PROJECT REPORT

At

BHARTI AXA LIFE INSURANCE COMPANY

A Project report submitted in partial fulfillment of the

Requirement for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

To

DORANDA COLLEGE, RANCHI

By

ANAND SAGAR
Reg no: - 18BC8670021

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 CERTIFICATE
OF AUTHENTICITY

This is to certify that the project report at

BHARTI AXA LIFE INSURANCE COMPANY
submitted in partial fulfillment of the Requirement for the
award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION
To
DORANDA COLLEGE, RANCHI
Is a record of bonafide training carried out by
MR. TANVEER ALAM
Under my supervision and guidance and that no part of this
report has been submitted for the award of any other
degree/diploma/fellowship or similar titles or prizes.

------------------------- -------------------------- ---------------------------

(Internal Invigilator) (Head of department) (External Invigilator)

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LETTER OF RECOMMENDATION

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CERTIFICATE OF JOB TRAINING

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 STUDENT’S DECLARATION

I hereby declare that the project report conducted at

BHARTI AXA LIFE INSURANCE COMPANY
Under the guidance of
Prof. SHADAB AHMED
Submitted in partial fulfillment of the requirement for the degree of
BACHELOR OF BUSINESS ADMINISTRATION
TO
DORANDA COLLEGE, RANCHI
Is my original work and the same has not been submitted for the award of any
other Degree/Diploma/Fellowship or other similar titles or prize

Place: NAME: Anand Sagar

Date: Reg. No: 18BC8670021

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 ACKNOWLEDGMENT

My first and foremost thanks goes to the GOD almighty without whose help this
project would not have been a success.
I express my sincere gratitude to Branch manager Mr. Tanveer Alam of Bharti
AXA Life Insurance co for providing me an opportunity to undertake this project
in their esteemed organization.
I express my deep sincere gratitude to Dr. Poonam Kumari (Principal, DC)
Doranda College for his encouragement throughout the course of this study.
I also express my sincere thanks to my project guide,
Prof. Shadab Ahmed for his critical evaluation and guidance throughout the
project. I also thank all the staff of the college for their co-operation, which as a
whole made the completion of this project possible.
Finally, my sincere thanks to my parents and to all the friends for their support and
motivation throughout the project.

ANAND SAGAR
(18BC8670021)

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 PREFACE

The liberalization of the Indian insurance sector has been the subject of much
heated debate for some years. The policy makers where in the catch 22 situation
wherein for one they wanted competition, development and growth of this
insurance sector which is extremely essential for Channeling the investments in to
the infrastructure sector. At the other end the policy makers had the fears that the
insurance premium, which are substantial, would seep out of the country; and
wanted to have a cautious approach of opening for foreign participation in the
sector.
As one of the rare occurrences the entire debate was put on the back burner and the
IRDA saw the day of the light thanks to the maturing polity emerging consensus
among factions of different political parties. Though some changes and some
restrictive clauses as regards to the foreign participation were included the IRDA
has opened the doors for the private entry into insurance.
Whether the insurer is old or new, private or public, expanding the market will
present multitude of challenges and opportunities. But the key issues, possible
trends, opportunities and challenges that insurance sector will have still remains
under the realms of the possibilities and speculation. What is the likely impact of
opening up India’s insurance sector?
The large scale of operations, public sector bureaucracies and cumbersome
procedures hampers nationalized insurers. Therefore, potential private entrants
expect to score in the areas of customer service, speed and flexibility. They point
out that their entry will mean better products and choice for the consumer. The
critics counter that the benefit will be slim, because new players will concentrate
on affluent, urban customers as foreign banks did until recently. This seems to be a
logical strategy. Startup costs-such as those of setting up a conventional
distribution network-are large and high-end niches offer better returns. However,
the middle-market segment too has great potential. Since insurance is a volumes
game. Therefore, private insurers would be best served by a middle-market
approach, targeting customer segments that are currently untapped.

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 INDEX
Sl.No. Title Page no.
01. Cirtificate of Autheticity 02-02
02. Letter of Recommendation 03-03
03. Cirtificate of Job Training 04-04
04. Student’s Declaration 05-05
05. Acknowledgement 06-06
06. Preface 07-07
07. Index/Content 08-08
08. Objectives of the study 09-09
09. Scope of the project 10-11
10. Introduction 12-13
11. Industry Profile 13-14
12. About Insurance 14-22
13. Players in life insurance industry 23-23
14. About Bharti 24-25
15. Organizational Profile 26-28
16. Organizational Profile (Marketing) 28-30
17. Organizational Profile (Finance) 31-32
18. Organizational Profile (Human resource) 32-36
19. Organizarional structure 37-37
20. Product & Services of Organization 38-39
21. Discussions on Training 40-42
22. SWOT Analysis 43-44
23. Chronology of achievement 45-49
24. Marketing Strategy 50-54
25. Market segmentation 54-57
26. Marketing strategy relevance & implication on 58-62
company
27. Findings 63-63
28. Conclusion 64-64
29. Bibliography 65-65
30. Questionnairs 66-67

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 OBJECTIVES OF THE STUDY

To gain the knowledge of insurance industry.

To know the rules adopted in recruitment.
To know the marketing strategies adopted by the company.
To get the exposure of the organization culture and organization environment.
To know the policies of and procedures adopted by the organization in all fields.

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 Scope of the Project

A challenge we encounter quite often when initial working with clients is at a

fairly granular level . Often organisations know what they want in terms of high-
level project deliverables, but have not gotten down to the least – but that’s what
we’re here for!
Scope of the project is the part of project planning that involves determining and
documenting a list of specific project goals, deliverables, features, functions, tasks,
deadlines, and ultimately costs. In other words, it is what needs to be achieved and
the work that must be done to deliver a project.
The scope (subject matter) of marketing is as follows:
(1) Products and Services:
Products and Service are the basic element of marketing. If there is no product
there is no marketing. It is concerned with the nature and type of products, product
quality and design, product planning and development, product decisions relating
to branding, labelling, packaging, trademarks etc.
(2) Marketing Research:
Though products and services were the starting point under traditional marketing,
modern marketing starts with an analysis of the various aspects of market and
related areas. It includes an analysis of nature and types of customers, size of
market, customer attitude, buyer behaviour etc. An in-depth analysis of customers
and markets is a prerequisite for every marketer to have a successful marketing.
(3) Channel of Distribution:
The pathway through which the goods move from producer to consumer is the
channel of distribution. It includes a number of intermediaries like wholesaler,
retailers, jobbers etc. Channels by moving the goods help in transferring the
ownership of goods from seller to buyer.
(4) Physical Distribution:
The physical movement of the goods from producer to consumer is physical
distribution. It includes transportation, warehousing, inventory control and
management, order processing etc.

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(5) Promotional Decisions:
Howsoever good a product is, it has no value if it is not properly promoted.
Promotion has the basic objective of informing the market about product
availability and creating a demand for it. Different promotional tools are there like
advertising, sales promotion, personal selling, publicity, public relations etc.
(6) Pricing Decisions:
This is the only element of marketing which generates revenue for the firm. Pricing
is concerned with pricing policies and strategies, price determination, discounts,
commissions etc.
(7) Environmental Analysis:
An analysis of the environment in which the business is to be carried out is the first
step for any organisation. The various macro and micro factors should be studied
beforehand only to develop an understanding of the strength, weaknesses,
opportunities and threats, for an organisation.

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 INTRODUCTION

1. GENERAL INTRODUCTION
Life insurance is a contract for payment of a sum of money to the person assured
(or failing him/her, to the person entitled to receive the same) on the happening of
the event insured against. Usually the contract provides for the payment of an
amount on the date of maturity or at specified dates at periodic intervals or at
unfortunate death, if it occurs earlier.
Life insurance is universally acknowledged to be an institution, which eliminates
`risk`, substituting certainty for uncertainty and comes to the timely aid of the
family in the unfortunate event of death of the breadwinner. By and large, life
insurance is civilization’s partial solution to the problems caused by unfortunate
events.
Any person who has attained majority and is eligible to enter into a valid contract
can take out a life insurance policy for him/herself and on those in whom he has
insurable interest. Policies can also be taken out Subject to certain conditions, on
the life of one’s spouse or children as well.
While underwriting proposals, factors such as the state of health of the life to be
assured, the proponent’s income and other relevant factors are considered by the
corporation.

