A REPORT ON

TALENT ACQUISITION AND FINANCIAL

PRODUCTS OFFERED BY ZIELHOCH
CONSULTANCY

BY:-
Aastha Darbari
23BSP0020

ZIELHOCH CONSULTANTS PVT. LTD.

1
 A REPORT ON

TALENT ACQUISITION AND FINANCIAL

PRODUCTS OFFERED BY ZIELHOCH
CONSULTANCY

BY:-
Aastha Darbari
23BSP0020

A report submitted in fulfillment of the requirements of

PGPM Program of IBS MUMBAI

COMPANY GUIDE:
MR. CHINMAY DEV TIWARI
DATE OF SUBMISSION: 25th May, 2024

2
 AUTHORIZATION

This is to certify that this is a bonafide project report submitted in fulfillment

of the requirements of the MBA program of ICFAI Business School, MUMBAI.

This report document titled “TALENT ACQUISITION AND FINANCIAL

PRODUCTS OFFERED BY ZIELHOCH CONSULTANCY
GENERALIZED.”
is a submission of work done by Aastha Darbari.

This report has been formally submitted to

Dr. Pritee Saxena, IBS Mumbai

This report has been verified and authenticated by:

Dr. Pritee Saxena

Faculty Guide
IBS Mumbai

3
 ACKNOWLEDGEMENT

I would like to express my profound gratitude to all those who have been instrumental in
the preparation of my project report. To start with, I would like to thank Zielhoch
Consultants for providing me the chance to undertake this internship study and allowing
me to explore the field of Financial Products Marketing, which will surely prove to be
very beneficial to me in my future assignments, my studies and my career ahead.

I wish to place on record, my deep sense of gratitude and sincere appreciation to my

company guide and mentor Mr. Chinmay Tiwari who played a pivotal role in the
preparation of my project. I would also like to thank him for continuous support, advice
and encouragement, without which this report could never have been in its present form.

Aastha Darbari

23BSP0020

4
 EXECUTIVE SUMMARY

Student Name AASTHA DARBARI

Enrolment Number 23BSP0020
Industry Type FINANCIAL SERVICES/INSURANCE
(BFSI)
Company ZIELHOCH CONSULTANTS
PVT.LTD.

Organization Description:

➢ ZIELHOCH Private Limited is private company and is classified as 'company limited by shares'
founded in 2017. Being a start-up, ZIELHOCH is already the choice of Multinationals and leading
Indian Businesses because it is the preferred talent acquisition partner for them. It bridges the gap
between talent seeker and the job Seeker to find each other. As an expert in financial advisory, the
company also helps its customers to reach financial freedom by assisting them in making crucial
financial decisions and managing their wealth effectively to ensure that their customers stay stress
free and get rid of their financial worries. The company believes in timely adaptation with the
dynamic environment in order to deal with any challenges ahead with utmost enthusiasm as it
understands the importance of taking the right action at the right time to cope with the dynamic
environment.
➢ Zielhoch is dedicated to empower with relevant Jobs & Growth Opportunities. They are a
successful Conglomerate with the experts of Financial Advisors on our panel. They also have a
Team of Professionals working every day to provide HR as well as Financial Solutions to the
Companies/ Clients.

➢ Mission Of the company is to provide best wealth management advice through honest financial
solutions as well as inspire the candidates to explore job opportunities across various industrial
sectors.
➢ Vision is to become the most trusted financial advisor as well as most valuable recruitment service
provider

Services offered by the organisation are

➢ Portfolio Management

➢ Financial Analysis

➢ Recruitment

5
 ➢ Internship Programme

➢ Professional Skill Development

➢ Destress your Tax

Project Title:
“TALENT ACQUISITION AND FINANCIAL PRODUCTS OFFERED BY ZIELHOCH
CONSULTANCY”

Objective of the project:

➢ The study main focus is to understand customer’s preferences in financial sector

and investment trends in India.
➢ To understand the insurance product that we are selling and doing the
competitive analysis for the same.
➢ To do the sales for the company and understand the sales pitching process.
➢ To understand the financial sectors in India.
➢ To learn the entire HR process of the company.
➢ To learn the backend process.
➢ To learn Data Creation, tapping, follow up and remarks.

Methodology:

➢ The data for the study of the project was collected from different websites like
policybazaar.com, indiafirstlife.com, economic times, etc.
➢ Apart from this, various bank brochures and articles have been referred to get the
relevant information.
➢ Also, the questionnaire has been circulated among the people to understand the
investment pattern in India.

Key Learnings:

➢ Convincing people for having a long-term investment.

➢ Developed an understanding of corporate culture.

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 ➢ Importance of networking in corporate world.
➢ Hiring Interns for Zielhoch.
➢ Data creation, tapping, follow ups.
➢ Workplace norms in general.
➢ Workplace dress code, productivity standards, business hierarchy, are all examples of
professionalnorms.
➢ Relationships with skilled colleagues and networking.
➢ Learn teamwork, problem-solving, job ethics, adaptability, communication, and time
management,among other soft skills.
➢ An Overview of a Specific Career and How to Determine Whether It Matches Your
Preference.
➢ Growth that is fueled by feedback

Achievements:

➢ Remarkable performance in Sales Profile (19L SALES)

➢ Qualified for both Domestic as well as International Conventions.
➢ Received 2 SILVER BOWLS for excellent Performance.
➢ INTERN OF THE WEEK & MONTH CERTIFICATE.
➢ Certificate for RISING STAR.
➢ BEST PRESENTATION CERTIFICATE.
➢ PRE – EARLY BIRD CERTIFICATE.
➢ Got PRE PLACEMENT OFFER .

7
 INDEX

PARTICULARS PAGE NO.

Introduction to sector (BFSI) 9
SWOT Analysis of BFSI sector 10
Introduction to insurance industry 11-12
Advantages and disadvantages of insurance industry 13
Types of life insurance with their pre & post GST impact 14-20
Michael porter 5 forces model in insurance industry 21-26
Pestel analysis 27-30
About the company 31-32
About India first life insurance (IFL) 33-34
Sales and distribution (marketing strategy at IFL) 35
About product 36
SWOT analysis 37-40
Marketing mix (4p’s) of India first life insurance 41-43
Competitor analysis 44
Primary Research Outcome 45-60
Product Sales 61-62
HUMAN RESOURSE MANAGEMENT:

On the job training, objectives, Advantages, Disadvantages 63-64

Hiring in Zielhoch Consultancy 65-68
Key learnings , Limitations 69
References 70

8
 INTRODUCTION TO BFSI SECTOR

BFSI stands for Banking, Financial Services, and Insurance. It encompasses a wide range
of institutions that provide financial products and services to individuals and businesses. These
institutions play a crucial role in the overall health and growth of an economy.

Here's a breakdown of the key components of BFSI:

• Banking: This includes commercial banks, which offer deposit accounts, loans, payment
services, and other financial products. Examples include Public Sector Banks (PSBs) like
SBI and private sector banks like HDFC Bank.
• Financial Services: This encompasses a broader range of services beyond traditional
banking. It includes:
⮚ Investment Banking: Deals with raising capital for businesses through stocks and
bonds.
⮚ Asset Management: Manages investments on behalf of individuals and institutions, like
mutual funds.
⮚ Stockbroking: Facilitates the buying and selling of securities on stock exchanges.
⮚ Payment Gateways: Enables online and digital payments.
⮚ Non-Banking Financial Companies (NBFCs): Provide financial services like loans and
credit cards without holding a full banking license.
• Insurance: This sector provides financial protection against various risks like death,
accidents, illness, and property damage. It includes:
⮚ Life Insurance: Provides financial benefits upon the death of the policyholder.
⮚ General Insurance: Covers various risks like car insurance, health insurance, and
home insurance.

