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BY CH.V.RADHIKA ENROLL. NO- 5NB -11031
UNDER THE GUIDENCE OF
COMPANY GUIDE Mr. M.VIJAY BHASKAR REDDY MAX NEW YORK LIFE INSURANCE HIMAYATH NAGAR, HYDERABAD
FACULTY GUIDE CH. HYMAVATHI INC GUNTUR
I hereby declare that this project work entitled “A STUDY ON TRAINING
PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS “ is my
work, carried out under the guidance of my faculty guide Ms. CH. HYMAVATHI and my company guide Mr. M.VIJAY BHASKAR REDDY. This report neither full nor in part has ever been submitted for award of any other degree of either this university or any other university.
(CH. V. RADHIKA) Roll no. 5nb – 11031 INC GUNTUR
This is to certify that the Summer Internship Project titled “A STUDY ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS”, a bonafide work of CH.V.RADHIKA is original and has been done under my supervision in partial fulfillment of the requirement for the award of M.B.A for the period of four months from 15, April 2007 to 15, August 2007. This report neither full nor in part has ever before been submitted for awarding of any degree of either this university or any other university. I am pleased to say that her performance during the period was extremely satisfactory.
Company Guide Mr. VIJAY BHASKAR REDDY MAX NEWYORK LIFE Hyderbad
Faculty Guide Ms. HYMAVATHI INC Faculty Member Guntur
LETTER OF APPRECIATION
This is to certify that Ms CH.V. RADHIKA pursuing MBA (2005 – 2007) From ICFAI National College – Guntur has successfully completed his project “A Study on Training Program Done By Max New York Life At Various Levels” from 15th April 2007 to 15th August 2007. We appreciate her commitment, Determination and performance during the project and bound to be valuable asset for any organization. I am pleased to say her performance and Sincerity at work during the period was Good.
It gives me immense pleasure to express my deep sense of gratitude to Mr. T. SITA RAMAIAH, principal, ICFAI National College GUNTUR, for his valuable guidance and consistent supervision through out the course. I am also thankful to Mr. Vijay Bhaskar Reddy, my Company Guide of Max New York Life Insurance Company , Hyderabad, for his valuable guidance for preparing providing the necessary facilities. I am extremely thankful to Ms. Ch. Hymavathi Faculty Guide of ICFAI National College, for her timely guidance and support through out the Final Report work. in the course of carrying out the project work. Finally I am indebted to our other faculty members, my friends and my parents who gave their full-fledged co-operation for successful completion of my project. It was a indeed learning experience for me.
NAME OF THE STUDENT : CH. V. RADHIKA ENROLLMENT NO : 5NB11031
the Final Report and also for
knowledge based economy. During this student internship program I came to know that. my survey suggests that maximum number of employees. In my survey I found that 80% of employees are new to the job and they must undergo the training program. Products are now increasingly knowledge intensive. for this. However. fast changing world. training helps people to learn how to do things differently or to do different things.Executive Summary This Report is an attempt to provide a detailed analysis of the process of training program done by Max New York Life Insurance and benefits of the training. In my complete student internship program I met more than 90 employees. Finally. creating awareness of organization structure and its products to the employee is very important to have individual as well as organization growth. employers are responsible for providing opportunities for continued learning. So it can be possible only when the employees go through the training program. in the turbulent. 6 . effective training has never been more important.
Contents History of Insurance Sector Company Profile Project Findings Recommendations Conclusion On the job training Objectives Targets Achievements Limitations Learnings 8 15 22 48 49 50 51 52 53 54 56 57 7 .
Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.245 Indian and foreign insurers and provident societies taken over by 8 . 1928 .Brief History of Insurance Sector in India The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again.The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Tracing the developments in the Indian insurance sector reveals the 360degree turn witnessed over a period of almost 190 years. 1956 . 1938 .The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. Some of the important milestones in the life insurance business in India are: 1912 .
on the other hand. the first general insurance company established in the year 1850 in Calcutta by the British.The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. viz. 1968 . the first company to transact all classes of general insurance business. LIC Act.General Insurance Council. with a capital contribution of Rs. the New India Assurance Company Ltd. Some of the important milestones in the general insurance business in India are: 1907 .The Indian Mercantile Insurance Ltd. can trace its roots to the Triton Insurance Company Ltd. 1956.the central government and nationalized. LIC formed by an Act of Parliament. frames a code of conduct for ensuring fair conduct and sound business practices.The General Insurance Business (Nationalization) Act. 1972 nationalized the general insurance business in India with effect from 1st January 1973. the 9 . 1957 ... 107 insurers amalgamated and grouped into four companies viz.. the National Insurance Company Ltd. set up. a wing of the Insurance Association of India. 5 crore from the Government of India. 1972 . The General insurance business in India.