1.2 INDUSTRY PROFILE:

• ORIGIN AND DEVLOPMENT OF THE INDUSTRY:
The business of Insurance started with marine business traders, who used to gather
in Lloyd’s Coffee House in London agreed to share the losses to their goods while
being carried by the ships. The losses used to occur because of the pirates who
robbed on the high seas or because of bad weather, spoiling the goods or sinking
the ship.
The first insurance policy was issued in 1583 in England. The first Indian
insurance Company was the Bombay Mutual Assurance Society Ltd., formed in
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1870. The Oriental Life Assurance Co, in 1874, the Bharat In 1897 and the Empire
of India in 1897 followed this.
In the year 1956 the insurance companies were nationalized and the Life Insurance
Corporation (LIC) was formed on 1st September 1956, with merger of 170
companies and 75 Provident fund societies transacting Life Insurance business in
India.
Till 1999 L.I.C. was having monopoly in Indian life insurance market. In 1999 the
Insurance Regulatory and Development Authority (IRDA) authorized private
insurance Companies to transact Life Insurance Business in India.

• HOW INSURANCE WORKS:

The mechanism of insurance is very simple. People who are exposed to same the
risk come together and agree that, if anyone of them suffers a loss, the others will
share the loss and make good to the person who lost.
In other words, the risk is spread among the community and the likely big impact
on one is reduced to smaller manageable impacts on all.
• Principles of insurance:
1) Utmost good faith:
The rule in insurance is that each party to the contract is entitled to make best
bargain he can. Here the knowledge of facts is always on one side. The material
facts should be given while filling up the forms

2) Indemnity:
A contract of Insurance (except Life, personal accident and sickness insurance) is a
contract of Indemnity. This means that the assured, in case of a loss against which
the policy has been issued, shall be paid the actual amount of loss not exceeding
the amount of the policy. This is applicable for fire, marine and burglary
Insurances.

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3) Insurable interest:
Insurable interest is necessary to support every contract of insurance. It means that
the assured must be in a legally recognized relationship to what is insured.

4) Causal proximal:
The assured can recover the loss only if it is proximately caused by any of the
perils insured against.

5) Risk must attach:

The insurer receives the premium in a contract of insurance for running a certain
risk. If for any reason risk is not run, the consideration for which the premium was
given fails.

6) Contribution:
Where there are two or more insurances on one risk, the principle of contribution
applies as between different insurers.

7) Subrogation:
The doctrine of subrogation is a corollary to the principle of indemnity and applies
only to marine and fire insurances.

About Insurance
Insurance may be defined as social device to protect the economic value of the Life
and other assets. Under the plan of Insurance a group of people are brought
together and their share of money is pooled to manage the loss suffered by any of
them.
Insurance is a contract whereby in return of the payment of the premium by the
insured the insurers pay the financial loss suffered by the insured as a result of the
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loss by the unforeseen events. The term “risk” is used to define the probability of
loss.
Insurance is a pool where large number of people exposed to similar kind of risks
makes contribution to the common fund out of which the losses suffered by the
unfortunate few due to accidental events are made good.
The sharing of risk among large group of people is the basis of insurance.
Characteristics of Insurance:-
1. Sharing of Risk
2. Cooperative device
3. Evaluation of Risk
4. Payment on event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large number of people
insured against similar risk.
7. Insurance is a business which spreads the loss and the risk of few people in the
large number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.

Insurance is divided in two basic zones:-

1. General Insurance
2. Life Insurance

About General Insurance:-

Insurance of the non life assets are called general insurance, this includes loss of
asset against water, fire, earthquake etc. With the desertification in the Indian
Market in General Insurance the monopoly of the general Insurance public sector’s
companies has been broken. With the entrance of the new private player market
innovative technique has been introduced to capture the market. In general
Insurance around 17% of the market has been captured by the private players.
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General Insurance is a sector which alone has many type of insurance coverage in
it like Fire Insurance, Marine Insurance, motor Insurance, Liability Insurance,
Engineering Insurance etc.
The Non Life Insurers
➢ National Insurance Co. Ltd
➢ New Indian Assurance Co. Ltd
➢ Oriental Insurance Co. Ltd
➢ United India Insurance Co. Ltd
➢ Tata AIG General Insurance Co. Ltd
➢ Bajaj Allianz General Insurance Co. Ltd
➢ IFFCO Tokio General Insurance Co. Ltd
➢ ICICI Lombard General Insurance Co. Ltd
➢ Reliance General Insurance Co. Ltd
➢ Royal Sundaram Alliance Insurance Co. Ltd
➢ Bharti Axa General Insurance Ltd.
➢ HDFC Chub.

Life Insurance and India:-

Life Insurance in India existed from long time. The modern concept of Insurance
was brought by Bruisers in India, and Oriental Insurance Company was the first
Insurance Company who did Insurance for the Indian in 1818 and was established
in Calcutta nowadays Kolkata. Then due to no interference of government in it,
private market players ruled the market as they want to, that is why government
intervened in between to protect the interest of the mass and to safeguard the
money involved in it. All private companies were took over by Government and
Insurance market was turned to Public sector and Life Insurance Corporation of
India was formed in 1956 to make the Insurance reachable at remote areas and that

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even by low premiums or better said as affordable premium so as to secure their
life.
From the beginning of Insurance in India till now a lot of changes have been made
but the most significant change was in 1999, when IRDA was formed. IRDA
means Insurance Regulatory and Development Authority. This was formed to
rethink upon opening the insurance sector for the Private players again but along
with that to have a check upon those private players an IRDA has to act as a
governing body to safeguard the interest of the public whose money is involved in
it.
From that time i.e. from the year 2001 insurance sector was opened for the private
players too. Since then Insurance sector is on the boom and business is flourishing
and a lot of private players are coming into business. Here the private players
doesn’t indicate to Indian Private Companies but also foreign players are also
involved in it, but to manage the money flow in and outside the country IRDA
takes care of the contribution of the money by foreign partners of private insurance
companies. To control that IRDA has set a limit of FDI i.e. 26%.
The evolution of Insurance in India can be summarized as:-

Year Changes

1818 Oriental Insurance Company. The first Insurance company in India

1870 Bombay Mutual Life Assurance Company. First Indian Insurance
company.
1912 The Indian Life Assurance Company enacted the first law to regulate
the life insurance business in India
1926 The Indian Assurance company act enacted to enable the government
to collect the statistical information about the insurance.
1938 The earlier legislation consolidated and amended the life insurance act
with the objective of protecting the interest of insurance in the public.
1956 245 Indian and foreign players and prudent societies are taken once
by Central govt. And nationalized

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The number of companies in Insurance particularly in Life Insurance has changed
drastically now the number is in 24. List of them are mentioned as below:-
1. Bajaj Allianz Life Insurance
2. ICICI Prudential Life Insurance
3. TATA AIG Life Insurance
4. Max New York Life Insurance
5. AVIVA Life Insurance
6. Bharti AXA Life Insurance
7. Kotak Mahindra Life Insurance
8. Reliance Life Insurance
9. SBI Life Insurance
10. HDFC Standard Life Insurance
11. Birla Sun Life Insurance
12. Sahara Life Insurance
13. ING Vysa Life Insurance
And so on....

Indian Contract Act 1872

Life Insurance contracts are the one which has to fulfil the requirements of the
Law of Contract as per the Indian Contract Act 1872.
Indian Contract Act 1872 implies: A contract must have certain essential features
in order to make it legally valid and enforceable.

Essential Features:-
1. Offer and Acceptance: - There should be the offer by the customer in form of
proposal form and Acceptance by the Insurance Company.

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2. Consideration- There should be the valid consideration against the insured
property in terms of the premium to b paid by the consumer.
3. Agreement between the parties: - There should be consensus on the both side
of the parties.
4. Capacity to contract: - The Insured should have the capacity to perform the
contract as that he a) He should be of sound mind b) he should not be abided by
law to go for any contract c) he should be major that he should have the age
minimum to 18.
5. Legality: - there should be the legality of contract as it should be legal in nature
and must be brought for the lawful consideration.

