reliance distribution channel

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EXECUTIVE

SUMMAR

Y 6



EXECUTIVE SUMMARY

The aim of my project is to understand the Distribution Channel followed by RelianceLife Insurance, and to suggest improvements. Towards that end exploratory Research

method was chosen for eliciting information from various stake holders including

consumers, employees and management.

To understand the Distribution channels, I interacted with the industry mentor, referred

many journals on distribution channel and went through the training material provided by

the organization. I did used Questionnaire in order understand the Distribution channel.

After doing much of exploratory based Research I came to the conclusion that the

company adopts three kind of distribution channel:

Agent Advisors

Bank assurance &

Agency

In the end I have also given a recommendation to the company for expanding their

Distribution channel with the help of Internet because it is likely to be the most important

Distribution channel in the future world as the Government is also encouraging it,s use.

7



INTRODUCTIONTO PROJECT

8



INTRODUCTION TO PROJECT

About the Insurance Sector in India:-

Insurance sector is an opportunity for India.

This business is growing at the rate of 18-22 per cent annually.

Presently it covers market of RS.450 billion.

Together with banking sector it contributes about 7% to GDP.

Gross premium collection is about 2% of GDP.

Still 80% of Indian population is without life insurance.

This is an indicator that growth potential for the insurance sector is immense.

Insurance sector contribute a lot in economic development.

It provides long term fund for infrastructure development.

It is estimated that over the next ten years India would require investments of the

order of one trillion US dollar.

The Insurance sector, to some extent, can enable investments in infrastructure

development to sustain economic growth of the country.

There are two legislations that govern the sector-

The Insurance Act- 1938 The IRDA Act- 1999.

9



HISTORICAL PERSPECTIVE

In 1818 it was conceived as a means to provide for English Widows.

The Bombay Mutual Life Insurance Society started its business in 1870.

It was the first company to charge same premium for both Indian and non-Indian

lives.

The Oriental Assurance Company was established in 1880.

Till the end of nineteenth century insurance business was almost entirely in the

hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life

Insurance Companies Act of 1912 and the provident fund Act of 1912.

Several frauds during 20's and 30's sullied insurance business in India.

By 1938 there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act of

1938 that provided strict State Control over insurance business.

The insurance business grew at a faster pace after independence.

The Government of India in 1956, brought together over 240 private life insurers

and provident societies under one nationalized monopoly corporation and Life

Insurance Corporation (LIC) was born.

Nationalization was justified on the grounds that it would create much needed

funds for rapid industrialization.

4 I’S FOR INSURANCE

10



Insurance has four major characteristics that greatly affect the marketing and distribution.

1. Intangibility:

Unlike products, services cannot be held, touched, or seen before the purchase decision

thus, they should be made tangible to a certain extent. Marketers should ―tangibilize the

intangible to communicate service nature and quality. This can be done through:

Paperwork

Brochures.

Insurance is a guarantee against risk and neither the risk nor the guarantee is tangible. Hence,

insurance rightly come under services, which are intangible. Efforts have been made by the

insurance companies to make insurance tangible to some extent by including letters and forms .

Service quality is often inconsistent. This is because service personnel have different capabilities,

which vary in performance from day to day. This problem of inconsistency in service quality can

be reduced through standardization, training and mechanization. In insurance sector, all agents

should be trained to bring about consistency in providing service or, the insurance process should

be mechanized to a certain extent. E.g.: the customers can be reminded about the payment of

premium through e-mails and sms instead of agents.

2. Inseparability:

Services are produced and consumed simultaneously. Consumers cannot and do not separate the

deliverer of the service from the service itself. Interaction between consumer and the service

provider varies based on whether consumer must be physically present to receive the service. In

insurance sector too, the service is produced when the agent convinces the consumer to buy the

policy and it is said to be consumed when the claim is settled and the policyholder gets the

money. In both the above cases, it is essential for the service provider (agent) and the consumer

(policy holder) to be present.

3. Inventory:

No inventory can be maintained for services. Inventory carrying costs are more

subjective and lead to idle production capacity. When the service is available but there is

11



no demand, cost rises as, cost of paying the people and overhead remains constant even

though the people are not required to provide services due to lack of demand. In the

insurance sector however, commission is paid to the agents on each policy that they sell.

Hence, not much inventory cost is wasted on idle inventory. As the cost of agents is

directly proportionate to the policy sold.

IMPORTANT MILESTONES IN THE LIFE INSURANCE

BUSINESS IN INDIA:

12



INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor

R.N. Malhotra- was formed to evaluate the Indian insurance industry and recommend its

future direction. The Malhotra committee was aimed at creating a more efficient and

competitive financial system suitable for the requirements of the economy keeping in

mind the structural changes currently underway and recognising that insurance is an

important part of the overall financial system where it was necessary to address the need

for similar reforms. In 1994, the committee submitted the report and some of the key

recommendations included:

i) Structure: Government stake in the insurance Companies to be brought down to 50%.

Government should take over the holdings of GIC and its subsidiaries so that these

subsidiaries can act as independent corporations. All the insurance companies should be

given greater freedom to operate.

ii) Competition: Private Companies with a minimum paid up capital of Rs.1bn should be

allowed to enter the sector. No Company should deal in both Life and General Insurance

through a single entity. Foreign companies may be allowed to enter the industry in

collaboration with the domestic companies. Postal Life Insurance should be allowed to

13



operate in the rural market. Only one State Level Life Insurance Company should be

allowed to operate in each state.

iii) Regulatory Body: The Insurance Act should be changed. An Insurance Regulatory

body should be set up. Controller of Insurance- a part of the Finance Ministry- should be

made independent

iv) Investments: Mandatory Investments of LIC Life Fund in government securities to

be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in

any company (there current holdings to be brought down to this level over a period of

time)

v) Customer Service: LIC should pay interest on delays in payments beyond 30 days.

Insurance companies must be encouraged to set up unit linked pension plans.

Computerization of operations and updating of technology to be carried out in the

insurance industry.

The committee felt the need to provide greater autonomy to insurance companies in order

to improve their performance and enable them to act as independent companies with

economic motives. For this purpose, it had proposed setting up an independent regulatory

body- The Insurance Regulatory and Development Authority.