With the help of Insurance. large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few. & burglary. are made good. a large number of people associate themselves by sharing risk. death. due to accidental events. incident. attached to individual. and the United India Insurance Company Ltd. 10 . Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. in return for the payment of premium by the insured. Insurance is a contract whereby. The risk. Under the plan of insurance. which can be insured against include fire. GIC incorporated as a company.Oriental Insurance Company Ltd. Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. the peril of sea. Indian Insurance Industry: Learn About Insurance may be described as a social device to reduce or eliminate risk of life and property. the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events.
Insurance is actually a protection against economic loss. accidents and uncertainty. Collective bearing of risk .Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Insurance cannot check the happening of the risk. Risk is the basis for determining the premium rate also 11 .Functions of Insurance The functions of Insurance can be bifurcated into two parts: • Primary Functions • Secondary Functions • Other Functions The primary functions of insurance include the following: Provide Protection . Assessment of risk .The primary function of insurance is to provide protection against future risk. Insurance is a mean by which few losses are shared among larger number of people.Insurance is a device to share the financial loss of few among many others. but can certainly provide for the losses of risk. by sharing the risk with others.
which helps to change from uncertainty to certainty.Provide Certainty .Insurance serves as savings and 12 . Contributes towards the development of larger industries . Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.Insurance is a device. The other functions of insurance include the following: Means of savings and investment . The secondary functions of insurance include the following: Prevention of Losses . Reduced rate of premiums stimulate for more business and better protection to the insured.Insurance relieves the businessmen from security investments. etc. Small capital to cover larger risks . by paying small amount of premium against larger risks and uncertainty. Insurance is device whereby the uncertain risks may be made more certain. installation of automatic sparkler or alarm systems.Insurance provides development opportunity to those larger industries having more risks in their setting up.Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium.
'India Insurance' growth was long overdue. insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing incometax exemptions also.Insurance is an international business. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses. which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. Foreign companies. Most of the private companies registered more than 100% 13 . collaborated and helped astronomical growth of 'Insurance Industry in India'.Insurance promotes exports insurance. Monopoly of Public Sector Insurance company marks an end and Private companies makes inroad. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. people invest in insurance. both Life and General flocked. The Public sector giant LIC started losing its market share at the cost of stupendous growth of private players. Within 1st 12 months of liberation of 'Indian Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for selling non-life products were issued to private companies. Now 'India Insurance' industry has more than a dozen private life insurance players and 9 private general insurance companies. The end of the year 2000 marks a significant change and growth of 'India Insurance' industry scenario. Source of earning foreign exchange .investment. Risk Free trade .
'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to rural masses. Bajaj Allianz etc are aggressively researching and innovating products for huge untapped rural 'India Insurance' market. Non-life insurance products covers risks against natural calamities. Top rank private companies like ICICI Prudential Life Insurance. Tata AIG. Life insurance products covers risk for the insurer against eventualities like death or disability. Until very recently it had only corporate buyers. They are not as popular as life products in the ' Insurance India's' portfolio. tsunamis. Consumerism of life style goods and modern amenities has also contributed to its growth. Collaboration with micro finance companies.growth till then and are still continuing with such monstrous growth figures. but with natural disasters like. Although. rural banks and village management authorities for selling insurance is doing wonders. burglary. lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign 14 . earth quakes. With more awareness and wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will only get more competitive and more affordable to all sections of Indian society. etc. post offices. Present Scenario The Government of India liberalised the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill. storms and floods becoming more frequent and damaging there has been a sudden spurt in sales of general insurance amongst individuals.
private insurance companies have a 10 percent share of the market. Although the public sector companies still dominate the general insurance business. delinking the four subsidiaries from GIC. In July 2002.ownership.34 billion. Under the current guidelines. the private companies booked premiums worth Rs 6. up from 4 percent in 2001. Most of the new entrants reported losses in the first year of their operation in 2001. GIC was converted into a national re-insurer. the GIC subsidiaries were restructured as independent insurance companies. 15 . Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. there is a 26 percent equity cap for foreign partners in an insurance company. 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. At the same time. Parliamant passed a bill. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001. the private players are slowly gaining a foothold. In the first half of 2002. According to estimates. There is a proposal to increase this limit to 49 percent. Non-Life Insurance Market In December 2000.
