Report of Summer Training Conducted

at
MAX LIFE INSURANCE COMPANY LIMITED
Titled
“Channel Development at Max Life Insurance”

Submitted in partial fulfillment of the requirements

for the award of the degree of

Master of Business Administration (MBA)

Guide: Submitted
by:
Mrs.DEEPSHIKHA KRITIKA
UPADHYAY
Roll No:-
02235103918

Guru Gobind Singh Indraprastha University, Delhi

Management Education and Research Institute
 53-54 Institutional Area JanakPuri
New Delhi-110058
Batch 2018-20

ACKNOWLEDGEMENT

It gives me immense pleasure, having done a project on an interesting and

knowledgeable topic like “Channel development at Max Life”.
This project has not only widened my horizon as far as acad
e m i c s   a r e concerned but also helped me to enlarge my knowledge bank.
Marketing Management and Finance are not topics, which could be
handled w i t h c e r t a i n a m o u n t of c a s u a l t y . I t r e q u i r e s a d e e p s t u d y
a n d h a r d w o r k , which is key to success. There are many people associated with
this project without which this project would not have been possible. I thank my
Institute who has given me an opportunity to show my skills. I also thank
all my nearer and dearer ones without whose support this project would not been
possible. I would like to thank
Mr. Uma Shankar, the branch manager who allowed me to do this project in
Max New York Life successfully.

KRITIKA UPADHYAY
MBA (FINANCE & MARKETING)
02235103918
 DECLARATION
I hereby declare that the project report entitled “Channel Development at
Max Life” submitted in partial fulfilment of the requirements for the degree
of the Masters of Business Administration is my original work and not
submitted for the award of any other degree, diploma, fellowship or any
other similar title or prizes. I would like to categorically mention that all the
information has been collected, analysed and known for the project is
entirely the authentic possession of mine.

KRITIKA UPADHYAY
MBA (Finance & Marketing)
02235103918
 CONTENTS

S No Topic Page No

1 Certificate 2

2 Acknowledgement 3

3 Declaration 4

4 Chapter 1 Profile of the company 5

5 Chapter 2 Objectives of the Study 16

6 Chapter 3 Data Collection and Presentation 23

7 Chapter 4 Summary and Conclusion 36

 Chapter-1
Profile of the Company
 MAX LIFE INSURANCE COMPANY

1. Introduction

Max Life Insurance Company Ltd. is a joint venture between Max India Ltd. and Mitsui
Sumitomo Insurance Co. Ltd. Max India ltd. is a Max India is a leading Indian multi-business
corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is
amongst the top general insurers in the world. The company has positioned itself on the quality
platform. It has developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself
as a trusted life insurance specialist through a quality approach to business. In line with its values
of financial responsibility, Max Life has adopted prudent financial practices to ensure safety of
policyholder's funds. The Company has been one of the fastest growing life insurance companies
with Gross Written Premium of Rs. 7,279 crore and Shareholders Profit After Tax of Rs. 436
crore for the Financial Year 2017-18. Max New York Life has identified individual agents as its
primary channel of distribution

Company Details

PARTICULARS DETAILS
Name of the Company MAX LIFE INSURANCE COMPANY LIMITED.
Address Ground Floor, A1/172, Chhatrapati Shivaji Marg,
Near Metro Pillar No. 614, JanakPuri, New Delhi-
110058
Telephone No +91 11 4563 2800
Website www.maxlifeinsurance.com
 Type of Company National
Corporate Office Max Life Insurance Co. Ltd., 11th DLF Square
Building, Jacaranda Marg, DLF City Phase II,
Gurgaon (Haryana) – 122002.
Registered Office Max House, 1 Dr. Jha Marg, Okhla, New Delhi -
110020.
Business Locations over 310 offices across 216 locations in the country

E-Mail online@maxlifeinsurance.com.

2. Nature of the Company

Max Life Insurance Company Limited provides life insurance products in India. The company
offers a range of participating, non-participating, and linked products covering life insurance,
pension, and health benefits. The company provides individual and group life insurance products
consisting of protection, child, retirement, growth, savings, and group plans. Max Life Insurance
Company Limited distributes its products through individual agents, corporate agents, banks,
brokers, and other channels. The company was formerly known as Max New York Life
Insurance Company Limited and changed its name to Max Life Insurance Company Limited in
July 2012. The company was founded in 2000 and is headquartered in New Delhi, India. Max
New York Life Insurance Company Limited is a subsidiary of Max India Limited.