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body in

April 2000 has fastidiously stuck to its schedule of framing regulations and registering

the private sector insurance companies. Since being set up as an independent statutory

body the IRDA has put in a framework of globally compatible regulations. The other

decision taken simultaneously to provide the supporting systems to the insurance sector

and in particular the life insurance companies was the launch of the IRDA online service

for issue and renewal of licenses to agents. The approval of institutions for imparting

training to agents has also ensured that the insurance companies would have a trained

workforce of insurance agents in place to sell their products.

14



PRESENT SCENARIO

The Government of India liberalized the insurance sector in March 2000 with the passage

of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry

restrictions for private players and allowing foreign players to enter the market with some

limits on direct foreign ownership. Under the current guidelines, there is a 26 percent

equity cap for foreign partners in an insurance company. There is a proposal to increase

this limit to 49 percent.

The opening up of the sector is likely to lead to greater spread and deepening of insurance

in India and this may also include restructuring and revitalizing of the public sector

companies. In the private sector 15 life insurance companies have been registered. A hostof private Insurance companies operating in life segments have started selling their

insurance policies since 2001. Table shows the current market players in the life

Insurance Industry (Source IRDA).

COMPANIES PRESENTLY IN LIFE INSURANCE SECTOR

Sr. No. Name of the Company

1 Bajaj Allianz Life Insurance Co. Limited

2 Bharti Axa Life Insurance Co. Ltd.

3 HDFC Standard Life Insurance Co. Ltd

4 ICICI Prudential Life Insurance Co. Ltd

5 ING Vysya Life Insurance Co. Ltd.

6 Life Insurance Corporation of India

15

http://www.irdaindia.org/lifeproducts/bajaj080607.htm

http://www.irdaindia.org/lifeproducts/birlasunlife200407.htm

http://www.irdaindia.org/lifeproducts/hdfc160607.htm

http://www.irdaindia.org/lifeproducts/ingvysya200407.htm

http://www.irdaindia.org/lifeproducts/birlasunlife200407.htm

http://www.irdaindia.org/lifeproducts/hdfc160607.htm

http://www.irdaindia.org/lifeproducts/ingvysya200407.htm

http://www.irdaindia.org/lifeproducts/bajaj080607.htm



7 Max New York Life Insurance Co. Ltd

8 Met Life India Insurance Co. Pvt. Ltd.

9 Kotak Mahindra Old Mutual Life Insurance Ltd.

10 SBI Life Insurance Co. Ltd.

11 Tata AIG Life Insurance Co. Ltd.

12 Reliance Life Insurance Co. Ltd.

13 Aviva Life Insurance Co. India Pvt. Ltd.

14 Sahara India Life Insurance Co. Ltd.

15 Shriram Life Insurance Co. Ltd.

16

http://www.irdaindia.org/lifeproducts/max080607.htm

http://www.irdaindia.org/lifeproducts/sbi-life-190407.htm

http://www.irdaindia.org/lifeproducts/reliance170407.htm

http://www.irdaindia.org/lifeproducts/aviva080507.htm

http://www.irdaindia.org/lifeproducts/sahara080507.htm

http://www.irdaindia.org/lifeproducts/shriram080507.htm

http://www.irdaindia.org/lifeproducts/max080607.htm

http://www.irdaindia.org/lifeproducts/sbi-life-190407.htm

http://www.irdaindia.org/lifeproducts/reliance170407.htm

http://www.irdaindia.org/lifeproducts/aviva080507.htm

http://www.irdaindia.org/lifeproducts/sahara080507.htm

http://www.irdaindia.org/lifeproducts/shriram080507.htm



RESEARCHOBJECTIVE

17



RESEARCH OBJECTIVE

STATEMENT OF PROBLEM

The main objective of my project is to know the channel distribution of Reliance Life

Insurance and to recruit quality agent advisors for the company for providing life

Insurance solutions to the customer’s. Agent advisors play a vital role in the growth of

company with respect of company’s earnings as well as they create value for the

organization after achieving some milestones. Agent advisors are an integral part of the

team and sales manager assigned to them help them to groom in terms of personalitydevelopment, selling skills and handling objections of customers.

RESEARCH PLAN

(1) Definition of problem

Identification of distribution channel of Reliance Life Insurance

(2) Research objective-

Objective of my research is following-

1) To find out various channel of Reliance Life Insurance.

2) To find out contribution in distribution of Agents and Other channel.

3) To find out contribution of new distribution channel as: -

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(a) Corporate Direct Sales Associate (DSA)

(b) Bank assurance

(3) Research parameters

(a) Objective is sub divided into the following research parameters.

1) No of policy sold annually

2) Type of policies

3) The no of calls made

4) The geographical area covered

(b) Selling technique.

1) Understanding of product

2) Facilities used by him whilst selling insurance

(c) Motivational factors- it comprises

1) Training and development

2) Performance appraisal

3) Relation they share with the company

4) Monetary benefit

(4) Need for the study

To gain an insight on the functioning of the distribution of policy and contribution by

agents, Corporate Direct Selling Associates (DSA) and other channels of Reliance

19



Life Insurance that will aid the competitors in this sectors to devise an effective

distribution strategy.

(5) Variables studied

Respondents are followings

1) Insurance Advisors (Sells Agents) of Reliance Life Insurance

2) Middle level Executive

20



COMPAN

Y PROFILE

21



COMPANY PROFILE

FOUNDER

Few men in history have made as dramatic a contribution to their country’s economic

fortunes as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left

behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true

genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot,

the leader of men, the architect of India’s capital markets, the champion of shareholder

interest.

But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator.

In one lifetime, he built, starting from the proverbial scratch, India’s largest private sector

enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barelyUS$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this

fledgling enterprise into a Rs 60,000 crore colossus—an achievement which earned

Reliance a place on the global Fortune 500 list, the first ever Indian private company to

do so.

Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when

Reliance Textile Industries Limited first went public, the Indian stock market was a place

patronised by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors

to participate in the unfolding Reliance story and put their hard-earned money in the

Reliance Textile IPO, promising them, in exchange for their trust, substantial return on

22



their investments. It was to be the start of one of great stories of mutual respect and

reciprocal gain in the Indian markets.

Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the

greatest growth stories in corporate history anywhere in the world, and went on to

become India’s largest private sector enterprise.

