Published on Feb 03, 2016
In today’s competitive world I find that insurance sector has the maximum growth and potential as compare to the other sector. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15 % growth rate. This growth potential attracts us to enter in the sector and MAX NEW YORK LIFE INSURANCE gave me the opportunity to work and get experience in highly competitive and enhancing sector.
The success story of good market share of different organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel and insurance sector, distribution channel includes only agents or agency holders of the company. If a company like MNYL, BA, TATA AIG etc has adequate agents in the market they can capture big market as compared to the other companies. Agents are best way for a company of insurance sector through which policies and benefits of a company can be explained to the customer.
MAX NEW YORK LIFE has the maximum job availability. They follow some process regarding the recruiting people. The need of the project during the course of my summer internship for Max New York life was to get an insight into the training modules and sessions given to their employees of the MNYL. Thus there was a need to design and build a competent training module thereby enhancing the competency levels and interpersonal skills of the employees of the company, so as to prepare them for providing better service to their customer.
Objectives of the Project
The main objective of doing this project is to study employee attitude regarding the. During this student internship program period we have to achieve something which is helpful to the development of ourselves and some value addition to the company. Getting more to the company because of recruitment and selection program is the main objective. It gives us good exposes of ourselves and creating good impression.
• Customer & potential agent's perceptions about insurance as a product category.
• To study the existing compensation for agents of Max .
To study the existing channel development process of MNYL. Scope of study
A big boom has been witnessed in Insurance Industry in recent times. A large number of new players have entered the market and are trying to gain market share in this rapidly improving market. In recent time also Max has the highest employment. It is the 7 th highest insurance company in India. In insurance sector a person can earn huge amount of money.
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:
• Low awareness about MNYL brand in the mind of potential AAs.
• Max New York Life insurance compensation package is considered to be quite good as per market standard. However the 15 days full time training programme is causing apprehension in minds of potential agents. A part time training alternative can also be considered.
• MNYL can provide some database collected from other sources to the new recruits at least in the first month.
• The registration fee for IRDA training programme is higher than other private companies. MNYL should considered reducing the charge.
• Initial fee for agents policy is too high so MNYL can considerer this.