Challenges for Recruiter

8/9/2019 Challenges for Recruiter

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CHANNEL DEVELOPMENT AT MAX

NEW YORK LIFESUBMITTED BY:-

MRUNAL DATTATRAYA SAMANT.

MBA (III RD SEM)

UNDER THE GUIDANCE OF:MR.ALOK GHOSH.

ASSOCIATE BUSINESS PARTNER,

MNYL,

PRABHADEVI.

MR. NAVNEET DIWAKAR.

ASSOCIATE BUSINESS PARTNER,

MNYL,

PRABHADEVI.

MR.MAINAK PRAMANIK.

SALES MANAGER,

MNYL,

PRABHADEVI.

MR.

FACULTY GUIDE,

IIPM,

MUMBAI

INDIAN INSTITUTE OF PLANNING AND MANAGEMENT,

MUMBAI.


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CHANNEL DEVELOPMENT AT MNYL.

CERTIFICATE FROM SUMMER PROJECT GUIDE.

This is to certify that Mr. Mrunal Dattatraya Samant a student of Post

Graduate Diploma in Business Management has worked under our

guidance and supervision. This Summer Project Report has the requisite

standard and to the best of our knowledge no part of it has been reproduced

from any other summer project, monograph, report or book.

Project Guide Project Guide

Date: Date:

SUBMITTED BY: - MRUNAL D. SAMANT. - 3 -


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ABSTRACT.

ACKNOWLEDGEMENT



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CHANNEL DEVELOPMENT AT MNYL.It gives me immense pleasure, having done a project on an interesting and

knowledgeable topic like Channel development at Max New York.

This project has not only widened my horizon as far as academics are

concerned but also helped me to enlarge my knowledge bank. Marketing

Management and Human resources are not topics, which could be handled

with certain amount of casualty. It requires a deep study and hard work,

which is key to success. There are many people associated with this project

without which this project would not have been possible.

I thank my Institute who has given me an opportunity to show my skills. I

also thank all my nearer and dearer ones without whose support this projectwould not been possible.

I would like to thank Mr. Manish Saklani, who allow me to do this project

in Max New York Life successfully.

I am deeply grateful to Mr. Alok Ghosh , my project guide for his ever

willing help and guidance to complete my project successfully.

I would like to thank to Mr. Mainak Pramanik , my Sales Manager for hisnobel inspiration, keen interest, constant supervision and ever willing help

throughout the course of this study.

Above all I would like to thank all contacted persons of firm who took out

valuable time to answer my queries and gave me full information about

insurance industry and Max New York Life.

I extend my sincere gratitude towards my parents, who have always

encouraged me and gave suggestions as how to work on project. They

always stand by me in solving all my queries. Their support has always

motivated me.



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CHANNEL DEVELOPMENT AT MNYL.Above all it gives me immense pleasure to thank authors of various books

who indirectly helped me in gaining knowledge about insurance industry.

PREFACE

Indian insurance industry is emerging rapidly after year 2000. To survive in

this highly competitive scenario, managers are being pressured to improve



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CHANNEL DEVELOPMENT AT MNYL.quality, recruit quality and skilled people and eliminate inefficiency. The

collective efforts of the employer, managers and other relative people

assume relevance in this context. And this is where marketing management

and human resources play important role.

Recruitment is very important in todays scenario. But still it is ignored and

considered as a secondary aspect. In case of insurance industry recruitment

only decide success or failure of company.

I have made an attempt to study this aspect of Insurance industry in my

project. In this project, recruitment for developing channel at Max New York

Life is considered. I have tried to find out how exactly recruitment is veryimportant for this firm as well as this industry, which are the different

strategies firm use to recruit quality people and so on. It is more qualitative

rather than a quantitative data.

To get knowledge of above question and to fulfill the requirements for my

project on Channel Development At Max New York Life, I have worked in

MNYL and searched some internet sites.