Through out this amazing journey, Dhirubhai always kept the interests of the ordinary

shareholder uppermost in mind, in the process making millionaires out of many of the

initial investors in the Reliance stock, and creating one of the world’s largest shareholder

families.

ABOUT RELIANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the

Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading

private sector financial services companies, and ranks among the top 3 private sector

financial services and banking companies, in terms of net worth. Reliance Capital has

interests in asset management and mutual funds, stock broking, life and general

insurance, proprietary investments, private equity and other activities in financial

services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)

registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of

India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial services sector

in India and aims to become a dominant player in this industry and offer fully integrated

financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer

need based Life Insurance solutions to individuals and Corporates.

23



CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every stage, life

insurance must offer flexibility and choice to go with that stage. We are fully prepared

and committed to guide you on insurance products and services through our well-trained

advisors, backed by competent marketing and customer services, in the best possible

way.

• It is our aim to become one of the top private life insurance companies in India

and to become a cornerstone of RLI integrated financial services business in

India.

CORPORATE MISSION

• “To set the standard in helping our customers manage their financial future”.

1.3 PRODUCT AND SERVICES

BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE LIFE

INSURANCE.

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

Savings (Endowment)

2. Reliance Endowment Plan

(formerly Divya Shree)

24

http://www.reliancelife.co.in/products/ind_REP.asp

http://www.reliancelife.co.in/products/ind_REP.asp



3. Reliance Special Endowment Plan

(formerly Subha Shree)

4. Reliance Cash Flow Plan(formerly Dhana Shree)

5. Reliance Child Plan

(formerly Yuva Shree)

6. Reliance Whole Life Plan

(formerly Nithya Shree)

Pensions

7. Reliance Golden Years Plan

(formerly Bhagya Shree)

Investments

8. Reliance Market Return Plan

(formerly Kanaka Shree)

9. Risk / Protection

10.Reliance Term Plan

(formerly Raksha Shree)

Products (Group / Corporate Plans

25

http://www.reliancelife.co.in/products/ind_RSEP.asp

http://www.reliancelife.co.in/products/ind_RCFP.asp

http://www.reliancelife.co.in/products/ind_RCP.asp

http://www.reliancelife.co.in/products/ind_RWLP.asp

http://www.reliancelife.co.in/products/ind_RGYP.asp

http://www.reliancelife.co.in/products/ind_RMRP.asp

http://www.reliancelife.co.in/products/ind_RTP.asp

http://www.reliancelife.co.in/products/ind_RSEP.asp

http://www.reliancelife.co.in/products/ind_RCFP.asp

http://www.reliancelife.co.in/products/ind_RCP.asp

http://www.reliancelife.co.in/products/ind_RWLP.asp

http://www.reliancelife.co.in/products/ind_RGYP.asp

http://www.reliancelife.co.in/products/ind_RMRP.asp

http://www.reliancelife.co.in/products/ind_RTP.asp



11. Risk (Protection)

Reliance Group Term Assurance Policy

(formerly Group Term Assurance Policy

(formerly EDLI Scheme)

12. Pensions

a. Reliance Group Gratuity Policy

(formerly Group Gratuity Policy)

b. Reliance Group Superannuation Policy

(formerly Group Superannuation Policy)

26

http://www.reliancelife.co.in/products/ebp_RCESP.asp

http://www.reliancelife.co.in/products/ebp_RCBP.asp

http://www.reliancelife.co.in/products/ebp_RCPP.asp

http://www.reliancelife.co.in/products/ebp_RCESP.asp

http://www.reliancelife.co.in/products/ebp_RCBP.asp

http://www.reliancelife.co.in/products/ebp_RCPP.asp



RESEARCH

METHODOLOGY

27



RESEARCH METHODOLOGY

(1) Data Collection :-

It consists of primary data and secondary data. Primary data was collected by holding

“semi- structured and focused individual interviews” of sales Agent, executive,

Consultant and Personnel associated with Corporate Direct sales associate.

For the primary data Interviewed 35 insurance personnel, out these 15 were

Executives including Consultants, Executive (Managerial), and associated Executive

from other tied organization.

Where as secondary data was obtained by different records, magazines, newspapers, inter

nets and various pamphlets of Reliance Life Insurance

(2) Type of Research

The type of research used for our study was an exploratory research, as the objective of

the research was to have in depth understanding of the sales agents.

However I covered a specific list of topics and sub areas. This was done in the form of

Open-ended question, where the timing, exact wordings and time allocated to each

question area was left at the interviewer’s Since the research was qualitative, the need for

formal and rigid questionnaire was not felt. discretion open structure ensured that

inspected facts or attitudes could perused easily.

(3) Sample size :-

I have selected sample on the basis of performance of the premium collected by agent at

least 25 policies per year. Other has been taken from the branch Manager and Consultant,

branch Executives. All are taken randomly.

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ANALYSIS

&

FINDINGS

29



ANALYSIS & FINDINGS

After the interview of 20- agents and 15- officer I have gathered much Information that

can be classified in the following ways i.e.

On the basis of Age.

Graph 1.1

0

1

2

3

4

5

6

7

8

9

18-25 26-35 36-45 46 above

Agents

Executives

TABLE 1.1

Age 18-25 26-35 36-45 46 –above total

No of Agents 4 8 5 3 20

No. Of Executives

Or Other 2 8 4 1 15

Analysis of this information make us clear that maximum no of Insurance

advisor comes from age group 25-35. It has inference that Maximum agents

are matured enough to deal and live in the organization.When I the look age

group of officer’s we can find it easily that maximum come from matured and

experienced age range i.e. 26-35. It has implication that company is

administered by well experience young people.

30



On the basis of Education.

Graph 1.2

0

2

4

6

8

10

12

No of agent No. of

executives

Consultant Others

HSC

Degree

PG

Professional degree

TABLE 1.2

Education level HSC Degree PG Professional total

Degree

No of Agents 3 10 3 4 20

No of Executives 4 4

Consultants 1 1 3 5

No Others 2 3 5

Total 3 13 4 14 34

I can have many inferences from the above information as follows on the basis of

Education.

31



50% of Agent comes from degree level, 20% from professional degree and rest from

others

80% Executive comprises professional degree.

