POONA SCHOOL OF BUSINESS
(VINAYKA MISSON UNIVERSITY)
SUMMER INTERNSHIP REPORT
“MAX NEW YORK LIFE”
SUBMITTED BY:
Rajesh Kumar Jha
MBA-08-10/MKTG.
PRN NO. -810336
PSB
Pune
CHANNEL DEVELOPMENT AT MNYL.
CHANNEL DEVELOPMENT AT MAX NEW
YORK LIFE
CHANNEL DEVELOPMENT AT MNYL.
CERTIFICATE OF APPROVAL
The following Internship Report Title “Channel Development at MNYL” is hereby
approved as certificate studies in management carried out in a manner satisfactory to warrant
its acceptance as a prerequisite for the award of Post Graduate in Business Management for
which they have been submitted. It is understood that by this approval the undersigned do not
necessarily endorse or approve any statement made, opinion expressed or conclusion drawn
therein but approve the summer Project only for the purpose it is submitted.
Internship Report Examination Committee for evaluation of Internship Report.
Name Signature
1. Faculty Examiner _________________ _________________
2. PG Summer Project Co-coordinator___________________ ___________________
CHANNEL DEVELOPMENT AT MNYL.
CERTIFICATE FROM SUMMER INTERNSHIP GUIDE
This is to certify that Mr. Rajesh Kumar Jha a student of MASTER OF BUSINESS
ADMINISTRATION has worked under our guidance and supervision. This Summer
Internship Report has the requisite standard and to the best of my knowledge it is his original
work.
Project Guide
Date:
CHANNEL DEVELOPMENT AT MNYL.
CHANNEL DEVELOPMENT AT MNYL.
ACKNOWLEDGEMENT
It gives me great pleasure, having done a project on an interesting and knowledgeable topic
like “ Channel development at Max New York .”
Marketing Management and Human resources are topics which demand for in depth study
and a lot of dedication and hard work. This project has been a great experience. This project
has immensely enlarged my knowledge as far as academics are concerned. There are many
people associated with this project without which this project would not have reached its
successful completion.
I sincerely thank Prof. ___________________________________ (Dean, PSB) who has
given me an opportunity to show my skills and bag a great source of experience. A special
thanks to Prof. ___________________________________ (SMG Department, PSB) who
guided me to opt for MNYL.
I would like to thank Mr. __________________________________ (Branch Manager,
MNYL) who permitted me to do this project in Max New York Life successfully. I would
like to thank to Mr. ____________________________________ (Sales Manager, MNYL)
for his inspiration, keen interest, constant supervision and ever willing help throughout the
course of this study.
I would also like to take this opportunity to thank all the people of the firm I contacted who
took out valuable time to answer my queries and gave me full information about the
insurance industry and Max New York Life.
I extend my sincere gratitude towards my parents, who have always encouraged me and
given great support. They have been a great source of motivation in the completion of my
project.
Above all I thank the almighty for my successful completion of this project.
CHANNEL DEVELOPMENT AT MNYL.
PREFACE
Indian insurance industry is emerging rapidly after year 2000. To survive in this highly
competitive scenario, managers are being pressured to improve 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 today’s 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 very important 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.
CHANNEL DEVELOPMENT AT MNYL.
TABLE OF CONTENTS
Acknowledgement 5
Preface 6
Table of Contents 7
List of Abbreviations 9
SECTION A: INTRODUCTION 10
A.1 ABOUT INSURANCE INDUSTRY 11
A.2 ABOUT MAX NEW YORK LIFE 13
A.3 ABOUT PROJECT 21
SECTION B: CHANNEL DEVELOPMENT STRATEGIS 24
B.1 ELIGIBILITY MODEL 25
B.2 DEVELOPMENT STRATEGIES 29
SECTION C: CHANNEL DEVELOPMENT PROCESS 31
C.1 NAME GATHERING IN-P200 33
C.2 SHORTLISTING 33
C.3 CONTACTING 34
C.4 INITIAL SCREENING 34
C.5 NAT 34
C.6 CAREER SEMINAR 35
C.7 CAREER INTERVIEW 35
C.8 FCS 35
CHANNEL DEVELOPMENT AT MNYL.
C.9 CONTRACT 35
SECTION D : STATUS REPORT 37
D.1 ACTIVITY CHART 38
SECTION E: CONCLUSION 39
E.1 KEY LEARNINGS 40
E.2 EXPERIENCE 40
E.3 SUMMARY 41
E.4 RECOMMENDATIONS 41
E.5 BIBLIOGRAPHY 43
APPENDIX 44
CHANNEL DEVELOPMENT AT MNYL.
