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93091030 Final Report on Insurance

93091030 Final Report on Insurance

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Published by: Shiva Shanker on Jul 05, 2012
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ABOUT THE INSURANCE INDUSTRY       What Is Insurance Purpose And Need Role Of Insurance In Economic Development Types Of Insurance Why Life Insurance Is Required List Of Indian Insurance Company

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Every asset has a value for its owner and also for those who are benefited with the existence of that asset. Insurance is concerned with the protection of economic value of assets. All of us are interested in the creation of assets because: 1. All assets have values. 2. They yield income to the owner. 3. They meet some other needs of the owner. 4. They may provide satisfaction of some needs and also yields income to the owner. The benefit may be an income or in some other form. Example:   A house has a value. A car is useful for providing traveling comfort to the owner and other members of his family .There is no direct income.   An owner of a factory receives income by sale of its products. A farmer may rear a cow with the expectation of getting milk for his family and making some money from the sale of excess milk.

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Every asset has normally an expected lifetime. During this period, it is expected to perform and provide income/comfort to the owner. The owner, being aware of this, plans the things in such a way that by the time the expected lifetime of the asset expires, he is ready with funds required for its replacement. In this way, he ensures that the value or income from the asset is not lost Well this appear to be a fine arrangement provided the asset completes its lifetime. All assets carry the risk of being destroyed or damaged. But all assets may not necessarily get destroyed or damaged. Only in a few instances, the probability turns out to be true and the asset gets actually lost or destroyed by accident or some other unfortunate event before the completion of its excepted lifetime. The owner and those deriving benefits from the asset will suffer because the arrangement to make available its substitute is not yet ready. Insurance is helpful in mitigating such adverse consequences. To sum up, assets are insured, as they are likely to be lost or made non-functional through an accidental occurrence. Insurance does not protect the assets. This means that insurance can not prevent loss to the assets due to perils. Nor can insurance avoid the occurrence of perils. It only compensates, may not be fully, the economic or financial loss resulting to the asset from such damage or destruction.

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The need for life insurance is based on various factors including your current life style, expected out goings in future, your present age and your family size. Insurance is relevant only if there are uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be insured against. In the case of a human being, death is certain, but the time of death is uncertain. The first step should be to estimate how much financial support your dependents would need to order to continue to enjoy the same life style as they enjoy today in the event that you are not around to provide that support. In estimating this support, you should consider all regular monthly expenses including food, rentals, conveyance, school fees, medical expenses, and any debts to be repaid etchant also estimated ones like for children‟s education and marriage and your unforeseen contingencies that your dependents might need during the period of adjustment. Based on this analysis and the expected returns on the investments in future, you can work out a sum of money that would help your dependents achieve financial independence even if you are not around to support them. While the situation of every individual would be different, and should be evaluated separately, one rule of thumb is to buy a cover for an amount equal to 6-10 times your annual income. Clearly, the needed for insurance is not static and will change as your life stage changes-so you must re-work the requirement periodically and review the coverage available from time to time.

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 For economic development, investments are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of saving of people, particularly from the middle and lower income group. These savings are channeled into investments for economic growth.  All good life insurance companies have huge funds, accumulated through the payments of small amounts of premium of individuals. These funds are invested in ways that contribute substantially for the economic development of the countries in which they do business.  A life insurance company‟s funds are collected by way of premiums. Every premium represents a risk that is covered by that premium. Therefore these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policyholder. The management of life insurance companies are required to keep this aspect in mind and make all its decisions in ways that benefit the community.  Savings out of life insurance fund are utilized in investments for economic growth.  In the absence of insurance cover against fire and engineering risks, business, industry and trade would be seriously handicapped.

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Life Insurance

General Insurance

Life Insurance
Insurance is protection of economic value of an asset, which includes human life, against probable loss partial or in full. A life insurance policy promises that the insurer will pay to the policyholder a certain sum of money if the person insured dies or any other specified contingency happens. It is a contract, within the meaning of the Indian Contract Act 1872. A contract is an agreement between two or more parties to do, or not to do, so as to create a legally binding relationship. A simple contract must have the following essentials       Offers and acceptance Consideration Capacity to contract Legality of object or purpose Capability of performance Intention to create legal relationship

Insurance is a contract between the insurer and the policyholder. The policyholder can be different from the person whose life is insured.