60% Consultant/ manager has professional degree and other from, Degree, and PG.

Other executive to whom I met have 60% professional degree.

When I assess total staff (agents with officers) I draw inferences that out of total,

approximately 90% staff are graduate and above that. If I exclude Agents then 70% (0ut

0f 15, 10 have professional degree) is professional. It means company is mostly governed

by professionals.

Note – Professional qualification means MBA/MCA/ BE/CA etc. Out of 35, a person has

not given their opinion.

32



Geographical area they covered

Graph 1.3

No. of agents

0

2

4

6

8

10

12

Specific Non specific Whole city

No. of agents

TABLE 1.3

Area specific not specific whole city total

No of agent 4 2 10 20

Information from above table states that out of total, maximum (50%) covers whole city

of Delhi. 40% covers specific area (means, western, eastern suburban).

When I combine this information I can have more specific inferences. As Reliance Life

Insurance have most dynamic& experience professional young people with different

geographical area covers and maximum has to facility to grow business in any area.

Working time

When I analyzed the question on the basis of timing, maximum agents have their flexible

time. But officers and Managers have specific time generally 9am to 8 pm and more than

that. Here we have to consider two types of agent one is part timers and others is full

timers. So full timer gives maximum time and uses the facility of Tele phone in the

Office.

33



Telephone call per day

Graph 1.4

TABLE 1.4

No of calls 1-6 7-13 14-20 21- 27 total

Agents 2 5 10 3 20

Telephone calls generally made by agents are maximum 14-20 calls / day. And time of

calling depends on policy and person.

34



Feature of the company

When I asked about the features of convenience, 90% has their (Out of the 34 persons)

opinion in favor of ”Trust” and “customer friendly”.

Operational hassles/problems

Graph 1.5

0

2

4

6

8

10

12

T r a v

e l

T i m i n

g

p h o n

e a v

a i l a b i l i t y

P r o c

e d u r e

P a p e

r w o r k

No. of agents

executives

TABLE 1.5

Hassles travel timing phone availability procedure paper work total

No of Agent 11 1 1 3 4 20

Executives 10 1 1 2 14

21 2 1 4 6 34

Maximum operational hassles comes from traveling and after that paper work involved

but weight age is almost low, Procedure is the third most problem in distribution of the

services. Time and phone availability have very low contribution in operational problem.

Facility available for agents and Officers

35



When agents are asked about the facilities that are provided by the Reliance Life

Insurance for him maximum has answered in the support of telephone, and very few have

support regarding stationary. Some have given their view in the support of computer

facilities. But they demanded more support of stationary and traveling allowances.

About Appraisal system

When I talked about performance appraisal system in Reliance Life Insurance they all

have similar view that it has good performance appraisal system. Insurance advisors are

judge by their performance to fulfilling their target weekly, monthly, annually basis.

Many other things also they are considering in the process of performance appraisal. Sothis system is very effective to keep motivated of the channel force.

Knowledge about product and training.

Company provides comprehensive knowledge about products to Insurance adviser and

dealing staff so as they can do their work without any confusion. Staffs are trained by

extensive training session (100 hours) and required test. They are also assessed time to

time by the Organisation to maintain their knowledge and skills.

Similar things are also available for the officer but in different way. They have to take

care of the organization so they have go with a very hard extensive session of training.

Insurance advisors average earning falls at the range of 1 lakh to 2 lakh per years but it

depends on the advisors. There no limitation of their earnings if they have enough contact

and selling skills.

Here consultant have no fixed income only salary is fixed but commission from Agents

is not fixed. Due to commission they are always want to develop their business.

36



Executive has some more fixed income than above two. Income depends on experience

and position in the company.

Factors responsible to Select Reliance Life Insurance.

When I analyzed the factors that are responsible for the selecting Reliance Life Insurance

for doing their job; Maximum has given their consent in the following way.

For Executives.

Trust >Brands> Salary structure >performance of company>Infrastructure support> level

of autonomy> flexibility of Time hours>Perk and allowances>security>others.

For Agents

Trust >Brands> Perk and allowances> flexibility of Time> > Infrastructure support>

performance of company> level of autonomy>security>others>salary structures

Generally Agents and Executive have similar point of views of the 1st two choices but

they are different in other choices. For example Agents have given Perk and allowances

their third choices. Fourth choice is infrastructure support where as last is salary. It is

because they do’t have salary structure. So maximum monetary benefit they can have

possible only selecting of these choices.

Maximum executives have opinion for salary structure and Performance of the company

with infrastructure support, in there Third, fourth, and fifth choices. Perhaps this choices

are due to they don’t have commission base advantages.

Factors that are responsible to get motivated to remain inReliance Life Insurance :

37



For Agents:

Monetary factor> Status>Easy entry>Flexible work time >commission base pay>Perks/

allowances>Job satisfaction> autonomy> job security>others.

For Executive

Status>Job satisfaction>Monetary factory>Autonomy>Perks/allowances>Job

security>Flexible work time>Easy to Entry> commission base pay>others.

Differences of choices are due to their personal requirements. We can explain for Agents

money is more valuable but for executive their status takes more weight age. Similarly

we can go to the others.

Factors make you as a part of Reliance Life Insurance?

Mainly trust and brand value of Reliance Life Insurance work here more than the other

factors to remain as a part of this organization. This is fact New York Life as a brand of

quality, economic, and strong believe for perfection and Reliance Life Insurance has

good image and perception for the people.

They are ranked as following way

Trust>> Brand name>> Performance of the company>> Job satisfaction>> Salary

structure>> security>> others.

38



Factor that can Influence the people in future.

For the most influential factors responsible the people to remain in the Organization can

be arranged in the following way.

Carrier growth Opportunity>pay package>Salary>Others.

So for the future carrier growth has maximum weight age then others (for both of them).

Change in the distribution channel

When I think about new change in the area of distribution. They have similar view but

some agents have opinion to remain in Traditional way. They have their own logic, it has

no substitute because insurance is a product of selling not bringing. It requires personalrelation and faith.

Executives have their opinions that Reliance Life Insurance has many distribution

channels(traditional as well as new) but new multiple distribution channel is required due

to maintaining sales growth and reducing the cost of delivery. Change is required because

combined forces of increasing technological expertise, Transformation in the Industry

and Innovative techniques working in the Indian market, the distribution system seems to

be widening.