Above details have some technical words like Insured, Insurer, and Premium
etc. Let’s make a brief note on that for a better understanding:-
Policyholder: - The one who pays the premium against policy
Insured: - The one who is insured against risk by insurance company.
Insurer: - The one gives the insurance i.e. Insurance Company.
Premium: - The amount against continuance of the insurance
P.S.:- Policyholder and Insured can be same person and can be two individuals
even.
Apart from the Legal Structure of the Insurance Contract there are some principles
in Insurance Industry on which every company works on. These principles are:-
Utmost Good Faith: - It is also termed as Uberrima Fides. It is applicable on the
proposer that all the contents which are filled and signed by him on the proposal
form are true as per his knowledge.
Insurable Interest: - It means that the property or life which is to be insured the
proposer has the legal rights upon that. Without insurable interest no insurance can
be provided. In life insurance term legal rights on life means to prove the blood
relation. A husband can take policy for his wife.
Indemnity: - The principle of indemnity is an insurance principle stating that an
insured may not be compensated be the insurance company in an amount
exceeding the insured's economic loss.
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Contribution: - Where there are two or more insurance on one risk, the principle
of contribution comes into play. The aim of contribution is to distribute the actual
amount of loss among the different insurers who are liable for the same risk under
different policies in respect of the same subject matter. Any one insurer may pay to
the insured the full amount of the loss covered by the policy and then become
entitled to contribution from his co-insurers in proportion to the amount which
each has undertaken to pay in case of loss of the same subject-matter.
Subrogation: - The doctrine of subrogation is a corollary to the principle of
indemnity and applies only to fire and marine insurance. According to it, when an
insured has received full indemnity in respect of his loss, all rights and remedies
which he has against third person will pass on to the insurer and will be exercised
for his benefit until he (the insurer) recoups the amount he has paid under the
policy.
Causa Proxima: - The rule of causa Proxima means that the cause of the loss must
be proximate or immediate and not remote. If the proximate cause of the loss is a
peril insured against, the insured can recover.
Mitigation of Loss - In the event of some mishap to the insured property, the
insured must take all necessary steps to mitigate or minimize the loss, just as any
prudent person would do in those circumstances.
If asked we should know the benefits of the insurance and that can be known
by knowing the function of the insurance.

PRIMARY FUNCTION:-
1. Provide protection: - As risks controlling is not in the hands of anyone
completely that is why Insurance Company provides the risk protection.
2. Collective bearing of loss: - Insurance Company would have to accept the loss
and give respective claims as for the sake of contract that has been done between
the company and the insured.
3. Assessment of Risk: - There should be the proper assessment of the risk so as to
charge the correct and legible premium to insure the subject matter of insurance.
4. Provide the certainty: - As the losses appear from the uncertainty so Insurance
Company would have to provide the certainty of absorbing the loss so as to protect
the insured under the risk in which he has been insured.
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 SECONDARY FUNCTION:-
1. Prevent Loss: - Insurance cautious businessman and individuals to adopt suitable
device to prevent unfortunate consequences of risk by observing safety
instructions.
2. Small capital to large risk: - Small capital is demanded to cover the risk of the
large capital.
OTHER FUNCTION:-
It is a means of savings and investment apart from it its share in the GDP counts
very important. In India it is in a growing stage in compare of the other countries
lets’ have a look on it:-
United Kingdom 8.9%
Japan 8.3%
Korea 7.3%
United States 4.1%
Malaysia 3.6%
India 3.0%
China 1.8%
Brazil 1.3%

Working of Life Insurance:

Risk has to be assessed in order to decide tithe premium or to decide that subject is
insurable or not.
Pure Risk vs. Speculative Risk:-
Event representing there will be possibility of loss or no loss is called pure risk.
These risks are insurable in nature.
Speculative risk is the one which truly resembles gamble. There is the possibility
of loss or gain and wherever there is a chance of making profit there insurance
cannot exist. Therefore these risks are not insurable in nature.

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Approaches to Risk Management:-
Risk Management is the process of minimising the risk due to unforeseen events.
Steps involved in selecting the Risk Management are:-
• To identify all the things that can be possibly wrong.
• To consider possibility that an event can occur.

Techniques toward the Risk Management:-

1. Avoiding the Risk: - Risk can be managed by avoiding it as when the perils will
come then it will be managed.
2. Eliminate the Risk: - Risk can be managed by eliminating the cause of the loss.
3. Reducing the Risk: - Risk can be reduced by handling them in a systematic
manner.
4. Transfer of Risk: - Risk can be minimized by transferring the risk of loss to any
other person which is a true form of the INSURANCE.

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 Players in Life Insurance Industry

There are 12 private insurance companies, & LIC being the major player from
public sector. The players are;

1. ICICI Prudential – A collaboration between ICICI and Prudential

2. Birla Sun life – A collaboration between Birla and Sunlife of Canada.
3. Bajaj Allianz – collaboration between Bajaj Auto and Allianz
4. Tata-AIG – collaboration between TATA.India and AIG (America
International Group).
5. HDFC Life Insurance Company Limited.
6. Max New York Life Insurance Company Limited.
7. Om Kotak Mahindra Life Insurance Company Limited.
8. SBI Life Insurance Company Limited.
9. ING – Vysya Life Insurance Company Limited.
10. Metlife India Life Insurance Company Limited.
11. AMP Sanmar Life Insurance Company Limited.
12. Dabur – Aviva Life Insurance Company Limited.
13. Bharti AXA Life Insurance Company Limited

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Bharti AXA Group:-
• Bharti Airtel / Airtel Ltd.
• Bharti AXAInsurance
• Bharti-Tele Tech Ltd
• Bharti AXA Investment Managers
• Bharti Tele Soft
• Bharti Resources
• Bharti Foundation

1. Bharti Airtel Ltd. :- Bharti Airtel Ltd is one of Asia's leading

telecommunications service provider. The Company is India’s largest
integrated telecom company in terms of customer base and offers Mobile
Services, Fixed Line services, Broadband & IPTV, DTH service named Airtel
Digital TV , Long Distance and Enterprise services. Airtel also offers mobile
services in Sri Lanka on a state-of-the art 3.5 G network.
2. Bharti AXAInsurance :- Bharti AXA Insurance Company, India, is a leader
in life insurance products, financial protection, wealth management and
financial services.
3. Bharti-Tele Tech Ltd : Bharti-Tele tech currently commands a leading
share in retail as well as the telecom service provider segments. Buoyed by its
experience & success in distribution & marketing as well as the changing
sphere of Indian economy, the Company plans to offer a high range of
products to the consumers, going forward.
4. Bharti AXA Investment Managers :- Bharti AXA Investment Managers
Pvt. Ltd. is a joint venture between Bharti Ventures Limited - one of the
foremost business groups in India, AXA Investment Managers (AXA IM) and
AXA Asia Pacific Holdings (AXA APH) (through NMIPL). We focus on
excellence and performance, with our professional fund management taking
care of your imperative financial needs, keeping tomorrow in check while
tracking a dynamic today.

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5. Bharti Tele Soft :- Bharti Tele soft is the leading provider of integrated VAS
solutions for mobile operators in emerging markets. Among the top 3 global
providers of integrated VAS solutions in rapidly growing markets, Bharti
Telesoft has deployed solutions for over 100 mobile operator customers in
over 70 countries worldwide.
6. Bharti Resources :- Bharti Learning Systems is a wholly owned subsidiary of
Bharti Enterprises, which provides end-to-end learning and skill- building
solutions for the Bharti Group companies and several large corporates. It
provides solutions that impact business performance through enhanced
employee productivity, customer profitability and effective talent
transformation. Besides, Bharti Learning partners a host of leading
organisations such as American Express, Genpact, Maruti Suzuki, PepsiCo,
HCL, Cummins, LG, JCB, Deutsche Bank, Motilal Oswal, Blue Dart, Kaya,
CEAT, Everest Industries and AXIS Sales etc.
7. Bharti Foundation :- Bharti Foundation, the philanthropic arm of Bharti
Enterprises was established in 2000 with a vision "To help underprivileged
children and young people of our country realize their potential". Bharti
Foundation is an organization established under the Laws of India with
charitable status pursuant to a "Deed of Trust" dated August 7, 2000;
registered at New Delhi on August 25, 2000.

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 ORGANISATIONAL PROFILE

2.1 ORIGIN OF THE ORGANISATION:

Bharti AXA Life Insurance Company Ltd., one of the fastest growing life insurance
Companies in India, is a joint venture between two powerhouses, Bharti airtel.
It is a partnership that is committed to India, Indians and the growth of the life
insurance market in this country.
Bharti Axa Life Insurance Company Ltd. is one of the fastest growing life
insurance companies in private insurance sector. It has a satisfied customer base of
1,00,000 customers.
The company has adopted Six Sigma technique as a data driven approach and
methodology for eliminating defects in any of the processes. The objective is to
improve the turnaround time by 80%, reduce cost by at least 20% and reduction of
data entry errors.

