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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
During this student internship program I came to know that. Products are now increasingly knowledge intensive. fast changing world. in the turbulent. In my complete student internship program I met more than 90 employees. knowledge based economy. creating awareness of organization structure and its products to the employee is very important to have individual as well as organization growth.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. However. 6 . training helps people to learn how to do things differently or to do different things. Finally. for this. 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. employers are responsible for providing opportunities for continued learning. effective training has never been more important. So it can be possible only when the employees go through the training program.
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 .
245 Indian and foreign insurers and provident societies taken over by 8 .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. 1956 . 1928 .The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1938 . 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. Some of the important milestones in the life insurance business in India are: 1912 .The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. Tracing the developments in the Indian insurance sector reveals the 360degree turn witnessed over a period of almost 190 years.
107 insurers amalgamated and grouped into four companies viz. can trace its roots to the Triton Insurance Company Ltd. 1972 . frames a code of conduct for ensuring fair conduct and sound business practices.the central government and nationalized. LIC formed by an Act of Parliament. the 9 . the New India Assurance Company Ltd. 1972 nationalized the general insurance business in India with effect from 1st January 1973. 5 crore from the Government of India. 1956.The Indian Mercantile Insurance Ltd. viz. 1957 . the first general insurance company established in the year 1850 in Calcutta by the British. the National Insurance Company Ltd. 1968 .. The General insurance business in India..General Insurance Council. the first company to transact all classes of general insurance business. with a capital contribution of Rs. a wing of the Insurance Association of India. on the other hand. LIC Act. set up.The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.. Some of the important milestones in the general insurance business in India are: 1907 .The General Insurance Business (Nationalization) Act.
due to accidental events. in return for the payment of premium by the insured. 10 . are made good. incident. the peril of sea. which can be insured against include fire. Insurance is a contract whereby. a large number of people associate themselves by sharing risk. & burglary. GIC incorporated as a company. the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. 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. and the United India 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. With the help of Insurance. Indian Insurance Industry: Learn About Insurance may be described as a social device to reduce or eliminate risk of life and property.Oriental Insurance Company Ltd. The risk. attached to individual. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. death. Under the plan of insurance.
but can certainly provide for the losses of risk.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 . accidents and uncertainty. Assessment of risk . Insurance is actually a protection against economic loss.The primary function of insurance is to provide protection against future risk. Insurance cannot check the happening of the risk. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.Insurance is a device to share the financial loss of few among many others. Collective bearing of risk . Insurance is a mean by which few losses are shared among larger number of people.Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also 11 . by sharing the risk with others.
The other functions of insurance include the following: Means of savings and investment .Insurance is a device. Small capital to cover larger risks .Insurance serves as savings and 12 . The secondary functions of insurance include the following: Prevention of Losses . installation of automatic sparkler or alarm systems. Insurance is device whereby the uncertain risks may be made more certain. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. by paying small amount of premium against larger risks and uncertainty.Insurance relieves the businessmen from security investments.Insurance provides development opportunity to those larger industries having more risks in their setting up. Reduced rate of premiums stimulate for more business and better protection to the insured. etc. Contributes towards the development of larger industries .Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions. which helps to change from uncertainty to certainty. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium.Provide Certainty .
Now 'India Insurance' industry has more than a dozen private life insurance players and 9 private general insurance companies. which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. Source of earning foreign exchange .investment.Insurance promotes exports insurance. Risk Free trade . 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. 'India Insurance' growth was long overdue. The Public sector giant LIC started losing its market share at the cost of stupendous growth of private players. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses. The end of the year 2000 marks a significant change and growth of 'India Insurance' industry scenario. collaborated and helped astronomical growth of 'Insurance Industry in India'. Most of the private companies registered more than 100% 13 . both Life and General flocked. Monopoly of Public Sector Insurance company marks an end and Private companies makes inroad.Insurance is an international business. Foreign companies. people invest in insurance. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. 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.
Bajaj Allianz etc are aggressively researching and innovating products for huge untapped rural 'India Insurance' market.growth till then and are still continuing with such monstrous growth figures. 'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to rural masses. Although. etc. rural banks and village management authorities for selling insurance is doing wonders. They are not as popular as life products in the ' Insurance India's' portfolio. Until very recently it had only corporate buyers. Tata AIG. 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. tsunamis. 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. post offices. Top rank private companies like ICICI Prudential Life Insurance. Consumerism of life style goods and modern amenities has also contributed to its growth. but with natural disasters like. burglary. Life insurance products covers risk for the insurer against eventualities like death or disability. earth quakes. Non-life insurance products covers risks against natural calamities. storms and floods becoming more frequent and damaging there has been a sudden spurt in sales of general insurance amongst individuals. Collaboration with micro finance companies. lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign 14 .