In there view future customers will be multi channel. The insurers will have to offer all

types of channel to the customer and it is the customer who will have the right to choose

the channel suiting him/her. Future demand of high level of sophistication in providing

our services to customer can‘t be ignore.

So change in distribution channel is required.

They have a corporate agency channel, which handles its corporate agents and have tie-

ups with 38 corporate houses. In their opinion DSA provide a very wide reach in India.

This is a much diversified channel. They are best served using similar approach- such as

direct mail or Telemarketing.

39



Recently it tied up with India Bulls and some NGO’s. The distribution has to happen at

the grass root level, as the average rural Indian finds a greats level of comfort and

security in dealing in groups. The Rural population normally prefers monthly premium in

line with the Micro-finance repayments that they are used to.

Future distribution channel for Reliance Life Insurance.

They have given their view on the future channel that will be most effective for Reliance

Life Insurance would be Banc assurance and Direct Marketing.

Performance with respect to distribution.(restricted to Reliance Life

Insurance)

When they were asked to give their opinions on the weight age of performance of

Different distribution channel of Reliance Life Insurance, If hundred (100) points is

whole business then contribution of channel can be show as following way;

40



100

80

60 Agency (approx 60%)

40 Corporate Agents (33%)

20 Banc assurance (4-5%)

NGOs (1-2%) others (0-2%)

They have given 1st rank to the agents and Insurance Advisors or Traditional channel

(only for Reliance Life Insurance)

But opportunity of new modern channel can’t be denied. After trained Insurance Advisor,

they have given their 2nd rank Corporate Agent and farther as following way;

Agency>Corporate Agents (DSA)> Banc assurance>NGOs>Brokers>Direct Marketin

41



SWOT ANALYSIS

42



SWOT ANALYSIS

STRENGTH

Reliance is pioneer in insurance industry hence, having strong brand image

It is having largest market share in insurance sector

Aggressive promotion and sales of the product

Strong and well-defined software support like Pace

It has well defined and integrated Standard Operational Procedures (SUBs) which

specifies guidelines to be followed in system like recruitment process, product planning

etc.

Business Opportunity Presentation(BOP) is defined.

Strong database.

Good HR policies as it provides growth opportunities

WEAKNESS

Retrenchment rate is high i.e. hiring and firing advisors which may lead to leakage of

information

Few products are expensive

Focus is on urban area. Rural is not being considered

Do not target the people of lower level people. Only focuses on Upper and Middle class

people.

Difficult to compete with LIC because of customer’s reliability

43



OPPORTUNITY

There is still Vacant market to be captured

Growing Indian economy

Launch of short term plans

Change in market trends

Medicare launched

THREATS

Threats from the changing policies of the government

Authenticity of the claims cannot be judged hence cause moral hazards and frauds

It any advisor does not follow the IRDA regulations, it may be harmful for the company’s

goodwill

Due to retrenchment, there is a chance of data leakage

New market players are emerging into insurance sector which increased the competition.

For example, latest launch of Reliance Life and Bharati Axa

LIC and Bajaj Allianz are the major competitors

After sale service for customers’ satisfaction is a challenging job.

WHAT IS A DISTRIBUTION CHANNEL?

A channel of distribution or trade channel is the path or route along which goods move

from producers to ultimate consumers or industrial users. In other words, it is the

distribution network through which a producer puts his product in the hands of actual

users. The channel of distribution includes the original producer, the final buyer and any

middlemen-either wholesaler or retailer. The term middleman refers to any institution or

individual in the channel which either acquires title to the goods or negotiates or sells in

44



the capacity of an agent or broker. But facilitating agencies that perform or assist in

marketing function are not included as middlemen in the channel of distribution. This is

because they neither acquire title to the goods nor negotiate purchase or sale. Such

facilitating agencies include banks, railways, roadways, warehouses, insurance

companies, advertising agencies, etc. The following diagram (chart) is illustrative of the

channel of distribution which may exist in a market.

The above chart indicates that the number of middlemen may vary. If there is direct sale

by the produce to the consumers then there is no middleman. But that is very rare. As the

chart shows the producer may sell goods to retailer who may then sell the same to

consumers. The producer may sell goods to wholesalers who may in turn sell to retailers

and the retailer may sell to consumers. The fourth alternative channel of distribution is

when any agent/dealer intervenes between the producer and retailers and acts as a

middlemen. The agent is appointed by the producer for the sale of goods to the retailers.

Another alternative channel is there when producer’s agent sells goods to wholesalers

who sell to retailers. Agent/dealer is an independent person/firm buying goods and selling

them to retailers. Agent/dealer may also sell to wholesalers who may then sell to retailers

and goods are thus made available to consumers. In the channel of distribution there may

be more than one agent/dealer and wholesaler.

Channel decisions determine how the firm will reach its target markets. The choice and

performance of the channel are major determinants of an organization’s success. Channel

45



of distribution decisions are of vital importance to all types of firms, including producers,

wholesalers, and retailers. A key factor in selecting a channel is economic performance-

estimated revenue and cost flows over the planning horizon. Qualitative factors are also

important in selecting channels of distribution. Given two channel alternatives that are

similar in their estimated economic performance, selection may rest on the extent of

management control that the firm could exercise in the two channels.

DISTRIBUTION CHANNEL OF INSURANCE INDUSTRY IN INDIA

The insurers must refine and exploit the market segment product distribution system

linkage.

This will lead to distribution system pluralism; many different distribution systems will

be implemented across companies rather than across the industry.

Distribution channels:-

Why it is needed.

1 Distribution - the key differentiator

It has been two years since the Indian insurance market has opened up, and the new

entrants into the market have set up shop in every major city. The public sector

companies have already established themselves in the market. But there are multiple

challenges faced by these insurance companies, of which two are critical:

Designing of products suiting the market

Using the right distribution channel to reach the customer

While the companies have been quite successful in dealing with the first of these

challenges using the existing product features and leveraging the technical know-how of

46



their partners, most are still grappling with the right channel mix for reaching potential

customers.