On the basis of my study, I have included following topics as the important

aspect of Channel Development At Max New York Life.

Insurance industry introduction.

Strategies for recruitment.

Eligibility of recruitment and so on.



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CHANNEL DEVELOPMENT AT MNYL.TABLE OF CONTENTS.

Acknowledgement

5

Preface

7

Table of Contents

9

List of Abbreviations

11



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LIST OF ABBREVIATIONS.

MNYL Max New York Life

AA Agent Advisor

PO Personal ObservationNAT Numerical Ability Test

FCS Fundamental Career Seminar

IRDA Insurance Regulatory & Development

Authority

CoI Centre of Influence

ATP Annual Target Premium

MDRT Million Dollar Round Table

CSR Corporate Social Responsibility

SM Sales Manager

SCA Sustainable Competitive Advantage



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Personal observation.

Personal Observation can be defined as: a face to face contact

made on an important basis in order to secure an appointment

for recruitment interview.

Nominator.

Nominators can be defined as: people with whom you have no

previous business relationship .

CoI.

Centers of influence can be defined as: people with whom you

already have an established relationship for referrals as an

agent.



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Section A

INTRODUCTION.



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CHANNEL DEVELOPMENT AT MNYL.A.1 About the Insurance Sector in India

Insurance sector is an opportunity for India.

This business is growing at the rate of 18-22 per cent annually. Presently it covers market of RS.450 billion. Together with banking sector it contributes about 7% to GDP. Gross premium collection is about 2% of GDP. Still 80% of Indian population is without life insurance.

This is an indicator that growth potential for the insurance sector is

immense. Insurance sector contribute a lot in economic development. It provides long term fund for infrastructure development. It is estimated that over the next ten years India would require

investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in

infrastructure development to sustain economic growth of the country.

There are two legislations that govern the sector-

The Insurance Act- 1938 The IRDA Act- 1999.

Historical Perspective



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CHANNEL DEVELOPMENT AT MNYL.Important milestones in the life insurance business in

India:

Insurance Sector Reforms



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CHANNEL DEVELOPMENT AT MNYL.In 1993, Malhotra Committee- headed by former Finance Secretary and RBI

Governor R.N. Malhotra- was formed to evaluate the Indian insurance

industry and recommend its future direction. The Malhotra committee was

aimed at creating a more efficient and competitive financial system suitablefor the requirements of the economy keeping in mind the structural changes

currently underway and recognising that insurance is an important part of

the overall financial system where it was necessary to address the need for

similar reforms. In 1994, the committee submitted the report and some of

the key recommendations included:

i) Structure: Government stake in the insurance Companies to be brought

down to 50%. Government should take over the holdings of GIC and its

subsidiaries so that these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.

ii) Competition: Private Companies with a minimum paid up capital of

Rs.1bn should be allowed to enter the sector. No Company should deal in

both Life and General Insurance through a single entity. Foreign companies

may be allowed to enter the industry in collaboration with the domesticcompanies. Postal Life Insurance should be allowed to operate in the rural

market. Only one State Level Life Insurance Company should be allowed to

operate in each state.

iii) Regulatory Body: The Insurance Act should be changed. An Insurance

Regulatory body should be set up. Controller of Insurance- a part of the

Finance Ministry- should be made independent

iv) Investments: Mandatory Investments of LIC Life Fund in government

securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to

hold more than 5% in any company (there current holdings to be brought

down to this level over a period of time)



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CHANNEL DEVELOPMENT AT MNYL.v) Customer Service: LIC should pay interest on delays in payments

beyond 30 days. Insurance companies must be encouraged to set up unit

linked pension plans. Computerization of operations and updating of

technology to be carried out in the insurance industry.

The committee felt the need to provide greater autonomy to insurance

companies in order to improve their performance and enable them to act as

independent companies with economic motives. For this purpose, it had

proposed setting up an independent regulatory body- The Insurance

Regulatory and Development Authority.

