HUMAN RESOURCE ASSIGNMENT

Submitted To: Ms Anupriya Singh

Case study- Insurance Sector Organisation- Max New York Life

Submitted By (Group 9)
Harsh Khanna(9/10) Pulkit Ahuja(13/10) Tarandeep Kaur(15/10) Harman Singh Gracy(66/10) Sahil Vijay(82/10)

With its various Products and Riders. one of India's leading multi-business corporations. Max New York Life has identified individual agents as its primary channel of distribution. one of India s leading life insurance companies. is a joint venture between New York Life.000 crore. IT and Telecom. It has now has established a countrywide network of 172 offices and representatives across 120 cities in India. which comprises four stages screening. New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. psychometric test. Max India Limited is a multi. Max New York Life Insurance Company Ltd.TRAINING AND DEVELOPMENT AT MAX NEWYORK LIFE Introduction . there are more than 400 product combinations to choose from. which has till date sold over 1. This focus on continuousquality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers. 46. 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. Max New York Life Insurance started its operations in India in 2000. The agent advisors are trained inhouse to ensure optimal control on quality of training. The company has developed a strong corporate governance model based on defined core values of caring. career seminar and final interview. 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. Max New York offers customized products tailored to suit individual's needs. In line with its values of financial responsibility. knowledge. It has established a wide agency distribution network with 172 offices and representatives across 120 cities in India. Today. flexible product solutions and strong customer focus. Max New York life is creating a partnership for life with its customers in India. expanded its presence in the southern region by opening its first general office in the city of Mysore. The company has positioned itself on the quality platform. a Fortune 100 company and Max India Limited. has positioned itself on the quality platform. Through its wide network of highly competent life insurance agent advisors.Company profile Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. corporate tie-ups and a strong Direct Sales Team. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. The company has established additional channel with 22 bancassurance relationships. excellence . Max New York Life. Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. Max New York Life.business corporate dealing in Clinical Research. The Company places a lot of emphasis on its selection process.53 million policies and recorded a sum assured of over Rs.

Their Mission at Max New York Life To Become one of the top quartile life insurance companies in India and a national player. a permanent home. Their Vision at Max New York Life Vision statement is"Most Admired Life Insurance Company in India". An ever expanding presence of Max New York Life offices across India reinforces our commitment to serving the nation. SOS Children's Villages of India is internationally recognized for its work in giving underprivileged children a wholesome life. who are widely considered the best in the business. To become brand of first choice . Max New York Life. As life insurance specialists. education and strong foundation for an independent life. by providing them with a family. he added. Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. 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. Its strategy is to establish itself as a trusted life insurance specialist on the bedrock of quality of advice. Children are at the very heart of Max New York Life's strategy. caring. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.300 agent advisors. To achieve this the company will draw on New York Life's demonstrated competence in developing and managing a superior personal sales network. . Max New York Life has been instrumental in changing the paradigm of life insurance in India. a merit oriented and equal opportunities employer.and honesty. In line with its vision to be the most admired life insurance company in India. an employer of choice and the principal of choice for agents. it has developed a strong corporate governance model based on the core values of excellence. through sound quality advice offered by our agent advisors and a right mix of product offerings. For the last 46 years consecutively." It's mission ties in with Max New York Life's philosophy of helping people secure the future of their near and dear ones. The company has over 25. both for the short and long-term. The MDRT is the industry's most prestigious organization comprising the world's most successful insurance agents. integrity and teamwork. the largest number of agents qualifying for membership to the Million Dollar Round Table (MDRT) have been from New York Life. knowledge. It is the first life insurance company in India to introduce cause related marketing. honesty. is looking for a few good men and women who will spearhead the effort to realize their vision. The mission of SOS is "to help orphaned and abandoned children. Max New York Life will continue to help consumers make the right choices to meet their financial goals.

Honesty "Is the heart of the Life Insurance business. Transparency. Max New York Life is focused on the Life Insurance business. personalized. Dependability and Integrity will form the cornerstones of the Max New York Life experience.Max New York Life Values and Beliefs Excellence "In every aspect of work." Caring "For the customer." Culture Their "in house culture recipe" has some of the finest ingredients going into its making. Max New York believes that above all. Max New York Life is focused on achieving the highest standards of quality in every aspect of their business". Life Insurance is based on trust. Training refers . Perfectly combining global expertise with local knowledge. Max New York Life is the Indian Life Insurance specialist. Some of the 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 Training and Development at Max New York Life What calls for Training? Training has been defined as the systematic development of the knowledge. 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." Knowledge "Is what makes experts. humane and empathetic. Ranging from the in-house training institute to the detailed Personal Insurance Plan. skills and attitudes required by an individual to perform adequately a given task or job.

