aviva report

8/2/2019 Aviva Report

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TRAINING REPORT

ON

Generating leads for Financial Advisor Recruitment & Hiring Financial Planning

Advisor at Aviva Life Insurance Co. Pvt. Ltd. New Delhi

Submitted to

MAHARSI DAYANAND UNIVERSITY, ROHTAK

in partial fulfillment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

(INDUSTRY INTEGRATED)

(3rd SEMESTER)

Submitted By

VED PRAKASH TIWARI

Regn. No. -1073901820

Roll No. -1090210567

SKYLINE BUSINESS SCHOOL

ELC CODE:-081023043

122, INSTITUTIONAL AREA, SECTOR 44, GURGAON-122003

January 2012


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STUDENT DECLARATION

I hereby declare that the training report conducted at

AVIVA LIFE INSURANCE CO. NEW DELHI

Under the guidance of

(Mr. Sanjeet Kumar)

Submitted in partial fulfilment of the requirements for the

Degree of

MASTER OF BUSINESS ADMINISTRATION

(Industry Integrated)

TO

MAHARSHI DAYANAND UNIVERSITY, ROHTAK

Is my original work and the same has not been submitted for the award of any other

Degree/Diploma/Fellowship or other similar titles or prizes.

Students Signature

Ved Prakash Tiwari

PlaceNew Delhi Regn. No. - 1073901820

Date -04.01.12 Roll No. -1090210567


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ACKNOWLEDGEMENT

The successful completion of any task would be incomplete without mentioning the names of

the persons who helped to make it possible. I take this opportunity to express my gratitude ina few words to all those who helped me in the completion of this project.

I convey my sincere thanks to Mr. SANJEET KUMAR for giving this opportunity to work

in his organisation.

I express my sincere thanks and deep sense of gratitude to my friends for giving timely

advice in all the aspects for the success of this project work.

I am also very thankful and grateful to our head of the institution Mr. Praveen Puri, our

faculty guide Mr. V.Subramaniam, NIAM training officer in charge, institution staff

members & all my friends for their encouragement, support, guidance, and assistance for

undergoing successful management training and preparing the training report without which

this project would not have been successful.

Thanking You:

Ved Prakash Tiwari


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CONTENTS

Page No.

CHAPTER 1: INTRODUCTION

1.1 General Introduction about the Sector 6

CHAPTER 2: PROFILE OF THE ORGANIZATION

Aviva Life Insurance Co. India Pvt. Ltd.

2.1 Origin of the Organization 92.2 Growth and Development of the Organization 92.3 Present Status of the Organization 9CHAPTER 3: DISCUSSIONS ON TRAINING

3.1 Work Profile, Tools and Techniques used 13

3.2 Key Learning 14

3.3 Conclusion 14


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Chapter1

INTRODUCTION


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1.1GENERAL INTRODUCTION ABOUT THE SECTOR:The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance

Corporation Act, 1956 and General Insurance Business Act, 1972, Insurance Regulatory and

Development Authority (IRDA) Act, 1999 and other related Acts. With such a large

population and the untapped market area of this population Insurance happens to be a verybig opportunity in India. Nearly 80% of Indian populations are without Life insurance cover

and the Health insurance. This is an indicator that growth potential for the insurance sector is

immense in India.

The business of life insurance in India in its existing form started in India in the year 1818

with the establishment of the Oriental Life Insurance Company in Calcutta. Life Insurance inits current form was introduced in 1818 when Oriental Life Insurance Company began its

operations in India. General Insurance was however a comparatively late entrant in 1850

when Triton Insurance company set up its base in Kolkata. the first general insurance

company established in the year 1850 in Calcutta by the British.

History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalisation

b) Nationalisation and c) Post Nationalisation. Life Insurance was the first to be nationalized

in 1956. General Insurance followed suit and was nationalized in 1973. The insurance market

have witnessed dynamic changes which includes presence of a fairly large number of insurers

both life and non-life segment. Most of the private insurance companies have formed joint

venture partnering well recognized foreign players across the globe.

