ADVISOR Recruitment and Market Survey At TATA-AIG

Company Introduction

Jamsetji Nusserwanji Tata starts a private trading firm, laying the foundation of the Tata Group in 1868. The Tata Group is one of India's best-known industrial groups with an estimated turnover of around US $14.25 billion The Tata Group pioneered several firsts in Indian industry firsts, including: India's first private sector steel mill, first private sector power utility, first luxury hotel chain and first international airline, amongst others. With more than 220,000 employees across 91 major companies, it is also India's largest employer in the

AMERICAN GROUP OF COMPANIES (AIG)

American International Group, Inc. is the world's leading international insurance and financial services

organization, with operations in more than 130

countries US-based international insurance and financial services organization

TATA-AIG is a joint venture between TATA and AIMERICAN INTERNATIONAL GROUP

TATA

+
=

AIG

TATA-AIG
Tata-AIG Life Insurance company is a joint venture between the Tata Group and American International Group Inc (AIG) Incorporation - Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 by IRDA Started operations - April 1, 2001.

Tata Group holds 74 per cent stake in the two insurance ventures with AIG holding the balance 26 per cent stake.

Company Performance
300 250 200 150 100 50
21 Growth 253% 254

Growth 236%

70.90

Premium Income(In Crore)

0 2002-2003 2003-2004 2004-2005

Recently became the highest premium taker in insurance sector

Research Methodology

Data Collection
Primary Data Collection

Data collection form primary sources were done by the preparation of questionnaire one each for the dealers and the customers. This was done to support and verify the facts provided by the secondary sources. For this purpose the trainee interviewed a determined number of customers and dealers by the method of face to faced interview. The questionnaire was in objective form, which was framed for the convenience of the dealers, customers and the trainee, which further help in the presentation of the results thus obtained.

Objectives of the Study

MAIN OBJECTIVE

The main objective of this project is Recruitment of ADVISOR and Market Survey of Retirement Planning.

SUBSIDIARY OBJECTIVES

qTo analyse ADVISOR recruitment policies of company and recommend necessary changes required. qTo identify ways by which ADVISOR can improve their skills. qTo analyse customers satisfaction as regards services, product & relationship of the company (with customers) and other attributes. qTo collect data for recruiting new ADVISOR. qTo collect data related to Critical Illness and Medical Cost.

ADVISOR recruitment at TATA-AIG

What is a ADVISOR ?
ADVISOR is a PROFESSIONAL and SKILLED person, CERTIFIED to work as a REPRESENTATIVE of the company and who is able to recommend the best solutions based upon the individual customers needs.

What is the Role of ADVISOR at TATAAIG?

Analyze the customers financial requirements . Recommend appropriate life insurance solutions. Make the customers able to meet their financial objectives in the most optimum manner. Provide support to customers on an ongoing basis.

Positively promote the co. brand, its mission, aims, and values.
Set, monitor and achieve the sales target.

Who could be a financial ADVISOR?

18+ year of age.
10+2 passed. Willing to undergo 100 hrs. IRDA mandatory training Has no agency with any life insurance co.

Why Recruitment ?
ADVISOR Recruitment is a Basic process. ADVISOR Recruitment ensures desired results . ADVISOR Recruitment is an endless process. More ADVISOR Recruitment = More Business.

PROCESS
Search & Identify the target Profile. Making Business Opportunity Presentation (BOP) Cold Calls Using the FOLDER PRESENTATION TECHNIQUE. Building on Relationship & getting references also. Train ,Coach & motivate them time to time.

MARKET SURVEY ON RETIREMENT PLANNING

Q1. How important is to save for your retirement? A. Very important B. Important. C. Not so important. D.Not at all important

Importantance to save for retirement in the market survey

Very important
Not at all important 2% Not so important 5% Important 40% Very important 53%

Important Not so important Not at all important

Q2. what should be the age when one should start saving for retirement? A. 25 to 30 B. 30 to 35 C. 35 to 40 D. After 45

Age when one should start to save for retirement in the market survey

30 to 35 60%

35 to 40 25%

25 to 30 30 to 35 35 to 40 After 45

25 to 30 10%

After 45 5%

Q3. what is your current monthly household expenditure? A. Upto Rs. 10,000 per month. B. Between Rs. 10,000 Rs. 25,000 per month. C. Between Rs. 25,000 Rs. 50,000 per month. D. Between Rs. 50,000 Rs. 1,00,000 per month. E. Above Rs. 1,00,000 per month.