2.liability match by investing their funds in such projects.With a large capital outlay and long gestation periods. Insurance companies not only provide risk cover to infrastructure projects. commercial and political risks. the rates are set in keeping with the committee's guidelines. and projects above Rs 15 16 . With long term liability. International Insurance companies also invest their funds in such projects. they also contribute long-term funds. Premium rates of most general insurance policies come under the purview of the government appointed Tariff Advisory Commitee.2 percent of the total project costs. especially because the financing of most private projects is on a limited or non. These include risks associated with project implementation. Without covering these risks the financial institutions are not willing to commit funds to the sector. the Tariff Advisory Committee sets the premium rates. they get a good asset. In fact. Under the existing norms. insurance premium payments are treated as part of the fixed costs.recourse basis. infrastructure projects are fraught with a multitude of risks throughout the development. for Projects between Rs 1 billion and Rs 15 billion. Insurance costs constitute roughly around 1. insurance companies are an ideal source of long term debt and equity for infrastructure projects. including geological risks. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. For Projects costing up to Rs 1 Billion. Consequently they are treated as passthrough costs for tariff calculations. construction and operation stages. maintenance.
The aim is to ensure that GIC's 17 . reinsurance is insurer's insurance. The other companies share the remaining risk and premium. The policies are renewed usually on an annual basis through the invitation of bids. therefore. It is the last segment that has a number of additional products and competitive pricing. While GIC's subsidiaries look after general insurance. The balance risk is re-insured with other insurers. is extended by a consortium. It helps to provide a better spread of risk in the international market. shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the premium. Currently. It forms the backbone of the insurance business. allows primary insurers to accept risks beyond their capacity. which can be safely borne from their own funds. the insurance companies are turning once again to old hands such as NTPC. all insurance companies have to give 20 per cent of their reinsurance business to GIC.billion are subjected to re-insurance pricing. like project finance. Of late. Normally one insurer takes the lead. settle accumulated losses arising from catastrophic events and still maintain their financial stability. GIC itself has been the major reinsurer. with IPP projects fizzling out. Re-insurance business Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them. Insurance. NHPC and BSES for business. In effect.
The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. Indians. With the entry of the private insurers the rules of the game have changed. smart marketing and aggressive distribution.role as the national reinsurer remains unhindered. Most customers were underinsured with no flexibility or transparency in the products. following the rise in threat perceptions globally. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. The state owned LIC sold insurance as a tax instrument. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. state owned LIC's new premium business has fallen. Innovative products. The new business premiums of the 12 private players has tripled to Rs 1000 crore in 2002. not as a product giving protection. GIC reinsures the amount further with international companies such as Swissre (Switzerland). and Royale (UK).03 over last year. Munichre (Germany). Meanwhile. Life Insurance Market The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. who have always seen life insurance as a tax saving 18 . Reinsurance premiums have seen an exorbitant increase in recent years. However.
1938. 1956 and General Insurance Business 19 . But a rejuvenated LIC is also trying to fight back to woo new customers.000. For instance.1 lakh to Rs 1.device. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.forwarding the second phase of their expansion plans. are now suddenly turning to the private sector and snapping up the new innovative products on offer. The private insurers also seem to be scoring big in other ways. with over 90 percent of the customers.2 lakh. The growing popularity of the private insurers shows in other ways.way bigger than the industry average. And in the popular unitlinked insurance schemes they have a virtual monopoly. The state owned companies still dominate segments like endowments and money back policies. the private insurers have already wrested over 33 percent of the market. They are coining money in new niches that they have introduced. No doubt the aggressive stance of private insurers is already paying rich dividends.they are persuading people to take out bigger policies. nearly all private insurers are fast. The Insurance sector in India governed by Insurance Act. That has risen to about Rs 80.000. the average size of a life insurance policy before privatization was around Rs 50. the Life Insurance Corporation Act. Buoyed by their quicker than expected success. But in the annuity or pension products business.
com Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Insurance companies: IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. 1999 and other related Acts.com 20 .in www. General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance business.co. there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. 1972. Limited www. Particulars of the life insurance companies and general insurance companies including their web address is given below: LIFE INSURERS Public Sector Life Insurance Corporation of India Websites www.licindia.(Nationalisation) Act.allianzbajaj.com www. If the existing public sector insurance companies are included.hdfcinsurance.birlasunlife. Insurance Regulatory and Development Authority (IRDA) Act.
co.com MetLife Insurance Company Limited www. www.com Om Kotak Mahindra Life Insurance Co.com www. Pvt.tata-aig.metlife.avivaindia.ICICI Prudential Life Insurance Co.maxnewyorklife.sbilife.ingvysayalife.omkotakmahnidra.ampsanmar.com SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Limited ING Vysya Life Insurance Company Limited www.iciciprulife.com Max New York Life Insurance Co. Limited www.com www. Limited www. Ltd.in www.com www.com 21 .
Limited Royal Sundaram Alliance Insurance Co. Ltd. Ltd.royalsun.com www.nationalinsuranceindia. Limited Cholamandalam General Insurance Co.uiic.com www.com www.GENERAL INSURERS Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited Private Sector Bajaj Allianz General Insurance Co. IFFCO-Tokio General Insurance Co.tata-aig.com General Insurance Corporation of India www. Ltd.in www.in www.niacl.nic.com www.com www.co.com www.com www.co.co.orientalinsurance.in www. Reliance General Insurance Co.ecgcindia. Ltd.com 22 . REINSURER www.gicindia. TATA AIG General Insurance Co. Ltd. Limited ICICI Lombard General Insurance Co.in www.bajajallianz.itgi.icicilombard. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co.cholainsurance.ril.
New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business.Company profile of MAX NEW YORK LIFE : Max New York Life Insurance “Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. one of India's leading multi-business corporations. knowledge. is a joint venture between New York Life. and Specialty Plastic Products businesses. caring. 23 . honesty. In line with its vision to be the most admired life insurance company in India. IT and Telecom Services. it has developed a strong corporate governance model based on the core values of excellence. Max India Limited is a multibusiness corporate dealing in Clinical Research.” Max New York Life Insurance Company Ltd. integrity and teamwork. The company has positioned itself on the quality platform. a Fortune 100 company and Max India Limited.
With its various Products and Riders. Max New York Life invests significantly in its training program and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. psychometric test. there are more than 400 product combinations to choose from. Max New York Life has identified individual agents as its primary channel of distribution. The Company's paid up capital is Rs. The Company places a lot of emphasis on its selection process. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification.Max New York Life Insurance started its operations in India in 2000. In line with its values of financial responsibility. which comprises four stages . Max New York offers customized products tailored to suit individual's needs. Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds.screening. Today. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured program spread over 500 hours in two years. Max New York Life Insurance has a network of 57 offices spread over 37 cities all over India. 657 crore. The agent advisors are trained inhouse to ensure optimal control on quality of training. career seminar and final interview. which is more than the norm laid down by IRDA. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA 24 .
Max New York life is creating a partnership for life with its customers in India. corporate tie-ups and a strong Direct Sales Team. 25 . has positioned itself on the quality platform. who are widely considered the best in the business. Through its wide network of highly competent life insurance agent advisors. The company has over 25. 46. The company has established additional channel with 22 bancassurance relationships. It has established a wide agency distribution network with 172 offices and representatives across 120 cities in India.000 crore.53 million policies and recorded a sum assured of over Rs. Its strategy is to establish itself as a trusted life insurance specialist on the bedrock of quality of advice. which has till date sold over 1. excellence and honesty. knowledge. expanded its presence in the southern region by opening its first general office in the city of Mysore. Max New York Life.examinations and the agents have the highest productivity among private life insurers.300 agent advisors. The company has developed a strong corporate governance model based on defined core values of caring. one of India’s leading life insurance companies. Max New York Life now has established a countrywide network of 172 offices and representatives across 120 cities in India. flexible product solutions and strong customer focus. Max New York Life.