MAX LIFE INSURANCE Company has been one of the fastest growing life insurance
companies with Gross Written Premium of Rs. 7,279 crore and Shareholders Profit After Tax of
Rs. 436 crore for the Financial Year 2017-18.
In the financial year 2017-18 Max Life Insurance ranked fourth among private life insurers with
a market share of 10.3%.
3. Company’s Vision and Mission
VISION
To become the most admired life insurance Company of India.

MISSION
To 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 the Choice.
Become principal of choice for agents.
 Product Range of the Company
Insurance has a range of Life Insurance plans that help you fulfill your various needs - be it
financial protection of your family, planning for your child’s education, saving for retirement or
just growing your wealth In case you are not sure about the plan that suits you needs, feel free to
use our Life Insurance Plan Finder.

 Online term Plan

Secure the future of your loved ones from the uncertainties of life.
Our Online Term Plan will help you protect your family and will take care of their financial
needs in your absence. These are:
 Basic Life Cover
 Life Cover + Monthly Income
 Life Cover + Increasing Monthly Income
  Protection Plans

Life is full of surprises. Unexpected events that strike without warning can disrupt the
smooth rhythm of life. We must be prepared at all times. The primary earning member
needs to make sure that his family is never lacking in anything even if he is taken away
from them forever. In double income families, both spouses should get adequate life covers
especially if there are dependent children involved. There are plans that guarantee
maximum protection at a low cost. These are:
 Max Life Super Term Plan
 Max Life Premium Return Protection Plan

3. Child Plan
 The parenting may be perfect but is the planning adequate? We all thinking beyond the
immediate to the future, about higher education and professional courses, in India and
abroad. Many children are keen to pursue unconventional careers. Are parents in tune with
their aspirations and passions? Parents would never let money come in the way of their
children and the fulfillment of their true potential. There are plans will help build the
corpus that allows your children to dream big and soar high. These are:
 Max Life Shiksha Plus Super Plan

4. Retirement Plans

A person never misses his salary cheque or be constrained by rising inflation. Even as he works
hard to make a better today, it is up to him to create a superior tomorrow. If one wants to sustain
his current lifestyle even after he stops working, he should make that money works for him. The
retirement Plans will keep one comfortable and content, and let him live the life he deserves.
These are:
 Max Life Forever Young Pension Plan
 Max Life Guaranteed Lifetime Income Plan
  Max Life Perfect Partner Super

 Growth Plans

Your investments need a product that helps you achieve your goals, by providing you with
portfolio strategies and multiple Fund options.
Presenting Max Life insurance growth plans, a product that helps you in planning your finances
better so that your future years are the best years of your life. A product that helps you in
planning your finances better by balancing the equity and debt exposure automatically so that
your future years are the best years of your life.

6. Savings Plans

Life’s always meant to be a happy journey. However, it can soon turn into a struggle if we
fail to plan our finances in advance. As the rate of inflation goes up, it could very well be a
spoke in the wheel by eroding your purchasing power and making the ride less comfortable
for you and your family. These are:
  Max life guaranteed income plans
 Max life whole life super
 Max life gain premium

7. GROUP PLANS

People are the most valuable asset of any organization. Organizations have to innovate
newer forms of compensation to retain talented employees. Pay and perks are all very fine
but an organization needs to show employees that it cares. Ensuring the financial wellbeing
of employees and their families will earn an organization their enduring trust and loyalty.
The Group Plans offer a three-in-one advantage, as they are a powerful tool for motivation,
reward and retention, in these times of high attrition. These are:
 Max Life Group Gratuity Premier Plan

 Size of the Organization

4.1 In terms of Manpower:

Max life Insurance manpower is approximately around 52000 and every year new recruitments
takes place and each year the manpower is different. As on march 2014 the agent advisors are
43,505 and employees are 8,398.

4.2 In terms of Turnover:

In Financial Year 2017-18, MAX LIFE INSURANCE company achieved gross premium of Rs.
7,279 crore, recording an increase of 10% over the previous financial year. Renewal premium
income has grown by 6% to Rs. 5,017 crores.

5. Organization Structure of the Company

 Mr. Analjit Singh Chairman, Max Life Insurance Co. Ltd.

 Mr. Anuroop (Tony) Singh
 Mr. Rahul Khosla
 Mr. Rajesh Sud CEO and Managing Director, Max Life Insurance Co.
Ltd.
 Mr. Rajit Mehta
 Ms. Marielle Theron
 Mr. John Poole
 Mr. Rajesh Khanna
 Mr. K. Narasimha Murthy
 Mr. D.K. Mittal
 Mr. Toshinari TOKOI
 Mr. Hideaki NOMURA
Vice Chairman, Max Life Insurance Co. Ltd.
Director Max Life Insurance Co. Ltd.
Director Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.
Director, Max Life Insurance Co. Ltd.