Currently monthly household expenditure in the market survey

22%

Upto Rs. 10,000 per month. Between Rs. 10,000 Rs. 25,000 per month Between Rs. 25,000 Rs. 50,000 per month Between Rs.

56%

11%

9% 2%

Q4. how many years do you have before you retire? A. 0 to 5 years B. 6 to 10 years C. 11 to 20 years D. 21 to 30 years E. More than 30 years

Years left for retirement in the market survey

30%

0 to 5 years 6 to 10 years 11 to 20 years 21 to 30 years

20%

25%

15% 10%

More than 30 years

Q5.what is the amount do you think you would require for monthly expenses after retireme A. Upto Rs. 10,000 per month. B. Between Rs. 10,000 Rs. 25,000 per month. C. Between Rs. 25,000 Rs. 50,000 per month. D. Between Rs. 50,000 Rs. 1,00,000 per month. E. Above Rs. 1,00,000 per month upto Rs. 1,00,000.

Amount require for monthly expenses after retirement

60%
Upto Rs. 10,000 per month Between Rs. 10,000 Rs. 25,000 per month Between Rs. 25,000 Rs. 50,000 per month

3% 7% 10% 20%

Between Rs. 50,000 Rs. 1,00,000 per month Above Rs. 1,00,000 per month upto Rs. 1,00,000

Q6. How much money do you save on a monthly basis exclusively for your retire A. Upto Rs. 5,000 per month. B. Between Rs. 5,000 Rs. 10,000 per month. C. Between Rs. 10,000 Rs. 25,000 per month. D. Between Rs. 25,000 Rs. 50,000 per month. E. Above Rs. 50,000 per month.

Money save on monthly basis for retirement purpose in the market survey
50%

upto Rs. 5,000 per month. Between Rs. 5,000 Rs. 10,000 per month Between Rs. 10,000 Rs. 25,000 per month Between Rs. 25,000 Rs. 50,000 per month Above Rs. 50,000 per month

5%

15% 20% 10%

Limitations of the Study:

Q Sample size was very small as compared to the universe. Q There might be biasness in view of some respondents. Some of the respondents may have totally different view with respect to the total sample size, which may or may not affect the final outcome of the research. Q Majority of the respondents were lacking from the dedication in giving response. Q Time constraint was one of the major limitations while conducting the research Q Customers didnt met as per appointments given by them. Q Database was not up-to-date, most of

Findings And Recommendations

v TATA-AIG Life Insurance is among 14 players who are running Life Insurance business in India. V Being a private company, to grow in market, company has to give extra services for customer delightment. V One of main reason of dissatisfaction of customers was of irregular or no contact of Advisor after policy was taken by the customer, which should be handled by giving strict instructions to Advisor to keep regular contact with the existing customers. V Company should regularly communicate to the policyholders regarding new plans introduced by the company through mails, emails, sms, brouchers or any other means. V Agent base of the company should be increased, as practiced by LIC. Life Insurance is mainly a relationship-based business; therefore individuals having contacts should be made agents of the company.

Cont
vImprovement in advertisement and sales promotion techniques both at local and national level should be there, in order to increase awareness about company and its products. vGift articles or even greeting cards should be given by the company on occasions like New Year, Birthday, Independence Day or any other festival, so that the customer feelings are touched by the company. vRegular surveys should be conducted regularly or one tele-officer should be appointed for making calls to the existing customers to solve there problem, if any. vMore hoarding should be used in the city for advertisement or sponsorship should be given of some grand event. vCustomers should be encouraged to bring new customers, by giving them some gifts or financial incentives. vRegular advertisement in Newspaper

THANK YOU
Prepared by:-

JAYANT BHATI M.B.A. Part-I J.I.M. Jodhpur