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Life Insurance is a contract for payment of sum of money to the person assured on the happening of the vent inured against. Usually the contract provides for the payments of an amount on the date of maturity or at specified sates at periodic intervals or at unfortunate death, if it occurs earlier. Among other thing, the contract also provides for three payment of the premium periodically to the Corporation by the assured. Life Insurance is universally acknowledged to be an institution which eliminates “risk”, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of the death of bread winner. Life Insurance, in short, is concerned with two hazards that stand across the life path of every person: that of dying prematurely leaving a dependent family to fend for itself and that of living to old age without visible means off support.

The Human Asset
  We can say that a human life is also an income generating asset. Human life may be lost due to unexpected early death or become non-functional

following sickness or disabilities caused by accidents.  If this happens by the time one is on the verge of retirement when his income is about to

cease, he might have made alternative arrangement to meet his needs.  But if this happens at the younger age when he is not expected to have made adequate

alternative arrangement, those who are dependent on hiss income, will suffer. Insurance is necessary to help those dependent on his income.

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 

Human beings are exposed to another type of risk. It is the risk of living too long. Yamuna agar person, who has made necessary arrangement to meet his financial needs after retirement, also would have been made on the basis of certain assumption. One assumption can be that he will live for another 20 years. Another assumption can be that his children will support him financially. Still another can be that he will earn an interest of 10% yearly on his investments. If any of this assumption does not come out to be true, the original arrangement, which he has made, will be inadequate and he will be facing financial difficulties. This means that living too long is as much a problem as dying too young. Insurance provides safeguard against these risks.

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Life Insurance can‟t be and should not be compared with any other form of investment. It provides a life long benefit, with returns when it is most required at the right time. Replacement of income: One prime reason for buying life insurance is to replace the income lost in the regular income stops, the proceeds from a life insurance policy can be used to continue to support the family members. Maintenance of Life style: In case of the unexpected death of life insured family members are often hard pressed trying to arrange for funds that can maintain the standard of living Thad they have grown accustomed to. Life insurance offers protection against such as unfortunate eventuality. Expenses due to premature Death: Life insurance can play a crucial role to pay off any debts left behind the person insured. For example-car loans, medical bills, mortgages, credit card payment etc are often left unpaid in case of sudden death. These obligations can be met with life insurance, without any depletion in family assets. Planning for Important Events like Children’s Education, Marriage etc: with the cost of living going up day by day, prudent people would go for life insurance as the most cost effective means to ensure that the important milestones in their children‟s lives are not hampered by the uncertainties of life.

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LIFE INSURERS Public Sector Life Insurance Corporation of India Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance www.ingvysayalife.com Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited www.maxnewyorklife.com www.metlife.com www.omkotakmahnidra.com www.sbilife.co.in www.tata-aig.com www.ampsanmar.com www.avivaindia.com www.allianzbajaj.co.in www.birlasunlife.com www.hdfcinsurance.com www.iciciprulife.com www.licindia.com Websites

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“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 New York Life Insurance Company Ltd. Is a joint venture between Max India Limited, one of India‟s leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and team work. Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety off policyholder‟s funds. The company‟s paid up capital as on 30 th August,2010 is Rs 1973 crore. 340 agent advisors have qualified for the Million Dollar Round Table [MDRT] membership in 2010. MDRT is an exclusive congregation of the world‟s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business. Max New York Life has multi-channel distribution spread across the country. Agency distribution is the primary channel complemented by partnership distribution, alliance marketing and dedicated distribution for emerging markets. The company places a lot of emphasis on its selection process for agent advisor, which comprises four stages- screening, psychometric test, career seminar and final interview.

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The agent advisor is trained in house to ensure optimal control on quality of training. The company currently has around 92,760 agent advisors at 710 offices across 385 cities with 88 lakh customers. The company also has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing relationships each. Max New York Life has put in place a unique hub and spoke model of distribution to deepen our rural penetration. This is the first time such a model has been put in place for rural marketing of insurance. The company has 133 offices dedicated to rural areas. Max New York Life offers a suite of flexible products. It has now 21 products covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides it the company offers 6 products and 7 riders in group insurance business.

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To become the most admired life insurance Company in India.

To become one of the top quartile life insurance companies in India.