This paper discusses the distribution channels from the perspective of the socio-cultural

ethos of the market and how these channels fit into it, along with where the various

companies face challenges and bottlenecks. Whenever any debate arises about the

intermediaries and distribution channels, the discussion veers to technology and its

impact on distribution. However, the authors believe that the basic existential problems

being faced by the channels in this market needs to be looked into first, and then the

question of enablers – technology, tools, training, learning etc. -- is to be taken

up.

2 Challenging Scenario demanding role transformation of

intermediaries

Insurance has to be sold the world over, and the Asian Market is no exception. The touch

point with the ultimate customer is the distributor or the producer (as they are known in

certain markets), and the role played by them in insurance markets is critical.

It is the distributor who makes the difference in terms of the quality of advice for choice

of product, servicing of policy post sale and settlement of claims. In the Asian markets,

with their distinct cultural and social ethos, these conditions will play a major role in

shaping the distribution channels and their effectiveness.

In today's scenario, insurance companies must move from selling insurance to marketing

an essential financial product. The distributors have to become trusted financial advisors

for the clients and trusted business associates for the insurance companies.

47



This calls for leveraging multiple distribution channels in a cost effective and customer

friendly manner. For example, in the developed markets producers (brokers and agents)

form the major channels of distribution, while the web as a complementary channel is

catching up slowly. According to a Forrester survey, 88% of the Life insurance

executives responding identified agents as the primary channel of distribution.

The distinction of channels in the developed markets is: personal distribution systems and

direct response systems. Personal distribution systems include all channels like agencies

of different models and brokerages, bancassurance, and work site marketing. Direct

response distribution systems are the method whereby the client purchases the insurance

48



directly. This segment, which utilizes various media such as the Internet, telemarketing,

direct mail, call centers, etc., is just beginning to grow.

3 What should the companies look at?

Basically companies have to take a look at the intermediaries they are using, whether it is

optimal to use them, and what are the alternatives?

The new companies have attempted appealing only to the middle, upper middle and elite

classes in the major cities. Contrasted with Public sector insurance companies, with their

offices across the country, the new companies have miles to go before they reach

anywhere. They must overcome the mindset of the customer that life insurance is Life

Insurance Corporation of India (LIC) and general insurance is General Insurance

Corporation of India (GIC) if they hope to grow in the market. Meanwhile, the public

sector companies are going to great lengths to revamp their image to look and feel more

contemporary.

In this process all are targeting the same market --the existing pie is being cut up further,

but no attempt is being made to increase the size of the pie. For example, while attempts

are made to complete the quota of rural insurance in percentage terms, the rural market

potential is yet to be tapped, as the new insurers are not able to attract the right kind of

talent into their distribution force to address this. Intelligent segmentation of distribution

channels to match the market segmentation is what will help the companies to move in

this direction.

4 Distribution Scenario in the Indian market

In today's Indian insurance market, the challenge to insurers and intermediaries is two-

pronged:

Building faith about the company in the mind of the client

Intermediaries being able to build personal credibility with the clients

49



Traditionally tied agents have been the primary channels for insurance distribution in the

Indian market; the public sector insurance companies have their branches in almost all

parts of the country and have attracted local people to become their agents. The agents

are from various segments in society and collectively cover the entire spectrum of

society. A person who has lived in the locality for many years sells the products of the

insurance company with a local branch nearby. This ensures the last mile touch point

being closer to the customer. Of course, the profile of the people who acted as agents

suggests they may not have been sufficiently knowledgeable about the different products

offered, and may not have sold the best possible product to the client. Nonetheless, the

customer trusted the agent and company. This arrangement worked adequately in the

absence of competition.

In today's scenario agents continue as the prime channel for insurance distribution in

India, as is the case in most markets, supported by call centers to a small extent. Almost

all the new players follow this model primarily because the regulations for other channels

are yet to be put in place.

However there is great excitement in the industry over the impending broker regulations,

and companies are planning possible channels in their enthusiasm to increase volumes.

The belief that all these channels will grow and seamlessly integrate to bring in business

seems a fallacy.

What has emerged is a much more difficult and evolving market scene with existing

players, more new players coming in, and global marketing practices and ideas being

tested. But none of this has changed the fundamental character of the market, which we

believe will take more time than expected

As the insurance market in India is liberalized, the pattern of distribution is likely to

undergo some changes with new channels being introduced

A quantum jump in insurance business in terms of premium, policies, lives covered, etc

would necessitate a corresponding increase in the capacity of the distribution channels.

The cost of effectiveness of certain channels would induce insurers to start using them.

50



There are sectors of market for whom the agency channel may not be the most efficient

and introduction of new channel will help to increase the penetration of insurance

products.

Creation of awareness and demand as a result of the increasing

distribution channels.

Dissatisfaction with the existing channels.

Key issue in increasing the number of policies sold would be;

The number of agents

Public awareness

Public perception of the need for protection and long term savings.

Favourable tax treatment

Professionalism of financial advisors

Quality and range of products.

Favourable tax treatment

Profetionalism of financial advisors

Quality and range of products.

The distribution channels would play an important role in meeting the increased volumes.

Traditionally, the life insurers have been working primarily on the agency distribution

force, while the general insurance business has depended primarily on the development

officer. The private players are bringing with them international experience, new

technology, new channels of distribution and of course, new products. The ground rules

in the insurance business are being redefined. Even the existing public sector players are

gearing up with matching strategies to face competition.

51



EXAMPLE:

Tied Agent of LIC-

*Tied agents attached to development officers

* Direct agents/career agents supervised by ABM(S)/BM/Sr.B.M

Branch Manager

Direct Agents

Development officer

Career Agents

(presently not in practice) Agents

Full time

Part time

52



CHANNEL DEVELOPMENT STR ATEGIES AT RELIANCE LIFE

INSURANCE

Tied agency model

Bank assurance and alliance

Corporate Agency (exclusive for Reliance) and Brokers(can sell any product)

Tied Agency (Agent Advisors)

Tied Agency is the largest distribution channel of Reliance Life Insurance, comprising a

large advisor force that targets various customer segments. The strength of tied agency

lies in an aggressive strategy of expanding and procuring quality business. With focus on

sales & people development, tied agency has emerged as a robust, predictable and

sustainable business model.

Changes in distribution pattern of life insurance after IRDA

came into existence.