9
 SWOT ANALYSIS OF BANKING FINANCIAL SERVICE
& INSURANCE

Strength Weaknesses
• Extensive branch network • Legacy infrastructure
• Brand reputation and trust • High operating costs
• Regulatory compliance • Vulnerability to cyber-attacks
• Diversified product portfolio • Limited financial inclusion
• Skilled workforce

Opportunities Threats
• Technological innovation • Competition from fintech start-
• Growing demand for financial ups
services • Changing regulatory landscape
• Emergence of new markets • Economic downturns
• Mergers and acquisitions • Cyber security threats
• Focus on data analytics • Changing customer preferences

10
INSURANCE SECTORS IN INDIA

11
 INTRODUCTION TO INSURANCE INDUSTRY

The insurance industry is basic for any nation's monetary improvement. A very much created
protection area helps hazard taking in the economy, as it gives some security in case of an
unanticipated, misfortune causing episode. It additionally gives truly necessary help to relatives on
account of death toll or wellbeing. Since the benefits under administration of insurance agencies
speak to long haul capital, they likewise go about as a pool where to put resources into long haul
tasks, for example, framework advancement.

The protection business in India has likewise developed alongside the nation's economy. A few
insurance agencies in the nation are growing their activities, across both people in general and private
area.

There are currently 57 insurance companies in India, of which 46 are from the private sector. There
are 24 life insurance and 33 non-life insurance companies in India. The major names in the sector
are:

Life insurance:

⮚ Life Insurance Corporation (LIC)

⮚ HDFC Standard Life
⮚ SBI Life Insurance
⮚ ICICI Prudential Life Insurance

Non-life insurance:

⮚ New India Assurance

⮚ United India Assurance

⮚ National Insurance Company ICICI Lombard

⮚ Oriental Insurance Company
⮚ Bajaj Allianz

12
 ADVANTAGES AND DISADVANTAGES OF
INSURANCE INDUSTRY
Advantages:

➢ Financial Security: Insurance provides a safety net against unforeseen events that can cause
significant financial hardship. It offers compensation for losses arising from death, accidents,
illness, property damage, etc., ensuring financial stability for individuals and businesses.
➢ Risk Management: Insurance companies act as risk pools, spreading the financial burden of
potential losses over a large number of policyholders. This allows individuals and businesses to
manage their risks effectively.
➢ Peace of Mind: Knowing that potential losses are covered by insurance provides peace of mind
and reduces stress in case of unfortunate events.
➢ Economic Growth: The insurance industry encourages risk-taking and investment by mitigating
the financial risks associated with such endeavours. This contributes to overall economic growth.
➢ Tax Benefits: In many countries, premiums paid for insurance policies offer tax benefits, making
them financially attractive.
➢ Investment Opportunities: Some insurance policies, particularly life insurance products, offer
investment components, allowing policyholders to build wealth over time.

Disadvantages:

➢ Cost: Insurance premiums can be a significant expense, especially for comprehensive coverage.
This can be a burden for individuals and businesses with limited financial resources.
➢ Complexity: Insurance policies can be complex and difficult to understand, leading to confusion
and potential misinterpretations.
➢ Claims Process: The claims process can sometimes be lengthy and bureaucratic, causing delays
and frustration for policyholders.
➢ Exclusions and Limitations: Insurance policies often have exclusions and limitations, meaning
certain events or situations may not be covered, leading to potential financial losses even with
insurance.

13
 TYPES OF LIFE INSURANCE WITH THEIR PRE & POST GST IMPACT
Term plan

A term plan, also known as term life insurance, is a type of life insurance that provides financial
protection for a specific period, typically for 10 to 30 years. Here's what it means:

➢ Affordability: Term plans are generally one of the most inexpensive life insurance options because
they only offer coverage during the chosen term.
➢ Death Benefit: If the insured person dies within the policy term, a death benefit is paid to a
designated beneficiary. This benefit can help cover financial obligations and living expenses for the
beneficiary.
➢ No Maturity Benefit: Unlike whole life insurance, term plans don't typically accrue any cash value.
If the insured person outlives the policy term, the policy expires and no money is paid out.

Term plans are a good option for people who want to secure their loved ones financially in case of their
untimely death during a specific period. They are ideal for young families, people with a mortgage or
other debts, or anyone who wants substantial life coverage at an affordable rate.

Pre GST & Post GST IMPACT

Aspect Pre-GST Post-GST

Premium cost Premiums might have GST (currently 18%)
included a service tax applies
(around 14%)

Transparency Breakdown of premium Clearer breakdown of

amount might not have premium amount
explicitly mentioned including GST (18%)
service tax
Tax benefits Maturity proceeds and Tax exemption status
death benefits generally likely remains
exempt from income tax unchanged

14
 ULIP plan

ULIP stands for Unit Linked Insurance Plan. It's a financial product that combines life insurance
coverage with investment potential. Here's a breakdown of ULIPs:

Benefits:

➢ Dual Benefit: ULIPs offer life insurance protection for your family in case of your unfortunate
demise. At the same time, it allows you to invest a portion of your premium in market-linked
funds, with the potential for growth over the long term.
➢ Investment Flexibility: ULIPs typically provide you with a choice of different investment funds,
like equity, debt, or balanced funds. You can choose the fund that aligns with your risk tolerance
and financial goals.
➢ Long-Term Growth: Since ULIPs are linked to the market, the returns on your investment can
potentially grow significantly over the long term.

Things to Consider:

➢ Market Risk: Unlike traditional insurance plans, ULIP returns are subject to market fluctuations.
The value of your investment can go up or down depending on the performance of the chosen
funds.
➢ Premium Allocation: A part of your premium goes towards life insurance coverage, reducing
the amount available for investment.
➢ Charges: ULIPs typically have charges associated with policy administration, fund management,
and mortality protection. Understanding these charges is crucial before investing.

Who Should Consider ULIPs:

ULIPs can be suitable for individuals seeking a combination of life insurance protection and the potential
for long-term wealth creation. However, it's essential to carefully consider your risk appetite and
investment goals before investing in a ULIP plan.

15
PRE GST & POST GST IMPACT

Aspect Pre-GST Post-GST

Premium cost Premiums might have GST (currently 18%)
included a service tax applies to specific ULIP
(around 14%) on various charges
ULIP components (policy
administration, fund
management)
Transparency Breakdown of charges Clearer breakdown of
might not have explicitly charges including
mentioned service tax applicable GST rate (may
vary depending on the
charge)
Investment ULIPs invest in market- ULIPs invest in market-
linked instruments linked instruments
Tax benefits Maturity benefits from Tax treatment of ULIP
ULIPs were partially tax- maturity benefits depends
free (up to a certain limit) on investment tenure

Traditional plans

Traditional plans are a type of insurance product that has been around for a long time and offers a
combination of features, including:

➢ Life Insurance Coverage: This provides a payout to your beneficiaries in case of your death
during the policy term. It offers financial security for your loved ones.
➢ Guaranteed Returns: Traditional plans typically offer fixed or guaranteed returns on your
investment. This means you'll know exactly how much money you'll receive at the policy's
maturity, unlike market-linked plans.
➢ Lower Risk: Compared to investment products like ULIPs, traditional plans involve less risk as
they offer guaranteed returns. This makes them suitable for people with a low risk tolerance.
16
 ➢ Tax Benefits: In many countries, traditional plans come with tax benefits. You might get tax
deductions on your premiums or tax-exempt payouts on maturity.

