dhara project
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PREFACE
I am DHARA DAVE, the student of INDUS Institute ofTechnology & Engineering, presenting this report beforeyou. As a part of practical studies, I have taken training fromBHARTI AXA LIFE INSURANCE Ltd. I am very glad torepresent this project report before you as it involves myhard work, experience as well as co ordination of all staffmembers.
Such type of training is very helpful to management studentsas it helps in strengthening confidence and gives experienceto check the theoretical knowledge.
DHARA DAVEMBA
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ACKNOWLEDGEMENT
The success of any project is never limited to the individualundertaking the project. However, there are some key
personalities whose role is very vital in project. Iacknowledge with deep sense of appreciation the co-operation received from ASIF Siras well as PANKAJ Sir.
Firstly I would like to thank Mr. ABHINAV SHUKLA, trainingmanager, without whom I wont be able to complete thisproject report.At the same I would like to thank Mr. KAVAN DAVE for
providing me better understanding of working of company. Iwould like to thank JIGNESH Sir, for better co-operation. Iam also thankful to Ms.MAMTA PARIKH, as she made uscomfortable with the basic concepts and procedure forrecruitment. They were always been willingly presentwhenever I needed their support. I am also thankful to themfor the time they have spared for me, from their extremelybusy schedule.
I would like to thank our internal project guide Mrs. GARIMAMISHRA Faculty guide in IITE. She is extremely friendlyand co operative during the entire course of our training. Hercontinuous support and constructive suggestions madetraining much easy.
Finally, I want to express my appreciation for the continuousand sincere support of all the faculty members of IITE.
DHARA DAVEMBA
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INDEX
No. TopicPgNo
.1 INTRODUCTION.. 5
Profile of Bharti 6Profile of AXA.. 12Corporate Profile ( BAL ).... 22
2. Organization Structure.. 25
3 Financial Policy.. 26Financial Performance 27
4 Personnel 29Recruitment Process... 30Personnel Policies 30Training & Development. 31Welfare Activities. 33
5 Production / Operations. 34Products. 36Quality Control.. 39
.Facility Layout 40
6 Marketing. 41Areas of Operation 42Competitors 44
Advertisement & Sales Promotion. 44Brand Forum in India 45
7 As a trainee. 47
8 Methodology 49
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Study & Its Objective... 50.Sample 51
9 Results. 52
Interpretation of the Results 56
10 Life Insurance in India 57
11 Conclusion 60
12 Bibliography. 61
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INTRODUCTION
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History of the organization & its objective
BHARTI
Sunil Bharti Mittal,founder,Chairman and managing Directorof Bharti Group can be labeled as the most ambitioustelecom entrepreneur in India.Sunil Mittal got interested in push button phones while on atrip to Taiwan, andin 1982, introduced the phones to India, replacing the oldfashioned, bulky rotary phones that were in use in the
country then. Bharti Telecom Limited(BTL) was incorporatedand entered into a technical tie up with Siemens AG ofGermany for manufacture of electronic push button phones.
Sunil Bharti Mittal
Chairman and managing Director of Bharti Group
The turning point came in 1992 when the Indian
government was awarding licenses for mobile phoneservices for the first time. One of the conditions for theDelhi cellular license was that the bidder has someexperience as a telecom operator. Mittal clinched a dealwith the French Telecom group Vivendi. Two years later,Sunil secured rights to serve New Delhi. In 1995, BhartiCellular Limited (BCL) was formed to offer cellular servicesunder the brand name Airtel. Within a few years Bhartibecame the first telecom company cross the 2-millionmobile subscriber mark.
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Bharati
Enterprise
Bharati
Enterprise
Bharati
TeletechLtd.
Bharati
TeletechLtd.
Telecom
SeychellesLtd.
Telecom
SeychellesLtd.
Bharati
TelecomLtd.
Bharati
TelecomLtd.
Fieldfresh
Foods Pvt.Ltd.
Fieldfresh
Foods Pvt.Ltd.
JerseyAirtel Ltd.
JerseyAirtel Ltd.
Bharati
Axa LifeInsurance
Ltd.
Bharati
Axa LifeInsurance
Ltd.
Bharati
TelesoftLtd.
Bharati
TelesoftLtd.
Bharati
Retail Pvt.Ltd.
Bharati
Retail Pvt.Ltd.
Teletech
Services
(India) Ltd.
Teletech
Services
(India) Ltd.
Bharati
Airtel Ltd.Bharati
Airtel Ltd.