LIST OF ABBREVIATIONS
MNYL Max New York Life
AA Agent Advisor
PO Personal Observation
NAT Numerical Ability Test
IRDA Insurance Regulatory & Development Authority
CoI Centre of Influence
ATP Annual Target Premium
MDRT Million Dollar Round Table
CSR Corporate Social Responsibility
FCS Fundamental Career Seminar
SM Sales Manager
CHANNEL DEVELOPMENT AT MNYL.
Section - A
INTRODUCTION
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.
There are two legislations that govern the sector-
The Insurance Act- 1938 The IRDA Act- 1999.
Table shows the current market players in the life Insurance Industry (Source IRDA).
Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Co. Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd
5 ING Vysya Life Insurance Co. Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
CHANNEL DEVELOPMENT AT MNYL.
8 Met Life India Insurance Co. Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Ltd.
10 SBI Life Insurance Co. Ltd.
11 Tata AIG Life Insurance Co. Ltd.
12 Reliance Life Insurance Co. Ltd.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co. Ltd.
15 Shriram Life Insurance Co. Ltd.
16 Bharti AXA Life Insurance Co. Ltd.
PREMIUM COLLECTIONS:
CHANNEL DEVELOPMENT AT MNYL.
A.2 ABOUT MAX NEW YORK LIFE (COMPANY PROFILE)
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,
CHANNEL DEVELOPMENT AT MNYL.
Psychometric test,
Career seminar
Final interview
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 and the agents have the highest
productivity among private life insurers.
It now has 26 life insurance products and 8 riders that can be customized to have more
than 400 products.
201 agent advisors have qualified for the Million Dollar Round Table (MDRT)
membership in 2005.
MDRT is an exclusive congregation of the world’s top selling insurance agents and is
internationally recognized as the standard of excellence in the life insurance business.
Life @ MNYL Max New York Life is a young and vibrant organization, proud of the excellent track
record it has established in a relatively short span of time. We are one of the most ambitious and aggressive players in life insurance. A key factor in our success has been our ability to attract some of the most talented professionals from different industries.
We pride ourselves on being a learning organization that encourages personal and professional development. We are serious about work and having fun. A dynamic, flexible and fast paced work environment brings out the best in each one of us. By
CHANNEL DEVELOPMENT AT MNYL.
developing structure, systems and a workplace culture that provides challenging jobs, rewards performance and delivers opportunities continuously, Max New York Life strives to get the best out of its most valuable asset - its people.
The knowledge and inputs given at MNYL is immensely useful to survive in the industry and also for other management areas.
REWARDS AND RECOGNITION
CHANNEL DEVELOPMENT AT MNYL.
Ceeeo
E
Ceeeo
EMDRTMDRT
Ex. CouncilEx. Council
CenturionCenturion
Paul Colgan TrophyPaul Colgan Trophy
Agent of the YearAgent of the Year
Paid Cases, FYC, Persistency, Rider, Referral and CEIP Leader
Paid Cases, FYC, Persistency, Rider, Referral and CEIP Leader
Career Foundation ClubCareer Foundation Club
Career Producer AwardCareer Producer Award
Career Success AwardCareer Success Award
Hi-FlierHi-Flier
Ten-A-MontherTen-A-Monther
Premium LeaderPremium Leader
CHANNEL DEVELOPMENT AT MNYL.
PRODUCTS OF MNYL
Whole Life Plans
Unit Linked Insurance Plans
Endowment Plans
Children Plan
Money Back Plans
Pension Plans
Health & Accident Related Riders
CHANNEL DEVELOPMENT AT MNYL.
Vision
To become the most admired life Insurance Company in India.
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:
CHANNEL DEVELOPMENT AT MNYL.
Achievements
First company to provide free look period of 15 days to the customer. This was later made mandatory by the regulatorFirst company to start toll free line for agent services
First and the only life insurance company in India to implement Lean methodology of service excellence in service industry
First life insurance company in India to provide various services to the agents and customers over phone
First Indian life insurance company to start service center at the regional level
First life insurance company in India to be awarded ISO 9001:2000 certification
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.
CHANNEL DEVELOPMENT AT MNYL.
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 giving underprivileged 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." Its 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.