Here are some common types of traditional plans:

➢ Whole Life Insurance: This offers lifelong coverage and builds cash value over time. You can
access this cash value through loans or withdrawals.
➢ Endowment Plans: These plans combine life insurance with a savings component. You receive
a maturity benefit if you survive the policy term, along with a death benefit if you pass away
during the term.
➢ Money-Back Plans: These plans return a portion of your premiums periodically throughout the
policy term, along with a maturity benefit and a death benefit.

PRE GST & POST GST IMPACT

Aspect Pre-GST Post-GST

Premium cost Premiums might include a GST (currently 18%)
service tax (around 14%) applies to specific charges
associated with
traditional plans
Transparency Breakdown of charges Clearer breakdown of
might not have explicitly charges including
mentioned service tax applicable GST rate (may
vary depending on the
charge)
Guaranteed benefits Traditional plans offer Guaranteed benefits
guaranteed benefits like remain unchanged
maturity sum assured
and bonuses
Tax benefits Maturity benefits from Tax treatment of
traditional plans were traditional plan maturity
partially tax-free (up to a benefits depends on the
certain limit) policy type and investment
tenure
17
General insurance

General insurance, also referred to as non-life insurance, is a type of insurance that protects you against
financial losses arising from various unforeseen events. Unlike life insurance, which pays out upon
your death, general insurance reimburses you for covered losses.

⮚ Benefits: General insurance offers several benefits, including:

• Financial Protection: It safeguards you from substantial financial burdens arising from
unexpected events.
• Peace of Mind: Knowing you have insurance coverage can provide peace of mind and help you
manage financial risks effectively.
• Compliance: In some cases, having general insurance, like car insurance, is mandatory by law.
⮚ How it Works: When you purchase a general insurance policy, you pay a premium at regular
intervals (monthly, annually) to the insurance company. In return, the insurance company agrees to
compensate you for covered losses as per the terms and conditions of the policy.

TYPES OF GENERAL INSURANCE

General insurance offers a wide range of coverage options to protect you from financial losses arising
from various unforeseen events. Here's a breakdown of some common types of general insurance:

By Property Insured:

➢ Motor Insurance: Protects you against financial losses arising from accidents, theft, fire, or
damage to your vehicle. It is mandatory by law in most countries to have at least third-party
liability insurance. There are different types of motor insurance plans available, such as third-
party liability only, comprehensive coverage (covering both your vehicle and third-party
damages), and collision coverage (covering damage to your vehicle in a collision).
➢ Property Insurance: Covers your house, apartment, or other buildings against damages caused
by fire, theft, natural disasters (like floods, earthquakes), vandalism, and other perils as specified
in the policy. This can also cover your belongings within the property.

18
 ➢ Homeowner's Insurance: A specific type of property insurance that combines coverage for your
home structure and your belongings in one policy. It may also include additional coverages like
personal liability protection in case someone gets injured on your property.
➢ Renter's Insurance: Protects your belongings within a rented property in case of fire, theft, or
other covered events. It typically doesn't cover the building itself, as that's the landlord's
responsibility.

By Coverage Type:

➢ Liability Insurance: Protects you from financial responsibility for injuries or property damage
caused to others. This can be included in various general insurance policies, like motor insurance
or homeowner's insurance.
➢ Health Insurance: While sometimes considered separate, health insurance can also fall under
general insurance. It provides coverage for medical expenses incurred due to illness, injury, or
hospitalization. There are various types of health insurance plans available, with varying levels
of coverage and deductibles.
➢ Travel Insurance: Protects you against financial losses incurred during travel, such as trip
cancellation, medical emergencies, lost luggage, or flight delays.
➢ Business Insurance: Protects businesses against various risks, such as property damage, liability
claims, business interruption due to unforeseen events, or cyberattacks (depending on the specific
policy).

Other Types:

➢ Marine Insurance: Covers cargo ships, their cargo, and any potential liabilities arising from
maritime perils.
➢ Crop Insurance: Protects farmers against financial losses due to natural disasters, pests, or
diseases affecting their crops.
➢ Pet Insurance: Covers veterinary care costs for your pet in case of illness or injury.

19
PRE GST & POST GST IMPACT ON MOTOR INSURANCE

Aspect Pre GST Post GST

Premium cost Premiums included GST (currently 18%) applies
various taxes: to the entire motor insurance
Service tax (around 14%) CESS premium.
(around 1%)
VAT (varied by state).
Transparency Breakdown of premium might Clearer breakdown of
not have explicitly mentioned premium amount
all included including GST (18%).
taxes.
Coverage Offered various coverage Coverage options
options (third- party, remains the same (third-
comprehensive).
party, comprehensive).
Tax benefits No specific tax benefits for No impact on tax benefits.
motor insurance
premiums.

PRE GST & POST GST IMPACT ON HEALTH INSURANCE

aspect Pre-GST Post-GST

Premium cost Premiums might have GST (currently 18%) applies to
included a service tax the premium
(around 14%) amount
Transparency Breakdown of premium might Clearer breakdown of
not have explicitly premium including
mentioned service tax applicable GST rate (18%)
Coverage Health insurance offered Coverage options remains the
various coverage options same
(hospitalization, OPD,
critical illness etc.)

Tax benefits Premiums paid up to a certain Tax benefits under section

limit were deductible under 80D remain applicable.
section 80D of the income tax
act.

20
Difference between all 4’s:
Features Term plans ULIP plans Traditional General
plans plans/insurance
Life insurance Yes Yes Yes No
coverage
Maturity No Market-linked Guaranteed No
benefits
Risk low High Low Varies
Investment No Yes May be No
component present
Suitable for Affordable Growth Guaranteed Protection
coverage potential & returns & against
Risk tolerance Security unforeseen
events

21
 MICHAEL PORTER 5 FORCES MODEL IN

INSURANCE INDUSTRY:

BARGAINING POWER OF SUPPLIERS IN INSURANCE INDUSTRY:

The bargaining of suppliers is High in the Insurance Industry as competitive forces in strategic
management. Some of the main factors impacting the bargaining power of suppliers in the Insurance
Industry Porter's five forces analysis of financial business are as follows:

➢ LIMITED SUPPLIERS
Broking firms, brokers, agents, and financial institutions are the main suppliers in the insurance
industry. They are very big and very few in the market and they hold a significant bargaining power
over the insurance companies. In fact, the health and life insurance industry is completely reliant on
them; insurance companies are one of their many clients.

22
 ➢ UNIQUE SERVICE
The other reason they hold significant bargaining power over them is because they offer a unique
service to the insurance companies. They take capital from the insurance companies, invest them in the
other business, and give the profit return to the insurance firms. However, it is a form of unique service
that only limited financial companies could offer.

➢ HIGH SWITCHING COST

Supplier switching in the insurance industry is very different from the suppliers in the retail industry.
When an insurance company switches from one broking firm and financial institution to another; then
it requires them a lot of paperwork; legalities and regulations, and fees and penalties.

How India First Life Insurance Driving Growth with Competency Mapping can tackle the Bargaining
Power of Suppliers?

India First Life Insurance Driving Growth with Competency Mapping can strengthen its position against
suppliers by decreasing the dependency on one or a few suppliers. It will increase its price sensitivity.
Developing the long-term contractual relationships with suppliers from different regions not only lowers
their bargaining power but also allows India First Life Insurance Driving Growth with Competency
Mapping to improve its supply chain efficiency. Finally, India First Life Insurance Driving Growth with
Competency Mapping can find the alternate ways of producing the product if product demand is high
enough and the firm has required competencies and expertise. However, it requires detailed cost-benefit
analysis to determine its feasibility. Product redesign and diversification of the product lines can also
help the organisation reduce the suppliers' power in the market.