Always on the move and making an impact and excelling inwhatever he did, this clear thinking risk taker has changedthe face of the Indian ICT space. For his contribution hehas been honored with several awards. He was chosen as
one of the top entrepreneurs in the world for the year 2000and amongst Stars of Asia, by Business Week, hereceived IT Man of the year Award 2002 from Dataquestand CEO Of the year, 2002 Award (World HRD Congress).He is the member of National Council of Confederation ofIndian Industry (CII), Federation if Indian Chambers ofCommerce & Industry (FICCI), Chairman, Indo-US JointBusiness Council, Member, Advisory Committee
constituted by Ministry of IT. Now he heads a successfulempire focused on different areas of business throughindependent Joint Venture companies with a marketcapitalization of approximately $2 billion, employing over5000 people and still growing.
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BHARTI ENTERPRISES
Bharti Airtel ltd.
Bharti airtel ltd is Indias leading provider oftelecommunications services. The company has 4 distinctBusiness divisions- Mobile & telephone services, longdistsnce services and enterprise services.
Bharti TeleTech ltd
Bharti TeleTech LTD manufactures and exports world classtelecom equipment under the brand Beetel.
Telecom Seychelles ltd
Telecom Seychelles Ltd provides telecom services inSeychelles, under the brand Airtel
Bharti Telesoft ltd
Bharti telesoft ltd delivers best-in-class, revenue-criticalVAS products and services to telecom carriers.
TeleTECH Services (India) Ltd
TeleTech Services (India) Ltd is joint venture with TeleTechInc., USA. It offers a range of Customer Management
Services.
FieldFresh Foods Pvt Ltd
FieldFresh Foods Pvt Ltd is Bhartis venture with ELRothschild Group owned ELRO Holdings India Ltd., to
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export fresh Agri products exclusively to markets in Europeand USA.
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Bharti is the First
To launches Indias first private sector
National Long Distance service.
Mobile service to cross the three millioncustomer mark and to cross 100000 in Himachal. To launch worlds first Flexi- Rechargepre-paid Coupon for its customer
To announce innovative outstanding toenhance Quality of Customer Services
To launch talk-time transfer service for itspre-paid customers in Delhi
To win the prestigious MIS Asia ITExcellence Award 2005
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AWARDS
o Airtel wins the World Communications Best
Brand Awardo Bharti Tele-Ventures is the Asian Mobile newsMobile Operator of The Yearo Airtel chosen as Most Preferred Mobile Servicesby CNBC Awaaz Consumer Awardso Bharti Tele-Ventures is the Indian MobileOperator of the Year 2005o BHARTI wins Silver Trophy at the CII National
Six Sigma Awardso Bharti Tele-Ventures amongst the top technologycompanies in the world-Business Week
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STRENGTHS
o A trusted brand nameo All India presenceo Largest in the telecom industryo Strong financial base
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AXA-Profile
50 million (500lakhs) customers
130000 employees and exclusive sales associates72 billion euros (Rs. 416300 crores) in revenues869 billion euros (5024500 crores) in assets undermanagement2.9 billion euros (Rs. 16800 crores) in adjusted earnings.
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AXA Financial Protection
AXA is a world leader in financial protection and wealth
management, with major operations in Western Europe,North America and the Asia/Pacific area. AXA services 50million customers throughout the world individuals andbusinesses. In total, the AXA Group has approximately110000 employees and distributions worldwide, working inaround fifty countries.
The XA Group reported total revenues for the first half of
2006 of billion and underlying earnings of 2090 million andhad 1091 billion in assets under management as of June 30,2006. AXAs ordinary shares are listed and trade under thesymbol AXA on the Paris Stock Exchange. AXA AmericanDepository Shares (ADSs) are listed on the NYSE under theticker symbol AXA.
AXA Group has a strong, long lasting history. The Group cantrace its right back to the 18th century. After a succession of
mergers, acquisitions and name changes involving some ofthe leading insurance companies in the UK and around theworld, the name AXA was first introduced in 1985.
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AXA VISION
We have chosen a demanding business. If we do it right,then we enable our clients to be life confident because they
feel reassured, protected and supported as they undertakeimportant projects at various stages in their lives. Our visionof the business is what guides our daily work. It reflects thesocial and human aspects of Financial Protection, whosevalue to people has never been greater.
Henri de Castries-Chairman of the AXA Management Board
Business: Financial Protection:- Financial Protectioninvolves offering customers- individuals as well as small,mid-size and large businesses- a wide range of product andservices that meet their insurance, protection, savings,retirement and financial planning needs throughout theirlives.
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Asset Production
Life Protection
Savings Retail Banking Products
Asset Accumulation Asset Management
Retirement Annuities
Life Stages
Financial
Planning
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Ambition:-The company is working toward the shared ambition ofattaining leadership in core Financial Protection business,
through the quality of products and services as well asthrough superior performance.