Reforms in the Insurance sector were initiated with the passage of the IRDA

Bill in Parliament in December 1999. The IRDA since its incorporation as a

statutory body in April 2000 has fastidiously stuck to its schedule of framing

regulations and registering the private sector insurance companies. Since

being set up as an independent statutory body the IRDA has put in a

framework of globally compatible regulations. The other decision taken

simultaneously to provide the supporting systems to the insurance sector

and in particular the life insurance companies was the launch of the IRDAonline service for issue and renewal of licenses to agents. The approval of

institutions for imparting training to agents has also ensured that the

insurance companies would have a trained workforce of insurance agents in

place to sell their products.

Present Scenario

The Government of India liberalised the insurance sector in March 2000 with

the passage of the Insurance Regulatory and Development Authority (IRDA)

Bill, lifting all entry restrictions for private players and allowing foreign

players to enter the market with some limits on direct foreign ownership.



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CHANNEL DEVELOPMENT AT MNYL.flexibility or transparency in the products. With the entry of the private

insurers the rules of the game have changed.

Life insurance business in terms of first year premium has shown a growth of more than 95% over the previous year and non life, or general insurance, is

not far behind either, growing at 22% during 2006-07.The 15 private insurers

in the life insurance market have already grabbed nearly 24 percent of the

market in terms of premium income. The new business premium of the 15

private players has tripled over last year. Meanwhile, state owned LIC's new

premium business has fallen. Figure shows comparison between premiums

being collected by private and public limited players in year 2006 and 2007.

Innovative products, smart marketing and aggressive distribution. That's the

triple whammy combination that has enabled fledgling private insurance

companies to sign up Indian customers faster than anyone ever expected.

Indians, who have always seen life insurance as a tax saving device, are now



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CHANNEL DEVELOPMENT AT MNYL.suddenly turning to the private sector and snapping up the new innovative

products on offer.

The growing popularity of the private insurers shows in other ways. They arecoining money in new niches that they have introduced. The state owned

companies still dominate segments like endowments and money back

policies. But in the annuity or pension products business, the private insurers

have already wrested over 33 percent of the market. And in the popular unit-

linked insurance schemes they have a virtual monopoly, with over 90

percent of the customers.

The private insurers also seem to be scoring big in other ways- they are

persuading people to take out bigger policies. For instance, the average size

of a life insurance policy before privatisation was around Rs 50,000. That has

risen to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to

persuade new customers.



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A.2 ABOUT MAX NEW YORK LIFE

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

New York Life and Max India Limited. New York Life is a Fortune 100 company and Max India Limited is one

of India's leading multi-business corporations. The company has positioned itself on the quality platform. 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 has identified individual agents as its primary

channel of distribution. The Company places a lot of emphasis on its selection process, which

comprises four stages

Screening,

Psychometric test,

Career seminar

Final interview.



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CHANNEL DEVELOPMENT AT MNYL. The agent advisors are trained in-house to ensure optimal control on

quality of training. Max New York Life invests significantly in its training programme. Each agent is trained for 152 hours as opposed to the mandatory 100

hours stipulated by the IRDA before beginning to sell in the

marketplace. Training is a continuous process for agents at Max New York Life and

ensures development of skills and knowledge through a structured

programme spread over 500 hours in two years. This focus on continuous quality training has resulted in the company

having amongst the highest agent pass rate in IRDA examinations andthe agents have the highest productivity among private life insurers.

201 agent advisors have qualified for the Million Dollar Round Table

(MDRT) membership in 2005. MDRT is an exclusive congregation of the worlds top selling insurance

agents and is internationally recognized as the standard of excellence

in the life insurance business.

Having set a best in class agency distribution model in place, thecompany is spearheading a major thrust into additional distribution

channels to further grow its business. The company is using a five-pronged strategy to pursue alternative

channels of distribution. These include the franchisee model, rural business, direct sales force

involving group insurance and telemarketing opportunities and

corporate alliances. Max New York Life offers a suite of flexible products. It now has 26 life insurance products and 8 riders that can be

customized to have more than 400 products.