BARGAINING POWER OF BUYERS IN INSURANCE INDUSTRY:

The bargaining of Buyers is Higher in the insurance business as competitive forces in strategic
management. Some of the main factors impacting the bargaining power of suppliers in the insurance
business five forces analysis of the financial industry are as follows:

➢ MASS VOLUME OF BUYERS

There are many buyers and customers of insurance companies. They hold significant power over
them because they are the main breadwinner of the company. Without their investment and annual

23
 insurance plan fees, the business of insurance companies can't be sustained.

➢ PRICE SENSITIVE
Insurance is a long-term contract between the customer and the insurance company. The customer
commits to pay a significant amount of money over time, and the company promises to return the
amount plus the markup profit on it. Usually, customers or clients are very cautious about the price
and fees they have to pay to the company.

➢ LOW SWITCHING COST

If customers plan to switch from one insurance company to another, then they would have to give
up on the markup profit. That's why customers usually don't switch from one firm to another in
the middle of the contract.

How India First Life Insurance Driving Growth with Competency Mapping can tackle the
Bargaining Power of Buyers?
India First Life Insurance Driving Growth with Competency Mapping can manage the bargaining
power of buyers by increasing and diversifying their customer base. It can be done by introducing
new products, targeting new market segments and adopting the product diversification strategies.
Marketing and promotional strategies can also be helpful in this regard. Building loyalty by
embedding innovation and offering excellent customer experience can raise the switching costs,
which will ultimately reduce their bargaining power. India First Life Insurance Driving Growth with
Competency Mapping can adopt these strategies to strengthen its competitive positioning in the
market.

THREAT OF NEW ENTRANTS TO INSURANCE INDUSTRY:

The threat of new entrants is lower in the insurance business and financial service industry as
competitive forces in strategic management. Some of the main factors impacting the threat of new
entrants in the financial industry five forces analysis of insurance business are as follows:

➢ HEAVY INITIAL INVESTMENT

When it comes to launching an insurance company; then it requires a huge amount of capital investment
and a significant number of clients and annual income to make a deal with broker firms and financial
24
 companies. That's why small entrepreneurs can't afford and manage to enter the insurance industry or
build an insurance company.

➢ EARNING LICENSES
Along with the heavy initial investment, insurance company has to comply with the regulatory
requirements and legalities of financial institutions. The regulations and legal costs make it more
difficult to enter the insurance industry.

How India First Life Insurance Driving Growth with Competency Mapping can tackle the Threat of
New Entrants?

India First Life Insurance Driving Growth with Competency Mapping can develop brand loyalty by
working on customer relationship management. It will raise psychological switching costs.It can
develop long-term contractual relationships with distributors to widen access to the target market.India
First Life Insurance Driving Growth with Competency Mapping can also an investment in research and
development activities, get valuable customer data and introduce innovative products/services to set
strong differentiation basis.

THREAT OF SUBSTITUTES TO INSURANCE INDUSTRY:

The threat of substitute products and brands is Moderate in the financial industry and insurance
business as competitive forces in strategic management. Some of the main factors impacting the threat
of new entrants in the financial business five forces analysis of insurance industry are as follows:

➢ SWITCHING COST
If a customer plans to switch from one insurance company to another, then they would have to give up
on the markup profit which is a huge amount. That's why customers usually don't switch from one firm
to another in the middle of the contract; because they don't want to lose profit.

➢ BRAND LOYALTY
There are many insurance companies that have been operating their insurance business for decades.
They have earned the trust and confidence of customers for years and generation after generation.
Customers are loyal to them because they have had a good experience with them.

25
 How India First Life Insurance Driving Growth with Competency Mapping can tackle the Threat of
Substitute Products or services?

India First Life Insurance Driving Growth with Competency Mapping can reduce the Threat of
Substitute Products or services by clearly emphasising how its offered product/service is better than
the available substitutes. It should provide convincing reasons to the customers by offering a better
experience and high value for money. It can raise switching costs by working on loyalty. Lastly, it can
improve the quality, maximise value for money and set strong differentiation basis to discourage
customers from using the substitute product.

COMPETITIVE RIVALRY IN INSURANCE INDUSTRY:

The competitive rivalry among financial businesses is very high in the insurance industry as a
competitive force in strategic management. Some of the main factors impacting competitive rivalry in
the insurance business five forces analysis of the financial industry are as follows;

➢ TOUGH COMPETITION
The insurance industry has become highly competitive over the years. There are various insurance
firms operating their business in the industry and they offer more or less similar types of service. They
make it highly difficult for the new firm to sustain in the market in terms of earning clients and market
share.

How India First Life Insurance Driving Growth with Competency Mapping can tackle the Rivalry
among existing firms?

India First Life Insurance Driving Growth with Competency Mapping should focus on the implicit
needs and expectations of its customers to strengthen the differentiation basis. It should raise
switching costs by developing long-term customer relationships. The organisation should also invest
in research and development activities to identify new customer segments. In some cases, collaborating
with competitors can be mutually beneficial. The organisation can look for this option as well.

CONCLUSION: PORTER'S FIVE FORCES ANALYSIS OF INSURANCE INDUSTRY:

After an in-depth study of Porter's five forces analysis of insurance industry; we have realized that
insurance is the world's most lucrative business. If you are learning about the insurance industry five
forces analysis of financial business; then you should keep in mind the above mentioned bargaining
power of suppliers and buyers; the threat of new entrants and substitutes; competitive rivalry.

26
 PESTEL ANALYSIS

Political factors:

Political structure varies from country to country, depending upon their ruling, the objectives will
be changing. In the insurance market, today we have LIC in the life insurance company, however
as a part of disinvestment government of India planned to have an initial public offering, they are
5 general insurance companies that are publicly operated. In 2021 the union budget has increased
the limit from 49% to 74% which may increase the industry to get more foreign investment to run
the business. To increase the financial health and government of India announced 3000 crores into
state-owned general insurance companies.

Economical factors:

Economic factors like GDP growth, inflation, and interest rates can affect any business especially
the insurance sector be affected when the other industries in which the insurance companies
invested are not performing well. These kinds of changes affect small-scale businesses and start-
ups who are planning to take insurance for their companies. Changes in monetary policies and
fiscal policies can affect, in a way, like Increase of inflation results in a decrease of purchasing
power for individuals, unemployment which ultimately results in defaulting in the payments of
premium and sale of new policies.

27
Socio-cultural factors:

The changes in the Insurance industry are mainly due to social-cultural factors, concerning
demographic profiles like age, education, health, and social values. Changing in the generations
the awareness in insurance has been increased due to the increase of literacy rate and the
perspective of investment in insurance which is creating a development in products which offers
tax benefit, investment returns and at the same time security for life.

Technological factors:

Insurance industries major works involves underwriting, claims, premium payments, and
marketing, the relation with these two insurance and technology will be calling as InsurTech,
which is technology-driven insurance operations. Few companies in India are ending up
automating their 50% to 60% of their backend operation into the online process, Insurers are
deploying more investments in upgrading their systems to ensure their profitability, Insurers who
are unable to update are likely to lose their market share.