There are now 29 insurance companies operating in the Indian market 14 private life

insurers, nine private non-life insurers and six public sector companies.

The Insurance Regulatory and Development Authority (IRDA) is a national agency of

the Government of India, based in Hyderabad. It was formed by an act ofIndian

Parliament known as IRDA Act 1999. IRDA is stated in the act is "to protect the interests of

the Policyholders, to regulate, promote and ensure orderly growth of the Insurance industry.

The countrys largest life insurer, Life Insurance Corporation of India (LIC), had a share of74.82% in new business premium income in. Also as the private sector controls over 26.18%

of the life insurance market and over 26.53% of the non-life market, the public sector

companies still call the shots. The four public-sector non-life insurers New India

Assurance, National Insurance, Oriental Insurance and United India Insurance had a

combined market share of 73.47%. ICICI Prudential Life Insurance Company continues to

lead the private sector with a 7.26% market share in terms of fresh premium.
http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Policyholderhttp://en.wikipedia.org/wiki/Insurance_industryhttp://en.wikipedia.org/wiki/Insurance_industryhttp://en.wikipedia.org/wiki/Policyholderhttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Government_of_India


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KEY MILESTONES:

Some of the important milestones in the life insurance business in India

1912The Indian Life Assurance Companies Act enacted as the first statute to regulate the life

insurance business

1928

The Indian Insurance Companies Act enacted to enable the government to collect statistical

information about both life and non-life insurance businesses

1938Earlier legislation consolidated and amended to by the Insurance Act with the objective of

protecting the interests of the insuring public.

1956

245 Indian and foreign insurers and provident societies taken over by the central government

and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital

contribution of Rs. 5 crore from the Government of India.

Some of the important milestones in the general insurance business in India

1907

The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes ofgeneral insurance business

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

1968

The Insurance Act amended to regulate investments and set minimum solvency margins and

the Tariff Advisory Committee set up.

1972The General Insurance Business (Nationalisation) Act, 1972 nationalised the general

insurance business in India with effect from 1st January 1973.

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.


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Chapter2

PROFILE OF THE ORGANIZATION


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2.1 ORIGIN OF THE ORGANIZATION:

Aviva Life Insurance Co. Pvt. Ltd.

Aviva India is a joint venturebetween one of the countrys oldest and largest groups, Dabur,and Aviva plc, the UK's largest insurance group, whose association with India dates back to

1834.

Our vision is to be amongst Indias leading life insurers with a quality business model,

focused on sustainable growth. We seek to build a robust product portfolio meeting all

customer lifecycle needs related toSavings, Retirement, Investments and Protection.

With a strong sales force of over 20,000 Financial Planning Advisers (FPAs), we have

initiated and pioneered many innovative sales approaches, including the concept of Banc

assurance and Financial Health Check services. We are among the first companies to

introduce the contemporary unit-linked products.

2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION:

It was created by a merger of two British insurance firms, Norwich Union and CGU plc as

CGNU in 2000. The Aviva name was adopted in July 2002.

During March 2005 Aviva plc acquired the RAC plc breakdown recovery operation for

around 1.1 billion.

In July 2006, Aviva greatly increased its presence in the United States by acquiring Amer UsGroup, a financial services company founded in 1896. Aviva Corp. is not affiliated with

Aviva Energy Corp. an energy consulting firm based in the U.S.

The Company continued to use the Norwich Union name as a trading name in the UK until 1

June 2009 when it became formally known as Aviva within the United Kingdom. The launch

was supported by a 9 million advertising campaign to promote the rebranding with the

participation of celebrities including Bruce Willis and Alice Cooper. In January 2010, the

process of Aviva's rebrand was formally recognised when they appeared on the shortlist of

the Transform Awards for rebranding and brand transformation in a number of categories.