Values:-
Team spirit Integrity InnovationPragmatism
Professionalism
These values are the foundations of their ambition. Theyserve as a guide, inspiring the actions and decisions of AXAemployees. These values reflect the way of doing andthinking, for the benefit of their clients, shareholders,employees, business partners and the community.
Commitments:-AXA aspired to do business responsibly, and to build trust-based relationships with its stakeholders:Clients: Consistently deliver efficient local service andadapted solutions, while adhering to the highest standard ofprofessional conduct.Shareholders: Create lasting value by achieving operatingperformance that ranks among the best in the industry, andstrive to furnish accurate financial information.Employees: Ensure professional fulfillment by offering asupportive and respectful workplace where people areempowered and the continuous development ofcompetences is encouraged.
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Suppliers: Maintain excellent supplier relationships byadhering to a set ofclearly defined procurement guidelinesand promoting ongoing dialogue.The community: Act as a responsible corporate citizen by
sharing their professional expertise with the community,innovating in the area of employment and sponsoringphilanthropic initiatives.The Environment: Contribute to environmental preservationefforts by making available environmental risk managementcapability and promrting environmentally sound practices inthe workplace.
Strategy:-To attain its leadership ambition, the AXA Group has built itsstrategy around a business model and a set of clearlydefined operational priorities. AXAs business model entailsfortifying, consolidating and developing organic growthretaining existing clients and acquiring new ones to ensurethat the Group is able to seize genuine opportunities forexternal growth. AXAs development efforts are focused on
the most profitable segments, and the Group seeks toenhance its positioning in developed or high-growth markets.
AXA has set five operational priorities or catalysts forchange, which together are known as the five cylinders of itsgrowth.
Product innovation: a source of differention that reflectsAXA desire to offer added value every time it introduces
a new product in one of its markets.Core business expertise: AXAs goal is to offer the best
service at the best price.Distribution management: a second source of
differention that reflects AXAs aspiration of enhancing
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sales performance by lessening the administrative loadon its distributors.
Quality of service.Productivity: AXA seeks to reduce operating costs and
improve quality every year. Cost reduction is an ongoingchallenge, not a one-off reaction to a difficult operatingenvironment.
To achieve operational excellence in each of these keyareas, AXA has adopted a continuous processimprovement program based on listening to the voice of
the customer. Its global strategy is leveraged by the sizeand the reach of AXA Group, which encourages localoperating units to develop and exploit synergies.
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AXA Brand
Today, 52 million clients in the world trust AXA and theAXA name. Since 1998, the AXA Group has been doingbusiness under a single brand with global reach: AXA.The AXA logo was created in1985. The name and logowere designed to reflect the Groups image: professional,united, vibrant and ambitious.
1982- The new group starts search for anew name. 1985- The new group chooses an
international name:AXA 2003- The name and logo were designed
to reflect the Groups image:
To provide a clearer vision of the transformation of itscore business from traditional insurance to the broader
concept of Financial Protection, the AXA Group added thewords Financial Protection as a baseline to its logo andadopted a tagline designed to underscore the notion ofproximity and the most basic of human values:Simple, natural, optimistic and intimate, the be lifeconfident tagline reflects AXAs culture and ability to moveforward.
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Employees:
Employer of choice for employees of choice
Our expectations of you
Excellent performer in your chosen area Client-driven and results oriented Team player, able and willing tocollaborate with others Open-minded and constantly willing to
learn Eager to contribute energy and ideas Flexible and embracing of change Total integrity
In short term the employee performs (Results and value)and the company provides compensation and good workingenvironment. In a long term association the company
provides learning and career opportunities whereas theemployee brings continuous learning and self development.
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FORTUNE GLOBAL 500-2007
Rank Company Revenues
($millions)
Profits($millions)
1 Wal-Mart Stores 351139.0 11284.02 Exxon Mobil 347254.0 39500.03 Royal Dutch Shell 318845.0 25442.04 BP 274316.0 22000.05 General Motors 207349.0 1978.0
6 Toyota Motor 204746.4 14055.87 Chevron 200567.0 17138.08 DaimlerChrysler 190191.4 4048.89 ConocoPhillips 172451.0 15550.010 Total 168356.7 14764.711 General Electric 168307.0 20829.012 Ford Motor 160126.0 -12613.013 ING Group 158274.3 9650.8
14 Citigroup 146777.0 21538.015 AXA 139738.1 6379.9
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Strengths A trusted brand name Global presence Largest in the insurance industry (in terms of revenue) Strong financial base
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CORPORATE PROFILE
Bharti AXA Life Insurance is a joint venture between Bharti,one of Indias leading business groups with interests intelecom, agri business and retail, and AXA, world leader infinancial protection and wealth management. The jointventure company has a 74% stake from Bharti and 26%stake of AXA.
