At HDFC Standard Life Insurance, I was assigned with the topic as “Market Research on Financial Consultant” for my project work. The selection of the topic was in order to take know how do these companies generates business through them.
Financial Consultants are those sources of a company who have their own relations and personal contacts among common public that they use to generate business through. Company has certain criteria to recruit these Financial Consultants. The steps are as follows.
· He should be at least 12th passed.
· He should complete IRDA training.
· He should clear the IRDA exam.
· He should through successfully the exam and training.
Some other criteria:
- He should have good personal contacts.
- He should have convincing power.
- He should be above 18th year old.
Once he through all these steps of recruitment, he becomes the legal Financial Consultant of the company and reserve the right to sale the policy to any prospect client also he is paid the commission a certain percentage. There are some reward and tour package also.
1.2 REASON FOR SELECTION OF THIS TOPIC:
The financial sector is one of the booming and increasing leaps and bounce, some of the experts say only 20% of Indian population is insured which means 80% Indian are not insured and therefore having a bright prospect of progress of this sector where I too would like to build my career and be a part of success story.
The Financial consultants are another channel through which the company sales its policy. It is really difficult to convince and sale a single policy but since these consultants have their contacts which they can sale a single policy. Whereas I found my interest in dealing, interacting and handling a team, because all this most of time park you in some critical zone which becomes challenge for you and your responsibility becomes to solve the critical situation or problems.
1.3 IMPORTANCE TO THE COMPANY:
After interacting with company’s marketing head I got to know that they have many Financial Consultants but not getting the policies up to the expectations level of the company. Company is really interested in knowing if there is any mistake or lacking somewhere in process of recruiting and or the criteria they have fixed for the recruitment. The ultimate purpose of giving me this topic was to revise its recruitment policy/process.