   

Be a national player. Be the brand of the first choice. Become principle of the choice for agent. Be the employer of the choice.

our unique set of values, which are as follows: Knowledge Caring Honesty Excellence


   

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Max New York Life Values and Beliefs: Life @ MNYL
Excellence “In every aspect of work, 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.” Honesty “Is the heart of the Life Insurance business, Max New York believes that above all, Life Insurance is based on trust. Transparency, Dependability and Integrity will form the cornerstones of the Max New York Life experience.” Knowledge “Is what makes experts? Max New York Life is focused on the Life Insurance business. Perfectly combining global expertise with local knowledge, Max New York Life is the Indian Life Insurance specialist.” Caring “For the customer. Max New York Life is redefining the Life Insurance paradigm to focus on the needs of the customers. The Max New York service process is responsive, personalized, humane and empathetic.

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Culture Our “in house culture recipe” has some of the finest ingredients going into its making. Some of more prominent aspects of our culture are stated below:           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

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The SIX Differentiators
The company has six differentiators factor which give the competitive edge in this competitive world. These are: Selection Process: MNLN selection process is designed to help the candidate and the organization make a decision in mutual best interest. The first step in the process is an initial interview followed by a test of numerical ability. Candidates who make the cut are invited to attend a career seminar. The procedure facilitates a process of discovery, as both sides develop an understanding of each other‟s profile and requirements. The final stage in the selection process is an assessment of the candidate‟s natural market and potential for growth. Training Program: MNYL has the finest training program for agents in the industry. We run training and development programs for agents throughout their career. The training consists of a two-year formal classroom based program. Max New York Life has two full-time professional trainers in each office whose sole job is to train and guide new agents. The success of our training programs owes a lot to the strength of our partner, New York Life. The training program developed by New York Life in the United States is widely recognized as the best in the insurance industry. We have customized this outstanding program for the Indian market. In the United States, New York Life had more members in the Million Dollar Round Table, the worldwide organization of top professional in the insurance industry, for 50

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consecutive years. Since 2001, Max New York Life has had more Qualifiers for the prestigious Million Dollar Round Table than all the other private sector insurance companies get together. Management Loyalties: One of the many advantages of working with Max New York Life is that managers are not allowed to sell insurance products to their own customers. Compensation in management is derived entirely from the success of agents and the overall growth of the organization. Managers at all levels are totally committed to the success of agents and do not pursue any conflicting goals. MNYL products: No organization can claim to have the number one product in the insurance industry for a long period of time. It is a matter of great pride that our products have always been rated among the best in the industry. These products have been developed after extensive research of the Indian market and are designed to meet an individual‟s needs at every life stage. The Agent’s Contract: The Agent‟s Contract is designed to attract efficient professionals and retain them for a long time by compensating them generously. As an agent you can count on the support of Max New York Life at all times to help you earn a good income today and create a secure retirement for tomorrow.

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Great Work Environment Max New York Life is committed to working in a high-tech environment. In the United State, New York Life is noted for its leadership in using technology to provide very best in customer service and employee support. The same system has been adapted for India to offer simple, easy to understand illustration for the most complex products.

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Achievements and Awards
Some of the Industry Firsts 

First company to provide free look period of 15 days to the customer. This was later made mandatory by the regulator

 

First company to start toll free line for agent services First and the only life insurance company in India to implement Lean methodology of service excellence in service industry

First life insurance company in India to provide various services to the agents and customers over phone

  

First Indian life insurance company to start service center at the regional level First life insurance company in India to receive ISO 9001:2000 certification First life insurance Company to be awarded CII-EXIM Bank commendation certificate for “Strong Commitment” to Excel.


Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick fund categories

  

BT Mercer – Ranked No7 in the “Best companies to Work For” Awarded the Gallup Great Work Place Award 2009 CII – Exim Bank Commendation Certificate for Business Excellence – 2008 & 2009

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Received „Best Six Sigma Project‟ award at 6th CII National Six Sigma conventions – 2009.

   

Recognized as a Super brand 2009-2010 Recipient of 2008 CIO 100 Award for technology implementation Golden Peacock Award for Innovation – 2008 Among the top 25 companies to work for in India, according to Business world 2003 „Great Workplaces of India‟

Among the top five most respected insurance companies in India as per Business world 2004 & 2006 survey

Won Indo-American Corporate Excellence Award for Best Indo-US company in Financial Services Category in 2006

Received „Best Six Sigma Project‟ award at Sakal Six Sigma Excellence Awards – 2006

Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review

 

Received the Amity Corporate Excellence Award – 2007 Received the „Outlook Money Award‟ for being “among the best new insurers in the country”.