The company launched national operations in December2006. Today, it has over 5200 employees across over 12states in the country. The business philosophy is built
around the promise of making people "Life Confident".
As company expands its presence across the country tocater to clients insurance and wealth management needswith their product and service offerings, they continue tobring 'life confidence' to customers spread across India.Whatever your plans in life, you can be confident that BhartiAXA Life will offer the right financial solutions to help you
achieve them.
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Vision
To be a leader of the preferred company for financialprotection and wealth management in India.
Strategy
To achieve a top 5 market position in India through amulti-product platform.
To adapt AXAs best practice blueprints as a soundplatform for profitable growth.
To leverage Bharatis local knowledge, infrastructureand customer base.
To deliver high level of shareboarder return. To build long term value with our business partners by
enhancing the proportion to their customers. To be the employer of choice to attract and retain the
best talent in India. To be recognized as being close and qualified by our
customers.
Strategic differentiators Strong partner Bharti- provides access to customer
base of more than 20 million. Multi channel execution capability. Current Asia product range which is a strong match to
products sold to the mass and mass affluent. Global scale providing cost effective and speedy re-use
of systems, products and business capability.
Strong AXA and Bharti brand which can be leveragedto attract and retain a high quality management team.
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Core Values
Team spirit Integrity Innovation Pragmatism Professionalism
These values are the foundation of their ambition. Theyserve as a guide, inspiring the actions and decisions ofBharti AXA employees. These values reflect way of doingand thinking, for the benefit of clients, shareholders,employees, business partners and the community.
Presence
Hyderabad MehsanaMumbai Nawashair
Delhi NoidaBangalore BhatindaKolkata HowrahChennai Kharagpur
Ahmedabad GurgaonLudhiana Durgapur Lucknow SiliguriSurat VijaywadaKochi PondicherryIndore Jamshedpur Chandigarh VijaywadaVadodara Calicut
Nagpur TrivendrumBhubneshwar ErodeJaipur Trissur Nasik Amritsar Kanpur Jalandhar Anand Patiala
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Aurangabad PuneAbohar Rajkot
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Financial Policy
Financial Protection involves offering customers- individualsas well as small, mid-size and large businesses- a widerange of product and services that meet their insurance,protection, savings, retirement and financial planning needsthroughout their lives.
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Financial Performance
Comparison with competition (absolute returns)
1 month 3months
6months
Rank 1 year Rank 3 years
Equity
Bharti AXA Grow Money 17.06% 29.24% 43.08% 2 62.92% 2
Bajaj Allianz Equity Plus 13.82% 24.10% 37.83% 6 47.09% 6 231.00%
ICICI Prudential
Maximiser12.97% 24.59% 44.15% 4
49.62% 4255.12%
HDFC Growth Fund 13.36% 22.51% 38.56% 7 46.12% 7 255.12%
SBI Life Horizon Equity 17.95% 32.00% 46.97% 3 60.44% 3
Aviva Life Bond Growth 7.83% 14.35% 23.70% 8 33.26% 8 177.81%Reliance Life Equity 12.50% 24.36% 42.86% 5 48.24% 5
Tata AIG Equity 18.64% 32.15% 53.36% 1 72.00% 1
Balanced Fund
Bharti AXA save n Grow 8.35% 14.15% 21.30% 3 27.50% 3
Bajaj Allianz Balanced
Plus9.90% 16.59% 24.98% 2
31.87% 291.68%
ICICI Prudential Plus 5.45% 10.49% 20.30% 5 23.70% 5 72.53%
HDFC Balanced Managed 7.89% 13.40% 22.64% 4 27.35% 4 111.52%Aviva Life Bond Balanced 4.06% 7.36% 13.78% 6 17.83% 6 81.73%
Reliance Life Balanced 3.15% 5.70% 12.20% 7 14.50% 7
Tata AIG Balanced Fund 10.63% 17.42% 29.03% 1 37.66% 1
Bond
Bharti AXA Steady
Money0.83% 2.08% 8.22% 1
10.35% 1
Bajaj Allianz Debt Plus 1.29% 2.43% 6.04% 5 7.93% 6 19.79%
ICICI Prudential Protector 1.18% 2.07% 5.54% 6 7.94% 5 17.93%
HDFC Secure Managed 1.02% 1.97% 6.14% 4 8.16% 4 20.18%
SBI Life Horizon Fund 1.15% 1.74% 6.31% 3 9.82% 3
Aviva Life Bond Secure 2.07% 3.48% 8.09% 2 10.17% 2 32.75%
Reliance Life Capital
Secure Fund0.66% 2.01% 4.02% 7
7.47% 7
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(Bharti AXA IM), the asset management joint venture(subject to SEBI license) between Bharti Ventures Limitedand AXA Group has announced the appointment of Mr.Prateek Agrawal as the Head of Equity and Mr. Sujoy Das
as Head of Fixed Income respectively.