Environmental factors:

The environmental changes also bring a major effect on the insurance industry because the
insurance industry works on risk managers, risk carriers. Insurance companies will be in the first
row when they are dealing with environmental uncertainties, environmental changes, and
sometimes from harming gases for the life insurance companies. Due to changes in the global
environment, insurance companies demand a higher premium because the pricing of insurance
products is based on past losses and statically information and its probability.

As per the reports from IRDAI, during the crises like COVID which is considered as the
environmental effect will hit the insurance industries by forecasting a 3% percent point slowdown
in annual average global premium growth in 2020-2021 compared to pre-crisis growth projectile.

Legal factors:

Legal Architecture is designed to safeguard the business and the customer in the insurance
industry. IRDAI a government body will implement the regulation, acts, and rules for the insurance
companies. In 1912 the first Indian Life Assurance Companies Act was deployed to regulate life
business. The recent THE INSURANCE (AMENDMENT) ACT, 2021 which is an Act further to
amend the Insurance Act, 1938 it says that the aggregate holding of equity share of foreign investor
28
or portfolio investors do not exceed 74% to the paid-up equity capital in India insurance
companies.

Summary for Pestle analysis:

1)Political factors:

• Privatization drive
• Foreign investment boost
• Financial infusion

2)Economical factors:

• Macroeconomic volatility impact

• Challenges for small business and start-ups
• Policy holder behavior and market dynamics

3)Socio-cultural factors:

• Demographic shifts driving awareness

• Generational perspectives on investment and security
• Product innovation and diversification

4)Technological factors:

• Automation and efficiency gains

• Investments in technological upgrades
• Market share dynamics

5)environmental factors:

• Risk management challenges

• Impact on premiums
• Economic consequences

29
6)legal factors:

• Regulatory oversights
• Historical evolution
• Recent legislative changes

30
 ABOUT THE COMPANY AND THE
PRODUCT

ZIELHOCH PVT. LTD.

“TOGETHER LET’S AIM FOR HIGH”

• ZIELHOCH Private Limited is private company and is classified as 'company limited by shares'
founded in 2017. Being a start-up, ZIELHOCH is already the choice of Multinationals and leading
Indian Businesses because it is the preferred talent acquisition partner for them. It bridges the gap
between talent seeker and the job Seeker to find each other. As an expert in financial advisory, the
company also helps its customers to reach financial freedom by assisting them in making crucial
financial decisions and managing their wealth effectively to ensure that their customers stay stress
free and get rid of their financial worries. The company believes in timely adaptation with the
dynamic environment in order to deal with any challenges ahead with utmost enthusiasm as it
understands the importance of taking the right action at the right time to cope with the dynamic
environment.
• Zielhoch is dedicated to empower with relevant Jobs & Growth Opportunities. They are a successful
Conglomerate with the experts of Financial Advisors on our panel. They also have a Team of
Professionals working every day to provide HR as well as Financial Solutions to the Companies/
Clients.
• Mission Of the company is to provide best wealth management advice through honest financial
solutions as well as inspire the candidates to explore job opportunities across various industrial
sectors.

• Vision is to become the most trusted financial advisor as well as most valuable recruitment
service provider

31
• Services offered by the organisation are:

a) Portfolio Management

b) Financial Analysis

c) Recruitment

d) Internship Programme

e) Professional Skill Development

f) Destress your Tax

32
 ABOUT INDIA FIRST LIFE INSURANCE (IFL)

India First Life Insurance Company Limited India First Life Insurance is one of the youngest
life insurance companies in India with a rich legacy of over 360 years of combined service of its
promoters- Bank of Baroda, Andhra Bank and Legal & General. This joint venture brings
together a real understanding of the Indian consumers by the promoter banks with international
best practices developed by Legal & General regulations. Its headquarters are situated in
Mumbai, with share capital of Rs. 475 Crore. Bank of Baroda holds a 44 percent stake in India
First, while Andhra Bank and Legal & General hold a 30 percent and 26 percent. It has set up
new benchmarks in bank assurance in terms of branch activation, productivity and customer
friendly sales processes, aims to place its customers 'First' in everything and believe that it can
differentiate through simple and fair price products, high quality service and honest advice. It
initially focused on the bank assurance model leveraging the existing branch network of over
5000 branches of promoter banks across the country. The combination of domain expertise,
customer knowledge, product innovation and nationwide reach has helped to garner over Rs.
1000 crore premium during financial year 2011-12 and cover over 1.6 million lives across more
than 1000 cities and towns in India.

MAJOR COMPETITORS OF INDIAN FIRST LIFE

INSURANCE

33
 Products offered by IFL are:

BY CATEGORIES BY GOALS
Term plan Ensure protection
Investment plan ULIP Create wealth
Saving plan Retire in style
Retirement plan
Child plan
Point of scale
Micro insurance plan
Common services
Centre plans

34
Sales and Distribution
The marketing strategy followed by India first life insurance to become a life insurance pension
business leader in providing significant value for all stakeholders through customer delight.

Product
video

Do it senior
Marketing citizens
yourself /
strategy at need
online IFL based
purchase policy

Direct
channel

India First Life Insurance champions a unique marketing strategy focused on accessibility,
transparency, and senior citizen needs. Recognizing the importance of clear communication, they
offer readily available product videos that explain features and potential risks. These videos are
mandatory during the sales process, empowering customers to make informed decisions. Catering
specifically to senior citizens, India First provides need-based policies designed to address their
specific financial concerns. Additionally, the company prioritizes digital convenience by offering
a streamlined "Buy" channel, allowing customers to purchase insurance directly online within
just three minutes. This commitment to transparency, senior citizen focus, and online
accessibility sets India First Life Insurance apart in the market, making it a more approachable
and user-friendly choice for a wide range of customers.

35
 ABOUT PRODUCT

The product offered by the Agile Capital Services to us was INDIA FIRST MAHAJEEVAN
PLAN.

According to them, we can now get the advantage of enhanced life coverage by doubling/tripling
the sum assured.

• Ensure your prosperity with the assurance of a guaranteed maturity amount (sum assured)
and the upside of a bonus declared every year.
• They prosper only if you prosper. They share additional earnings, if any through an extra
bonus, if any, (terminal bonus) declared at the end of the plan term.
• Plan your future needs by deciding exactly when you need the assured amount-anytime
between 10-25 years.
• Build your savings systematically, through regular premium contributions based on your
income and needs.
• The plan offers a life cover of one, two & three times the sum assured, through our
Classic, Silver and Gold Options respectively. The sum assured along with simple
reversionary bonus and terminal bonus, if any will be paid at the end of the plan term.
• Under Section 80C, we can enjoy tax benefits on the premium you invest. You can also get
tax benefit on the benefits you receive at maturity of your plan, under Section 10(10D).

36
 SWOT ANALYSIS

SWOT ANALYSIS FOR IFL

STRENGTHS WEAKNESSES
• Strong market position • low levels of current assets
• Innovative concept • lack of financial
• Financial position and technical

• Cost structure
resources
• high employee turnover rate

OPPORTUNITIE THREATS
• Exchange rate
S • Increasing competition
• internet
• technological development • Political uncertainity
• e-commerce

37
STRENGTHS:

➢ STRONG MARKET POSITION:

The India first life insurance has a big geographical reach, consumer base and strong brand name
identity.

➢ INNOVATIVE CONCEPT:

The India first life insurance focus on continuous product development, enabling the business
to maintain strong market position and to improve its customer satisfaction.

➢ FINANCIAL POSITION:

India first life insurance driving growth with competency mapping has a strong financial
position with consecutive profits in the past 5 years, along with accumulated profits reserves
that can be used to finance future capital expenditures.