Max New York Life bags the Asia Insurance Industry „Innovation of the Year‟ Award 2009

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BOARD OF DIRECTORS: Mr. Analjit Singh Chairman Max New York Life Insurance Mr. Anuroop (Tony) Singh Vice Chairman Max New York Life Insurance Mr. Rajesh Sud CEO & Managing Director Max New York Life Insurance Mr. Rajit Mehta Executive Director and Chief Operating Officer Max New York Life Insurance Mr. William Beaty Director Max New York Life Insurance

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Mr. Richard L. Mucci Director Max New York Life Insurance Dr. Omkar Goswami Director Max New York Life Insurance Ms. Marielle Theron Director Max New York Life Insurance Mr. Leo Puri Director Max New York Life Insurance

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Mr. Rajesh Sud CEO & Managing Director Mr. Rajit Mehta Executive Director & Chief Operating Officer Mr. Ashish Vohra Senior Director & Chief Distribution Officer Mr. Rajiv Burman Senior Director & Chief People Officer Mr. John Poole Appointed Actuary Mr. Rajiv Mathur Director – Legal & Compliance Mr. Prashant Tripathy Director - Strategic Planning, Business Development and Health & Retirement Mr. V.Viswanand Director & Head - Products and Persistency Management Ms. Anisha Motwani Director and Chief Marketing Officer

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The steps of the recruitment process are: Fallow the Criteria 12- Point System 1- Name Gathering 2- Aptitude test 3- Screening i) Initial Screening ii) Competency Based 5- Give the project like P40 6- Evaluate P40 7- Interview 8- Training 16 days 9- IRDA Test 10- Contracting with max new York life insurance.

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Criteria 12- Point System
To identify whether a candidate can be a successful Agent Advisor, We have to look for factors such as maturity of the individual. To evaluate these factors, Max New York Life has devised a 5 criteria 12- point System. The candidates are given points on the basis of 5 Criteria. The minimum points that must be awarded to a prospective candidate to be eligible to become an Agent Advisor are 9.




Below 25 1 25-35 2 Age 35-55 3 Above 55 2

2-3 lacs Annual household income 3-4 lacs Greater then 2 lacs

1 2 3

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Marital status

unmarried married

1 2

1 Under graduate 2 Education qualification Graduate 3 Post graduate

Service Self employed Background / Experience Housewife VRS/Retired Self employed(in finance sector) Total points

1 2 3 3 3 12

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Name Gathering:
The process involves gathering names of individual who can be prospective Agent Advisor. (a) Controlleble source (b) Non controllable source

Controllable Source:
Controllable Sources are the sources in which the sales manager can be proactive in gathering names of the prospective candidates. When using controllable source, sales manager need not rely on external factors to begin Name Gathering.  Centre of Influence:

COI is an individual who knows large group of people or is member of these groups.  Nominators:

Nominators are individuals who can give referrals, but with whom a sales manager has not yet developed a COI relationship.  Agent Referral Program:

Under this program an Agent Advisor refers prospective candidates. ARP also provides an additional income opportunity for Agent Advisor.

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Personal Observation: Can be defined as a face to face contact made on an impromptu basis in order to secure an appointment for an interview. These opportunities usually occur when the sales manager is in the midst of some other activity or event.

Friends and Family: Some of the friends and family members, who know his or her target markets well, may become COI.

Uncontrollable Sources:

 Newspaper advertising: Newspaper advertising can give the sales manager access to a large audience in a short time, although it could be expensive. Therefore, the sales manager should advertise in newspapers and general publications with a specific target.  Seminar: Recruiting seminars enables the sales manager to make a good impression with a wellrehearsed professional presentation. In addition to recruiting seminars, sales seminars, continuing education seminars or other group meetings can also provide opportunities to develop Nominators.