Bharti Airtel:
Bharti Airtel is amongst The World’s Top Five Mobile Companies.
Over 403 million customers adding 26.5 million every year.
India’s largest GSM operator present in all 22 circles.
5th largest listed company with market capitalization- Rs 2,33,497.85 crores
(April 17,2020)

AXA (Financial Protection):

• World leader in financial protection and wealth management.
• Axa services 250 million customers throughout the world.
• Axa hold 15th position in Fortune Global 500 companies.
• Axa shares are listed on the Paris stock exchange.
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VISION:-
“To be a leader and the preffered company for financial protection and wealth
management in India”

MISSION:-
Customer delight the guiding principle.
Ensuring world class solution and services.
Offering customized product.
Provide transparency.

2.2 PRESENT STATUS OF THE ORGANISATION :

Over 50000 satisfied customers.
One of the private sector insurance company in India.
One of the fastest growing private sector life insurers in India.
Ranked no- among private life insurance companies in India
Multi channel execution capability.
Strong Axa and Bharti brands which can be leveraged to attract and retain high
quality mgt team.
Decentralized organizational structure for increased response and Service levels.

2.3 FUTURE OF THE ORGANISATION

BHARTI AXA LIFE INSURANCE COMPANY has variety of products in the
insurance industry the company is opratinguner the umbrella brand system and
presently there is no chance of diverfication of the product but future and
expansion plan are stated as below.
There are following…

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• In two year down the line company would be in the top fifteen of the insurances
industry.
• Fastest expansion palm implemented near future
• Various strategies are analyze as per predefine goals
• Objective orientation
• Future oriented goals and objectives
• Standard performance vs. actual performance if any variance accurse than
corrective measures to be taken as per the future oriented growth perspective.
• Vision to be achieved as per the path allocated.

2.4 FUNCTIONAL DEPARTEMENT OF THE ORGANISATION

Marketing at BhartiAXA Insurance covers an array of activities. Advertising
Branding, Marketing development, Channel support, Direct and alliance,
marketing and corporate communications. The people in these sections perform a
unique job.

ADVERTISING AND BRANDING

The Advertising and Branding sections deals with all the activities connected with
share holders of advertising campaigns and detailing on what met life Insurance
Corporate Identity stands for, which is why it is important to be consistent and the
guidelines that must be adhered to. This section also deals the branding across
training advisor and advertising collaterals.

MARKETING DEVELOPMENT
Marketing development Bharti AXA Insurance products and brings about the
development improvement of the products and how they compare with those of
competition and introduce products that are required by the Indian consumers.

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CHANNEL MARKETING
Channel Marketing aim to streamline the design and development of collaterals
across distribution channels. There are examples of poster, flyers, Banners,
danglers, scale tools, etc developed for tied agents, Bank assurance and corporate
as well as for products branches and campaigns.

DIRECT CHANNELS
Direct channel comprises of direct marketing and alliance marketing.
Direct marketing taps data base to generate high quality leads for profitable
business under direct marketing these are create of recent campaigns as well as
details such as data base list, target audience. Direct marketing is done through the
advisors who connect the public with the company

CORPORATE COMMUNICATIONS
Corporate communication handles media relations and is responsible for some of
the news clips regarding met life Insurance that you see in the press. All the public
relations and communication activities are conducted by co-operate
communications.

SALES AND DISTRIBUTION

Scales and distribution activities are co- ordinate and performed by the sales
manager. Sales manager has to undertake and meet target based on the present
goals. Sales manager distributes his functions to his assistant sales manager who
have target to achieve per month.
Various utilities and activities are undertaken to motive unit managers.

CUSTOMER SERVICE GOAL

To generate an organization culture in which the consistent fulfillment of customer
needs becomes the central focal point and an important way in which we
differentiate from competitors.

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Structure of Bharti AXA Insurance Ltd.:-
Chairman : - MR. Sunil Bharti Mitta
CEO & Managing Director :- Parag Raj
CFO :- Nilesh Kothari
Chief Operating Officer :- Ishita Mukherjee
Director – Human Resources :- Jaishankar Balan
Marketing Officer :- Geetanjali Kothari

Chart showing hierarchy of Marketing Department

HOD MARKETING

MANAGERS

BRANCH MANAGERS

AGENCY MANAGERS

SALES MANAGERS

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 FINANCE DEPARTMENT

Needs for finance department

“Profit to a business is like food to human body”. So every business is concerned
with the profit and further all business has to know about its financial position.
Finance department deals with procurement of money at the time it is needed and
its effective utilization in company. Money is the lifeblood of business, of any
business enterprises as it required purchasing machine, materials to pay the wages
and salary to employees.
Finance departments of met life Insurance deals with the following things
➢ Share holders

➢ Debenture holders
➢ Creditors
➢ Government

➢ Prospective investors

➢ Security and financial analysis

➢ Stock exchanges
➢ Economists and researchers

They follow all procedures of accounts. Journal , ledger, Subdivision journal, Cask
book , Petty cash book ,Journal proper, Trial balance, profit and loss Account,
Balance sheet , Budget allocation for the year.

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 Chart showing hierarchy of Finance Department

HOD FINANCE

MANAGERS

BRANCH MANAGERS

AGENCY MANAGERS

ACCOUNTANT

HUMAN RESOURCE DEPARTMENT

Human Resource Development has multiple goals. These include employee

competency development, employee motivation development and organizational
climate development. Employees require a variety of competencies to perform
different tasks or functions required by their jobs. The nature of jobs is constantly
changing due to change in environment , changes in organizational priorities, goals
and strategies, changes in the profiles of fellow employees, changes in technology,
new opportunities, new challenges, new knowledge base, etc. such changes in the
nature of jobs require continuous development of employee competencies to
perform the job well.
Human Resource Development in the organization context refers to the process
whereby the employees are continuously helped in a planned way to:
➢ Acquire or sharpen capabilities required to perform various tasks and functions
associated with their present or future exposed roles
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➢ Develop their general enabling capabilities as individuals so that they are able to
discover and exploit their own inner potential for their own and / or organizational
development purposes
➢ Develop and organizational culture where superior – subordinates relationships,
teamwork and collaboration among different subunits strong and contribute to the
professional well being, motivation and pride of employees.

• HRD INSTRUMENT, PROCESSES AND OUTCOMES

There are many instruments that can be used to facilitate Human Resource
Development. These instruments may be called sub-systems or methods of
techniques of aids. Each instrument or sub – system focuses on some aspects of
Human Resource Development. To have a comprehensive HRD many of these
instruments may needed to be used simultaneously.
Human Resource Development in the organization context refers to the process
whereby the employees are continuously helped in a planned way to:
➢ Acquire or sharpen capabilities required to perform various tasks and functions
associated with their present or future exposed roles
➢ Develop their general enabling capabilities as individuals so that they are able to
discover and exploit their own inner potential for their own and / or organizational
development purposes
➢ Develop and organizational culture where superior – subordinates relationships,
teamwork and collaboration among different subunits strong and contribute to the
professional well-being, motivation and pride of employees.

The most frequently used instruments are the following:

Performance Appraisal
Performance Appraisal data forms basis for decisions for developing the potential
employee for higher-level jobs and is basis for feedback and counseling.
Performance Appraisal Data indicates the job training needs of each individual.

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 Potential Appraisal Development (PAD)
Potential Appraisal Development is based on career plans and career plans are
prepared by using Potential Appraisal Development data. Training may be
provided to develop candidates with potential.
Feedback Performance Coaching (FPC)
Feedback and Performance Data can be used to monitor individual development
and the data can be used for identifying training. Career counseling and verbal
rewards can be part of feedback.
Training
Training may be undertaken on the basis of career development plans. Training can
be part of quality of work life programes and organization development. Training
can be used as a reward.
Career Planning (CP)
Career Planning data are used for human resources audits and career planning and
help in conducting research on promotion patterns for organization development
programs
Employee Welfare and Quality of Work Life

HR PRINCIPLES
• The organization believes that development of employee is in its own interest
• The organization will provide opportunities and conditions for the development
and optimization of human resources.
• The management is willing to invest adequate time and resources for the
development of the employees and personally participate in the development.
• Managers have concern for growth of subordinates.
The main objective of the HRD department is to create a learning environment
and development climate in the organization. By learning environment is meant a
culture where employees continuously learn from their own experience and the
various learning opportunities the organization provides.