We are extremely pleased with our progress in the region and feel that opening an office in Mysore would help us educate people about the true potential and benefits of life insurance. is looking for a few good men and women who will spearhead the effort to realize this vision. “Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. our focus has always been on providing risk protection and long-term wealth creation solutions to our customers. the largest number of agents qualifying for membership to the Million Dollar Round Table (MDRT) have been from New York Life. For the last 46 years consecutively.Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. a merit oriented and equal opportunities employer.” “An ever expanding presence of Max New York Life offices across India reinforces our commitment to serving the nation. Since the launch of our operations. With a diverse product portfolio to meet customer requirements. To achieve this the company will draw on New York Life's demonstrated competence in developing and managing a superior personal sales network. it is evident that we are setting benchmarks in the marketplace and are well on course of realizing our vision to become India’s most admired Life Insurance Company. The MDRT is the industry's most prestigious organization comprising the world's most successful insurance agents. Max New York Life. Max New York Life will continue to help consumers make the right choices to meet their financial 26 . As life insurance specialists.
education and strong foundation for an independent life. Vision: Vision statement is "Most Admired Life Insurance Company in India". by providing them with a family. SOS Children's Villages of India is internationally recognized for its work in giving underprivileged children a wholesome life.goals." It's mission ties in with Max New York Life's philosophy of helping people secure the future of their near and dear ones. through sound quality advice offered by our agent advisors and a right mix of product offerings. Max New York Life has been instrumental in changing the paradigm of life insurance in India. It is the first life insurance company in India to introduce cause related marketing. Mission: • Become one of the top quartile life insurance companies in India • Be a national player • Be the brand of first choice • Be the employer of choice • Become principal of choice for agents 27 . both for the short and long-term. a permanent home.” he added. Children are at the very heart of Max New York Life's strategy. The mission of SOS is "to help orphaned and abandoned children.
Perfectly combining global expertise with local knowledge. Max New York Life is focused on the Life Insurance business. Max New York Life is the Indian Life Insurance specialist. Honesty "Is the heart of the Life Insurance business. The Max New York service process is responsive." Knowledge "Is what makes experts. Dependability and Integrity will form the cornerstones of the Max New York Life experience. Life Insurance is based on trust. Max New York Life is redefining the Life Insurance paradigm to focus on the needs of the customers. Ranging from the in-house training institute to the detailed Personal Insurance Plan. Max New York Life is focused on achieving the highest standards of quality in every aspect of their business"." Caring "For the customer. Some of the more prominent aspects of our culture are stated below: 28 .Max New York Life Values and Beliefs Excellence "In every aspect of work. personalized. Transparency. Max New York believes that above all." Culture: Our "in house culture recipe" has some of the finest ingredients going into its making. humane and empathetic.
• Customer comes first • Do it right the first time • Bias for result oriented action • Financial strength and discipline • Clarity of purpose • International quality standards • Inclusive Meritocracy • Learning opportunities • Fun at work • Commitment to published value system 29 .
1. Descriptive Research: These studies are concerned with describing the characteristic of a particular individual or a group. Determining sources of Data: There are two main sources of data 1. Explorative research 1. a research design is the arrangement of condition and analysis of data in manner that aims to combine relevance to the research purpose with economy in procedure. Nature of Research: Research is basically of two types. Research Definition Research is a process in which the researcher wishers to find out the end result for a given problem and thus the solution helps in future course of action. Descriptive research 2. According to Redman & Mory research is defined as a “Systemized effort to gain new knowledge”. Primary data 2.Research Methodology: The Research and Methodology adopted for the present study has been systematic and was done in accordance to the objectives set which has been detailed as below. Research Design: According to “Claire Seltiz”. Secondary data 30 .
Open ended questions Closed ended questions Dichotomous questions Multiple choice questions Ranking question. In order to gather primary data from viewers. The secondary data for this study is collected from various Japanese Management books . Questionnaire: A set of questions containing a few Technical questions and more number of Opinionated questions are prepared for the employees of both Centralized and Decentralized sections of HR Department. Sample Size: Total sample size is 90 Questionnaire Development: Questionnaire is the most common instrument in collecting primary data. Primary data for this research study was collected through a direct survey to obtain this primary data a well structured questionnaire was prepared by the researcher. The present questionnaire consists of following type of questions. 31 .Primary Data: It consists of original information collected for specific research. Secondary Data: It consists of information that already exists somewhere and has been collected for some specific purpose in the study.
respondent answer in his/her own words at any length they choose. Multiple Questions: A multiple choice question refers to one. which provides several sets of alternatives for the respondents’ choice. Closed ended questions: Closed ended questions have no other options other than the selecting the one that close matches the respondent’s opinion or attitude. 32 . which offers the respondents a choice between only two alternatives. Ranking questions: These questions are given when there are many points to be considered and to be ranked in priority. Thus.Open ended questions: It has no fixed alternatives to which the answer must conform. Dichotomous questions: A dichotomous questions refers to one.