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. Under the current guidelines. Although the public sector companies still dominate the general insurance business. 15 . up from 4 percent in 2001. There is a proposal to increase this limit to 49 percent. there is a 26 percent equity cap for foreign partners in an insurance company. GIC was converted into a national re-insurer. Most of the new entrants reported losses in the first year of their operation in 2001. 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. At the same time.34 billion. the private companies booked premiums worth Rs 6. According to estimates. Non-Life Insurance Market In December 2000. Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. In the first half of 2002. Parliamant passed a bill. In July 2002. the GIC subsidiaries were restructured as independent insurance companies. the private players are slowly gaining a foothold.ownership. delinking the four subsidiaries from GIC. private insurance companies have a 10 percent share of the market.
2. insurance premium payments are treated as part of the fixed costs. the rates are set in keeping with the committee's guidelines. Without covering these risks the financial institutions are not willing to commit funds to the sector. For Projects costing up to Rs 1 Billion.2 percent of the total project costs. commercial and political risks. Insurance companies not only provide risk cover to infrastructure projects.liability match by investing their funds in such projects. they also contribute long-term funds. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. Consequently they are treated as passthrough costs for tariff calculations.recourse basis.With a large capital outlay and long gestation periods. infrastructure projects are fraught with a multitude of risks throughout the development. the Tariff Advisory Committee sets the premium rates. insurance companies are an ideal source of long term debt and equity for infrastructure projects. International Insurance companies also invest their funds in such projects. they get a good asset. Under the existing norms. These include risks associated with project implementation. construction and operation stages. Premium rates of most general insurance policies come under the purview of the government appointed Tariff Advisory Commitee. especially because the financing of most private projects is on a limited or non. In fact. With long term liability. for Projects between Rs 1 billion and Rs 15 billion. maintenance. Insurance costs constitute roughly around 1. and projects above Rs 15 16 . including geological risks.
like project finance. Currently. Re-insurance business Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them. which can be safely borne from their own funds. The policies are renewed usually on an annual basis through the invitation of bids. It is the last segment that has a number of additional products and competitive pricing. NHPC and BSES for business. GIC itself has been the major reinsurer. settle accumulated losses arising from catastrophic events and still maintain their financial stability. The other companies share the remaining risk and premium. the insurance companies are turning once again to old hands such as NTPC. In effect. with IPP projects fizzling out. allows primary insurers to accept risks beyond their capacity. is extended by a consortium. The aim is to ensure that GIC's 17 . therefore. It forms the backbone of the insurance business. reinsurance is insurer's insurance. While GIC's subsidiaries look after general insurance. Of late. Insurance. shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the premium. It helps to provide a better spread of risk in the international market.billion are subjected to re-insurance pricing. all insurance companies have to give 20 per cent of their reinsurance business to GIC. The balance risk is re-insured with other insurers. Normally one insurer takes the lead.
who have always seen life insurance as a tax saving 18 .role as the national reinsurer remains unhindered. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. smart marketing and aggressive distribution. However. state owned LIC's new premium business has fallen. Reinsurance premiums have seen an exorbitant increase in recent years. GIC reinsures the amount further with international companies such as Swissre (Switzerland). The state owned LIC sold insurance as a tax instrument. Innovative products. With the entry of the private insurers the rules of the game have changed.03 over last year. following the rise in threat perceptions globally. Most customers were underinsured with no flexibility or transparency in the products. 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. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. Munichre (Germany). and Royale (UK). The new business premiums of the 12 private players has tripled to Rs 1000 crore in 2002. Meanwhile. not as a product giving protection. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians.
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. But a rejuvenated LIC is also trying to fight back to woo new customers.device.forwarding the second phase of their expansion plans. That has risen to about Rs 80. the Life Insurance Corporation Act. Buoyed by their quicker than expected success.000.1 lakh to Rs 1. are now suddenly turning to the private sector and snapping up the new innovative products on offer. But the private insurers are ahead in this game and the average size of their policies is around Rs 1. The private insurers also seem to be scoring big in other ways. nearly all private insurers are fast. And in the popular unitlinked insurance schemes they have a virtual monopoly. the average size of a life insurance policy before privatization was around Rs 50. The Insurance sector in India governed by Insurance Act. But in the annuity or pension products business. 1956 and General Insurance Business 19 . No doubt the aggressive stance of private insurers is already paying rich dividends. They are coining money in new niches that they have introduced.2 lakh. For instance.000. with over 90 percent of the customers. The growing popularity of the private insurers shows in other ways. 1938.way bigger than the industry average.they are persuading people to take out bigger policies.