REWARD AND RECOGNITION



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1) Premium Leader


C

EMDR

T

Ex.Council

Paul ColganTrophy

Centurion

Agent of the Year

Paid Cases, FYC,Persistency, Rider,

Referral and CEIP Leader

Career Foundation Club

Career Producer Award

Career Success Award

Hi-Flier

Ten-A-Monther

Premium Leader


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Qualifying Criteria- Rs. 1 Lakh AFYP in a month

Reward and Recognition- Mention in leaders Report, Lunch

2) Ten-A-Monther

Qualifying Criteria- 10 applications in a month and Rs.30,000 AFYP

Reward and Recognition- MNYL Crystal Glass, mention in Leaders

Report,

Lunch.

3) Hi-Flier

Qualifying Criteria- 20 applications in a month

Reward and Recognition- MNYL Silver Medal, MNYL Crystal Glass,Mention

in leaders Report, Lunch

4) Career Success Award



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Qualifying Criteria- 15 paid cases & Rs. 40,000 FYC at the end of

month 3

Reward and Recognition- Recognition Award

5) Career Producer Award

Qualifying Criteria- 25 paid cases & Rs. 80,000 FYC at the end of

month 6


6) Career Foundation Club

Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhs FYC in July- June

for

Recruits during this period.

Reward and Recognition- Attend CFC meeting to be held at Zone level

7) Paid Case, FYC, Persistency, rider, Referral and CEIP Leader



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Qualifying Criteria- Top Agent in each category in each GO

Reward and Recognition- Recognition Plaque

8) Agent of the Year

Qualifying Criteria- Highest Points in each GO


9) Centurion

Qualifying Criteria- 100 net paid cases in a year

Reward and Recognition- Centurion Trophy

10) Paul Colgan Trophy

Qualifying Criteria- Highest FYC with 100 or more paid cases and



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CHANNEL DEVELOPMENT AT MNYL.95% Or more 13 th month persistency

Reward and Recognition- Recognition Trophy

11) Executive Council

Qualifying Criteria- July 2006 to June 2007: 4,30,000 Council

Credits

January 07 to June 07: 1,60,000 Council

Credits

40 paid cases in the Council Period.

Reward and Recognition- Trip to Malaysia to attend the Executive

Council Meeting.

12) MDRT (Million Dollar Round Table)

Qualifying Criteria- MDRT FYC Rs. 7,19,800 Premium Rs.14,39,600

Reward and Recognition- MDRT dues for all qualifiers. Top 35 by FYC

will

Bear domestic travel and visa costs. Next 15 will



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CHANNEL DEVELOPMENT AT MNYL.bear Registration fees, domestic travel and

visa

costs. Rest All will bear international airfare,

domestic travel and Visa costs.

13) CEOS Council

Qualifying Criteria- July 2006 to June 2007: 8,00,000 Council

Credits

Jan 2007 to June 2007: 3,20,000 Council Credits

Reward and Recognition- Trip to Amsterdam to attend the CEO Council

meeting.

PRODUCTS OF MNYL



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CHANNEL DEVELOPMENT AT MNYL.Mission

To become one of the top quartile life Insurance companies in India.

Be a national player.

Be the brand of the first Choice.

Be the Employer of the Choice.

Become principal of choice for agents.

Values

This vision to become India's most admired life insurance company will

be realized through our unique set of values, which are as follows:

Achievements

First life insurance Company in India to have IS0 9001:2000

certifications.



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CHANNEL DEVELOPMENT AT MNYL. Top five most respected private life insurance in India according to

Business World survey.

Continuous presence in Top 50 MDRT global list.

CSR

Max New York Life has been instrumental in changing the paradigm of life

insurance in India. It is the first life insurance company in India to introduce

cause related marketing.