knowledge and attitudes of the employees on a permanent basis. • To maintain knowledgeable work force. Needs for training: • To improve the current job performance of employees • To familiarize employees with the policies and procedures of the organization. According to Edwin B Flippo. • To gain competitive advantage through a knowledgeable work force. Training refers to efforts that help enhance employee skills for carrying out the present job. skills and attitudes required by an individual to perform adequately a given task or job. training is the act of increasing knowledge and skills of an employee for doing a particular job. • To enhance the creativity. 33 . • To promote organizational growth through individual growth. • To help employees manage their careers. • To change the skills. adaptability and versatility of the employees and to facilitate learning at the work place • To prepare employees for future job.Analysis of the project Definition of Training: The systematic development of the knowledge.
Areas of training: • Company policies and procedures • Human relations training • Skill based training • Problem solving training Onsite Workshops for Leadership Team Employees need more than bosses. this interactive seminar offers significant benefit to managers at all levels. New supervisors gain a solid grounding in the concept of ''leadership. Team Leadership Workshop provides managers with proven techniques for effective personnel management..'' while more experienced managers refresh their commitment to teaching and coaching their team members. 34 . They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success. By helping leaders understand and address their employees' requirements. making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members.. This training program provides healthy perspectives for managers at all levels.
• Develop competent and committed employees by mentoring and guiding their employees toward success. managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality. mentoring individuals. Without solid methods. Leaders need to know the most effective techniques for guiding teams. A Results-Oriented Training Program Team Leadership Workshop provides proven methods and procedures for successful people management. This workshop includes elements of Frank Whyte's nationally respected Team Building Workshops expanding upon that foundation to help leaders: • Recognize each employee's personality preferences and supervisory needs.Leadership Training for Success All managers need methods. mentoring leadership is essential to employee morale. and retention. and subordinates. and validating the results. Participants receive a stepby-step plan for guiding each employee toward success. Committed. colleagues. 35 . • Align their leadership style with those of their bosses. productivity. rather than the employees' needs.
Training program for sales managers: • The training program duration is 15 – 20 days • They get training on product knowledge. and • Use practiced. Mainly in training program the company concentrates on sales managers. Training Program done by Max New York Life Training is must for every individual when he enters into the organization. • Motivating and encouraging Advisors 36 . Even though the candidate has experience he also should get training. real-world scenarios to resolve challenges and remove barriers. Why because the organization culture. Training program following by Max New York Life Insurance is different at various levels. values and beliefs are different from one organization to other. agents. That’s why the training program plays a key role in every organization.• Schedule their management responsibilities to ensure that nothing is left to chance. operations executives and telecallers.
Training program for Advisors: • The training program duration is 15 – 20 days • They get training on product knowledge • How to convince the people. • Objection Handling Training program for operations executives: • They will get training on customer database files • Taking care of the customer files • Well trained in product information and documentation • Renewals will be informed periodically. Required skills for employees in Max New York Life Insurance: • Interpersonal skills • Excellent communication skills • Understanding nature • Aggressiveness • Convincing skills • Ability to motivate others • Interest to learn 37 .
Analysis of office staff who are having sufficient Knowledge on life Insurance . No.of Persons 8 54 12 26 PROFESSION New Advisors Advisors Telecallers Marketing Executives Diagram of the table: 60 50 54 New Advisors 40 30 20 10 0 8 12 26 Advisors Telecallers Marketing Executives Having Sufficient Product Knowledge on Insurance 38 .
and they should know any extra charges for late payment. 39 . When the telecaller is calling to customer for renewal premium that person should have a knowledge how the premium should calculate. marketing executives and new advisors. With out sufficient knowledge these both people cant work well. Advisors will complete the deals. But after that every thing will take care by operations executives and telecallers. and how much grace period will be… these things should know even telecallers and operations executives too.Analysis of the table: The above chart showing that advisors only have more knowledge than telecallers.