Mr. Prateek Agrawal has over 14 years of experience in theIndian equity markets. Having started his career as amember of the SBI Capital Markets research team, Prateekgrew to head it in a short span of 10 years. Before joiningBharti AXA IM, Prateek was the Head of the equity team inABN AMRO Asset Management Company. He joined ABN
AMRO AMC in 2004 as a part of the core investment teamand at the time of leaving, was managing all their equityfunds.
Mr. Sujoy Das had a rich experience of over 7 years withDSP Merrill Lynch Fund Managers as a senior member ofthe Fixed Income fund management team,before joiningBharti AXA Investment Managers inSeptember, 2007. Sujoy
brings with him vast experiencein trading, research and fundmanagement. He has spent more than 11 years of hiscareer in the financial markets. Sujoy started his careerin1996 with the treasury of Bank of Punjab Ltd.
Commenting on the senior appointments, Mr. SandeepDasgupta, CEO,Bharti AXA Investment Mnagers Private Ltd.Said, We are delighted to have Prateek and Sujoy onboard with Bharti AXA IM. Intellect manpower withadequateon-ground experience is extremely crucial to thebusiness.
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PERSONNEL
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Recruitment Process
All the candidates are interviewed by followingmanagerso HRo Regional Heado Line Manager
Screening is done on the basis of interview Then evaluation sheet is prepared andvarious documents are required like address proof,resignation letter from previous company etc. Calls are made to check the references givenby candidates. Selected candidates are informed about
joining date.
Personnel Policies
After joining the company, new employees get
business code within the four days. New employee is provided training for four days for
agency and training for five days for DSF. Training includes basic knowledge of product services,
HR, work profile etc. If new employee resigns, he needs to give notice
before one month. After 45 days, settlement is doneand he can claim for PF. And if he has not given notice
before 1 month employee has to pay salary of onemonth.
There is an attendance policy; there are some chargesfor late comers.
For every branch, birthday celebration and otheractivities are carried out.
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Formals are compulsory for all employees for wholeweek except Saturday.
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Training and development
The objective of the Confidence Campo Complete the curriculum defined by IRDA (training
for 18 days and 100 hours not more than 6 hoursa day).
o Understand the basic concepts of life insurance.
o Practice and prepare for the pre-licensingexamination.
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The Learning Curve
UnconsciousIncompetence
ConsciousIncompetence
ConsciousCompetence
UnconsciousCompetence
Knowledge
Skill
NoKnowledge
AttitudeU R Here
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Overview of training:
Program duration-3 days
Intro to the industry and to the company IC33 preparation Pre licensing exam BAL products & AML/ULIP certification Field operations
Regular training inputs for a year:
Every week one 4 hour session to enhance skills whichincludes a 3 day selling skills workshop and knowledge oflife insurance, products, financial basics, unit linked,business insurance & taxation.
Pre licensing examination:
Requirement: 50 hours of training for the IC33 examconducted by Insurance institute of India (III).
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Welfare Activities
1. Cyclone Relief Fund:This activity was carried out by Bharti AXA lifeinsurance to collect funds to save people suffering fromdisaster.
2.Bharti AXA hearts lives in action:This activity was carried out by Bharti AXA to collectfundsfor the poor children.
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Production / Operations
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Bharti AXA Life Insurance
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PRODUCTS
Individual Plans :
1. Bharti AXA Dream Life PensionA Unit Linked Pension Product
Dream Life Pension, Bharti AXA Life Insurances uniquepension product ensures that your retirement life is yourDream Life.Live your Dreams! Be Life Confident!
2. Bharti AXA Life AspireLifeUnit Linked Endowment Product.
Aspire Life helps you create a pool of wealth to meet yourlong-term needs, while also providing you adequateprotection in case the need arises.
3. Bharti AXA Life Invest ConfidentUnit Linked Single Premium Product.
You have always strived hard to achieve the best for youand your loved ones, so when it comes to making aninvestment decision, we know that you would expect thebest from it too.
4. Bharti AXA Life Wealth ConfidentA unit-linked investment cum protection policy.
Your wealth, your status ensures that you get preferentialstatus wherever you go. So why shouldn't your money getthe same?