Insurance Regulatory and Development Authority (IRDA) Act.com Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co.com www. 1972.in www.hdfcinsurance.(Nationalisation) Act. 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. there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. Limited www.co. Insurance companies: IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies.allianzbajaj. If the existing public sector insurance companies are included.com 20 . General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance business. 1999 and other related Acts.licindia.birlasunlife.
www.ingvysayalife. Limited www.com www.iciciprulife.metlife.ampsanmar. Limited ING Vysya Life Insurance Company Limited www.tata-aig.maxnewyorklife.avivaindia.in www. Limited www.sbilife.omkotakmahnidra.com www.com www.com 21 .com Max New York Life Insurance Co.ICICI Prudential Life Insurance Co. Ltd.com SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co.com Om Kotak Mahindra Life Insurance Co.com MetLife Insurance Company Limited www. Pvt.co.
IFFCO-Tokio General Insurance Co.com www.bajajallianz.niacl.ril. REINSURER www. Ltd.com www.com www.co.in www.co.cholainsurance.com General Insurance Corporation of India www.in www. Reliance General Insurance Co. TATA AIG General Insurance Co.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. Limited Cholamandalam General Insurance Co.com www.royalsun.gicindia.com www. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co.com www.tata-aig.orientalinsurance. Ltd. Ltd.uiic.com 22 .icicilombard.co.nic. Limited ICICI Lombard General Insurance Co. Limited Royal Sundaram Alliance Insurance Co.itgi.in www.nationalinsuranceindia. Ltd.in www.com www.ecgcindia. Ltd.
New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. integrity and teamwork. is a joint venture between New York Life. and Specialty Plastic Products businesses. caring. honesty. In line with its vision to be the most admired life insurance company in India. The company has positioned itself on the quality platform. IT and Telecom Services.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. Max India Limited is a multibusiness corporate dealing in Clinical Research. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. knowledge. one of India's leading multi-business corporations. a Fortune 100 company and Max India Limited. it has developed a strong corporate governance model based on the core values of excellence.” Max New York Life Insurance Company Ltd. 23 .
Max New York Life Insurance started its operations in India in 2000. 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. The Company places a lot of emphasis on its selection process. Today. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. The Company's paid up capital is Rs. In line with its values of financial responsibility.screening. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA 24 . The agent advisors are trained inhouse to ensure optimal control on quality of training. which comprises four stages . 657 crore. 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. there are more than 400 product combinations to choose from. Max New York offers customized products tailored to suit individual's needs. psychometric test. Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. Max New York Life Insurance has a network of 57 offices spread over 37 cities all over India. Max New York Life has identified individual agents as its primary channel of distribution. With its various Products and Riders. which is more than the norm laid down by IRDA. career seminar and final interview.
53 million policies and recorded a sum assured of over Rs. Max New York life is creating a partnership for life with its customers in India. has positioned itself on the quality platform. corporate tie-ups and a strong Direct Sales Team. Max New York Life. 46. The company has established additional channel with 22 bancassurance relationships. excellence and honesty. 25 . who are widely considered the best in the business.examinations and the agents have the highest productivity among private life insurers.000 crore. The company has over 25. one of India’s leading life insurance companies. The company has developed a strong corporate governance model based on defined core values of caring. knowledge. Its strategy is to establish itself as a trusted life insurance specialist on the bedrock of quality of advice. flexible product solutions and strong customer focus. It has established a wide agency distribution network with 172 offices and representatives across 120 cities in India. Max New York Life now has established a countrywide network of 172 offices and representatives across 120 cities in India. which has till date sold over 1. Max New York Life. expanded its presence in the southern region by opening its first general office in the city of Mysore.300 agent advisors. Through its wide network of highly competent life insurance agent advisors.
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. For the last 46 years consecutively.” “An ever expanding presence of Max New York Life offices across India reinforces our commitment to serving the nation. As life insurance specialists. Since the launch of our operations. is looking for a few good men and women who will spearhead the effort to realize this vision. Max New York Life. “Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. With a diverse product portfolio to meet customer requirements. Max New York Life will continue to help consumers make the right choices to meet their financial 26 . To achieve this the company will draw on New York Life's demonstrated competence in developing and managing a superior personal sales network. 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. our focus has always been on providing risk protection and long-term wealth creation solutions to our customers.Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. The MDRT is the industry's most prestigious organization comprising the world's most successful insurance agents. a merit oriented and equal opportunities employer. the largest number of agents qualifying for membership to the Million Dollar Round Table (MDRT) have been from New York Life.