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RECRUITMENT POLICIES
The recruitment is carried out from both external & internal sources. The sources
of recruitment followed in the organization are:
Internal Sources
1. Present employees
2. Employees referrals
3. Former employees

External Sources
1. Campus recruitment
2. Print media
3. Electronic media

SELECTION
Selection is carried out in three major stages
1. Preliminary interview
2. Selection test
3. HR interview
REMUNERATION AND INCENTIVES
The organization offers attractive remuneration and incentives to attract the
budding youngsters and to maintain its present employment rate.

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 Chart showing hierarchy of HR Department

HOD HR

SENIOR MANAGERS

BRANCH MANAGERS

MANAGERS

ASSISTANT MANAGER ASSISTANT MANAGERS

TRAINEES TRAINEES

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 ORGANISATION STUCTURE

Chart showing organization chart

BOD

CEO

Director Director Director Director Director

Human Marketing Sales ADC Finance

HR Manager Agency & Training Finance Manager

Associate Director

BR. MNGR. BR. MNGR. BR. MNGR. BR. MNGR. BR. MNGR. AD

Associate Manager Branch Manager

Channel sales
Sales Manager
manager

Channel Sales
Financial Manager Officer

Customers
Customers

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2.4 PRODUCT AND SERVICE PROFILE OF THE
ORGANISATION:
1. Individual Plans:
a. Bharti AXA Life Bright Stars: - A Unit Linked Child product. Bharti
AXA Life Bright Stars provides a launch pad for your child’s bright future. What
else, we also have Jumpstart benefit which is paid out at maturity along with Policy
Fund Value, which enables your child to explore more career options.
b. Bharti AXA Life Spot Suraksha: - Spot Suraksha helps us to create a pool
of wealth to meet your long-term needs, with an added advantage of simplified
buying process.
c. Bharti AXA Dream Life Pension: - A Unit Linked Pension Product,
Dream Life Pension, Bharti AXA Life Insurance’s unique pension product ensures
that our retirement life is your Dream Life.
d. Bharti AXA Life Aspire Life: - Unit Linked Endowment Product, Aspire
Life helps us to create a pool of wealth to meet our long-term needs, while also
providing us adequate protection in case the need arises.
e. Bharti AXA Life Invest Confident: - Unit Linked Single Premium
Product, we have always strived hard to achieve the best for us and your loved
ones, so when it comes to making an investment decision, we would expect the
best from it too.
f. Bharti AXA Life Wealth Confident: - A unit-linked investment cum
protection policy, our wealth, your status ensures that we get preferential status
wherever we go.
g. Bharti AXA Life Future Confident: - A unit-linked policy which offers
comprehensive protection along with wealth creation in the long term.
h. Bharti AXA Life Save Confident: - Traditional money back insurance
product for long term savings, our changing life stages decide our financial
milestone planning. When we foresee intermittent financial requirements in the
years to come, like regular expenses related to our child’s education, liquidity
becomes a key aspect of your planning along with long term savings, and
protection for your family.

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i. Bharti AXA Life Secure Confident: - A Long Term Life Insurance, all of
us desire to maximize the happiness for our family at all times, irrespective of the
circumstances. The thought of unfortunate events befalling us may cause us
anxiety about providing a secured happiness to our loved ones.
2. Group Plans:
a. Bharti AXA Life – Swasthya Sanjeevani: - Swasthya Sanjeevani is a single
premium group critical illness product, providing comprehensive protection against
6 critical illnesses.
b. Bharti AXA Life – Sanjeevani: - Sanjeevani is a single premium group term
life insurance product, offering protection to your family.
c. Bharti AXA Life Mortgage Credit Shield: - Mortgage Credit Shield is a
Group Product that provides coverage to people who have availed of a Mortgage\
Home loan\ Home equity loan from an Institution/Bank.
d. Bharti AXA Life Credit Shield: - Credit Shield is a Group Product that
provides coverage to people who have availed of a loan for 1 to 5 years from
Group Policyholder.
e. Bharti AXA Life Shield: - Life Shield is a single premium group term life
insurance product.

Bharti AXA, Ranchi Conference seminar

39 | P a g e
 DISCUSSIONS ON TRAINING

WORK PROFILE:
Being an employee of the company, my role and responsibility are as under:

• A person has a different role at different time during his life span, for e.g., a same
person can be a boy, a father, a brother, a employee of the company and a friend as
well.
• The same as above my roles have verily significant time to the stakeholders, for
e.g. I can be sales executive an employee of the company as well etc.
• A defining the target sales
• Screening the potential customer
• Select the appropriate one
• Interact face to face
• Effective implementation, which required planning, organizing, stuffing,
directing, controlling, coordinating, reporting, budgeting.
• Positive response feedback.

3.2 DESCRIPTION OF LIVE EXPERIENCE

BHARTI AXA is one of the best companies in the insurance industries. our branch
has been operating in Ranchi, which is India’s one of the upcoming IT city in
India, it’s great pleasure to work with this value-added organization, there various
live occasions and experience through which I passed my carrier which have
following details.

• Positive thinking
• Effective interaction with customers

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• Unity of command
• Managerial responsibility
• Organization effectiveness
• How to deal with the competitors
• How to deal with the supplier
• How to deal with the other employee
• How to deal with the govt.

3.3 CONTRIBUTION TO ORGANISATION:

The core competency is the ever-lasting factor, which differentiates an
organization from its competitors. Employee is the asset of the company and their
contribution is indirect profit to the organization.
My effective contributions to the organization are as follows:
• Promoting knowledge and acceptance
• Creativity management
• Problem solving argument
• Marketing strategies
• Cost effectiveness
• Improve the relation
• Cross cultural diversity
• Generation of revenue of five lakhs in last three years
• System flexibility recommendation
• Active team player.

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4.2.3. LIMITATIONS OF THE STUDY
The sample size collected is comparatively small to the organizations man power
There is a possibility of deviation in the answering pattern from what the
respondents really feel
Information by respondents is not accurate due to fear of management.

Bharti AXA, Ranchi advisers conference seminar

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 SWOT ANALYSIS

• STRENGTHS:
Trust and belief in the leading household name in India i.e., Bharti Airtel.
Trust and belief in World Leader in financial protection i.e., AXA.
Self driven sales teams, consisting of different levels of managers and
consultants.
Expanded base of operation, through venturing into Bancassurance.
Earning cash profit within the fourth year of starting of operations.

• WEAKNESSES:
As the company is new it is yet to expand its area of operations, all over India.
No proper retention strategy.
Yet to open branches in semi-urban and rural sectors.
Less motivating benefits to employees.
Sales teams to be trained more efficiently with modern technology.

• OPPORTUNITIES: -
A large proportion of population is not sufficiently insured itself this can be a
major area of attention for the company.
Extending Banc assurance through other small financial institutions.
Increased awareness among general public about insurance and savings can give
good business to the company.
Introducing new policies with different plans for agriculture sector.

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• THREATS:
Competition from LIC and other players like ICICI is a major cause of concern
for the company.
LIC, being topper in the insurance sector in India, is coming out with new
products, with similar features of Bajaj Allianz Life Insurance Company Ltd.
ICICI, with its larger customer base through Banking network and Bank
assurance, is major threat for the company.
Inadequate advertisement can also affect the business.

Bharti AXA, Ranchi advisers conference seminar

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 Chronology of Achievements
1.
Bharti AXA General Insurance received the prestigious
'Risk Manager of the Year Award 2011' at the Asia
Insurance Industry Awards held at Singapore on the 31st
of October 2011.

2.
Bharti AXA General Insurance received the prestigious
award 'Personal Lines Growth Leadership Award 2011' at
the India Insurance Awards 2011.

3.
Bharti AXA General Insurance was conferred the 'Best
Employer Brand' award by jury and council of board
members of IPE BFSI Awards.

4.
Bharti AXA General Insurance has been conferred the
"Commercial Lines Growth Leadership Award 2012" at the
India Insurance Awards 2012.

5.
Bharti AXA General Insurance has been conferred the
"Best Product Innovation Award 2012" at the India
Insurance Awards 2012.

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6.
Bharti AXA General Insurance bagged 'Claims Initiative
of the Year' award for Dedicated Health Claims Handler
service at the Star of the Industry Awards 2012 held on
14th February 2013.

7.
Bharti AXA General Insurance was awarded the 'Editor's
Choice Awards for Service Innovation', at Banking
Frontier's Finnoviti 2013.