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5. Bharti AXA Life FutureConfidentA unit-linked policy a which offers comprehensive protection
along with wealth creation in the long term.
6. Bharti AXA Life FutureConfident IIA unit-linked product which offers enhanced protection alongwith wealth creation in the long term.
7. Bharti AXA Life SaveConfidentTraditional money back insurance product for long termsavings.
Your changing lifestages decide your financial milestoneplanning. When you foresee intermittent financialrequirements in the years to come, like regular expensesrelated to your childs education, liquidity becomes a key
aspect of your planning along with long term savings, andprotection for your family.
8. Bharti AXA Life SecureConfidentA Long Term Life Insurance.
All of us desire to maximise the happiness for our family atall times, irrespective of the circumstances. The thought ofunfortunate events befalling us may cause us anxiety aboutproviding a secured happiness to our loved ones.
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Group Plans:
1. Bharti AXA Life Mortgage Credit Shield
Mortgage Credit Shield is a Group Product that providescoverage to people who have availed of a Mortgage\ Homeloan\ Home equity loan from an Institution/Bank.
2. Bharti AXA Life Credit Shield
Credit Shield is a Group Product that provides coverage topeople who have availed of a loan for 1 to 5 years fromGroup Policyholder
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Quality Control
IndividualObjectives &
Focus
MeasuresWeight
in %
Adherence to process
Successful: Minimum Satisfactory score inbranch certification and audit
15Outstanding: Above average score in branchcertification and audit
AccuracySuccessful: above 95%
25Outstanding: >98%
Applied/Paid
ratio(Pendingmanagement)
Successful: above 95%
20Outstanding: > 98%
Response Time /Service Desk
Successful: Above 85% score in the internalbranch survey
15Outstanding: Above 95% score in the internalbranch survey
Issuance TAT
Successful: Above 90% achievement inSubmission to Issuance TAT
10
Outstanding: Above 95% achievement inSubmission to Issuance TAT
Medical TATSuccessful: above 97% for the review period
5Outstanding: >98% for the review period
ComplaintsManagement
Successful: 95% overall resolution providedwithin TAT
5Outstanding: 98% overall resolution providedwithin TAT
InitiativesSuccessful: Having and regional level impact
5Outstanding: Having a national level impact
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MARKETING
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BALBAL
ADC (Airtel DistributionChannel)
ADC (Airtel Distribution
Channel)AgencyAgency
CAB (Corporate Agent andBrokers)
CAB (Corporate Agent and
Brokers)BancassuranceBancassurance DSFDSF
Blue Chip
BrothersBlue Chip
BrothersBajaj BrothersBajaj Brothers Citi FinanceCiti Finance
Areas of operation
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Agency
12 LAs promoted to MoA Puneet Dubey (Jalandhar) MoA promoted MoA II 7 BSM promoted
Contests for this month Josh (AMJ) 10,814 registrations for the April& May Exams
CAB
Corporate agents Jupiter Insurance Consultant(Unicon) & Konnexions empanelled; businesscommenced
ASK Insurance Brokers empanelled. North Region contribution increases to 59% as
compared to 40% in 2007-08
Bancassurance
Covered 668 group lives Insurance being sold in over 200 CCFIL branches
Over 557 loan officers have undergone the (ILI)Investment Linked Insurance training Net Issuance over Rs. 2.0 Crore
DSF
10 FAs promoted 1 SM promoted to ARSM (Sadiq Din) Contest for the month Reach for the Sky 35 FAs who qualified for the JFM contest visited
Malaysia ARC presence in over 300 ARCs
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COMPETITORS
Before insurance sector was opened to the private sector,Life Insurance Corporation (LIC) was the only insurance
company in India. After the opening up of Insurance sectorin India there has been a glut of insurance companies inIndia. These companies have come up with innovative andflexible insurance policies to cater to varying needs of theindividual. Opening up of the Insurance sector has alsoforced the LIC to tighten up its belt and deliver betterservice. All in all it has been a bonanza for the consumer.
Birla Sun Life Insurance HDFC Standard Life Insurance ICICI Prudential ING Vysya Kotak Mahindra Max New York Life Insurance Metlife India Insurance Reliance Life Insurance SBI Life Insurance Shriram Life Insurance Tata AIG Life Insurance
Advertising and sales promotion
Sources of advertisement:
Media
Mouth to Mouth
Hoardings
Sponsorship
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http://www.iloveindia.com/finance/insurance/companies/birla-sun-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/hdfc-standard-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/ing-vysya-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/kotak-mahindra-old-mutual.htmlhttp://www.iloveindia.com/finance/insurance/companies/max-new-york-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/metlife-india-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/reliance-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/sbi-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/shriram-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/tata-aig-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/hdfc-standard-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/ing-vysya-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/kotak-mahindra-old-mutual.htmlhttp://www.iloveindia.com/finance/insurance/companies/max-new-york-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/metlife-india-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/reliance-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/sbi-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/shriram-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/tata-aig-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/birla-sun-life-insurance.html -
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Brand forum in India
Why do they need to change their Brand Signature Be Life Confident?