Vision: Vision statement is "Most Admired Life Insurance Company in India".” he added." It's mission ties in with Max New York Life's philosophy of helping people secure the future of their near and dear ones. Children are at the very heart of Max New York Life's strategy. The mission of SOS is "to help orphaned and abandoned children. by providing them with a family. 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. a permanent home.goals. both for the short and long-term. education and strong foundation for an independent life. It is the first life insurance company in India to introduce cause related marketing. SOS Children's Villages of India is internationally recognized for its work in giving underprivileged children a wholesome life. 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 .
Perfectly combining global expertise with local knowledge. Max New York Life is focused on achieving the highest standards of quality in every aspect of their business". Max New York Life is focused on the Life Insurance business." Knowledge "Is what makes experts. Max New York Life is redefining the Life Insurance paradigm to focus on the needs of the customers. Dependability and Integrity will form the cornerstones of the Max New York Life experience. Transparency." Culture: Our "in house culture recipe" has some of the finest ingredients going into its making. Max New York Life is the Indian Life Insurance specialist. personalized. Max New York believes that above all." Caring "For the customer. Honesty "Is the heart of the Life Insurance business. humane and empathetic. Ranging from the in-house training institute to the detailed Personal Insurance Plan. The Max New York service process is responsive. Life Insurance is based on trust. 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.
• 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 .
Research Design: According to “Claire Seltiz”.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 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. 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. Secondary data 30 . 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. 1. Nature of Research: Research is basically of two types. According to Redman & Mory research is defined as a “Systemized effort to gain new knowledge”. Explorative research 1. Descriptive research 2. Primary data 2.
Primary Data: It consists of original information collected for specific research. The secondary data for this study is collected from various Japanese Management books . 31 . In order to gather primary data from viewers. 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. The present questionnaire consists of following type of questions. Secondary Data: It consists of information that already exists somewhere and has been collected for some specific purpose in the study. Open ended questions Closed ended questions Dichotomous questions Multiple choice questions Ranking question. 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. Sample Size: Total sample size is 90 Questionnaire Development: Questionnaire is the most common instrument in collecting primary data.
32 .Open ended questions: It has no fixed alternatives to which the answer must conform. 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. Multiple Questions: A multiple choice question refers to one. which offers the respondents a choice between only two alternatives. which provides several sets of alternatives for the respondents’ choice. Thus. Ranking questions: These questions are given when there are many points to be considered and to be ranked in priority. Dichotomous questions: A dichotomous questions refers to one. respondent answer in his/her own words at any length they choose.
knowledge and attitudes of the employees on a permanent basis. training is the act of increasing knowledge and skills of an employee for doing a particular job. • To maintain knowledgeable work force. skills and attitudes required by an individual to perform adequately a given task or job.Analysis of the project Definition of Training: The systematic development of the knowledge. Needs for training: • To improve the current job performance of employees • To familiarize employees with the policies and procedures of the organization. 33 . According to Edwin B Flippo. Training refers to efforts that help enhance employee skills for carrying out the present job. adaptability and versatility of the employees and to facilitate learning at the work place • To prepare employees for future job. • To change the skills. • To gain competitive advantage through a knowledgeable work force. • To help employees manage their careers. • To enhance the creativity. • To promote organizational growth through individual growth.
By helping leaders understand and address their employees' requirements.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. This training program provides healthy perspectives for managers at all levels. They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success.'' while more experienced managers refresh their commitment to teaching and coaching their team members. New supervisors gain a solid grounding in the concept of ''leadership. Team Leadership Workshop provides managers with proven techniques for effective personnel management. 34 ... making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members.
and retention. • Develop competent and committed employees by mentoring and guiding their employees toward success. Participants receive a stepby-step plan for guiding each employee toward success. managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality. mentoring individuals. 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. Without solid methods. 35 . productivity.Leadership Training for Success All managers need methods. colleagues. 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. • Align their leadership style with those of their bosses. rather than the employees' needs. Committed. and subordinates. and validating the results. mentoring leadership is essential to employee morale.