8.
Bharti AXA General Insurance received 'Outstanding
Performance in Insurance Category for 2013' award at the
Hyundai's CCS Vendor Conclave 2013.

9. Bharti AXA General Insurance has been awarded the

'Asia Insurance Industry Award' for the technology
initiative that makes use of existing technology to increase
digital outreach and insurance penetration to towns and
cities where physical distribution infrastructure is not
available.

10.
Bharti AXA General Insurance was awarded the 'Excellence
award' by the Institute of Economic Studies in March 2014.
This award cuts across industries and is not restricted to the
finance sector.

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11.
Bharti AXA General Insurance was proclaimed the 'Best
Insurance Company in the Private Sector - General' by the
World HRD Congress at the BFSI Awards, 2014.

12.
Bharti AXA General Insurance was awarded the Marketing
campaign of the year for Motor Campaign which was
launched in October 2015 across both TV and Digital
medium.

13.
Bharti AXA General Insurance was presented the ‘SKOCH
Award (Insurance) – Bronze’ at the 53rd SKOCH Summit,
for its contribution towards crop insurance under ‘Pradhan
Mantri Fasal Bima Yojana’ (PMFBY). The award is in
recognition of creating significant awareness about crop
insurance in the rural landscape, which has helped in increasing the penetration of
the scheme and mitigating the risks of farmers to a large extent.
14.
Bharti AXA General Insurance was presented the
‘Technology Initiative of the Year – General Insurance’
award at the Golden Star Awards – Best Insurance Brand
Awards, 2018. This award is in recognition of our claim’s
initiative ‘Smart Claims’. It has strengthened our
technological excellence and resulted in a better control on
claims management.
15. Bharti AXA General Insurance has been recognized
among 'India’s Greatest Brands 2017-18 - Pride of the
Nation, chosen by consumers and industry', at Asia One.
This award is in recognition of our significant contribution to
the general insurance landscape and for emerging as a
preferred protection partner and brand for our customers.
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16.
Bharti AXA General Insurance was presented the ‘General
Insurance Company of the Year – Large (Private Sector)
award at ABP News presents BFSI Awards, 2018. This
award is in recognition of performance at company level
and across business lines, diversification of distribution
footprint, innovations in product and services, growth in
employee productivity, performance and financial health.
17.
Bharti AXA General Insurance was presented
'Technology Initiative of the Year’ at ABP News BFSI
Awards, 2019. This award is in recognition of the
company's WhatsApp chat-bot, which is an additional
service initiative aimed at simplifying customer journey
by real-time turnaround of various service requests on the chat-bot.
18.
Bharti AXA General Insurance was presented the ‘Best
General Insurance Company - Claim Management' award
at CMO Confluence & Corporate Awards, 2019 This
award is in recognition of our claim’s initiative ‘Smart
eSurvey’. It has led to a superior claims settlement
experience for motor customers and significant reduction
in overall turnaround.
19.
Bharti AXA General Insurance was presented ‘Non-Life
Insurer of the Year’ at ASSOCHAM presents Insurance
Leaders Meet & Excellence Awards, 2019. The award is
in recognition of the company’s growth and profitability,
distribution expansion, technological innovations,
strengthened product portfolio, innovations in
underwriting, operational efficiency and notable claims initiatives.

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20.
Bharti AXA General Insurance was presented ‘General
Insurance Company of The Year – Large (Private Sector)
at ET Now presents BFSI Awards, 2019. The award is in
recognition of the company’s growth and profitability,
significant distribution scale, technological advancements,
product portfolio expansion, innovations in underwriting,
operational excellence and claims efficiency.
21.
Bharti AXA General Insurance was presented 'Customer
Service Excellence Award' at ABP News BFSI Awards,
2019. This award is in recognition of the company's
efficiency in customer service, innovations in processes,
operational efficiency and control and efforts towards
grievance redressal.

Customer service excellence award-2019

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 MARKETING STRATEGY

INTRODUCTION
Have you ever thought of an organization that runs for profit making goals would
have what kind of strategy that attracts the customers, that influence the customer
and also creates a platform which is separated from in this competitive world
where several same kind of organization ire running; that too, for creating an
opportunity for the company and the organizations employees or the aspirants who
want employment. These drastic outcomes occur in organization displays itself
among all crowded, competitive and cruel highly recognized other organization,
which have every information and experience in the place called "market".
Now let's acknowledge market; what is market, how does it play a significant role
on itself and world's Capital building, economic efficiency and many more aspects.
Simple definition of a market would be "a place where goods are presented to be
sold further to the consumers." But do you think this small definition would
effectively define this big ocean of market the definitions given by many of the
scholars are mare representation of the ocean into a lake so that people who are
willing to understand it would not have to view all ocean because you can't view
the overall ocean just by standing at a place but in case of a lake you can easily
figure out a lake which shows you a short summary of the ocean called "market”
that helps you to have an understanding of the vast market.
Thus, we are going to completely visit the ocean both in and around this might be a
long journey as we need to become Vasco da Gama but not in search of land in
search of more oceans. We can understand the word market by understanding its
working capabilities, the market itself has various techniques and measures to
enhance the working capabilities of the worlds market we need accurate facts for
the survey we are going in the search for because facts are the path makers on the
journey as they would make sure whether we are going on the right path or wrong
as having a wrong path is no of uncommon in market due to pits business any
individual would get confused and we , we are mare visitor's over here.
We do need to understand the term market and marketing in different aspects
Market - the word market is derived from the Latin word ‘mar-cat-us’, it is a place
where goods and services are presented for further selling to consumers. Market is
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a place where goods and services are exchanged. Markets consist of buyers and
sellers with facilities to communicate each other for transaction of goods and
services.
Meaning merchandise, wares, traffic, trade or a place where business is conducted.
The common use of market means a place where goods are brought and sold.

Definition of market
• Market includes both place and region in which buyers and sellers are in free
competition with one another - Pyle.
• The term market it refers not to a place but to a commodity or commodities and
buyers and sellers who are in direct competition with one another- Chapman
Differentiation of market and marketing
• Market -Market is a place where goods and services are exchanged. Market
consists of buyers and sellers with facilities to communicate each other for
transactions of goods and services.
• Marketing -Marketing is an economic process by which goods and services are
exchanged between the producers and the consumers and their value
determined in terms of money price.
According to the definition of Market:
• Market may mean a place, where buying and selling takes place.
• Buyers and sellers do come together for transactions,
• An organization through which exchange of goods take place.
• The act of buying and selling of goods (to satisfy human needs).
• An area of operation of commercial demand of commodities.

Need of market?
For exchange of goods and services - for exchange of goods and services a market
plays a very vital role because an area where an individual can easily find in needs
ultimately effects the seller and the buyers’ benefits. A market is so compulsory for
exchange of goods and services in virtue for which it has been there since last 5000
years in our world.

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 The last signs of our Indian civilization show several exchanges of goods and
services from Indian to all the world's other civilizations and vice versa, and that
too when there was no currency exchange, the exchange of goods and services was
conducted through Barter system. This shows that exchange of goods and services
are important but more important is a specific place where people can find their
commodities or else people would need to roam here and there in search of market
for fulfilling those necessities.

For adjustment of demand and supply by price mechanism.

Let's take example of the current situation to understand this scenario , it's hard
time for all human kind and thus every individual is panicked what would happen
next whether we would properly cross this hurdle of covid-19 or not and thus
panicking would result in increase in demand people would start accommodating
supplies for themselves and families more and more which they not even need they
are just getting stuffed and this would ultimately result in increase in demand of
several products that are compulsory for survival or even household products like
oil , cereals , rice , wheat , grains and medical products such as masks , oxygen
tanks , ventilators etc. And hence it would be a challenge for the
producers/manufacturers to manufacture these products on the demanding rate so
they would increase the efficiency of production by hiring employees or machinery
or even importing more raw materials for enhancing production thus this would
result in hike increase of prices of these products. As the LAW OF DEMAND is a
fundamental principle of economics that state that the higher the price, consumer
would demand a lower quantity of goods.