Research on the new signature reveals a clearalignment towards customers need and a focus onbuilding trust, which is important for the industry. Hencethe signature needs to move from Confidence to thenext level of Redefining Standards.
What is expected of support functions like IT, HRtowards contributing to this exercise?Internal customers are as important as externalcustomers. Hence support functions also need to buildtrust by following the attributes of being available,attentive and reliable.
Be Life Confident is melted into minds. Its very sad to
lose that caption.Change is difficult. In this case, it is a progress tothe next level of development, more than change.
In a country like India with diverse culture andlanguages and with its geographical length, it would takeanother two years to reach customers, to tell them ormake them understand new brand signature.
The new brand signature will be rolled out in locallanguages and backed by significant expenditureto ensure visibility. But before that, company willdo extensive customer research to make theadvertising more relevant.
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AXAs new brand signature Redefining Standards
Any promise they make will redefine the benefits thatpeople should expect from insurance services.
The Switch the red diagonal line from logo indicates alternatives or changes and so it supportsboth the form and content of the message. The Switchis AXAs new symbol for change.
Three attitudes (availability, reliability and
alternativeness) tell their customers clearly what typesof service AXA will provide, while conveying our deepcommitment to their mission.
o Availability: We are there when our customersneed us and we listen to them, truly.
o Reliability: We say what we do and do what wesay, we deliver and keep our customersinformed, so that they can trust us.
o Attentive: We treat our customers withempathy and consideration, providepersonalized advice along their lives andreward their loyalty.
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As a trainee.
My observation
Staff is very cooperative. The people with whom I camein contact are as follows.ASIF SANDHI Agency Development ManagerPANKAJ Sir PAYAL Madam HR ManagerABHINAV SHUKLA Training ManagerKAVAN DAVE Agency ManagerMAMTA PARIKH Agency coordinator
JIGNESH ACHARYA Branch Distribution OperationExecutive
Office is fully furnished and fully facilitated by A.C. Each and every person whether he/she is from top
management or lower management was behaving verysmoothly. The staff has tried to solve our even smallestproblem.
My experience
While taking actual training, I came to learn lot ofthings.
Through this training, I can experience real corporatelife as well as the functioning of insurance sector.
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My work profile
I need to convince the people to become an agent ofBharti AXA Life insurance.
I need to give knowledge about company, companysproducts, performance as well as future plans.
Other work experience
Payal madam, HR Manager has given us trainingin H.R. field. We need to make an evaluationsheet of interviewed candidates and check their
references.
Abhinav sir, training manager, has given ustraining in data work. We need to make excelsheets containing data of various candidates.
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METHODOLOGY
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The study and its objective
Pankaj Sir gave me project title named People interestedin joining insurance company as an advisor.
The objective is to find the number of people interested ininsurance sector, how much of knowledge general publicis having and why they are interested in insurance sector.That means we need to find the factor insist the people totake interesting in insurance company, etc.
I need to make a survey of 100 people. I need to ask
some questions to general public and make an analysison that base.
Tools for data collection and data analysis
The main tool for data collection and data analysis isquestionnaire. The questionnaire contains following typesof questions.
Are you interested in joining insurance company? Which company would you like to join? Why do you want to join insurance field? Would you like to associate with Bharti AXA? Can you give some references?
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RESULTS
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1.
Interest of people for insurance compa
People intrested in joining insuran
company
People not intrested in joining
insurance company
2.
People Intereste
LIC
HDFC
ICICI
Bajaj
Aviva
Reliance
SBI
Bharti AXA
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3.
Reason for joining insurance field
money
fame
business
4.
People like to associate with Bharti AXA
People like to associate with B.A.L.
People don't like to associate withB.A.L.
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5.
Reason for Joining BAL
Brand
Reputation
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Interpretation of the results
People are not having faith in insurance business.There is a wrong image in the minds of people.People dont want to trust private insurancecompanies.
Majority of people believe in LIC and ICICIprudential. The market share of ICICI and LIC isvery high, while other private insurancecompanies are making struggles to cope up withthe market competition.
People are interested in insurance field basicallyfor money. Firstly they are aimed to earn income.
According to survey, out of 47, 21 people areinterested in associating with BAL and 26 are notinterested.