6. Market Share and Position of the Company

6.1 MARKET SHARE

In the financial year 2017-18 Max Life Insurance ranked fourth among private life insurers with
a market share of 3%. The Company has been one of the fastest growing life insurance
companies with Gross Written Premium of Rs. 7,279 crore and Shareholders Profit After Tax of
Rs. 436 crore for the Financial Year 2017-18. The Company's share capital of Rs. 2,127 crore
with a solvency margin of 485% is indicative of its financial strength and stability. As on 31st
March 2017, Max Life Insurance had assets under management of Rs. 24,716 crore.

7 POSITIONING
The top 10 insurance companies in India have left their indelible mark on the industry with their
sheer presence, growth as well as pioneering services, range of products, and overall financial
achievements. Many of these companies have also attained top positions in the industry thanks to
their efforts at workforce development and contribution to the Indian insurance industry in
general.

List of Top 10 Life Insurance Companies in India :

Name of the Company

 Life Insurance Corporation of India (LIC)
 ICICI Prudential Life Insurance
 SBI Life Insurance Company Limited
 Bajaj Allianz Life Insurance
 Reliance Life Insurance Company (RLIC)
 HDFC Standard Life Insurance
 Birla Sun Life Insurance Company Limited (BSLI)
 Max Life Insurance Co. Ltd
 Tata AIG Life Insurance
 Kotak Life Insurance

8. Present Leadership
8.1 Mr. Analjit Singh, Chairman

Mr Analjit Singh the Founder & Chairman of Max India Limited

and its subsidiaries Max Life Insurance Company Limited; Max Healthcare Institute Limited
and Max Bupa Health Insurance Company Limited. He has been the driving force behind the
Max
India Group's sustained growth and success since the mid 80's.
A self-made entrepreneur, Mr Analjit Singh has been leading

the charge of reinventing and restructuring the Max India Group with a vision to be amongst
India's most admired companies for Service Excellence.
8.2 Mr. Anuroop (Tony) Singh, Vice chairman

Mr. Anuroop (Tony) Singh is an experienced business leader and

an independent member on the Board of several leading companies. He has more than three
decades of executive experience in
the financial services sector, including two decades as a
Chief Executive for various businesses. His experience of setting up
new businesses from inception and turning around
existing businesses, together with his ability to converge
business and social dimensions, make him an ideal independent
voice on the Boards of quality-oriented and socially-responsible organizations. His emphasis on
principles and core values-based operations has helped build many successful organizations. He
also mentors &
advises entrepreneurs and non-profits due to his keen interest in holistic and sustainable living.

8.3 Mr. Rajesh Sud, CEO and Managing Director

Mr. Rajesh Sud was appointed CEO and Managing Director

with effect from November 1, 2008 of Max Life Insurance,
which started operations in 2001 when the insurance sector
was opened to private participation. A founder team
member, Rajesh was amongst the first few management
team members to join Max Life Insurance.
He leads the company towards achieving its vision of being the most admired life insurance
company in the country.

The people with whom I have interacted during my internship are as follows:

S.NO DEPARTMENT DESIGNATION

1 Human Resources Senior Manager, Assistant Manager,

2 Operations
3 Sales
4 Administration
5 IT
Trainee
Senior Manager, Assistant Manager,
Executive
Executive Vice President, Associate
Vice President, Territory Manager,
Division Manager, Sales Head, Senior
Team Leader, Relationship Manager,
Unit Head
Unit Head
Desktop Support Engineer, Unit Head

9. Sources of Data Collection

The data collected was from secondary data which is stated below:

 Primary sources: Inviting clients to the Max Life Branch and knowing their views and
opinions about the company and also estimating the penetration and awareness of
insurance through the interaction.

 Secondary Sources: Various sites were visited to read on importance of recruitment and
selection on job productivity. Each type of data was collected from the company manual,
company website, annual report 2017-2018 of the company.
 Chapter-2
Objectives of the Study

The main objective of doing this project is to the employee attitude. During this
student internship program period, we have to achieve something which is helpful
to the development of ourselves and some value addition to the company. Getting
more to the company because of recruitment and selection program is the main
objective. It gives us good exposure of ourselves and creating good impressions.
Customer and potential agent’s perceptions about insurance as a product category

To study the selection process of financial advisors at Max Life Insurance.