Training would also help in enhancing the creativity. By helping leaders understand and address their employees' requirements. and validating the results. training is the act of increasing knowledge and skills of an employee for doing a particular job.'' while more experienced managers refresh their commitment to teaching and coaching their team members. Without solid methods. Leadership Training for Success All managers need methods. Accordingly. thereby facilitating learning at workplace and preparing employees for future jobs. Leaders need to know the most effective techniques for guiding teams. In all. This training program provides healthy perspectives for managers at all levels. Team Leadership Workshop provides managers with proven techniques for effective personnel management. Participants receive a step-by-step plan for guiding each employee toward success. A Results-Oriented Training Program Team Leadership Workshop provides proven methods and procedures for successful people management. Needs for training were identified to be improving the current job performance of existing employees and to familiarise them with the policies and procedures of the organisation. mentoring leadership is essential to employee morale. rather than the employees' needs. According to Edwin B Flippo. Merits to training would infact lead to changing skills.. adaptability and versatility of employees. They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success. In which areas to provide Training ? Company policies and procedures Human relations training Skill based training Problem solving training Onsite Workshops for Leadership Team : Employees need more than bosses. productivity. training would enable the organisation to gain competitive advantage through a knowledgeable workforce and promote organisational growth through individual growth. Committed. knowledge and attitudes of employees on a permanent basis. making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members. This workshop includes elements of Frank Whyte's nationally respected Team Building Workshops expanding upon this foundation to help leaders: .. mentoring individuals. this interactive seminar offers significant benefit to managers at all levels. New supervisors gain a solid grounding in the concept of ''leadership. managers will resist the use of a one-size-fits-all approach to leadership that reflects the leader's personality. and retention.to efforts that help enhance employee skills for carrying out the present job.

Required skills for employees in Max New York Life Insurance: Interpersonal skills Excellent communication skills Understanding nature Aggressiveness Convincing skills Ability to motivate others Willingness to learn . Training program following by Max New York Life Insurance is different at various levels. Why. Training in product information and documentation Renewals to be informed periodically. operations executives and telecallers. colleagues. Motivating and encouraging Advisors. To develop competent and committed employees by mentoring and guiding them towards their success. because an organization s culture. Even though the candidate has experience but he must as well get training. and subordinates. Convincing people. Training program for operations executives: Training on customer database files. Training program for Advisors: The training program duration is 15 20 days. Training Program adopted by Max New York Life Training is a must for every individual when he enters into an organization. So training is essential when it comes to a long term skill development of an individual. Training program for sales managers: The training program duration is 15 20 days Training on product knowledge. values and beliefs differ from one another. agents. Mainly in training program the company concentrates on sales managers. Use practiced real-world scenarios to resolve challenges and to remove barriers. Objection Handling.To recognize each employee's personality preferences and supervisory needs. Training on product knowledge. To align their leadership styles with those of their bosses.

It enabled employees to secure promotions easily by realising their career goals comfortably.then it is extremely important that the person should have a knowledge of how the premium should calculated etc. Product promotion strategies should be improved and the company must act keeping in mind the present competition and evolving customer needs. marketing executives and new advisors. training program plays a key role in individual as well as organizational performance. social and technological change. However. Accordingly it was advisable that there be efficient and elaborate information systems. It was found that. but also handled their jobs with confidence leading to greater contribution and higher productivity. but after the remaining part of the work had been delegated to the operations executives and telecallers. greater job satisfaction with lower employee turnover and with that. training not only makes employees work more efficiently but also made them more loyal to the organisation. When a telecaller calls a customer for a renewal premium. . without sufficient knowledge these people could not have worked well. every organization needs the services of trained persons for performing the activities in the systemic way. for this employers are responsible to providing opportunities for continued learning. Products are now increasingly knowledge-intensive. These majorly hovered around creating awareness. To cope with the challengesand competitiveness in the world. training helps people to learn how to do the things differently or to the different things. Advisors had the task of completing the deals. Not only were the employees able to avoid mistakes. had training and development not been introduced. but also highlighted several areas which would have remained out of visibility . So. about products and services among advisors/agents. Conclusion In this Knowledge-based economy. enhanced abilities to cope up with organisational. The company also needs to reduce its mortality and administration charges and fous upon giving periodic training. ie.Study of the effectiveness of training and development at Max New York Life showed that only advisors have more knowledge than the telecallers. Recommendations T&D exercise at Max New York Life not only contributed to employee satisfaction and organisational growth.

Master your semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master your semester with Scribd & The New York Times

Cancel anytime.