25-06-2012, 01:05 PM
MARKET RESEARCH ON FINANCIAL CONSULTANT FOR HDFCSLIC
market research on financial consultant in hdfc slic PRINT.doc (Size: 931 KB / Downloads: 33)
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.
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.
LEARNING FROM THE STUDY:
• The process of recruitment of HDFC STANDARD LIFE INSURANCE LTD.
• How is the training given?
• What are the criteria of selection?
• The culture of insurance company particularly of HDFC.
• What are the problems faced by these financial consultants on daily basis?
• How to convince and convert the prospect client into real client?
ORGANIZATIONAL PROFILE
FORMATION OF COMPANY:
HOUSING DEVELOPMENT FINANCE CORPORATION:
HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra Committee. HDFC was incorporated with the primary objective of meeting a social need that of promoting home ownership by providing long-term finance to households for their housing needs. HDFC was promoted with an initial share capital of Rs. 10 crores.
HDFC has since emerged as the largest residential mortgage finance institution in the country. The corporation has had a series of share issues raising its capital to Rs. 119 crores. The net worth of the corporation as on March 31, 2000 stood at Rs. 2,096 crores.
HDFC operates through 75 locations throughout the country with its Corporate Headquarters in Mumbai, India. HDFC also has an international office in Dubai, U.A.E., with service associates in Kuwait, Oman and Qatar.
HDFC’s main goals are to:
a) Develop close relationships with individual households.
b) Maintain its position as the premier housing finance institution in the country.
c) Transform ideas into viable and creative solutions.
d) Provide consistently high returns to shareholders.
e) To grow through diversification by leveraging off the existing client base.
STANDARD LIFE:
The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832. Standard Life was reincorporated as a mutual assurance company in 1925.
Standard Life is Europe's largest mutual life assurance company. Standard Life, which has been in the life insurance business for the past 182 years, is a modern company surviving quite a few changes since selling its first policy in 1825. The company expanded in the 19th century from its original Edinburgh premises, opening offices in other towns and acquiring other similar businesses.
Standard Life currently has assets exceeding over £70 billion under its management and has the distinction of being accorded "AAA" rating consequently for the past six years by Standard & Poor.
STANDARD LIFE ASIA LIMITED/JOINT VENTURES:
The group’s Hong Kong subsidiary, Standard Life Asia Limited (“SL Asia”), was incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard Life in 2002. The group’s operations in Hong Kong were established to give the group a presence in the Far East from which it could expand into China. The group’s joint ventures in India with Housing Development Finance Corporation Limited (“HDFC”) were incorporated in 2000 (in relation to the life assurance and pension’s joint venture) and 2003 (in relation to the investment management joint venture). The group’s joint venture in China with Tianjin Economic Development Area General Company (“TEDA”) became operational in 2003.
STANDARD LIFE GROUP:
• The Standard Life group has been looking after the financial needs of customers for over 182 years
• It currently has a customer base of around 7 million people who rely on the company for their insurance, pension, investment, banking and health-care needs
• Its investment manager currently administers £125 billion in assets
• It is a leading pensions provider in the UK, and is rated by Standard & Poor's as 'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's
• Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at the Money Marketing Awards, and
• It was voted a 5 star life and pension’s provider at the Financial Adviser Service Awards for the last 10 years running.
• The '5 Star' accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998.
• Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the Mortgage Magazine Awards in 2006.