To study the new employee orientation at Max Life Insurance.

SWOT Analysis of MAX LIFE INSURANCE COMPANY LIMITED

BEST PRACTICES/ USPs of Max Life Insurance

 Financial strength and stability

Max Life’s focus on fundamentals and efforts to differentiate in the market place based on its
advice based sales, diversified distribution architecture and comprehensive product portfolio
helped achieve a financial strength and stability. The company achieved profitable growth even
in a tough year for the industry.
 Claims Promise
Life insurance is, in the ultimate analysis, a business of paying claims and supporting the
customer's family when they need us the most. To be true to our promise to policyholders, Max
Life Insurance has set up an effective claims settlement process, making it simple, quick and
hassle-free. This is especially important because claimants, who are dealing with an unplanned
incidence such as loss of some loved one, need our reassurance and support, not the pressures of
complicated follow-ups.
 Differentiated/unique product offering
At Max Life Insurance, we understand that people have differentiated needs even when it comes
to protection. Therefore, offering only a lump sum as sum assured on the unfortunate demise of
the bread winner of the family can never be the definitive answer to securing their family’s
future. That is why we have designed a one-of-its-kind term plan that gives three distinct death
benefit options to choose from.
 Lumpsum -Sum Assured
A protection solution for your loved ones at an affordable price
100% Sum assured as lump sum on demise of the life insured
 Sum Assured + Level Monthly Income
A protection solution to take care of any liability and provide a steady income to
family
100% Sum assured as lumpsum on death + Tax free monthly income for 10 years
 Sum Assured + Increasing Monthly Income
A protection solution to handle multiple liabilities and take care of increasing living
costs and expenses
100% Sum assured as lumpsum on demise of the life insured + Tax free monthly
income for 10 years. This income increases every year at 10% simple rate of interest

 Service Excellence
 Treating Customers Fairly (TCF) remains the bedrock of all customer centric initiatives at Max
Life Insurance. In keeping with this philosophy, our constant focus is on enhancing the
experience of our customers through continuous improvement in processes. We extend
thoughtful service at all touch points and believe in long-term customer relationship. As a result
of our efforts, we now have the lowest customer complaints incidence rate in the industry at 0.20
per thousand as on March 31, 2013. We have pledged a ‘Service Promise’ that entails
• 20 second call pickup
• 4 hours query acknowledgement
• 24 hours resolution of queries**
• Free premium cheque pickup in 20 cities within 24-hours.

5. Strong Corporate Governance

Max Life Insurance believes that a strong system of corporate governance is essential to help the
business run smoothly and aid effective decision making in order to support the achievement of
the Company’s objective.
Further, it always believed that able leadership and strong corporate governance systems play a
critical role in the ability of Company to effectively focus, develop and create value for the
enterprises.
We remain committed to excellence in Corporate Governance and recognize that it is a driver of
value driven leadership and high standards of accountability, transparency and ethics across the
Company.

6. Awards & Recognition

At Max Life Insurance, with each award and accolade received over the years, Max life
insurance have renewed our promise of providing the best quality of products and services to our
customers. Some of the awards and recognition rewarded to us:

 Recognised amongst the top 100 companies 'India's Best Companies to Work for
2013' a survey by Great Place To Work® Institute
 Selected as Superbrand of the Year 2013-14
 Max Life Insurance won the 6th National Conference & Competition on Six Sigma,
2012, held by the Confederation of Indian Industry (CII) for the Green Belt project
"Power of Speed - Settlement of Claims within 10 days". Overall, 24 project
presentations were made by manufacturing and service sector companies that included
HCL, Wipro, Times of India, 3M India & QuEST Global from service sector
  Awarded the 6th AIMIA Loyalty Award in the category 'Financials - Non Banking
Financial Services Sector'. AIMIA is a global leader in loyalty management and the
loyalty awards recognize excellence innovation and best practice in customer loyalty. The
selection criteria included a Voice of Customer study in addition to submissions by the
organisations
 Silver EFFIE Award in 2012, for the 'Aapke Sachche Advisor' campaign. Organized by
The Advertising Club Bombay in India, the EFFIEs have become the gold standard in
measuring marketing and communication effectiveness in India
 QCI DL Shah Awards for Best Six Sigma Project on economics of Quality - 2012
 Outlook Money survey: Recognised as the only company to have funds among the top
quartile in all funds category
 CII National Six Sigma recognition for Best Six Sigma Project – 2009 at the CIO 100
Technology Awards 2008 – 2011
 Golden Peacock Award for Excellence in Product Innovation for Max Vijay

Variations in classroom study and practical exposure of corporate culture

During my summer internship I found huge differences in the classroom study and the real
practical exposure. I learned how to apply theoretical knowledge and principles, facts into
practice of various concepts of finance, HR, IT, accounts, operations, marketing, etc. such as:-

 How to invite candidates for interview.