Children are at the very heart of Max New York Life's strategy. SOS Children's

Villages of India is internationally recognized for its work in givingunderprivileged children a wholesome life. The mission of SOS is "to help

orphaned and abandoned children, by providing them with a family, a

permanent home, education and strong foundation for an independent life."

It's mission ties in with Max New York Life's philosophy of helping people

secure the future of their near and dear ones.

The company donates a part of the total money collected on all policies sold,

to SOS Children's Villages of India at the end of the year.

Leadership Team



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CHANNEL DEVELOPMENT AT MNYL.Companys Expectation from AA:

Regular input activity.

Follow the sales process.

Achieve sales targets.

Attend training programme.

Participate in weekly reviews.

Follow the MNYL ethics and business standards policy.



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CHANNEL DEVELOPMENT AT MNYL.B.1 ELIGIBILTY MODEL

From this eligibility model company judge prospective person. The company

follows unique eligibility criteria for AA selection by which company is able isto always justify its mission. The basic objective of having an eligibility model

for recruitment is to have good retention and greater effectiveness in the

delivery of service.

Four criterias for AA selection

1. 25 plus years of age:

This age shows attainment of maturity and responsibility. People are

more consistent in this age.

2. Married:

Married people have more eager to earn money. Family pressures

increase responsibility and secondly customers are convinced more by the

stability of a married AA.

3. Staying in the same city for more than 5 years:

Person who stays more than 5 year has huge natural market which

helps him to get more business in short period.

4. Graduate:

Graduate people have basic skills like communication skills, numerical

ability, I.P relation, convincing abilities etc. so it is easy to teach them

further.



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CHANNEL DEVELOPMENT AT MNYL. Other criteria for AA selection:

1. Financial stability:

MNYL is focuses on classes and not on masses thus they select strong agent

advisors.

2. To have a rich and active social circle:

it helps to get higher case rate and case size. Also the chances of policy

lapsing can be less and renewals can be more.

3. Greed for money:

Firm selects advisors who understand the language of commission. Because

people who want fix amount as their earnings are not suitable for this

business.

4. Independent:

MNYL select people who want to be entrepreneur. Housewives or brokers

who want flexible hours for work are prospective person for this business.

5. Persuasion:

He should be persuasive in nature because the AA needs to follow up on

regular basis with prospective and new clients without being a nuisance

value.

6. Excellent interpersonal skills:

Because developing and maintaining good relations can get policies.

Secondly since most of the insurance companies provide a plethora of similar

products, sales depend on the convincing ability of the AA and the rapport

the AA is bale to build. Also results in C of Is.



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CHANNEL DEVELOPMENT AT MNYL.7. Excellent communication skills:

Since AA needs to communicate about the organization, products, career as

AA, about why insurance is important, which product will suit his requirement

etc.

Desirable Candidates

1) Housewives.

2) Employees having VRS.

3) CAs.

4) Mutual Fund Brokers.5) NSC brokers.

6) Tax Consultants.

7) Businessman.

8) Doctors.

9) Travel agents.

10

)

Lawyers

11

)

Diamond merchants.

12

)

Social workers.

B.2 DEVELOPMENT STRATEGIE S



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CHANNEL DEVELOPMENT AT MNYL.Management team has developed certain strategies in order to expand

channel distribution network. These model are followed across the country

uniformly and top management feels that these rules are the building block

of MNYLs success in India as well as across the world. There are 2 basicprinciples that are required in order to execute these strategies such as

1) Prospecting: Identify the right person who fits in the eligibility model.

2) Selection: Select them for further plan of actions.

RULE OF 31

Rule of 31 is associated with the daily activities which is follow to recruit

quality advisors. It says that everyday collect at least 3 names of the

prospective AA and do 1 screening every day.

Ways of Name Gathering

There are several ways for gathering names in order to follow rule of 31.

