The recruitment process flowchart that we have gone through in our project period
GETTING KNOWLEDGE ABOUT DOING THE SALES CALL
GETTING KNOWLEDGE ABOUT THE COMPANY AND RECRUITMENT PROCESS For any good start a proper knowledge of the subject is require same was the case here, on the very first day we were given the Basic idea about the company, following three day all the requisite knowledge were given which a fresher requires, thereafter we were clubbed in a team of five and a manager was assigned for each team our manager Mr. Sudhansu Shekhar
Sundaray(Business Manager) a very knowledgeable persona and one of the senior member in Bharti AXA gave us the complete idea about how to approach a prospective candidate
GETTING KNOWLEDGE ABOUT BENEFIT AND OPPORTUNITY OF LIFE ADVISOR As we were assigned to recruit life advisors, the very first thing that we required was knowledge about benefits and opportunity because to motivate a prospective candidate to become an
Advisor, we need to convenience the Advisor about the opportunity and carrier growth in Bharti AXA.
Benefit
• Commission
• Renewal Commission
• Bonus
• Quarterly gifts
• ACER club membership facility
• MDRT
• Promotion factor for an agent
• Domestic and International Conventions Opportunity
• Advisor require no capital investment
• They can chose there own working hour according to there convenience.
• They are there own boss.
• Unlimited earning potential
• Represent a strong trusted brand.
BENEFITS
Commission:
The commission is generated whenever an agent sells a life insurance to the customers. The percentage of the commission differs from the type of products the agent sells.The various commissions that is generated from different policy are as follows:
• Wealth Confident 24000 of 10% = 2400
• Future Confident 12000 of 22% = 2640
• Save Confident 7000 of 22% = 1540
• Aspire Life 18000 of 31% = 5580
• Spot Surakhya 12000 of 24% = 2880
• Bright Star 15000 of 30% = 4500
• Dream life Pension Plan 12000 of 7.5% = 900
Renewal Commission:
Each and every time a policy gets renewed, the agent gets the renewal commission. It is less than that of the commission and differs from policy to policy which it sells to the customers.Bonus: - Some of the policy during its growth accumulates some bonus e.g. some of the money back plans. This gives extra benefits to the customers in terms of money and the agent in terms of bonus. An extra benefit which Bharti AXA gives to its agent. No other life insurance company gives this benefit to its advisors. Performance Linked Bonus(PLB)is counted quarterly. In the 1st quarter i.e in Jan, Feb and Mar, if the commission is generated Rs.20,000 then the agent is able to get 30% of it that is 6000 as the PLB. Similarly the agents get commission after each three month gap and an yearly bonus of 10% to 40% depending upon his performance.
Quarterly Gift:-It is also an extra benefit that is given to the advisors based on the performance.
This is a motivational factor for the advisor because these small things motivate the advisor to perform better and compete among other fellow advisors. The gift varies from melamine dining set to microwave, AC, laptop, mobile phone .etc.
Acer club membership:-This is an extra facility which the company provides to its agent. In this facility the Company provides four different membership group i.e; BRONZE, SILVER, GOLD, PLATINUM On the basis of the performance the Agent is assigned to this group starting from Bronze, the day the Advisor manages to get in the elite group of ACER club he is insured with a Life coverage of 1 to 3 lakhs. It also provides medical facility to his wife in case of delivery to an amount of 30,000 to 45,000, 45,000 in case of caesarian baby. Which gives a feeling of relief for the advisors working in Bharti AXA Life Insurance?
MDRT:- The MDRT is a member-driven, international network of the world's best insurance and investment services professionals / advisors who deliver to their clients the highest standards of ethics, knowledge, service and productivity. With membership from 479 companies in 78 countries, MDRT represents the top 1% of financial professionals. AIG, Prudential, Mass Mutual, AXA, New York Life and Northwestern Mutual are just a few of the different
companies represented. The MDRT promotes the 'Whole Person Concept' to help members have a balanced, meaningful and successful life through a focus on health, family, spirituality,
education, financials, community service and career.