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 Campus Recruitment: In this, the sales manager visit alumni offices and graduate school department. Many colleges have placement officers to help graduates find employment. The sales manager should build relationship with business school professors. The sales manager should look for alumni who may be re-entering the job market with some sales experience.  Employment Agencies: Public employment agencies can be helpful in Name Gathering. Some employment agencies would let thee sales manager use the opportunity to access the database and would give his or her fax number to receive resume.  Internet: Using the internet, the Sales manager can get access to a great number of people and places. The following are some of the tips that a sales manager can follow while Name Gathering using the internet:  Know the relevant Web site restriction: MNYL does not allow sales manager or Agent Advisor to put up their own Web pages. In addition, advertising on the Web is limited.

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Check college sites: Many alumni associations put graduate‟s resumes on the Web. Most of these sites require an access password, which the sales manager has to get from the institution.

 Jobs Fairs: Jobs Fairs could be great sources of quality names.  Check the sponsor‟s references: There are many firms sponsoring job fairs. Therefore, the sales manager needs to verify the references of the firm, and ask for earlier MNYL participants in such events.  Use the recruiting booth: The sales manager needs to follow the procedures as specified by the sponsor.  Take another person along: The sales manager should take another sales manager, his or her colleague to ensure that he or she is flexible in attending candidates who visit the booth. He or she would be able to have more extended conversations with promising candidates, and in general would be able to accommodate more people.  Move around: The sales manager should not wait passively at his or her table. He or she needs to gets up and introduce himself/herself. The sales manager needs to visit other booths, introduce himself/herself discuss about the types of candidates the other firms are seeking.

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After gathering names, the next step is to conduct the Screening Interview. This is the first interview with the prospective candidate. The screening consists of activities: 1. Initial Screening 2. Competency Based  Initial Screening : The initial screening interview is an interview conducted with an objective to literally “screen” the prospective candidates and determine whether to continue the interview process or not.  Competency-Based : The objective of this interview is to assess the prospective candidate for desired competencies such as entrepreneurship skills and perseverance. The main objectives of this stages are to assess how the candidate rates on: the following

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Five Agent Eligibility Criteria:
1. Age 2. Annual household income 3. Marital Status 4. Education Qualification 5. Background /Experience

Reference Checks
After the screening interview, the next step is to perform the reference checks. Two types of reference checks should be performed at this stage, Professional Reference Check and Personal Reference Check.

Career Seminar And Give Project Like P40
Office head discusses the opportunities of the agent advisors and explains the training and the compensations offered and give the detail of the company. At the end of the session, the sales manager distributes the P40.

Evaluate P40
The next step is to identify if whether the prospective candidate will be able to survive in the insurance business. For this it is essential that the P40 has qualified prospects.

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Career interview here the office head explains to the prospective candidate about the opportunities of the career and motivates his or her to become an Agent Advisor. An Additional Interview can be conducted if there is a doubt about the prospective candidate. Besides the Office Head, the Associate Partner and Training Manager can also be involved in the interview.

Training And IRDA Exam
MNYL give 16 days training for agent for entrance exam that exam conducted by IRDA without given that exam you can‟t take the license of insurance sector in that training trainer gives the knowledge of their different-2 product and tell what type of document is required for purchasing the insurance policy for a candidate. After passing the IRDA exam which is on line exam co. give the separate code for the agent after that agent can do work. That code is the identity for the agent.

Contract With MNYL
After passing the IRDA exam MNYL have a contract with agent. After that co. issue a license for a agent for a certain period of time after completing that license time you have to renew that license and co. give that license for three years. And that license renew fess amount is 250 rs.

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Recruitment Funnel

New names per month Screening interview per month Competency based interview per month Career seminar per month Project-40 Career interview Agent Contracts per month

40 10 8 8 6 4 2

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Definition Of Training
Systematic development of the knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training refers to efforts that help enhance employee skills for carrying out the present job. According to Edwin B Flippo, training is the act of increasing knowledge and skills of an employee for doing a particular job.

Needs For Training

To improve the current job performance of the employees.

 To familiarize employees with the policies and procedures of the organization.  To enhance the creativity, adaptability and versatility of the employees and to facilitate learning at the work place .  To prepare employees for future job.  To change the skills, knowledge and attitudes of the employees on a permanent basis.  To help employees manage their careers.  To maintain knowledgeable work force.  To gain competitive advantage through a knowledgeable work force.

 To promote organizational growth through individual growth.

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Areas Of Training
    Company policies and procedures Human relations training Skill based training Problem solving training

Training Program Done By Max New York Life
Training is must for every individual when he enters into the organization. Even though the candidate has experience he also should get training. Why because the organization culture, values and beliefs are different from one organization to other. That‟s why the training program plays a key role in every organization.