Natural Market:



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CHANNEL DEVELOPMENT AT MNYL.A natural market consist of people to whom you know well from your

family, friend circle, relative can be a good prospect. The most admired

way for recruitment in MNYL is through natural market. Natural

market persons are easily approachable and most of the successfulrecruitment in MNYL is from natural market.

Personal Observation:

It means identify the right person through observation. For e.g. a

person residing in your locality and very famous in taking initiative in

social activities can be a good prospect.

Nominator Call:

A nominator is a person who is very much influential in the market as

well as in societies. Name gathering and identification is easy in this

case, but these people are highly unapproachable. These people can

be very productive in giving references of the prospect. They are not

prospect by default.

Centre of Influence (CoI) Call:

A centre of influence person is people who are influential and you know

them personally. They are approached for giving references of the

client.

Prospect Call:

Prospects itself are approached. They can be anyone from natural

market, Nominators reference, CoIs reference or by other means.

Activities:



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CHANNEL DEVELOPMENT AT MNYL.Doing activities such as brand awareness in Public places such as mall,

multiplexes can be a good strategy for name gathering. We can have a

questionnaire format to fill by applicant for the lucky draw.

Phoenix mill.

Nakshatra mall.

Hirra panna.

Siddhivinayak temple.

Nirmal life style.

BSE.

COLD/ WARM/ HOT

This is another method that helps the management trainee and the sales

managers keep a track of the names he has from his natural market as well

as through name gathering ,



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Cold

Cold is like what u are having. In this column we include all the nameswhich we have as a prospect. It includes C o I names, references,

nominators, PO names and so on. It is a list of all the names that we

wish to contact in future.

Warm


COLD

WARM

HOT


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CHANNEL DEVELOPMENT AT MNYL.Once the names mentioned in the cold column are contacted and if

any appointments scheduled at the office wherein initial screening is

then conducted the candidate is then entered in the warm list.

Hot

After being entered in the warm list if any candidate has attended any

of the seminars held at Max New York Life after the initial screening

done and if the candidate has been given P200 (project 200) then the

prospective agent is then said to be entered in the hot list.

COLD. WARM. HOT.

80 30 8

QUESTIONNAIRE

Hello. This is MRUNAL D. SAMANT from Max New York Life, working here as a

management trainee. I would appreciate it if you could lend me just 2

minutes of your time for my project on Insurance Industry. I would like to



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CHANNEL DEVELOPMENT AT MNYL.assess if you are interested in taking a business opportunity available in the

insurance sector which requires no investment of yours.

1. Where do you invest your Money?

a. Stock Markets

b. Mutual Funds

c. Life Insurance

d. Property

2. Name any 3 Insurance Companies you are aware of?

a. _____________________________________


PROPERT Y.

55 %

MUTUALFUND.

25 %

INSURANCE

15 %

SHARES

5 %

INVEST- MENTOPTION

S.


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CHANNEL DEVELOPMENT AT MNYL.b. _____________________________________

c. _____________________________________

TATA AIG

BIRLA SUN

LIFE

ICICI

PRUDENTIAL

3. In a year how much money do you invest? (approx)

_________________________________________

4. Are you aware of any Insurance products?

a. ____________________________________



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CHANNEL DEVELOPMENT AT MNYL.b. ____________________________________

c. ____________________________________

5. Which among the following products do you own?

a. Whole Life/ Endowment

b. Money Back

c. Unit Linked Insurance Plan

d. Term Plan

e. Education/ Child Plan

6. What is the reason of having the above cover?

a. Security

b. Investment

c. Tax Benefits



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TAX BENEFIT

SECURITY

INVESTMENT

7. Are you aware of the earning potential in insurance sector?

a. Rs.20,000 to 30,000

b. Rs.30,000 to 50,000

c. Rs.50,000 to 75,000

d. Rs.75000 to 1,00,000

8. Would you like to add a business to your current profile?

a. Yes

b. No



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YES

NO

9. Which is the quality according to you that would be required for

Being successful in business?

a. Communication

b. Networking

c. Both

COMMUNICATI

ON

NETWORKING

BOTH

NAME: ______________________________________

ADDRESS: ______________________________________

______________________________________

CONTACT NO.: ______________________________________



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CHANNEL DEVELOPMENT AT MNYL.ANNUAL SALARY: ______________________________________

Thank You for your valuable time and for your information the agency

business in insurance sector is successfully pursued by businessman,

housewife, freelancers, IT Consultants/CA, professionals like Doctors,

Architects, Trader Segments, Auto, Real Estate, etc.