➢ COST STRUCTURE:

India first life insurance driving with competency mapping low cost structure helps it produce
at a low cost and sell its products at a low price, making it affordable for its customers.

WEAKNESSES:

➢ LOW LEVELS OF CURRENT ASSETS:

➢ HIGH EMPLOYEE TURNOVER RATE:

India first life insurance driving with competency mapping has a higher employee turnover rate
compared to its competitors. This means that it has more people leaving the job and as a result,
it is spending more on training and development as employees keep leaving and joining.

➢ LACK OF FINANCIAL AND TECHNICAL RESOURCES:

India first life insurance has actually experienced lack of technical and monetary resources,
which has actually restricted its ability to grow its services locally and globally

38
THREATS:

➢ EXCHANGE RATE:

The exchange rates keep fluctuating and this affects a company like India first life insurance
driving growth with competency mapping that has sales internationally, while its suppliers are
local.

➢ INCREASING COMPETITION:

There has been an increase in competition within an industry putting downward pressure on
prices. This could lead to reduce revenues for India first life insurance, if it adjusts to price
changes, or loss of market share if it doesn’t.

➢ POLICTICAL UNCERTAINITIES:

Political uncertainities in the country prove to be a barrier in business, hindering performance

at times and making the business incur unnecessary costs.

OPPORTUNITIES:

➢ INTERNET:

There has been an increase in the internet users all over the world. This means there is an
opportunity for India first life insurance to expand their presence online; by using the internet to
interact with its customers.
➢ TECHNOLOGICAL DEVELOPMENT:
Technology comes with numerous benefits among many departments. Operations can be
automated to reduce costs. Technology enables better data to be collected on customers and
improves on marketing efforts.

➢ E-COMMERCE:

There has been a new trend and a growth in sales of the e-commerce industry. This means that a
lot of people are now making purchases online. India first life insurance can earn revenue by
opening online stores and making sales through these.

39
 MARKETING MIX (4P’S) OF INDIA
FIRST LIFE INSURANCE

➢ INDIA FIRST LIFE INSURANCE PRODUCT STRATEGY:

India first life insurance is one of the most renowned insurance company in India. It offers a range
of financial and investment products.

Insurance plans include different types of plans like:

1) Term plans (India first life guaranteed protection plan, India first life plan)

2) Investment plans- ULIPS (India first money balance plan, India first smart save plan)

3) Saral plans (Jeevan bima plan, Saral pension plan)

4) Child plan (little champ plan)

40
 5) Life riders plan (India first term rider, waiver of premium rider)

The special plans are combination of insurance, investment and the security because of it
pension plans are more suited for senior citizens for secure future.

➢ INDIA FIRST LIFE INSURANCE PLACE STRATEGY:

Headquartered in Mumbai, India first life insurance company limited with a paid-up share capital
of INR 663 crore. Is one of the country’s youngest life insurance companies.

They had bank of Baroda, Andhra Bank (now, union bank of India) and legal and general as
pour founding partners. In April 2020, Andhra bank was amalgamated into the union bank of
India. There shareholding patterns as of today stands at:

Bank of Baroda- 44% Union bank of India-30% And Carmel point.

Investments India private ltd.- 26%. India first life is a key player in extending insurance covers
to the mass segment in metro cities and beyond, the company effectively leverages the alternate
channels to reach and serve customers. India first life has adopted a digital first approach across
all business functions. It has also identified that creating an effective single source of data to
serve all digital applications is a fundamental building block for the success of its digital
initiative.

➢ INDIA FIRST LIFE INSURANCE PRICING STRATEGY:

The main objective of the company is to offer adequate financial cover to all insurable persons
at reasonable and affordable cost.
The company continues to be one of the fastest growing private insurance players in the
industry with a 5-year-CAGR of 32% which is approximately 2.8 times that of the overall life
insurance industry in India. The product range of the company is varied and so is the price
range. The website is equipped with premium calculator, EMI calculator, paid-up calculator
and income tax calculator service wherein the premium for each scheme of India first life can
be calculated. It depends on variables like age, term and sum assured. The payment of the
premium can be paid by cheque, cash, DD, at cash counter or through net banking. Apart from
this for ease of customers, premium can also be paid through alternate channels as describe on
website.

41
➢ INDIA FIRST LIFE INSURANCE PROMOTION STRATEGY:

The product of the company is intangible in nature involving customer involvement and loyalty
in highly competitive market. Life insurance has strong market share. With the emergence of
new companies, India first life insurance has to maintain its good position. Company has used
print and broadcast media exclusively. Company has also launched a campaign ‘because life is
full of uncertainties’ in which they used different mediums such as billboards, radios, print,
digital to get maximum responses from customers. It shows returns on the product and tax
benefits from it. Various You tube ads have been made for plans which works excellent for the
company. The communication with the customer is maintained through multiple channels like
customer zone, SMS, e-mails, website and social networking sites.

42
 COMPETITOR ANALYSIS

INDIA FIRST PNB Met life India HDFC life sanchay ICICI PRU GIFT PRO
MAHAJEEV Insurance Company plus
AN PLAN Limited
(BOB)
entry age of life 5 -55 years 18-60 years 5-60 years 18-60 years
assured
maturity age 20-70 years with return of premium 18-80 years 18-70 years
option: 28-75 years
with return of
premium: minimum 28
years and maximum:
life & life plus options
- 99 years
life plus health - 75 years

policy term (PT) 15-25 years minimum tenure - 10 10/12/20 years lump sum option
years regular income option
maximum tenure: early income option
with return of premium lump sum income
options 40 years option
without return of
premium options:
- for life & life plus: 99-
entry age
-life plus health: 75-entry
age

premium regular pay single 5/6/10 years 5/6/7/10 years

paying terms limited - 5/10/15/20/pay ppt: RS 6000- NO
(PPT) till 60; minimum is PPT LIMIT SINGLE
+5 years PAY PPT: RS
Regular 50000-NO LIMIT

Tax rebate Sec 80C Sec 80C Sec 80C Sec 80C
Sec 10(10D) Sec 10(10D) Sec 10(10D) Sec 10(10D)

premium yearly, half- monthly or annually annual / yearly / LUMP SUM /

paying yearly, quarterly / monthly yearly / half-yearly /
frequency quarterly, monthly
monthly
sum RS. 40000 RS 25lakhs RS 30000 RS 30000
assured
(minimum)
sum RS. 24 CR. NO LIMIT; as per NO LIMIT NO LIMIT
assured underwriting
(maximum) guidelines

43
 PRIMARY RESEARCH OUTCOMES

As a total number of 136 responses were recorded in the google form, here is the chart
illustration of the different questions which were asked from people to understand the
investment trend in India.

The pie chart depicts the age factor that came out of our responses. As we can see mostly people
are from the age group from between 18 to 25 years then from the 36 to 45 years. Giving us an
idea about what youngsters and adults are into regarding investments.

44
This Pie chart represents the occupation of our respondents, which clearly shows that nearly
46.3% and 8.8% of people are employee in private sector and public sector respectively, nearly
41.2% of people are self-employed and rest 3.7% of people are retired.

45
As we can infer from the chart that out of 136 people nearly 47.1% of the people are males,
52.2% are females and remaining number of people have selected the others.

46
The pie chart represents the annual income (per annum) of our respondents, which clearly shows
that nearly 41.9% of people have annual income of below 3L, exactly 16.2% of people have
their annual income between 3L to 5L, approximately 29.4% and 10.3% of our respondents
have their annual income between the range of 5L to 10L & 10L to 15L respectively and 2.2%
of our respondents have their annual income as 15L or above.