Training program following by Max New York Life Insurance is different at various levels. Mainly in training program the company concentrates on sales managers, agents,

operations executives and tele- callers.

Training Program For Sales Managers:
   The training program duration is 15 – 20 days They get training on product knowledge. Motivating and encouraging Advisors

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Training Program For Agent 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

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 To study the recruitment and development process in MNYL.  To find out the satisfaction level for recruitment process in MYL.  To find out the satisfaction of agents regarding training.

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Research Methodology

Sampling unit- Respondents who were asked to fill out questionnaire are the sampling unit. These comprise of employees of Max New York Life Insurance.

Sample Size- Sample size was restricted to only 50.

Sampling area- Area of research was Bareilly.

Sampling method- Convenience sampling

Research tool- Questionnaire

Research design- Descriptive Research

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1. Are You Aware Of MNYL Before Joining?





60% people say yes they are aware about MNYL. 40% people say they don‟t aware about MNYL.

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60% the people say they are not satisfied with the recruitment process. While 40% the people say yes they are satisfied with the recruitment process

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3. What Kind Of Job You Prefer In Insurance?

commession based with incentive

salary based with insentive



80% of the people say they want commission based with incentive. 20% of people say they want salary based with incentive.

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4. Did You Satisfy With Training What Company Conducted Here?





25% 60%

60% People say they are highly satisfied with training program. 25% People say they are satisfied with training program. 15% People say they are dissatisfied with training program.

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Is There Any Improvement In Performance After Getting The Training?





75% people say yes they have increment in their performance. 25% people say they don‟t have any increment in their performance.

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6. In Which Areas Employee Needs Training?

skill base training

problem solveing





50% people say skill base training. 30% people say problem solving. 20% people say in both areas.

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I. II. III. IV. V. VI.

Find only 60% people are aware of MNYL before their joining. Most of the people say they are not satisfied with the recruitment process. People are satisfied with training program. Most of the people say they want commission base system with incentive. People say training plays major role in their performance. Still employees feel some improvement in training program.

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Max New York Life as an insurance company which has a very strong presence in India and is rapidly expanding its operations in India. After working on this project I feel that following are some of the ways in which the company can improve:  Increase the Awareness of the company Still the awareness about the MNYL is less than its competitors like LIC. Bajaj Allianz etc. As only few percent of the people are secured by the insurance and still there is a great opportunity to secure the people .For this the awareness about the company and its product should be increased among the people that would help them capture a place in their minds and would help the company in recruiting agent advisors. This could be done in various ways may be through advertisements in print media and televisions, hoardings and other campaigns.  Highlighting core strengths and make trust Max New York Life should try to highlight its products that would make a need be felt to general people even if they are covered by insurance. In order to do this they should highlight the core strengths of the company and its product that would help them getting more Deals as well as advisors. As company is not too old in India but its root are very deep thus company should highlight this strength and try to make trust among the people on this basis.

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 Online Trainings Is training program of 16days which is mandatory for all the candidates to attend to get the IRDA license. But what I feel this is the most difficult part to retain those candidates to attend the training program because whole day is required this. Business man, housewives and all other candidates find difficulty in it. So if the training is done on line then this problem can be solved. As they can done their training program along with their work.

 Launch the new policy As we are aware of LIC is the leader in insurance sector it have lowest premium plan but MNYL has costly plane which lower class people can‟t afford so it is important to launch new plan with low investment to capture the market in insurance sector.

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www. maxnewyorklife.com www. irdaindia.org www.ibef.org www.blogspot.com www.mapsofindia.com www.economywatch.com www.directories-today.com

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1. Are You Aware Of MNYL Before Joining? a. Yes b. No 2. Are you satisfied with recruitment process which MYLF fallow? YES NO 3. What Kind Of Job You Prefer In Insurance? Commission Based With Incentive. Salary Based With Incentive. 4. Did You Satisfy With Training What Company Conducted Here? Highly Satisfied With Training Program. Satisfied With Training Program. Dissatisfied With Training Program. 5. Is There Any Improvement In Performance After Getting The Training? Increment In Their Performance. Don‟t Have Any Increment In Their Performance 6. In Which Areas Employee Needs Training? Skill Base Training. Problem Solving. In Both Areas.

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