 How to take preliminary interviews.
 Maintaining employees data regarding joinings and approval, ESI,
resignations in different software.
 How to login the policies in the system.
 Various HR models practically applied for entry and exits.
 Code of conduct of employees.
 CHAPTER 3
DATA COLLECTION AND PRESENTATION
1. SOURCES OF DATA COLLECTION

Before an organization actively begins to select applicants it should consider the

mostly likely source of the type of employee it needs. Some companies try
t o develop new sources while most try to tackle the existing sources they have. These sources
accordingly may be termed as internal and external.

Internal Sources –This is one of the important sources of recruitment. The employees
already w o r k i n g i n t h e o r g a n i z a t i o n m a y b e m o r e s u i t a b l e f o r h i g h e r
j o b s t h a n t h o s e recruited outside. Internal sources consist of the following :

 Employee Referrals : In an organization with a large number of

e m p l o y e e s r e f e r r a l s c a n provide quite a large pool of potential organizational
members.

 Former Employees :T h e s e a r e a n o t h e r i n t e r n a l s o u r c e o f
r e c r u i t m e n t . S o m e r e t i r e d employees may be willing to come back to
work.

 P r e v i o u s E m p l o y e e s : Those who have previously applied for jobs can be

contacted by mail.

External sources - Data was collected from books, magazines, web sites, social networking
sites, going through the records of the organisation, etc. It is the data which has been collected by
individual or someone else for the purpose of selection of financial advisors. Or in other words
we can say that secondary data is the data used previously for the analysis and the results are
undertaken for the next process.

2. BASIC SELECTION CRIETERIA IN MAX LIFE INSURANCE CO. LTD.

The selection process of the firm is very tuff, & there are various parameters that to select a
candidate. The company uses 9 point criteria to select the candidates. These are based on various
factors such as age, sex, experience, maturity, etc.
From this model the company judges a prospective person. The company follows unique
eligibility criteria for Agent Advisors selection by which company is able is to always justify its
mission. The basic objective of having an eligibility model for selection is to have good retention
and greater effectiveness in the delivery of service.

According to this department when a candidate is selected he is not just an agent or an advisor,
He is called as a “Financial Advisor”. He/she once done is a vital asset for the company.
1. 25 plus years of age: This age shows attainment of maturity and responsibility. People are
more consistent in this age. A person is said to be mature at this point of age.

2. Married: Married people have more eager to earn money. Family pressures increase
responsibility and secondly customers are convinced more by the stability of a married Agent
Advisor.

3. Staying in the same city for more than 5 years: Person who stays more than 5 year has huge
natural market which helps him to get more business in short period. It also affects because
he/she may have a huge social group in the city.

4. 12th pass: 12th pass people have basic skills like communication skills, numerical ability, I.P
relation, convincing abilities etc. so it is easy to teach them further.

5. Financial stability: Max life insurance is focuses on classes and not on masses thus they
select strong agent advisors.

6. Greed for money: Firm selects advisors who understand the language of commission.
Because people who want fix amount as their earnings are not suitable for this business.

7. Independent: Max life insurance select people who want to be entrepreneur. Housewives or
brokers who want flexible hours for work are prospective person for this business.

8. Persuasion: He should be persuasive in nature because the Agent Advisor needs to follow up
on regular basis with prospective and new clients without being a nuisance value.

9. Excellent interpersonal skills: Because developing and maintaining good relations can get
policies. Secondly since most of the insurance companies provide similar products, sales depend
on the convincing ability of the Agent Advisor.
  DESIRABLE CANDIDATES

1) Housewives.
2) Employees having VRS.
3) CA’s.
4) Mutual Fund Brokers.
5) NSC brokers.
6) Tax Consultants.
7) Businessman.
8) Doctors.
9) Travel agents.
10) Lawyers.
11) Diamond merchants
12) Social workers.

4. SELECTION PROCESS OF FINANCIAL ADVISORS IN MAX LIFE

INSURANCE
Becoming an agent with MAX LIFE is a systematic process, which includes 4 steps. Take a
look:
Step 1: Screening interview
This is the first step. Here, we have a simple interaction to find out more about the person. More
than an interview, it is a getting to know each other exercise.