47
The pie chart below represents the proportion of income people are able to save, which clearly
shows that approximately 27.2% of our respondents our able to save below 5%, nearly 27.9%
of our respondents are able to save between 5 to 10%, nearly 26.5% or our respondents are able
to save between 10 to 15%, and percentage of people who are saving highest percentage of
20% or above is 6.6%.

48
Most of the respondents are very much into investing their money into the saving accounts and
stock market, followed by mutual fund, FD, gold and E-gold and then followed by post office,
pension fund, real estate and then insurance. Stock market and SIP now a days is booming like
anything and is main competition of all other investment sectors, especially insurance and
mutual fund.

49
The above bar chart shows from which channel people would like to do investment. As we can
see mostly people like to do investment through channel of bank directly, approximately 37.3%
of our people like to do investment through corporate channel and rest which is 31.3% like to
do investment through online platform.

50
From the pie chart above which tells about the risk bearing capacity of our respondents from
their investment, which clearly shows that 53.7% of people have the moderate risk bearing
capacity, nearly 36% of people have low risk bearing capacity and approx. 10.3% of our
respondents have high risk bearing capacity.

51
According to the responses that we got from the questionnaire, the maximum number of people
like to invest for the period of 1 to 5 years, nearly 22.8% of people like to invest for the period of
short term which is for 1 year or less, and approximately 22.1% of people like to invest for long
term which is for 5 year or above.

52
The bar chart above depicts the primary goal of investment of our respondents, the maximum
number of people like to invest for their children’s future, approximately 31% of people like to
invest for their retirement followed by education and dream house.

53
The bar chart above tells that investment made by our respondents mainly depends Upon.
Maximum number of people like to invest on the basis of past performance of their investment,
nearly 47.4% like to invest on the basis of fees and charges followed by company analysis and
credit rating and nearly 17% of people like to invest on the basis of customer services.

54
The bar graph shows how much market trend affect investment decision according to a survey
of 136 people. The scale goes from 1 (not affecting investment decision at all) to 5 (affecting
decision the most). The most popular answer was 3, with 55 people (40.4%) selecting it. 29
people (21.3%) selected 4. Nearly 27 people (19.9%)
selected 2. Fewer people, i.e., 13 people (9.6%) selected 1. The least popular answer was 5,
with only 12 people (8.8%) selecting it. This suggest that a majority of people surveyed
consider market trends to be some-what important in making investment decisions, but not the
most important factor.

55
The bar graph above shows how much tax benefits affect investment decision according to a
survey of 136 people. The scale goes from 1 (not affecting investment decision at all) to 5
(affecting investment decision the most). The most popular answer was 3, with 42 people
(30.9%) selecting it. Following closely behind were those who selected 2, at 32 people (23.5%),
followed by 26 people (19.1%) selecting fewer people selected 1 (15.4%), 5 (11%). So, in
conclusion tax benefits play a moderate role in the investment decision.

56
 FINDINGS
So, these were the perspective of different individuals regarding investment in different sectors,
we can here conclude the most of the respondents invest their 5- 10% of their annual income
and want to invest in that type of investment which concludes moderate risk. Mainly the people
are investing for the moderate time period which is from 1 to 5 yrs. Here most of the person are
keeping their invested amount in saving account or investing in stock market. Although investing
in mutual fund and stock market has always had a higher risk than any other investment sector
so few are also investing for a longer period in insurance schemes, gold and E-gold and post
office schemes.

➢ We got to know that approximately 56% of total respondents want to invest based on the past
performance or on the basis of fees and charges.
➢ We can say that in India people are interested in investing.
➢ Most of them want to invest in stock market as stock market has higher profits but on the other
hand it has moderate risk too.

Conclusion

By the analysis we can clearly say or see that more and more people are now interested in
investing in stock market and or keeping that money in saving account, for past 2-3 years stock
market has shown massive growth in our country and that’s the main reason why more and more
people are interested in the investment sector. (here is the BSE SENSEX STOCK MARKET
INDEX FOR 2021 TO 2024)

57
 ATTACHMENT
QUESTIONNAIRE:
1) Age
o 18-25
o 26-35
o 46-55
o 56 and above
2) Occupation
o Employee (public sector)
o Employee (private sector)
o Self-employed
o Retired
3) Gender
o Male
o Female
o Other
4) Annual Income (Per annum)
o Below 3L
o 3-5L
o 5-10L
o 10-15L
o 15L and above
5) Proportion of income you able to save
o Below 5%
o 5-10%
o 10-15%
o 15-20%
o 20% and above

58
6) what is your risk bearing capacity from your investment?
o Low risk
o Moderate risk
o High risk
7) where you invest your saving? (1 or more)
o Mutual fund
o Stock market
o Saving account
o Pension fund
o FD
o Post office
o Gold and E-gold
o Real estate
o Insurance
8) From which channel you would like to do investment? (1 or more)
o Bank
o Corporate
o Online platform
9) what is the primary goal of investement? (1 or more )
o Education
o Retirement
o Chaildren’s future
o Dream house
o Other
10) what is the preferred period of investment?
o Short term (0-1yr)
o Moderate term (1-5yr)
Long term (5yr and above)

59
11) Your investment depends upon ( 1 or more)
o credit rating
o past performance
o fees and charges
o company analysis
o customer service
12) on the scale of 1 to 5 how much market trends affects your
investment decision. (5 being highest)
o 1
o 2
o 3
o 4
o 5
13) on the scale of 1 to 5 how much tax benefits affects your invesrtment
decision. (5 being highest)
o 1
o 2
o 3
o 4
o 5

60
 PRODUCT SALES

We were asked to sell the products to our inner circle that is our family and friends and try to
convince them why they should buy our product. Apart from this few cold calling was also done.
The Daily Sales Report is shared with the manager and further if any doubts regarding the pitch
or sales we use to take help from them.

The following steps carried during the process of product selling are as follows:

• Suspect: My strategy is be first to get engaged with my personal connections such as my

family members, friends, relatives, neighbour's, network and listing them demographical
factors such as age, income.
• Prospect: Ones I have segmented my suspect my next step would be to understand their
requirements and conditions along with their personal information such as designation,
occupation etc. so that it will be easier for me to and filter for the next stage.
• Approach: I would do a thorough research of my prospect before engaging and then get
into a pre call planning. I will make sure that my prospect finds the product worth investing
and try to build the trust during the call. Will follow up questions timely and mean while
listen to his situation and where he stands in terms of investing?
• Negotiate: I would convince the client it's not just about money it's beyond that and make
a steer clear range. Try to avoid splitting of difference. Would keep the conversation light
and won't rush.
• Follow Up: Ones the conversation sounds to be positive we would encourage the client to
take action and by doing this the client will have some trust and also, it's a kind of tactics to
promote our product.
• Finalizing: Ones the client shows the green flag we will proceed with the documentation
and seal the deal.

61
 DAILY SALES RECORD

Monday to Saturday daily at 10:00AM I update my progress of sales report where the
number of pitches made by me and the status of my pitches is been mentioned. I follow the
above steps for my product pitching. Attaching the DSR.

62
 On-The-Job Training , Objective , Advantages and
Disadvantages

On-the-job training - On-the-job training is a type of training that takes place on the job. During
the preparation, employees/interns become acquainted with the working environment in which
they will be working. They get hands-on experience with machinery, vehicles, supplies, and
materials, among other things.Dealing with problems that develop on the job is an important
aspect of on-the-job training. A seasoned employee or manager serves as a mentor, passing on
his or her knowledge and company-specificabilities to the new hire through written or verbal
instructions and demonstrations.