FROM “TIDE AGENTS”

TO

“MULTIPLECHANNELS”

BANKS

CORPORATES/

INSTITUTIONSBROKERS

TELEMARKETING/

WORK-SITE MKTG./

DIRECT MKTG.

INTERNET

53



Bank assurance and Alliances

At its most simple level bank assurance is the business of banks selling insurance. In

concrete terms banc assurance, which is also known as Allfinaz constitutes a package of

financial services that can fulfill both banking and insurance needs at the same time.

Simplest form where bank provides database to the insurance companies and insurance

companies pays certain base charges for each customer and commissions are paid on the

basis of conversions.

Strategic alliance

Sharing of customer data

Branding of insurer’s products to leverage the bank’s own brand

Developing specific products exclusive to bank’s own customer

Deployment of insurers staff within the bank

Joint marketing strategy with complete risk management and financial services offers.

Sharing of technical infrastructure.

Bank assurance is the term used to describe the sale of investment products in a

bank. The word is a combination of "bank" and "assurance" signifying that both

banking and insurance is provided by the same corporate entity.

Bank assurance - selling life insurance through bank branches - has also driven life

insurance business over the two years. Here’s why. First, banks’ deposits as a percentage

of total financial assets of the household sector have gone down from about 46% in 1980

to about 30% now. This means that banks have to seek other avenues, beyond justinterest income, to remain profitable. Banks have found that selling life insurance policies

is a great way to make profits.

Company adopted the concept of bank assurance merely few years back and got a good

amount of success through that. Within a short span of time, company has large number

54



of partners like Yes Bank, India bulls and Amway. B & A has emerged as a vital

component of the company’s sales and distribution strategy, contributing to

approximately one third of company’s total business.

The business philosophy at B&A is to leverage distribution synergies with our partners

and add value to its customers as well as the partners. Flexibility, adaptation and

experimenting with new ideas are the hallmarks of this channel.

Corporate Agency (exclusive for Bhati Axa) and Brokers(can sell any product)

Corporate agency are those which sells exclusive Services of Reliance Life Insurance and

Where are a Brokers is a one who can sell and service of and company depending on the

rate of commission

FUNCTIONS OF AN AGENT AT RELIANCE LIFE INSURANCE .

An insurance agent would be required to solicit and procure new insurance business, in

manner that is consistent with the interests of the policyholders and of the insurance

company.

For this purpose he would have to do the following

contact prospects for insurance;

study their insurance needs;

persuade them to buy;

complete all formalities for proposal for new insurance, including filling up the proposal

forms;

collecting supporting documents and premium arranging inspection if necessary, ensurethat warranties and special conditions, if any are property explained to the insured

Assist the insured in filling the proper documents and proofs for making a claim.

55



An insurance agent would be required to solicit and procure new insurance business, in

manner that is consistent with the interests of the policyholders and of the insurance

company.

For this purpose he would have to do the following

contact prospects for insurance;

study their insurance needs;

persuade them to buy;

complete all formalities for proposal for new insurance, including filling up the proposal

forms;

collecting supporting documents and premium arranging inspectionif necessary, ensure

that warranties and special conditions, if any are property explained to the insured

Assist the insured in filling the proper documents and proofs for making a claim.

56



57



CHANNEL DEVELOPMENT PROCESS FOR TIED AGENCY

MODEL

YES

NO

NO

YES

58

Start

Name Gathering in P200

Short listing

Contacting

Intereste

d?End

Initial Screening

NAT

Career Seminar & P200

Intereste

d?End

Career interview

FCS

Contract with MNYL

IC-33?Reappear

NOT CLEARED

CLEARED

End



WAYS OF NAME GATHERING

There are several ways for gathering names in order to follow rule of 31.

Natural Market:

A natural market consist of people to whom you know well from your family, friend

circle, relative can be a good prospect. The most admired way for recruitment in Reliance

Life Insurance is through natural market. Natural market persons are easily approachable

and most of the successful recruitment in Reliance Life Insurance is from natural market.

Personal Observation:

It means identify the right person through observation. For e.g. a person residing in your

locality and very famous in taking initiative in social activities can be a good prospect.

Nominator Call:

A nominator is a person who is very much influential in the market as well as in societies.

Name gathering and identification is easy in this case, but these people are highly

unapproachable. These people can be very productive in giving references of the

prospect. They are not prospect by default.

Centre of Influence (CoI) Call:

A centre of influence person is people who are influential and you know them personally.

They are approached for giving references of the client.

59



LIMITATIO

N

60



LIMITATIONS

1. The time for which the project was conducted was very short. Hence the samplesize was restricted to 50 only.

2. The scope of study was also restricted to the study of awareness about the

Reliance life insurance and consumer preferences. It could be widened to cover

various others aspects of insurance product demand.

3. As there are many competitors of Reliance life insurance in the pvt. Insurance

sector. Only 3 of its competitors products were analyzed in detail. A detailed

study of all the competitors of Reliance life insurance would have given morereliable and accurate results.

4. The area from where the sample population was selected was Noida only. Other

cities and moreover rural area was not covered under the study.

5. The primary data was collected form present and potential insurance personnel of

insurance products to evaluate their preferences. But the preferences of financial

agents was not considered which would have helped to evaluate the preferable

commission sale which helps to boost product sale.

61



CONCLUSIO

N

62



CONCLUSION

THE INTERNET CHANNEL

The company should focus on Internet channel as the Internet is likely to be the most

important of the new forms of distribution as the government is encouraging its use (for

eg. E-choupal) It is already apparent that customers are using the new Internet technology

in other business fields (e.g. bookselling, air ticketing etc.). However, insurers have been

slow to get to this market. For example,

The worldwide property and casualty market is estimated to be worth $l50bn but less

than 1% of these insurance transactions are currently being conducted online. India is no

exception to that, only iota of business is generated through this channel. This

sluggishness is perhaps a little surprising as the simpler commoditized insurance products

should sell quite well on the Internet. Arguably, other more tangible products such as

clothing, furniture and sporting equipment may not sell so well because customers prefer

to see them before making a purchase. A recent survey states that the biggest barriers to

using the Internet is product complexity (62%), followed by need for paper signatures

and regulatory restrictions (both 38%), security risks (32%), and cost of online

development and integrating legacy systems (both 29%).