Step 2: Career seminar

In the second step, we discuss and make you conversant with the complete agent value
proposition. Step by step, we introduce you to your role and profile of a Max Life insurance
agent.

Step 3: Project evaluation and compensation review

At this stage, we help you decide whether insurance is the right career option for you. We
explain you our sales process, with the targets and other details and show you the clear picture of
our expectations.

Step 4: Career interview

The final step, this is the actual personal and final interview. After this step, you are just one step
away from a career full of opportunities in the insurance arena.

TRAINING
If we just talk about a company which has more than 2, 00,000 employees just as agents,
How big & tough is it going to be to design a training program for the firm?

A company that has more than 30 insurance plans & 8 riders, which customize & give more than
400 products, how is the training going to be?

The answer is simple the company has a very well planned & Established training
program that meets the requirement of each & every individual, that make the firm a strong &
powerful insurance company. A person who would like to join the company as an agent goes
 under several training programs that go on for about a week, when an agent is on his job. The
training sessions are both off job & on job training, which gives the best Agent Advisors to the
Industry.

We completely know that Max life does not have shops or agencies that sell insurance. The
company basically operates through its Head Office in New Delhi & other Regional offices
across India. Hence accordingly, the best & only way of company selling Insurance is by
appointing agents and according to the above listed programs it become difficult to train the
employees. Hence the company has various training programs that help the employees to get the
best for the company Every new candidate that joins Max life goes through a 1 week induction
training. This training Program is called the NEO i.e. New Employee Orientation.

1. NEW EMPLOYEES ORIENTATION (NEO)

The NEO program is conducted for all the new joinees of MAX. It is basically a 1 week
program which includes

Day 1- as HR Session,

Day 2 - Quality and Personality Development,

Day 3- Products and Riders of MAX (Insurance Plans sold by MAX)

Day 4- Insurance Concepts

Day 5&6- Functional training, a SPOC from all departments come and deliver a session
on how their respective department works
Day 7- System Training, i.e. to make them aware of MAX core and satellite systems.

The other Training programs carried out by the company are

HR Training –HR Training takes care of your MDP's - Management Development Program. It
also takes care of the Behavioral concepts of training.
Agency Training- Agency Training takes care of training for Sales Manager and Agents. A
department or well qualified & managed trainers are in charge of training the Agents regarding
the products & day to day conducts of job.

System Training- Systems Training takes care of training on Max Life's Core and support
system

Operations Training-Operations Training takes care of NEO - New Employee Orientation

program.

2. INPUTS IN TRAINING
Any training and programme must contain inputs which enable the participants to
gain skills, learn theoretical concepts and help acquire vision to look into the distant
future. The inputs of training and development are as follows:

1) Skills
2) Education
3) Development
4) Ethics
5) Attitudinal Changes
6) Decision making and problem solving skills
1) Skills
Training is imparting skills to the employees. A worker needs skills to operate machines,
and use other equipments with least damage and scrap. This is basic skills without
which the operator will not function. There is also a need of motor skills or psychomotor
skills as they are refer to performance of specific physical activities. These skills involve
learning to move various parts of their body in response to certain external and internal
stimuli. Employees particularly like supervisors and executives, need interpersonal skills
mostly know as people skills. These skills helps a person understand oneself and others
better and act accordingly. Examples of interpersonal skills include listening.
Persuading and showing an understanding of others feelings.

2) Education
The purpose of education is to teach theoretical concepts and develop a sense of
reasoning and judgment. That any training and development program must contain an
element of education is well understood by the HR specialist.

In fact, sometimes, organizations depute or encourage employees to do courses

on a part time basis. Chief executive officers (CEO’s) are known to attend refresher
course conducted in many Business schools. The late Manu Chabria, CMD, Shaw
Wallace, attended such a two month programme at the Harvard business school.
Education is more important for managers and executives than for lower - cadre
workers.

3) Development

Another component of a training and programme is development which is less skill –

oriented but stress on knowledge. Knowledge about business environment,
management principles and techniques, human relations, specific industry analysis and
the like is useful for better management of a company. Development programme should
help an employee to be a self-starter, build sense of commitment, motivation, which
should again helps him being self generating. It should make their performance result
oriented and help them in being more efficient and effective. It should also help in
making the employee sensitive towards the environment that is his work place and
outside. This programme should keep the employee aware of him i.e. his potentials and
his limitations. Help him see himself as others see him and accept his self image as a
prelude to change. It helps teach an individual to communicate without filters, to see
and feel points of view different from their own. Also helps them understand the powers
in their hands and thereby develop leadership styles which inspire and motivate others.
And finally helps install a zest for excellence, a divine discontent, a nagging
dissatisfaction with the status quo.