Objective: On-the-job training's main purpose is to formally introduce interns to a real-world

work setting. This will help researchers better understand the link between college-acquired
knowledge and skillsand those required in the industry. Students will be able to better understand
and adjust to market needs asa result of this.

ADVANTAGES :

● Simplicity: OJT is a useful and easy way to learn jobs that can be taught by observation and
practice.It eliminates the need for the teacher to clarify and analyze every aspect of the job
because workerswill learn from seeing and doing it at their actual workstation.
● Economies: OJT is cost-effective because it eliminates the need for additional expenditures
to meettraining requirements. Furthermore, providing training does not necessitate the use
of a separate training room.
● Workplace in Action: OJT takes place at the employee's actual workstation, allowing them
to gainfirst-hand experience when learning the job through actual equipment and materials.
● Immediately Increased Productivity: Since trainees are active in the actual job process,
they cangain rapid understanding and instant productivity from the work they do.
● Learning to learn quickly: OJT creates a conducive environment for rapid learning. Since
traineesare involved in the actual job process, this is the case.
● Multi-talented: It builds multi-skill in trainees because it is a realistic approach. Employees
may receive immediate feedback on whether or not their work is right.

63
 DISADVANTAGES :

● Impact on productivity: Although on-the-job training can help certain employees become
more productive, it's vital to realise that it's not the best solution for everyone. Some workers
prefer to learn in a classroom or on their own time; forcing them to study on the job, in this
situation, may result in poorer productivity if they fall behind.
● Team Disturbances:On-the-job training may be advantageous for new hires. You must,
however, consider how it will influence the rest of your squad. New trainees may cause a
disruption in your current team's workflow, particularly if your current employees will be doing
the majority of the training and supervision. Furthermore, conversations between trainees and
managers can be disruptive for other employees, resulting in a loss of concentration and
attention at work.

● Not Everybody Can Teach: Avoiding the costs of hiring an off-site teacher is a great way to
savemoney on new hire training, but don't presume that your best workers will be able to teach.
Employee trainers are typically trained and skilled in corporate training, having learned and
passedtests to be able to do their jobs well.

● It Can Be Hasty: Any employer should make every effort to ensure that as many qualified
workersas feasible contribute to the burden. On the other side, on-the-job training for businesses
can sometimes become a rushed process, failing to provide new workers with the firm
foundation theyrequire for good future outcomes and productivity. When it comes to on-the-
job preparation, keep in mind that there's a greater chance of it being hurried, which can leave
new recruits with significantquestions and uncertainty right away. Rushing the training process
will result in a slew of issues, including more frequent errors and less productive new hires.

64
 Hiring in ZIELHOCH CONSULTANCY

The hiring process is the process of seeking, interviewing, and hiring new interns for a
company. Internship programs that are effective, handle interns as full-fledged employees who
do valuable work.
These are the programs:
● Examine the abilities of prospective recruits on the job. You should evaluate an intern's job
successbefore determining whether or not to hire them.
● Develop your teaching and leadership abilities. When they recruit and mentor interns,
currentemployees hone their training skills.
● Identify places where you can change. Interns should bring fresh ideas and ask probing
questionsthat challenge the status quo.
● Showcase your business. Internships can be a great way to meet recent graduates who can
learn about your company's culture and might be good candidates for potential entry-level
positions.

Steps in the Hiring Interns process for Zielhoch Consultants Pvt. Ltd.

We used to tap colleges via telephone and the interviews were scheduled virtually (either
telephonic or google meet). The drives also happened in theinternship fair at colleges, i.e.going
to colleges, taking interviews and hiring interns.

• Data Management- I had to search for the Top Management Colleges in different states (where
Icould accept the list of students for internship). I went to collegeduniya.com to search for the
colleges and I had to see the ratings and rankings of the colleges as well.
I went to the official site of the searched colleges, noted down the placement
coordinator name and contact number. If I was not able to find the direct number, I noted down
the landline number and then Icalled on the number and took the placement cell’s number.
I maintained an excel where I have written the college's name, CRC’s name (if there is one),
emailand contact number. For each state, I repeated the process for approximately 50 colleges.

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• Tapping - After taking out the data, I had to tap the colleges. I called the listed colleges,
asked if they have students available for the summer internship program and when can
students join for the internship. After questioning and answering, I had to take the E-mail
IDs to share the JDs (Job - Description).

• Follow ups- After sharing the JDs, I had to call the respective colleges to take follow-ups
i.e., when can we expect a list of the interested students. I had to take follow-ups every 2
day and had to note down the remarks.

• Interviews - I had to send the mails to the students to update them regarding the interviews
timing so that process could go on smoothly. Then, I had to call an individual student via
telephone for the interview process. They were evaluated on the basis of their past
experience, skills and the answers during the interview time.

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• Confirmation Mails -After finalizing the dates with CRCs for the interview, I had to send the
confirmation mails with the time, date. The mode of the interview was Telephonic.

• Welcome Message - For the selected students, I had to send the welcome message via Insplore
portal and ask them to submit the documents on the given mail id.

• Welcome Calls - Then, I had to call the selected students to welcome them in the organization
and ask them to submit the documents on time.

• Offer Letter - After confirming the date of joining and checking the documents, I had to release
the offer letters of the selected students via portal.

• Confirmation Calls - Just prior 2-3 days before the interns joining, an induction link is sent to
them via text message and mail. I had to take the confirmation whether they would be able to
join theinternship and if they had received the induction link.
• In total approximately 130 + colleges from different states. In the below screenshot of excel:
Green coloured cells are the colleges, from where I received the interested students list.
Red- coloured cells are the colleges that rejected the internship program , because of the non-
availability of the students.
Blue - colored cells are the colleges, from where there was a less chance of the list coming.
And, no coloured cells are the colleges where I had to take Follow- Ups.

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 KEY LEARNINGS:

• Deep knowledge about BFSI sector and its working.

• It is very hard to take money out from people pocket.
• Market pitch and how to deal with real clients in the market.
• Professional communication skills.
• Deep knowledge of traditional plans: Maha Jeevan-plan, etc
• Time management and punctuality.
• Financial planning.
• Revenue generation.
• Understanding of financial products like:
1. Share market
2. Mutual fund
3. Real estate
4. Gold
5. Banks/ FD
6. Post office
7. Provident fund
8. Insurance

Limitations:

• Investors have different perspectives, so it is a subjective matter.

• Limited time for sales
• Leads were limited
• Customer’s having less knowledge about the investment bond so their views were
different and were hard to pitch.

• Interactions happened in limited area.

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 REFERENCES

➢ https://www.agilecapitalservices.com/index.html
➢ https://www.policybazaar.com/?utm_source=yahoo_brand&utm_m
edium=
cpc&utm_term=policybazaar%20.com&utm_campaign=PolicyBazaar
00Web site&msclkid=2541857658ca1afcbe71e34b835a1080
➢ https://www.bankofbaroda.in/
➢ https://www.bankofbaroda.in/personal-
banking/insurance/life- insurance/indiafirst-maha-
jeevan-plan
➢ https://onlineinsurance.hdfclife.com/buy-online-savings-
plans/sanchayplus- savings-plan
➢ https://www.pnbmetlife.com/
➢ https://www.iciciprulife.com/life-insurance.html
➢ https://www.sciencedirect.com/science/article/pii/S2405844023107006
➢ https://www.insurancedekho.com/
➢ https://www.indiafirstlife.com/
➢ https://irdai.gov.in/

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