B.3 SCRIPTS AND HANDLING OBJECTIONS

MNYL has its own scientifically handled script they use worldwide for

approaching the future AA for the Company. The company periodically

modifies the versions of the scripts if needed as per requirement. All the

mangers are required to follow the scripts. There are several kinds of scripts.

The classification of scripts is follows:

1) Nominator Script:



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CHANNEL DEVELOPMENT AT MNYL.Nominator is a person who is not prospect for firm but he gives reference to

firm. The main objective of this script is to fix an appointment with the

nominator.

2) CoI Script:

Centre of influence is a people whom you know. The main objective of this

script is to fix an appointment with the CoI or to collect the references from

them.

3) Prospect Call Script:

With the help of this script, firm tries to motivate people to visit MNYL office. The main objective of this script is to call the prospect in MNYL for the initial

screening.

4) In person Nominator Script:

This script includes many questions which help to get references quickly .

This script is used to entertain Nominators and influence them to collect

references from them.

5) CoI in person Nominator Script: This script is used to collect

references from CoIs.

All the scripts are also contained with expected objections from the

prospects/CoI/nominators. These objections are based on the rich

experiences and have adequate strategy to avoid objection. In any Case, an

objection is found to be unlisted it is responsibility of SM to bring back in the

spirit of original script provided them.



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Section C

CHANNEL DEVELOPMENT PROCESS.



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CHANNEL DEVELOPMENT AT MNYL.Name gathering in P200 consists of people whom you know from natural

market and references you get from their sources. As a management trainee

were given a task to gather 200 names. Figure shows the P200 format in

which the database is created.

Name of the prospective Agent

Address of Contact

Age

Marital Status

Qualification

No. of years in the City

Financial Status

Profession

Annual Income

Natural Market

Comments

C.2 SHORT LISTING

Candidates are shortlisted from the P200 as per the eligibility criteria laid

down by the company. Only eligible candidates are considered for the next

process.

C.3 CONTACTING

Candidates are called either as nominator, CoI, Prospective Agents and a

meeting is fixed with them according to the convenience of both the party.

Here script plays very important role in fixing appointment with the prospect.



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CHANNEL DEVELOPMENT AT MNYL.C.4 INITIAL SCREENING

Initial screening is taken if candidate is found eligible using 4 point model. In

intial screening, a sales manager first gives the introduction about the

company. Then several questions such as his family background, his natural

market, traits for a sales person, and his present and past experiences of his

jobs are questioned.

Every candidate is required to get at least 3 points in eligibility model the

company. The eligibility standards for AA selection are as follows. In case of

score less than 3, special zonal head approval is required.

FIVE POINT SYSTEM:

Age 25 and over 1 point

Graduate 1 point

Married 1 point

Lived in city more than 5 years 1 point

NAT score 1 point (if passed)

C.5 NAT

Numerical Ability test is taken. Passing Score is 50%.

C.6 CAREER SEMINAR AND P200

All the prospects are required to attend career seminar at MNYL which

provides broader aspects of growth as an Agent Advisor.



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CHANNEL DEVELOPMENT AT MNYL.P200 is a worksheet which is given to each prospect to judge his natural

market. The prospects are required to mention at least 100 contacts from

their natural market.

C.7 CAREER INTERVIEW

P200 is evaluated in Career Interview. If candidates market is found worth,

he is selected to attend training and Development programme.