Out of them, majority are interested for reputationonly.
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Life insurance in India
Life Insurance is the fastest growing sector in India
since 2000 as Government allowed Private players andFDI up to 26% .Life Insurance in India was nationalized byincorporating Life Insurance Corporation (LIC) in 1956. Allprivate life insurance companies at that time were taken overby LIC.
In 1993 the Government of Republic of India appointed RNMalhotra Committee to lay down a road map for privatizationof the life insurance sector.
While the committee submitted its report in 1994, it tookanother six years before the enabling legislation was passedin the year 2000, legislation amending the Insurance Actof1938 and legislating the Insurance Regulatory andDevelopment Authority Actof 2000. The same year that thenewly appointed insurance regulator - Insurance Regulatoryand Development Authority IRDA -- started issuing licenses
to private life insurers.List of Life Insurers (as of Sept, 2006)
Apart from Life Insurance Corporation, the public sector lifeinsurer, there are 17 other private sector life insurers, mostof them joint ventures between Indian groups and globalinsurance giants.
Life Insurer in Public Sector
1. Life Insurance Corporation of India
Life Insurers in Private Sector
1. ICICI Prudential Life Insurance
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http://en.wikipedia.org/wiki/956http://en.wikipedia.org/wiki/Life_insurancehttp://www.irdaindia.org/http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://www.iciciprulife.com/http://en.wikipedia.org/wiki/956http://en.wikipedia.org/wiki/Life_insurancehttp://www.irdaindia.org/http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://www.iciciprulife.com/ -
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2. Bajaj Allianz Life, Pranav,Surat 13. MNYL Life Insurance4. Sahara Life Insurance5. Tata AIG Life
6. HDFC Standard Life7. Birla Sunlife8. SBI Life Insurance9. Kotak Mahindra Old Mutual Life Insurance10. Aviva Life Insurance11. Reliance Life Insurance Company Limited - Formerly
known as AMP Sanmar LIC12. MetLife India Life Insurance
13. ING Vysya Life Insurance14. Max New York Life Insurance15. Shriram Life Insurance16. Bharti AXA Life Insurance Co Ltd17. Future General Life Insurance Co Ltd18. IDBI Fortis Life Insurance Co Ltd19. Aegon Religare Life Insurance Co Ltd20. DLF and Pramerica ( will soon Launch the
operations)
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http://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.saharalife.com/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.maxnewyorklife.com/http://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.saharalife.com/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.maxnewyorklife.com/ -
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Foreign Direct Investment (FDI) Policy in Insurance Sector
As per the current (Mar 06) FDI norms, foreign participationin an Indian insurance company is restricted to 26.0% of itsequity / ordinary share capital. The Union Budget for fiscal2005 had recommended that the ceiling on foreign holdingbe increased to 49.0%. However, the matter is still underdiscussions.
Indian Life Insurance Industry Overview
All life insurance companies in India have to comply with thestrict regulations laid out by Insurance Regulatory andDevelopment Authority of India (IRDA). Therefore there is norisk in going in for private insurance players. In terms ofbeing rated for financial strength like international players,only ICICI Prudential is rated by Fitch India at NationalInsurer Financial Strength Rating of AAA (Ind) with stableoutlook indicating the highest claims paying ability rating.Life Insurance Corporation of India (LIC), the state ownedbehemoth, remains by far the largest player in the market.Among the private sector players, ICICI Prudential LifeInsurance(JV between ICICI Bank and Prudential PLC) isthe largest followed by Bajaj Allianz Life Insurance CompanyLimited (JV between Bajaj Group and Allianz). The privatecompanies are coming out with better products which are
more beneficial to the customer. Among such products arethe ULIPs or the Unit Linked Investment Plans which offerboth life cover as well as scope for savings or investmentoptions as the customer desires. Further, these types ofplans are subject to a minimum lock-in period of three yearsto prevent misuse of the significant tax benefits offered to
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such plans under the Income Tax Act. Hence, comparison ofsuch products with mutual funds would be erroneous.
Conclusion
Insurance sector is a growing sector in India.Nowadays private companies come out with theirinnovative products and services in insurance field.There is a cut throat competition in each and every fieldand therefore finally consumers are benefited.
It was really great experience to take training in Bharti
AXA life insurance Ltd. It is a joint venture betweenbharti and AXA. I am heartily thankful to all the staffmembers for their co operation.
DHARA DAVEMBA
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Bibliography
www.bharti-axalife.com
google search Abhinav sir Asif Sir Pankaj Sir Kavan Sir Mamta mam Jignesh Sir
http://www.bharti-axalife.com/http://www.bharti-axalife.com/