no. Description Page no.

Figure 1 Organizational hierarchy 18

Figure 2 Organization structure 19

Figure 3 The research process 23

Figure 4 Recruitment procedure map of MNYL 28

Figure 5 Tells about the traits of an agent & advisor 32
required

Figure 6 Recruitment pyramid of MYNL 33

Figure 7 Recruitment process of the MNYL 34

Figure 8 Flow chart of data analysis process 39

Figure 9 It shows the persons who could become the 40
agents

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Table and Description Page no.
chart no.
Table 1 Board of Directors of Max India Limited 12

Table 2 It explains about the persons contacted for 41

becoming agent advisor with different

occupations

Table 3 It shows the persons contacted, who are 42
residents of Faridabad city for becoming
agents

Table 4 Data representing the view of the prospective 43

agents

Table 5 It tells about the growth in income of an agent 45
on the basis of their commission percentages

Table 6 It shows the increase in the income of the 47
agents who are with the MNYL

Chart 1 It shows the MDRT qualified agents from 2001 44
to 2006 of Max New York Life

Chart 2 It shows the increase in the income of the 46
agents who are with the MNYL

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64

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