2.3 PRESENT STATUS OF THE ORGANIZATION:

Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the

sixth-largest insurance company in the world measured by net premium income and has

53 million customers in 28 countries. It is the market leader in both general insurance and life

and pensions in the UK and has major businesses in Continental Europe, North America and

Asia.
http://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/CGU_plchttp://en.wikipedia.org/wiki/RAC_plchttp://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/Bruce_Willishttp://en.wikipedia.org/wiki/Alice_Cooperhttp://en.wikipedia.org/wiki/Insurance_grouphttp://en.wikipedia.org/wiki/Continental_Europehttp://en.wikipedia.org/wiki/Continental_Europehttp://en.wikipedia.org/wiki/Insurance_grouphttp://en.wikipedia.org/wiki/Alice_Cooperhttp://en.wikipedia.org/wiki/Bruce_Willishttp://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/RAC_plchttp://en.wikipedia.org/wiki/CGU_plchttp://en.wikipedia.org/wiki/Norwich_Union


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Royal Bank of Scotland Group, Punjab & Sind Bank, IndusInd Bank, DBS these are the

partners of the Aviva plc.

Promoters

Dabur Group

Founded in 1884, Dabur Group is one of India's oldest and largest group of companies with a

consolidated annual turnover in excess of Rs 2,834 crores. A professionally managed

company, it is the country's leading producer of traditional healthcare products.

Aviva Group

Aviva is a leading provider of life and pension products in Europe (including the UK) withsubstantial positions in other markets around the world, making it the worlds sixth largest

insurance group based on gross worldwide premiums.

Aviva is India's leading Insurance providers for Life Insurance, Child education plans,

Savings plans, Retirement plans, and Protection plans for Individuals.

KEY POINTS - AVIVA LIFE INSURANCE INDIA

Got licensed on 14th May 2002 and started operations on 6th June 2006 Pioneered the concept of indexation Pioneered the concept of unitization Tie - ups with ABM Amro, American Express, Canara Bank &

LakshmiVilas Bank

26 million customers and over 67734 crores in deposits

Paid up capital of Rs.559 crores

Growth of 118% since the last year from new business


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VISION

Aviva - Where exceeding expectations through innovative solutions is our way of life

CORE VALUES

Passion for winning

Integrity

Innovation

Customer centricity

Empowered team


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Chapter - 3

DISCUSSION ON TRAINING


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3.1 WORK PROFILE, TOOLS AND TECHNIQUES USED:

Week wise details of the training:

1st week:

In the first week I know about the company and how the company is working. We were focus

on doctor, house wife, CA. I meet many people for FPA programme and policy but they are

not interested. They have invested in LIC, Bajaj Alliance and other many insurance company

so they are not interested.

At the end of each day we have to contact our mentor and give information of all leads which

I had collected.

At the end of the week he used to send the information to the Dy. manager in the Delhi headoffice.

2-3rd

Week:

In almost 2- 3rd week, I decided to talk to the administration and receptionist for meet to

client for recruitment and policy. But I got response, client told how I am believe you .You

are Aviva life insurance employee because I have no any tag. In this week I faces big

problem.

As the people of Delhi NCR were reserve type (they have all ready invest in company where

they have job), so only I got contact number and name of person.

4th Week:

In 4th

week, I became much confident to collect leads. The employees of the Infosys in

Gurgaon were very supportive and helpful. They helped me a lot in collecting leads.


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3.2 KEY LEARNINGS:

Key Learning:-

1. How I make client,

2. How am I work in real life,

3. How am I increase my communication skills,

4. And how work done in corporate life.

3.3 Conclusion:

In conclusion, there were many things that I have experience and learned during the 24 day of

my winter Training at Aviva Life Insurance Co. Pvt. Ltd New Delhi. The whole training

period was very interesting, instructive and challenging. Through this training I was able to

gain new insights and more comprehensive understanding about how to recruit FPA

(financial planning advisor). The 24 day month training also has provided me the

opportunities to develop and improve my communication skills and interpersonal skills. I had

gained a good experience talking with the client as well as with the corporate head employee.From what I have undergone, I am hundred percent agree that the winter training program

have achieve its entire primary objective. Its also the best ways to prepare student in facing

the real working life. As a result of the program now I am more confident to enter the

employment world and build my future career.

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