MANAGEMENT HIERARCHY
Board Of Directors
Mr. Analjit SinghChairman,
Max India Limited
Mr. Anuroop (Tony) SinghVice Chairman,
Max New York Life Insurance
Mr. Rajesh SudCEO & Managing Director,
Max New York Life Insurance
Mr. Rajit MehtaExecutive Director & Chief Operating Officer,
Max New York Life Insurance
Mr. John HarrisonDirector,
CHANNEL DEVELOPMENT AT MNYL.
Max New York Life Insurance
Mr. Richard MucciDirector,
Max New York Life Insurance
Dr. S. S. BaijalDirector,
Max New York Life Insurance
Dr. Omkar GoswamiDirector,
Max New York Life Insurance
Mr. Rajesh KhannaDirector,
Max New York Life Insurance
CHANNEL DEVELOPMENT AT MNYL.
Management TeamRajesh Sud
Managing Director and CEO, Max New York Life
Rajit Mehta Chief Operating Officer
Anil Mehta Senior Director - New Markets SBU
Sunil Kakar Senior Director & Chief Financial Officer
Ajay Seth Senior Director- Legal & Compliance
Debashis Sarkar Senior Director & Chief Marketing Officer
John Poole Appointed Actuary
A.3 ABOUT PROJECT
The main objective of the “Channel Development” is to recruit quality agent advisors (AA)
for the company for providing life Insurance solutions to the customers. AA plays a vital role
in the growth of company with respect of company’s earnings as well as they create value for
the organization after achieving some milestones. AA are integral part of the team and sales
manager assigned to them help them to groom them in terms of personality development,
selling skills and handling objections of customers.
CHANNEL DEVELOPMENT AT MNYL.
Benefits of Becoming AA for MNYL:
Company’s Expectation from AA:
Regular input activity.
Follow the sales process.
Achieve sales targets.
Attend training program.
Participate in weekly reviews.
CHANNEL DEVELOPMENT AT MNYL.
Follow the MNYL ethics and business standards policy.
JOB DESCRIPTION
I was placed in the recruitment section of channel development at MNYL. I had to recruit
agent advisors for the organization by following the steps involved in the channel
development process. I was paid a commission for every agent advisor who undergoes the
screening process and clears the agent advisor examination.
It was a pleasant job as it had no work pressure and extremely flexible working hours. I had a
great sales manger to assist me all throughout.
Following are the steps undergone in my job:
Making a list of known capable people and giving them a call over phone and fixing an
appointment with a senior officer.
Taking further contacts from the call-list in the form of references.
Identification of potential candidates to be contracted as agent advisors.
Calling upon the potential candidates and explaining the business opportunity to them.
Enable the candidates to talk to a higher authority and undergo initial screening.
Get necessary forms filled by the candidates and collect supplementary documents like
education proof, identity proof, date of birth proof etc.
CHANNEL DEVELOPMENT AT MNYL.
Section - B
CHANNEL DEVELOPMENT
STRATEGIES
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 is to 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 criteria’s 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.
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 I’s.
CHANNEL DEVELOPMENT AT MNYL.
Work Profile
This is an entrepreneurial opportunity with flexible working hours and the potential to earn
unlimited income without any capital investment. As an agent with Max New York Life, you
are a financial advisor, businessperson and your own boss. The only limit to your growth is
your own imagination and drive.
The Role:
Identify prospects and conduct need analysis
Provide customized solutions for long term financial protection and wealth creation
Close sales
Deliver the policy
Provide after sales service and build references for future sales
Benefits
A career at Max New York Life has innumerable advantages. With low start up investment you can become a part of a world-class organization and make a positive difference to people’s lives.
Our agents sell more policies and make more money than agents of any other life insurance company. The financial rewards are in the form of
Commissions on new sales Ongoing renewal commissions
Performance linked bonus
Referral commissions
CHANNEL DEVELOPMENT AT MNYL.
Training reimbursement
The Five Differentiators
1 Our Selection Process
Our selection process is designed to help the candidate and the organization make a decision in mutual best interest. The first step in the process is an initial interview followed by a test of numerical ability. Candidates who make the cut are invited to attend a career seminar. The procedure facilitates a process of discovery, as both sides develop an understanding of each other’s profile and requirements. The final stage in the selection process is an assessment of the candidate's natural market and potential for growth.
2 Our Training Program
Max New York Life has the finest training program for agents in the industry. We run training and development programs for agents throughout their career. The training consists of a two-year formal classroom based program. Max New York Life has two full-time professional trainers in each office whose sole job is to train and guide new agents.
The success of our training programs owes a lot to the strength of our partner, New York Life. The training program developed by New York Life in the United States is widely recognized as the best in the insurance industry. We have customized this outstanding program for the Indian market.