C.8 FCS

All the selected candidates are required to attend 22 day training session for

receiving the license from IRDA to become an Agent Advisor.

C.9 CONTRACT

All the successful candidates having legal license of IRDA are contracted with

MNYL.

In this firm has its own statistic. That means if we will contact 60

person in a month. Then we can convert 2 people for a batch as a

AA.

60 Cold prospects.



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CHANNEL DEVELOPMENT AT MNYL.20 Initial screening.

16 Test.

08 Seminar.

04 Career Interview.

02 FCS Batch.

Section D



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CHANNEL DEVELOPMENT AT MNYL.STATUS REPORT.



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CHANNEL DEVELOPMENT AT MNYL.D.1 ACTIVITY CHART

Particulars Status

1) Initial Screening 302) NAT 6

3) Career Seminar 8

4) P200 8

5) Career Interview 5

6) FCS -

7) Total Recruitment -

8) Contracted -

The above activity chart represents the work done by me in accordance with

the channel development process. The P200 sheet will be attached with this

project where name and contact numbers are stored in format prescribed by

the MNYL.



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SECTION E

CONCLUSION



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CHANNEL DEVELOPMENT AT MNYL.E.1EXPERIENCE

My Experience with MNYL will always be grateful for me. I learned many

things in MNYL. The very first thing I learned in MNYL is to handle objectionsfrom the customers. Different type of scripts of MNYL helps in this.

Working on deadline for achieving target is most crucial process in this

sector and I am thankful to my sales Manager who were always behind me to

support during initial call and helps me to complete my training.

The GO meet to reward successful AA and SM for the month is another

example which clearly emphasizes that MNYL has strong belief in

maintaining a healthy relationship with their stakeholders.

Overall Channel Development was a fair attempt from me. During the

project I was able to make 200 names.

My telephonic conversation with the prospect always gave me a positive

direction to build my confidence and even in bad phase of response I learnt

the art of making calmness.

I shared a lot of activities with my colleagues. All the trainees from different

background also remained a source of energy for my daily activities.

E.2 SUMMARY



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CHANNEL DEVELOPMENT AT MNYL.Life insurance business in terms of first year premium has shown a growth of

more than 95% over the previous year and non life, or general insurance, is

not far behind either, growing at 22% during 2006-07. In this market,

competitive edge provided by product innovation can sustain only for acouple of months, since products can easily be cloned. Hence Channel

development is the only process through which an insurer can have SCA

over other competitor.

Strategic approach for calling Nominators/CoI/prospect has several

advantages through which company maintains integration of system.

E.3 RECOMMENDATION



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CHANNEL DEVELOPMENT AT MNYL.Max New York Life as an insurance firm has a very strong presence in India

and is rapidly expanding its operations in India. After working on this project I

feel that following are some of the ways in which the company can improve

the current market base and selection procedure for AAs, the key revenuegenerating resource for the company:

Increase awareness among the general public

HEARD

KNOWN

EXPERIENCED

UNKNOWN.

In survey I come to know only 5 % people are heard about this

company.

Only 10 % people known about this company. It shows less brand

image of company.

25% people experienced this company by taking policy.

But 60 % people are unaware about this company. It is because

of lack of advertisement.

Highlight the core strengths of the company like oldest firm in

insurance sector, highest paid up capital, etc.



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CHANNEL DEVELOPMENT AT MNYL. Very less people know about highlights of the company.

Firm is not well known though it is oldest firm.

No one knows positive points of the company, like registered

under companies act, six sigma and so on.

Have a re-look at the existing product range and design products which

can attract masses rather than just serving only classes.

E.4 BIBLIOGRAPHY.



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CHANNEL DEVELOPMENT AT MNYL. IC 33 book of Max New York Life.

www.maxnewyorklife.com

www.google.com
http://www.maxnewyorklife.com/http://www.google.com/http://www.maxnewyorklife.com/http://www.google.com/

Challenges for Recruiter

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