4) Ethics

There is a need for imparting greater ethical orientation to a training and development
programme. There is no denial of the fact that ethics are largely ignored in businesses.
They are less seen and talked about in the personnel function this does not mean that
the HR manager is absolved if the responsibility. If the production, finance or marketing
personnel indulge in unethical practices the fault rest on the HR manager. It is his/her
duty to enlighten all the employees in the organization about the need for ethical
behavior.

5) Attitudinal Changes

Attitudinal represents feelings and beliefs an individual towards others. Attitudes affect
motivation, satisfaction and job commitment. Negative attitudes needs to be converted
into positive attitudes. Changing negative attitudes is difficult because of

(1) Employees refuse to change

(2) They have prior commitments and
(3) Information needed to change attitudes may not be sufficient.
Attitude must be changed so that the employee feels committed to the organization and
give better performance.

6) Decision making and problem solving skills

Decision making and problem solving skill focus on methods and techniques for making
organizational decision and solve work related problems. Learning related to decision
making and problem solving skills seeks to improve trainee’s abilities to define and
structure problems, collect and analysis information, generate alternatives. Training of
this type is typically provided to potential managers, supervisors and professionals.

3. IMPORTANCE OF TRAINING

There are many benefits of Training and to the organization as well as employee. We
have categorized as under:

1. Benefits for the organization

2. Benefits for the individual

3. Benefits for personnel and human relation, intra group and internal group relation and
policy implementation.
1) Benefits for the organization

a) Improves communication between group and individuals.

b) Aid in orientation of new employee and those taking new job through transfer or
promotion.

c) Provides information on equal opportunities and affirmative action.

d) Provides information on other government laws and administration policies.

e) Improve interpersonal skills.

f) Makes organizational policies, rules and regulations viable.

g) Builds cohesiveness in group.

h) Provides a good climate for learning, growth and coordination.

i) Makes the organization a better place to work and live.

2) Benefits for the individual

a) Helps and individual in making better decision and effective problem solving.

b) Through training and development, motivational variables of recognition

achievement, growth, responsibility and advancement are internalized and
operationalised.

c) Aid in encouraging and achieving self–development and self confidence.

d) Helps a person handle stress, tension, frustration and conflict.

e) Provides information for improving leadership, knowledge, communication skills and

attitudes.

f) Increases job satisfaction and recognition.

g) Moves a person towards personal goals while improving interactive skills.

h) Satisfies personal needs of a trainee.

i) Provides the trainee an avenue for growth in his or her future.

j) Develops a sense of learning.

k) Helps eliminate fear in attempting new task.

l) Helps a person improve his listening skill, speaking skills also with his writing skills.

3) Benefits for personnel and human relation, intra group and internal group relation and
policy implementation.

a) Improves communication between group and individuals.

b) Aid in orientation of new employee and those taking new job through transfer or
promotion.

c) Provides information on equal opportunities and affirmative action.

d) Provides information on other government laws and administration policies.

e) Improve interpersonal skills.

f) Makes organizational policies, rules and regulations viable.

g) Builds cohesiveness in group.

h) Provides a good climate for learning, growth and coordination.

 Makes the organization a better place to work and live.

 DESIGNING A TRAINING PROGRAM IN MAX LIFE

1) Training Need Analysis:-
A huge & tremendous work for any candidate/employee, who would be studding the entire
training process/program of Max life. Since the Company is into so many types of training & it
makes sure that every candidate goes through each of the above mentioned training programs.

IF we go through the Agency Program, we can find various types of training programs that help
the candidate to reach to the position of an Agent Advisor. But somehow if we go through deeply
we can see that a candidate can be selected if he is just “12 th” Pass, not even a graduate, some
places house wives are also preferred.

2) Develop Training Objectives:-

According to the new training program that has to be added there is only one clear objective, i.e.
“To make sure that the candidate makes a good impression in the eyes of the client”

IF the candidate presents him well & speaks a professional language, any client would be
impressed & he/she would refer to or more clients for the company. In any way it would be word
to word promotions, an indirect way of advertising, hence cost cutting & benefit to the company.

3) Review Available Training Methods:-

There are many ways to train a candidate for an English speaking course. Few available options
could be classroom session, book reading, audio- vision, live cases of improvement from the past
experiences.

At the end of the session a candidate must know what he has learnt & how he should go about it.
Some easy learning & humor cases are to be remembered for a longer duration; hence such
incidences could be included.