For improvement of the quality of life of the society

A market place and extremely vital role in converting and individuals or societies
quality-of-life. The quality of life of an individual or the society is explained as the
standard of health, comfort, and happiness experienced by an individual, group or
in this case the society.
A market improves their thinking standards as we can make an example of a
mall, let's say I'm all with cheap and good quality products is launched near a slum
area, people would be extremely benefited by this opening as people would get
employment in the mall if eligible and also others would buy product from the mall
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rather than the nearby black market, people would avoid getting bad quality
products from black market and enjoy a good product from the mall with more
variety and the same cheap price.
Let's take another example of online shopping, people nowadays are more reliable
to online shopping rather than offline the main cause is comfortability , people no
more need to go to nearby malls and market to get the products if they are getting
the same on the phone screen and even by getting exciting offers on it, this is why
offline markets are declining nowadays in such big extent, thus people are
somehow building their quality of life in a better way by ordering items which they
choose or buying items which are being suggested.

For the introduction of new modes of life

Market is a place which keeps us updated of what new technologies or what new
methodologies are developed for us that is the consumers. Through market you
would know no that's some new product have arrived and purchasing it would
enhance your own life with new modes you could do for your work efficiently and
effectively rather than who does not have much connection with market or its
segmentation, let's take an example of a new smartphone with better processor then
every phone till made, then by advertising or any other means of promotion you
would get to know that the product is available on the platform or market you
would be eagerly waiting for that day of launch when you would finally get it and
then eventually this would implement new modes of life to the consumers.
New modes of life somehow also increase the quality of life of an individual
affecting mentally and psychologically to the customer and enhances its working
efficiency. Individual to stand out of the crowd, ultimately enhancing its
psychological power or mental capacity.

For higher production

A market is responsible for increase or decrease in Production a market is situated
in an area or even attracts the customers would relative Li increase the production
or decrease the production. Let's take an example of bike manufacturer "Harley
Davidson" a world known brand and a great product reliable brand it launched
itself in India in August 2009 and due to its low demand or sale in India open it left

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in December 2019 now the entities left in India of Harley Davidson would be
controlled by India's largest two-wheeler maker Hero MotoCorp. Then what was
the reason behind its failure in India because of its price segmentation and also
because tough competitors which have gained the trust of Indian market and
consumers like Royal Enfield etc. Which build the same category bikes but in less
price range and are more reliable.
Thus, the productivity decreases due to non-selling products.
We can have another case where just opposite happened resulting in increase in
productivity of the organizations product, let's take a case study of

KIA MOTORS (KIA- Korean Industry of Automobile)

Estb. In India at - July, 2009
Industry - Automotive
Our company who have completely craft its market in India since 1996- Hyundai
motors India limited, is known to be the parent company of kia, but both have their
own criteria to work differently that divides both and the companies are are
independently working, after its launch Kia successfully grabbed the market as
experience of Hyundai helped it a lot to improve and improvise post its product
and pricing in Indian market, that lead to increase in productivity and sales rate
resulting in higher production.

Market Segmentation
Market segmentation is the process in marketing of grouping a market (i.e.,
customers) into smaller subgroups. This is not something that is arbitrarily
imposed on society: it is derived from the recognition that the total market is often
made up of submarkets (called 'segments'). These segments are homogeneous
within (i.e., people in the segment are similar to each other in their attitudes about
certain variables). Because of this intra-group similarity, they are likely to respond
somewhat similarly to a given marketing strategy. That is, they are likely to have
similar feeling and ideas about a marketing mix comprised of a given product or
service, sold at a given price, distributed in a certain way, and promoted in a
certain way.

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Segmentation: Market segmentation is widely defined as being a complex process
consisting in two main phases:
identification of broad, large markets
Segmentation of these markets in order to select the most appropriate target
markets and develop marketing mixes accordingly.

Positioning: Simply, positioning is how your target market defines you in relation
to your competitors. A good position is:
1. What makes you unique?
2. This is considered a benefit by your target market
Positioning is important because you are competing with all the noise out there
competing for your potential fan’s attention. If you can stand out with a unique
benefit, you have a chance at getting their attention. It is important to understand
your product from the customer’s point of view relative to the competition.
Targeting: Targeting involves breaking a market into segments and then
concentrating your marketing efforts on one or a few key segments. Target
marketing can be the key to a small business’s success. The beauty of target
marketing is that it makes the promotion, pricing and distribution of your products
and/or services easier and more cost-effective. Target marketing provides a focus
to all of your marketing activities.
Marketing Mix: Marketing professionals and specialist use many tactics to attract
and retain their customers. These activities comprise of different concepts, the
most important one being the marketing mix. There are two concepts for marketing
mix: 4P and 7P.
The 7Ps of the marketing mix that are used to frame marketing strategies of life
insurance companies can be discussed as:
Product - It must provide value to a customer but does not have to be tangible at
the same time. Basically, it involves introducing new products or improvising the
existing products. A product means what we produce. If we produce goods, it
means tangible product & when we produce & generate services, it means
intangible service product. A product is both what a seller has to sell & buyer has
to buy. So, insurance companies sell services &services are their products.
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Price - Pricing must be competitive and must entail profit. The pricing strategy can
comprise discounts, offers and the like. The pricing of insurance products not only
affects the sales volume and profitability but also influences the perceived quality
in the minds of the consumers.
The pricing decisions may be high or low keeping in view the level or standard of
customers or the policyholders. Mainly, pricing of insurance is in the form of
premium rates. The three main factors used for determining the premium rates
under a life insurance plan are mortality, expense & interest. The pricing of
insurance is in form of premium rates.
Place - It refers to the place where the customers can buy the product and how the
product reaches out to that place. This is done through different channels, like
Internet, wholesalers and retailers. This component of marketing mix is related to
two important facets- -Managing the insurance personnel -Locating a branch The
management of insurance personal should be done in such a way that gap between
the services promises-services offered is bridged over. In a majority of service
generating organizations, such a gap is found existent which has been instrumental
in making down the image problem.
Promotion - It includes the various ways of communicating to the customers of
what the company has to offer. It is about communicating about the benefits of
using a particular product or service rather than just talking about its features. The
insurance services depend on effective promotional measures, so as to create
impulsive buying. Promotion comprises of advertising & other publicity tactics.
People - People refer to the customers, employees, management and everybody
else involved in it. It is essential for everyone to realize that the reputation of the
brand that you are involved with is in the people's hands. Understanding the
customer better allows to design appropriate products. Being a service industry,
which involves a high level of people interaction, it is very important to use this
resource efficiently in order to satisfy customers. Training, development &strong
relationships with intermediaries are the key areas to be kept under consideration.
Process - It refers to the methods and process of providing a service and is hence
essential to have a thorough knowledge on whether the services are helpful to the
customers, if they are provided in time, if the customers are informed in hand
about the services and many such things. The process should be customer friendly
in insurance industry. The speed & accuracy of payment is of immense
importance. The processing method should be easy to& convenient to the

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customers. Installment schemes should be streamlined to cater to the ever-growing
demands of the customers. IT & Data warehousing will smoothen the process flow.
Physical (evidence) - It refers to the experience of using a product or service.
When a service goes out to the customer, it is essential that you help him see what
he is buying or not. For example- brochures, pamphlets etc. serve this purpose.
Evidence is a key element of success for all insurance companies. Physical
evidence can be provided to insurance customers in the form of policy certificate
and premium payment receipts. The office building, the ambience, the service
personnel etc. of the insurance company and their logo and brand name in
advertisements also add to the physical evidence.
Existence of market and its influence
Throughout history we've got to know about market and its presence through
archaeological evidences both beneath and above the ground by written or literary
sources. Markets are the part of humankind from the starting of humankind vs
logical evidences all over Indian subcontinent and also all over the world.
Market was so compulsory for exchange of goods and services in humans
livelihood in virtue of which it has been there since last 5000 years in Indian
subcontinent the last signs of our Indian civilization shows several stages of
exchange of goods and services from Indian to all over the world civilization and
vice versa and that too when there was no currency the exchange of goods and
services was conducted through Barter system -this system involves exchange of
goods and services without involving any form of currency or money as at that
time currency coins were not introduced they had metal seals instead which were
used for recognition rather than currency. So talking about Indus valley civilization
(2500-1750 B.C) we have trading done through markets the main market was
located in Harappa [ Discovered by Dayaram Sahani (1921) ]. This market was an
accumulation of every kind of product from living to nonliving available at that
period of time, they had imports and exports too from internal trading i.e., from
IVC cities two cities like copper was transported from khetri, Rajasthan
to other cities as it was natural abundance of copper and external trade too, like
they traded Luiz lapilli - a kind of gems from Mesopotamian civilization
archaeological proofs as seals are found in Mesopotamian civilization and the
gems found in in IVC belongs to Mesopotamian/Sumerian civilization.

