BONAFIDE CERTIFICATE
Certified that this project report titled “A STUDY ON PERCEPTION
OF LIFE INSURANCE AGENCY AS A CAREER FOR BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED” is the bonafide work of Mr. D. MURALIMANOKARAN who carried out the research under my
supervision. Certified further, that to the best of my knowledge the work reported herein does not form part of any other project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.
Supervisor
Director
Viva–voce held on __________
ABSTRACT
The study on “Perception about Life Insurance agency as a career” was carried out in Chennai City in three phases. The first phase assesses the perception of the people who have quit their job as life insurance consultant. The second phase reports about perception of life insurance consultants. Profession amongst those currently pursuing their career as consultants. The third phases assesses the awareness about life insurance companies and about life insurance consultants. All this was done with the main objective of identifying suitable avenues or was to promote life insurance consultancy of as a career.
Standardized questionnaires were prepared for the three different phases. Information related to the reason for quitting life insurance consultancy as a career, the satisfaction level of existing consultants and awareness about life insurance, their interest in pursuing a career as a life insurance consultant, etc. also were collected
The research design adopted was descriptive type. The data were collected using the direct interview method and also through telephonic interviews. The type of sampling adopted was non-probability convenience sampling and probability cluster sampling. The sample size of 100 was taken amongst those who quit their job. 100 each were taken from the existing consultants of Bajaj Allianz and 100 was taken from other companies. A sample size of 300 was taken from general public to study about the third phase.
Descriptive statistics was used to analyse the data. Percentage analysis, chi-square and ranking methods were used. The research revealed that many perceive life insurance agency as a difficult job which does not give them an attractive income. Incentive linked performance seems to disturb them. The potentiality of life insurance sector and growth opportunities in the sector can be communicated to enable those aspiring for a good career to join life insurance agency.
ACKNOWLEDGEMENT
I extend my hearty thanks to Mr. AJIT THAMPAN, Associate Vice President Sales of Bajaj Allianz Life Insurance Company, Chennai for granting me permission to do the project work in their esteemed concern.
I express my sincere gratitude to our honorable Correspondent
Thiru.P.SATHIYAMOORTHY B.E., M.B.A., M.S., and other college trust
members for allowing me to develop the project in their institution.
I am extremely thankful to Dr.A.M.NATARAJAN, B.E., M.Sc., Principal, Kongu Engineering College, and Mr. P. SURESH KUMAR, M.Sc.,
M.B.A., Director, Department of management studies, Kongu Engineering College, Perundurai for giving me the opportunity to feel the corporate
experience through this project.
I express my gratitude to my faculty guide Prof. R. MOHAN,
B.Tech., MSc., Diploma in Management for his scholarly guidance, valuable
suggestions, and encouragement through out the duration of this project.
I also express my gratitude to the respondents, parents and dear
friends without whom the project would not have been successful.
LIST OF CONTENTS
Chapter
No. Particulars
Page No.
ABSTRACT (ENGLISH) iii
ABSTRACT (TAMIL) v
LIST OF TABLES x
1 INTRODUCTION
1.1 Industry profile 1
1.2 Company profile 3
2 OBJECTIVES, SCOPE AND LIMITATIONS OF THE STUDY
7
2.1 Objectives of the study 7
2.2 Scope of the study 8
2.3 Limitations of the study 9
3 RESEARCH METHODOLOGY
3.1 Research Design 10
3.2 Data Sources 11
3.3 Sampling Design 11
3.4 Statistical Tools Used 12
3.5 Questionnaire Design 15
4 ANALYSIS AND INTERPRETATION
4.1 Analysis of separated consultants of Bajaj Allianz
16 4.2 Analysis of existing consultants in Bajaj
Allianz
24 4.3 Analysis of consultants from other
companies
32 4.4 Analysis of data - General public 40
4.5 Hypothesis Testing 51
5 FINDINGS, SUGGESTIONS AND CONCLUSION 5.1 Findings 55 5.2 Suggestions 59 5.3 Conclusion 60 APPENDICES REFERENCES
LIST OF TABLES
Table
No. Particulars PageNo.
4.1 Gender of separated consultants 16
4.2 Marital status of separated consultants 16 ix
4.4 Duration as a insurance consultant 18
4.5 Perception about selling insurance 18
4.6 Working as a fulltime or part time employee 19 4.7 Main job when working as an insurance consultant 19 4.8 Original reason for selling life insurance 20
4.9 Reasons for discontinuing 21
4.10 Present job of the separated consultants 22 4.11 Rejoining in Bajaj Allianz as insurance consultant 22 4.12 Perception about insurance consultancy job as a career 23
Table
No. Particulars
Page No.
4.13 Marital status of existing consultants- Bajaj Allianz 24 4.14 Gender of existing consultants – Bajaj Allianz 24
4.15 Age of the existing consultants – Bajaj Allianz 25 4.16 Duration as a insurance consultant – Bajaj Allianz 26 4.17 Perception about selling insurance- Bajaj Allianz 26 4.18 Working as a fulltime or part time employee- Bajaj Allianz 27
4.19
Main job when working as an insurance consultant- Bajaj Allianz
27
4.20 Previous job of existing consultants – Bajaj Allianz 28
4.21
Perception about insurance consultancy job as a career- Bajaj Allianz
28
4.22 Satisfaction with career – Bajaj Allianz 29 4.23 Expected support from the company – Bajaj Allianz 30 4.24 Reason for choosing the job – Bajaj Allianz 31
Table
No. Particulars
Page No.
4.25 Marital status of existing consultants- Other Companies 32 4.26 Gender of existing consultants Other Companies 32 xi
4.28 Duration as a insurance consultant - Other Companies 34 4.29 Perception about selling insurance- Other Companies 34
4.30
Working as a fulltime or part time employee- Other Companies
35
4.31 Main job when working as an insurance consultant- Other Companies
35
4.32 Previous job of existing consultants – Other Companies 36
4.33
Perception about insurance consultancy job as a career- Other Companies
36
4.34 Satisfaction with career - Other Companies 37 4.35 Expected support from the company - Other Companies 38 4.36 Reason for choosing the job - Other Companies 39
Table
No. Particulars
Page No.
4.37 Age of the respondents 40
4.38 Education level of the respondents 41
4.39 Gender of the respondents 41
4.40 Linguistic ability of the respondents 42
4.42 Income level of the respondents 43
4.43 Mode of saving of the respondents 44
4.44 Liabilities of the respondents 45
4.45 Assets of the respondents 45
4.46 Satisfaction with current income 46
4.47 Interest in making more money 46
4.48 Knowledge about insurance consultants 47 4.49 Willingness to take up sale of life insurance 47 4.50 Awareness of private life insurance companies 48 4.51 Awareness about Allianz insurance company 48 4.52 Role of media in company recognition 49 4.53 Recall of private life insurance companies 50 4.54 Willingness to take life insurance sales with Bajaj Allianz 51
4.55 Reason for not joining 51
4.56 Income and willingness to take up insurance sales (Chi- square test)
52
4.57 Income level and satisfaction with current income (Chi-square test)
53
4.58 Income and interest in insurance sales (Chi-square test)
54 xiii