The lead in selling insurance on the Internet appears to be coming from America, where

start-up companies that cover the whole ‘quote-to-claim’ insurance process online now

exist. For example, eCoverage.com is now writing motor business in 2 US states (backed

by Japanese venture capital from Softbank) & GeneraLife.com is selling life assurance on

the net. However European companies are following suit, such as ineas.com which has become the first European insurer to sell its products exclusively via the Internet, already

operating in the Netherlands, France, Belgium and Germany.

63



THE INDIAN OPPORTUNITY

There are 38.5 million Indians online as of now and this number is set to grow to 100

million by 2007-08. Sky-rocketing at a CAGR of 125%, the online travel industry is

expected to become a $2-billion industry by 2008.

The number of heavy internet users in India, the persons who spend long hours on the

web, has grown to 38 per cent this year, as against barely 16 per cent in 2001.

These heavy users are spending an average 8.2 hours per week on the internet, I-Cube

2006 report said.

Their numbers are increasingly rising over the past few years: from 16 per cent in 2001 to

20 per cent in 2004 and to 38 per cent the total internet users in 2006 - resulting in a jump

of 20 per cent over a 5-year period.

In contrast, the number of 'light' users has dropped from 63 per cent in 2001 to a 28 per

cent in 2006, which shows the older population spend more time on internet as against

the younger lot who are considered to be more net-savvy. While, the school going

children spend an average of 322.3 minutes a week on the internet, the college going

students spend an average of 433.2 minutes per week and the older men spend an average

of 580.5 minutes a week. Working women spend 535.3 minutes per week while women

non-working women spend an average of 334.5 minutes each week. There will be 50

million internet users by March 2007. At present 25% of the internet users in India are

from small towns and this figure is estimated to increase further.

32 per cent active users of the Internet in India use it for sourcing information and

research. Back in 2001, only 20 per cent used the Internet for searching information. E-

mail as a killer application is on the downslide with only 46 per cent of subscribers using

the Internet for e-mail, compared to 64 per cent in 2001

64



RECOMENDATION

65



RECOMMENDATION

The company should focus on Internet channel as the Internet is likely to be the most

important of the new forms of distribution as the government is encouraging its use (for

eg. E-choupal) It is already apparent that customers are using the new Internet technology

in other business fields (e.g. bookselling, air ticketing etc.). However, insurers have been

slow to get to this market.

MY EXPERIENCE

My Experience with Reliance Life Insurance will always be grateful for me. I learned

many things in Reliance Life Insurance. The very first thing I learned in Reliance Life

Insurance is to handle objections from the customers. Different type of scripts of Reliance

Life Insurance helps in this.

Working on deadline for achieving target is most crucial process in this sector and I am

thankful to my Manager who was always behind me to support during initial phases and

helped me to complete my training.

The GO meet to reward successful AA and SM for the month is another example which

clearly emphasizes that Reliance Life Insurance has strong belief in maintaining a healthy

relationship with their stakeholders.

Overall “Channel Distribution of Reliance Life Insurance at Noida” was a fair

attempt from me.

My telephonic conversation with the prospect always gave me a positive direction to

build my confidence and even in bad phase of response I learnt the art of making

calmness.

I shared a lot of activities with my colleagues. All the trainees from different background

also remained a source of energy for my daily activities.

“IN FUTURE INSURANCE WILL BE BOUGHT NOT SOLD”

66



BIBLIOGRAPHY

67



BIBLIOGRAPHY

Web sites

Indianmba.com

www.allconferences.com

www.iloveindia.com

business.mapsofindia.com

www.google.com

www.reliancelife.co.in

www.kampusonline.com

Asia insurance review

Books

Philip kotler, “ MARKETING MANAGEMENT”, 12e

Kothari C.R “Research Methodology”

Journal

Indian Journal of Marketing – vol.xxxxiv (Oct.2007)

Indian Journal of Management – vol. xxxv (March 2007)

68



ANNEXURE

69



ANNEXURE

1. QUESTIONNAIRE :

NAME …………………….

QUALIFICATION………..

AGE………….. ……………

(1) Why you select Reliance Life Insurance as an Agent?

(a) For Monetary benefits (b) flexibility in Hours

(c) Commission (d) easy of entry

(e) Interest in the sector (f) nature of job

(2) What geographical area do you cover?

(3) What is your work timing?

(4) How many calls do you made in a day?

5. What features / services of the company do you like for your convenience?

(a) Trust in the company

(b) Quick settlement of claims

(c) Customize product

6. What are the operational hassles/ problems that you face?

(a) Travel (b) timing (c) phone availability

(d) Procedure (e) paper work

70



7. What are the facilities you are using or provided by the company?

(a) Traveling allowances (b) telephone (c) computer

(d) Day hour food (e) stationary

8. Does Company provide knowledge of entire product range in its portfolio?

9. Does Reliance Life Insurance have performance appraisal system?

10. What is your yearly average Income?

(11) What factors would you consider while selecting the new Life Insurance Company?

Please rank them on the basis of 1-10 point.

• Factors

• Trust

• Performance of company

• Security

• Salary structure

• Brand value

• Infrastructure support

• Perk/ allowances

• Flexible work timing

• Level of autonomy

71



(12) What are the reasons / factors for which you remain in this Organization?

Rank them on the basis of 1-10 point.

REASONS RANK1 RANK2

(For Reliance) (For others)

• Monetary factors

• Job satisfaction

• Autonomy

• Easy of entry

• Flexible work hours

• Status

• Job security

• Commission base pay

• Perks/allowances

• Others

72



(13) What are the reasons /factors for which you are a part of this Reliance Life

Insurance?

RANK them on the basis of 1-7 basis points.

FACTORS RANK1 RANK2

• Trust

• Performance of the company

• Security

• Salary structure

• Brand name

•

Job satisfaction

Others.

14.Out of which most important factor for you in future is

(a) Salary (b) pay package

(c) carrier growth opportunity (d) others

15.Do you think rules of game are changes mean mass distribution system in rural area is

not obligation but opportunity?

16. What is your suggestion for future distribution of Reliance Life Insurance?

17. How you rate the performance of the company with respect to its channel and

customer requirement.

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reliance distribution channel

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