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 MARKETING STRATEGY RELEVANCE & IMPLICATION ON COMPANY

Marketing: -
According to Kotler,” Marketing is a social and managerial process by which
individuals and groups obtain what they need; want through creating, offering and
exchanging of products of value through other.
This definition of marketing rests on the core concepts like: needs, wants, and
demands, products (good, services and ideas); value, cost and satisfaction;
exchanger and transactions; relationships and networks; markets; marketers and
prospects.

NATURE OF GOOD MARKETING

THAT IS WHAT BHARTI AXA INSURANCE BELIEVES IN, a good

marketing
Kotak adopts different methods for the marketing: -
Bharti AXA has positioned itself in terms of BRAND POSITIONING as: -
FINANCIAL FREEDOM: “life’s full of fabulous choices”.
Bharti AXA always expressed itself as always close to Customers with the help of:
-
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 • Ads
• Merchandising
• Corporate Stationery

TELE MARKETING:
It is a kind of Direct selling, which makes the LEAD GENERATION for the
BUSINESS, or it turned into the SALES that are again building BUSINESS for the
company.
Tele Marketing is marketing the product through telephone. The most important
aspect of Tele Marketing is COLD CALLING, HOT CALLING, and OBJECTION
HANDLING.
Cold Calling means Calling to the unknown telephone number for the first time
and that even without knowing the respondent.
Hot Calling means Calling to already approached person for the further response
Objection Handling means to handle the type of objection that may arise while
calling.
By different type of calling, we used to generate the LEAD for the further
business.

Result from Calling: -

Appointment: - Calling used to turn into the appointment to generate the lead for
the business depending upon the motto to call, which was sometimes for the
appointment of the Life Advisors and sometimes for selling the policies.

Mail Brochure: - Sometimes responses were that the respondent is not able to talk
due to some reasons and they ask to mail the details via e mail.

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Call Later: - Responses used to come as to call later because of their busy
schedules, incorrect time to call as the persons busy in meeting or having lunch, or
driving or is in roaming area.

Already a customer of Bharti AXA: - little response came as the person is

already a customer of the Bharti AXA Insurance.

Not Interested: - Most of the responses turned to not interest the basic reason for
that is, in India Insurance are much about telling then asking.

Database Problem: - If we got the database then problem like wrong number was
frequent to observe.

CHANNEL MARKETING

Distribution Network of Individual Life Insurance Business in India

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Direct selling part includes Tele marketing through advertisements etc.
Brokers are the one who can sell the insurance product of a lot of company and is
appointed by the company but works for the individual and earn brokerage through
company.
Life Advisors is the name given to the traditional “Agent” which we often hear.
Life Advisor is the one who can sell the insurance product of only one company
and commission is what he earns in reference to the business provided by him.
Other channel here means the Corporate Agents, banks, selling through
Franchisee etc. are the parts of the channels which create business for the
company.
Channel development’s most important aspect is Life advisor so we should know
the process of recruiting the life advisor.

Procedure of Getting Insurance: -

First of all, PHF form has to be filled along with-it necessary document has to be
attached: -
PHF means Personal History Form in which NAME, ADDRESS, MOBILE NO.,
Type of Training Required etc has to be mentioned.
Simply all that information has to be there which are necessary to be known to the
company so as to decide the potential of the Proposer to bring the business to the
company.
Then basic requirements as per the rule of the Insurance Act, 1938 has to be
fulfilled.
1. Person has to be major
2. Should be of sound mind
3. Should work for only one company
4. Should be 10th if going for rural area, and should be 12th passed if going for the
urban area. Urban area means the area having the population above 5000 persons.
5. Should have residential proof
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6. Should have identity proof.
7. Copy of PAN Card has to be attached.
And then the most important aspect that person will have to go for the 50 hours
training and will have to secure 50% marks to pass the examination conducted by
III (Insurance Institute of India) in behalf of IRDA to get the licence to do the
policy and earn the commission out of the work done.
Bharti AXA life is the theme that is opted by the Bharti for its employee
CPI = FOS*% active * Average case size * Average case rate
CPI: Cash Premium Income
FYP i.e. First Year Premium excluding the renewal premium is CPI of the
company.
FOS: Feet on Street. Sales are source of it and source of sales is Life Advisors.
Percentage active: It is that how many policies the life Advisors have sold or in a
better manner we can say that active is the one who sells at least one policy in a
year.
Average Case Size = TOTAL PREMIUM / no. of policies
Average Case Rate = Total policies/ No. of Active Life Advisor
In its different training modules is designed at different levels of life advisors.
Rewards and recognition have 5 levels in it: -

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 FINDINGS

There are a lot of possibilities in the market for Bharti AXA Life Insurance
Products due to their unique features. To get the benefit of this opportunity the
company should consider the following points.
1. The study shows that there is less awareness for the company’s Plans in Market.
So, it is necessary for company to make aware to the people for company. The
company should go for advertisements at local level.
2. Awareness of customers is very low in India even educated persons are unaware
about various products of insurance company. Company should advertise their
plans on a large scale e.g., on T.V. channel, leading newspapers etc.
3. Company should recruit new agents or consultants. It is necessary for company
to trend them in a well manner therefore they will give good results.
4. Company should make plans for promotion of company business it should
organize road shows seminars, exhibition or contests because these things make a
clear picture of company’s plans.
5. Bharti AXA should open the branches and enhance its infrastructure so that the
people of that region can also be awarded about these plans.
6. Company should open customer service point in rural areas also.

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 CONCLUSION

After working with Bharti AXA life insurance company limited. I can conclude
that today’s customers are well aware about various plans launched by different
companies and it is not at all an easy task to convenience them to buy the product
of company.
During OJT a student faced so many problems to achieve their targets successfully
but only those interns are able to survive who have capabilities to remove all these
limitations. OJT is the important part of SIP. It gives a student an opportunity to
understand the working culture of the company or corporate culture. It helps
student to learn how to work under pressure, plan for achieving targets etc.… and
most importantly within a term.
OJT is the outcome that decides how seriously a student carried out his/her OJT
and what he/she learned during the training provided by the organization. OJT is
not only achieving targets set by the organizations. It is also the experience
gathered by the student about the market and latest trends.
It gives the opportunity to the student to apply all his knowledge in the field. After
all work is not done is our restricted area.

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 BIBLIOGRAPHY

K. Ashwatthama, Human Resource and Management and Personnel

Management, Tata Mc Graw, Hill, Third edition 2. Philip Kotler, Marketing
Management, Pearson Education, Eleventh edition 3. Prasana Chandra,
Financial management, Tata Mc Graw, Hill, Fifth edition.
1. TIMES OF INDIA
2. THE HINDU
3. Business world
4. Outlook Business
5. Business Today
www.irda.org
www.bharti-axalifeinsurance.com
www.lic.com
www.bharti.com
www.indiatimes.com
www.insuranceworld.com
www.findarticles.com
www.wikipedia.org
www.managementparadise.com

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 Questionnaire for Comparison

Basic Information
Name: Mr./Mrs./Ms. ---------------------------------------- Phone No.: ------------------
Age: -------------- Occupation: ----------------------- Designation: ----------------
Education:
Graduate
Post Graduate
Non-Graduate
Professional:
Doctor
Engineer
C.A.
M.B.A.
L.L.B.
Other ---------------------------
Annual Income of Household:
Up to Rs. 2 Lakh
Rs. 2 Lakh to Rs. 5 Lakh
Rs. 5 Lakh to Rs. 8 Lakh
Above Rs. 8 Lakh
Address: ---------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
1.Are you an active investor?

Yes No
1. What are your investment objectives?

For tax saving For old age High return

Child’s future Others: ----------------------------------

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 2. Do you have any Insurance Policy?

Yes No
3. What kind of Insurance Policy you have?

Life Health Children

4. Which company’s Insurance Policy you have?

Bharti AXA ICICI Prudential Life

Bajaj Allianz HDFC Standard Life
SBI Life Avira Life
Max NY Life LIC India
Birla Sunlife Reliance Life
Others: ---------------------------------------------
5. Does your Insurance Provider fulfil all your expectations regarding Insurance Policies?

Yes No
If no, state the reasons: --------------------------------------------------------------------
6. Are you willing to invest in same Insurance Provider in future?

Definitely Yes Yes Can’t Say

Definitely No No
7. Will you choose Bharti AXA Insurance Ltd. as your Insurance Provider?

Definitely Yes Yes Can’t Say

Definitely No No

-------------------------------------------------***----------------------------------------------

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