In the United States, New York Life had more members in the Million Dollar Round Table, the worldwide organization of top professionals in the insurance industry, for 50 consecutive years. Since 2001, Max New York Life has had more qualifiers for the prestigious Million Dollar Round Table than all the other private sector insurance companies taken together.
3 Management Loyalties
One of the many advantages of working with Max New York Life is that managers are not allowed to sell insurance products to their own customers. Compensation in management is
CHANNEL DEVELOPMENT AT MNYL.
derived entirely from the success of agents and the overall growth of the organization. Managers at all levels are totally committed to the success of agents and do not pursue any conflicting goals.
4 Our Products
No organization can claim to have the number one product in the insurance industry for a long period of time. It is a matter of great pride that our products have always been rated among the best in the industry. These products have been developed after extensive research of the Indian market and are designed to meet an individual’s needs at every life stage.
5 The Agent's Contract
The Agent's Contract is designed to attract efficient professionals and retain them for a long time by compensating them generously. As an agent you can count on the support of Max New York Life at all times to help you earn a good income today and create a secure retirement for tomorrow.
B.2 DEVELOPMENT STRATEGIES
Management team has developed certain strategies in order to expand channel distribution
network. These models are followed across the country uniformly and top management feels
that these rules are the building block of MNYL’s success in India as well as across the
world. There are 2 basic principles 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.
CHANNEL DEVELOPMENT AT MNYL.
RULE OF 31
Rule of 31 is associated with the daily activities which are followed 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
Personal Observation
Nominator Call
Centre of Influence (CoI) Call
CHANNEL DEVELOPMENT AT MNYL.
Section - C
CHANNEL DEVELOPMENT
PROCESS
CHANNEL DEVELOPMENT AT MNYL.
Flow Based approach to Channel Development Process
YES
NO
NO
YES
StartStart
Name Gathering in P200Name Gathering in P200
Short listing Short listing
ContactingContacting
Interested?Interested?EndEnd
Initial ScreeningInitial Screening
NATNAT
Career Seminar & P200Career Seminar & P200
Interested?Interested?EndEnd
Career interview Career interview
FCSFCS
Contract with MNYLContract with MNYL
IC-33 ?IC-33 ?ReappearReappear
NOT CLEARED
CLEARED
EndEnd
CHANNEL DEVELOPMENT AT MNYL.
C.1 NAME GATHERING IN P200
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
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.
CHANNEL DEVELOPMENT AT MNYL.
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.
C.4 INITIAL SCREENING
Initial screening is taken if candidate is found eligible using 4 point model. In initial
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%.
CHANNEL DEVELOPMENT AT MNYL.
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.
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 candidate’s market is found worth, he is selected to
attend training and Development programme.
C.8 FCS
All the selected candidates are required to attend 15 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.
CHANNEL DEVELOPMENT AT 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.
20 Initial screening.
16 Test.
08 Seminar.
04 Career Interview.
02 FCS Batch.
CHANNEL DEVELOPMENT AT MNYL.
SECTION- D
STATUS REPORT
CHANNEL DEVELOPMENT AT MNYL.
D.1 ACTIVITY CHART
Particulars Status
1) Initial Screening 30
2) 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.
CHANNEL DEVELOPMENT AT MNYL.
SECTION - E
CONLUSION
CHANNEL DEVELOPMENT AT MNYL.
E.1 KEY LEARNINGS
Before this internship project my knowledge about the insurance industry was quite bleak. This internship in MNYL has immensely helped me in categorizing the different financial products.
Another of my crucial learning has been in the area of communication with the outside world. Finding a possible prospect and then giving them information about the opportunities available was a really tough challenge.
Majority of the population in Chennai have a negative perception about the insurance industry. Giving them appropriate information about the opportunity to earn in this field was a challenging task.
Along with the information on the job, the staff of MNYL also gave many inputs that would definitely help in the management field.
E.2 EXPERIENCE
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 objections from 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.
CHANNEL DEVELOPMENT AT MNYL.
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 internship I was
able to make 175 names and recruited 3 out of that.
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.3 SUMMARY
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 a couple 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.4 RECOMMENDATION
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 revenue generating resource for the company:
CHANNEL DEVELOPMENT AT MNYL.
Increase awareness among the general public
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.
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.
CHANNEL DEVELOPMENT AT MNYL.
E.5 BIBLIOGRAPHY.
IC 33 book of Max New York Life.
www.maxnewyorklife.com
www.google.com
CHANNEL DEVELOPMENT AT MNYL.
APPENDIX