• Training can contribute to higher production and fewer mistakes. • Training makes employees more loyal to an organization.FINDINGS • Trained employees can work more efficiently. it can enable employees to cope up with organizational. 40 . • Training makes an employee more useful to a firm. • Training enables employees to secure promotions easily. • Employees can avoid mistakes on the job. They will be more satisfied on their jobs. They can realize their career goals comfortably. Also. greater job satisfaction and lower employee turnover. They can handle jobs with confidence. social and technological change.
Basic Carrier class which helps the advisors in different stages. It Should be like long term training like Fundamental Carrier class . 41 . Product promotion strategies should be improved.RECOMMENDATIONS Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors/Agents Charges: The Company has to reduce the mortality and administration charges. Company should consider the present competition and should act according to the customer needs. The company has to give periodic training.
training helps people to learn how to do the things differently or to the different things. So.CONCLUSION In this Knowledge-based economy. every organization needs the services of trained persons for performing the activities in the systemic way. 42 . for this employers are responsible for providing opportunities for continued learning. training program plays a key role in individual as well as organizational performance. To cope with the challenges and competitiveness in the world. Products are now increasingly knowledge-intensive.
I have to submit the results what can company get after giving the training to the employees. And I have to find how training will helpful for organization as well as individual growth. 43 .ON THE JOB TRAINING INTRODUCTION My OJT is to finding the employee potentiality in their concern department. I have to identify the employees who needs training program and I have to find how can company make the employees to show interest for attending the training program.
44 . To find out what is the result for the organization because of giving the training to the employee. The main objective of this study is to know the employee opinion regarding the training program.OBJECTIVES The main objective of doing this project is to study employee attitude regarding the training program and the benefits of the training program. Getting more business to the company because of training program is the main objective. To find out the benefits of the training program to the employee and to the organization. During this student internship program period I have to achieve some thing which is helpful to the development of myself and some value addition to the company. It gives me good exposure of myself and creating good impression of corporate mind. To find out what is the training needs in concern area.
TARGETS/ TASKS I have to approach the employee who is working for max New York life insurance Company and should find out are they feeling training will be helpful or not to increase of the performance of the employee. After that I have to find out what are the things should we cover in the training program depending upon the concern department. 45 .
ACHIEVEMENTS I promoted Max New York Life products during my SIP period. I have showing them as monthly wise as follows. In The Month of MAY Training class on IRDA norms and why Insurance is needed Training class. for different products of Max New York Life 3 week 4th week rd 1st week 2 week nd 4 leads 1st week 2nd week 3rd week 4th week In The Month of JUNE 3 leads 4 leads 4 leads 4 leads 46 .
1 week 2nd week 3rd week 4th week st In The Month of JULY 4 leads 6 leads 3 lead 4 leads 1st week In The Month of August Training program was conducted to telecallers who are dull in Communication skills Training program done to 4 advisors 3 leads 6 leads 2 week 3rd week 4th week nd 47 .
The survey was conducted with in the company. 48 . 5. But the employees will be busy their works. 2. And in survey I have to interact with the employees. 3. 4. Getting the good response from the employee will be difficult because of their busy schedule.LIMITATIONS 1. Time Period of my OJT is one of the limitations. Time to interact with employees inside the branch is not sufficient.
LEARNINGS Learning’s in the on the job training 1) Importance of the training program 2) How the training program will help for the individual as well as organizational growth 3) The way to improve communication skills. 4) The way to behave people in corporate world. 49 .
In which areas employee needs training? Company policies and procedures Skill based training Problem solving skills All of the above Very good NO No Bad Time waste process 4.APPENDIX 1. What is your opinion on training? Good Yes Yes training? Yes Agents No Tele callers Operations executives All 7. Name: 2. Is there any improvement in performance after getting the 50 . Who needs much knowledge regarding company and product? 8. Do you feel that training will helpful for individual growth? 5. Designation: 3. Did you satisfy with training what company conducted here? 6.
3) Rae. effective planning”.. 2002.pvt. 2001.P. New Delhi.com 51 . 8th ed. “Evaluation methodology for training”. 2nd Ed. and Pareek.. 4) Tannenbaum. L. “Training for development”. “The art of training and development.. R.maxnewyorklife.P. Mc. 5) A hand book of human resource management practice. 6th ed. O. “A strategic view of organizational training and learning”. New Delhi: Oxford and IBH publishing co. 6) Personnel management. U. 2) Bhatnagar.ltd. New Delhi: Vistaar publication. 1981. Vol. 7) www. Graw Hill. S.REFERENCES 1) Lynton. 1.
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