That’s why the training program plays a key role in every organization. • Motivating and encouraging Advisors 36 . Training program following by Max New York Life Insurance is different at various levels. Training program for sales managers: • The training program duration is 15 – 20 days • They get training on product knowledge. operations executives and telecallers. Even though the candidate has experience he also should get training. and • Use practiced. values and beliefs are different from one organization to other. Why because the organization culture. real-world scenarios to resolve challenges and remove barriers. Training Program done by Max New York Life Training is must for every individual when he enters into the organization. Mainly in training program the company concentrates on sales managers.• Schedule their management responsibilities to ensure that nothing is left to chance. agents.
Training program for Advisors: • The training program duration is 15 – 20 days • They get training on product knowledge • How to convince the people. 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 . • 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.
No.Analysis of office staff who are having sufficient Knowledge on life Insurance .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. But after that every thing will take care by operations executives and telecallers. 39 .Analysis of the table: The above chart showing that advisors only have more knowledge than telecallers. With out sufficient knowledge these both people cant work well. marketing executives and new advisors. When the telecaller is calling to customer for renewal premium that person should have a knowledge how the premium should calculate. Advisors will complete the deals. and how much grace period will be… these things should know even telecallers and operations executives too.
Also. • Employees can avoid mistakes on the job. They can handle jobs with confidence. They can realize their career goals comfortably. • Training enables employees to secure promotions easily.FINDINGS • Trained employees can work more efficiently. it can enable employees to cope up with organizational. 40 . They will be more satisfied on their jobs. • Training makes employees more loyal to an organization. greater job satisfaction and lower employee turnover. • Training can contribute to higher production and fewer mistakes. social and technological change. • Training makes an employee more useful to a firm.
It Should be like long term training like Fundamental Carrier class .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. The company has to give periodic training. Basic Carrier class which helps the advisors in different stages. Product promotion strategies should be improved. Company should consider the present competition and should act according to the customer needs. 41 .
CONCLUSION In this Knowledge-based economy. To cope with the challenges and competitiveness in the world. training program plays a key role in individual as well as organizational performance. every organization needs the services of trained persons for performing the activities in the systemic way. training helps people to learn how to do the things differently or to the different things. for this employers are responsible for providing opportunities for continued learning. Products are now increasingly knowledge-intensive. 42 . So.
I have to submit the results what can company get after giving the training to the employees. 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. And I have to find how training will helpful for organization as well as individual growth.ON THE JOB TRAINING INTRODUCTION My OJT is to finding the employee potentiality in their concern department. 43 .
Getting more business to the company because of training program is the main objective. To find out what is the result for the organization because of giving the training to the employee. It gives me good exposure of myself and creating good impression of corporate mind. 44 .OBJECTIVES The main objective of doing this project is to study employee attitude regarding the training program and the benefits of the training program. 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. The main objective of this study is to know the employee opinion regarding the training program. To find out what is the training needs in concern area. To find out the benefits of the training program to the employee and to the organization.
45 . After that I have to find out what are the things should we cover in the training program depending upon the concern department.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.
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 . In The Month of MAY Training class on IRDA norms and why Insurance is needed Training class.ACHIEVEMENTS I promoted Max New York Life products during my SIP period. I have showing them as monthly wise as follows.
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 .
5. 3. 4. 2. 48 . And in survey I have to interact with the employees. The survey was conducted with in the company. But the employees will be busy their works. Time to interact with employees inside the branch is not sufficient.LIMITATIONS 1. Time Period of my OJT is one of the limitations. Getting the good response from the employee will be difficult because of their busy schedule.
4) The way to behave people in corporate world. 49 .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.
Designation: 3.APPENDIX 1. Did you satisfy with training what company conducted here? 6. Is there any improvement in performance after getting the 50 . Do you feel that training will helpful for individual growth? 5. What is your opinion on training? Good Yes Yes training? Yes Agents No Tele callers Operations executives All 7. 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. Name: 2. Who needs much knowledge regarding company and product? 8.
7) www.. 4) Tannenbaum. and Pareek. U. 2nd Ed. “Training for development”. 2) Bhatnagar. “The art of training and development. “A strategic view of organizational training and learning”.com 51 . 8th ed. New Delhi: Oxford and IBH publishing co. effective planning”.ltd. R.REFERENCES 1) Lynton.. L. 3) Rae. 2001. O. 2002. 1. 1981. Vol. Mc..maxnewyorklife. New Delhi. 6) Personnel management. New Delhi: Vistaar publication. 6th ed. Graw Hill. S. 5) A hand book of human resource management practice.P.pvt.P. “Evaluation methodology for training”.
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