Promotion factor for an agent:-The Advisor of Bharti AXA has a chance to be promoted to the post of AM (Agency Manager) called the Avenues or can be a part of the Agency Associates.
The promotion factors are as
follows:-• Number of policies- The minimum number of policies an agent should do to be promoted is36. This acts as one of the promotional factor for an agent.
• Tenure- Tenure is nothing but the time factor an agent is given to achieve his/her target.
The different time factors an agent given by MNYL are 12months.
• Adjusted AFYP- AFYP is otherwise known as Annual First Year Premium. It is calculated on the single premium and fixed deposits at the rate of 10%. The targeted adjusted AFYP for the promotion is 5 lakhs.
• Graduate- Another important factor for the promotion is that the agent’s minimum qualification should be graduation.
Domestic and International Conventions:-A better performer is send to different international conventions to share there ideas and skills with the fellow member working in different countries. In the process the Agents gets an opportunity to tour around the world on company expense.
OPPORTUNITY
Advisor requires no capital investment:- For starting any business we require a huge infrastructure but here in Bharti AXA the Advisors do not require any capital investment other than RS. 825 IRDA examination fees, which is very nominal and on return the Advisors get free phone calling facility, Xerox facility etc.
They can choose there own working hour according to there convenience:- Advisor are free to work in there convenient hours because the advisors working here comes from different profession like Doctor, Engineer, Student, Medical Representative, contractor etc.
They are there own boss:- There is no boss to give you target rather you are your own boss and can work according to your pleasure and earning requirement.
Unlimited earning potential:- As the payment is made on commission basis so there is no limit to earning. A person working hard can go to any limit with reward and recognition in extra.
Represent a strong trusted brand:-Bharti group which includes Bharti Airtel, Bharti Retail, Bharti Agribusiness which is a world class brand giving a sense of satisfaction to Advisor for being and representing such a strong brand. Bharti which in itself is big loves to make tie up with big brand and so for insurance Bharti has ties up with AXA which is at 15th position in Fortune Global 500 companies.
GETTING KNOWLEDGE ABOUT DOING THE SALES CALL
Once we had the knowledge of benefits and opportunities of advisor in Bharti AXA life insurance we were given training as to how to go around in the market for making sales call .so were given a lot of idea by our manager Mr. Sudhansu Sekhar Sundaray .This idea includes market survey, door to door survey, putting around canopy in different prime location of Bhubaneswar.
SEGMENTING THE MARKET
A market segment consists of a group of customers who share a similar set of needs and wants.
The market does not create the segments; the marketer’s task is to identify the segments and decide which one to target. And for insurance company we segmented market into following different groups.
• Geographical region:- we segmented Bhubaneswar into five segment i.e; East Bhubaneswar, West Bhubaneswar, North Bhubaneswar, South and Central Bhubaneswar.
• Demographic age:- we segmented the entire population of Bhubaneswar into following three categories on the basis of demographic age i.e; 18 to 20 age group, 25 to 40 age groups and above 40.
• Family life cycle:- we segmented the entire population of Bhubaneswar into following three categories on the basis of family life cycle i.e; Single, Married, Retired/VRS Optee.
• Gender:- :- we segmented the entire population of Bhubaneswar into following two categories on the basis of two categories i.e; Male and Female
• Income:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis income below 2 lakhs,2 to 5 lakhs, more than 5 lakhs.
• Occupation:- :- we segmented the entire population of Bhubaneswar into following six categories on the basis of there occupation like Student, Government employee, Private Employee, House Wife, Self employed and Unemployed.
• Education:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of there education which is 10th or 12th standard, Graduate, Post Graduate and above.
• Social class:- :- we segmented the entire population of Bhubaneswar into following three categories on the basis of social status that is Lower class, Middle class and Upper class.