4) Design or Select Training Methods:-

For making it easier to the candidates I would use the class room session & it would be an off-
job training method. Reading Material would be provided & with the use of live cases & audio-
vision methods I would teach the candidates.

5) Design Training Evaluation Approach:-

Since the program is just a 7 day training program and candidates can easily learn the lessons,
for to know whether the candidate has learnt & grabbed what has been done in the training, a test
has to be conducted at the month end of the training program; hence the candidate could also
read the reading material given to them. If a candidate fails to clear the exam & does not score
more than 60% marks, she shall be seated again for the program, & his suggestions would be
taken for what else could be done to make it an interesting course.

6) Implement Training Program:-

Once we have been through with all the above mentioned efforts, it’s now time to implement and
see if the program really works. If it works successfully, we can carry on with the same kind of
training program for the new batches that come & teach them as the importance to good
communication & Good personality.

7) Measuring Training Results:-

If in any case if the training program does not work successfully of there is some gap between
the communication of the candidates & the trainers, it would be advisable to work all over again
on the program & make sure that all the problems in the earlier have been solved & hence forth
no problem would take place.

As mentioned earlier if the planned program goes good, & according all the candidates could
understand what is been though in the class the program would continue as it is, but if in any
case it does not meet the objective.a new plan has to be drafted & according with some changes
in the program, the new program could be implemented.
 CHAPTER – 4

SUMMARY AND CONCLUSIONS

A. Findings/Results

Based on the work done in the company major findings of the study have been highlighted
below….

The success rate of calling is 5/10 for inviting people to the branch

Many people hesitate on the first instance to visit the office and tend to
misinterpret it with an agent’s job.

The screening and documentation process certainly does not guarantee that
the prospective will be joining office.

Many prospective candidates tend to leave in between the training period or

immediately after the office without contributing significantly to the
business.
B. LESSON LEARNT

My experience with MAX LIFE will always be grateful for me. I have learned many things. The
very first thing I learned in MAX LIFE is to handle objections from the customers. Different
types of scripts of MAX LIFE helped me in this.

I am thankful to my manager who was always behind me to support during initial calls and
helped me in completing my training.

My telephonic conversation with the prospect always gave me a positive direction to build my
confidence and even in bad phase of response, I learnt the art of making calmness. All the
trainees from different background also remained a source of energy for my daily activities.
To convince a person to become an agent of any life insurance company is a very tough job,
because after opening up of the insurance sector the agent force of LIC has created a mess in the
market, by paying the first premium of client from their own pocket. This type of activities
demoralizes people from becoming the agent of a life insurance company. Out of the data
provided by the company as well as from my own sources. Generally people declined to become
financial advisor due to reasons which are as follows:
According to them, its not a prestigious job as they belong to good families (in
terms of money).

According to them, LIC has a strong monopoly in the insurance market and nobody
is going to break it, so it is a time wastage to become an insurance agent for Max life.

They thought that instead of spending their time on Max life, they should go for LIC,
which is more beneficial.

Since they are not ready to become an insurance agent but when I explained about
the Max India and about max Life that it is the second largest insurance company in the
world and has a good market, goodwill with ethics.

Whenever I met a person and talked about Max life, the person told me that he
already has a life insurance policy from LIC. In almost 80% cases I found such answers.

Lastly I would like to conclude my report with a wish that all the employees of Max Life will
remember me for days to come and with all due respect, I would like to thank again Mr. Uma
Shankar, Senior Agency Development Manager, for giving me an opportunity to serve the
company and giving me days which have been the most learning for me.

C. SUGGESTIONS
 Max Life as an insurance firm 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 the current market base and selection procedure, the key
revenue generating resource for the company :-
Advertising of the insurance product should stress on the need of security.

Insurance should be popularized as the means of securing future rather than saving
tax.

New entrants should come out with innovative riders.

Policies should be issued quickly and with fewer formalities.

Other services should also be improved.

Newspaper/Magazines and television are the most effective medium of advertising life
insurance.

Insurance agents should be well trained.

Training fees should be less.

Highlight the core strengths of the company like very old firm in the insurance sector,
highest paid up capital etc.

CONCLUSION
In this market, competitive edge provided by product innovation can sustain only for a couple of
months, since products can easily be cloned. Hence “Selection & Training ” is one of the
important process through which an insurer can have an EDGE over other competitor.
The project has various facets and the tenure in my SIP has been the best part in my life as
there were moments of happiness, sorrow and stress. At the end, the winner is “True Manager”
and one who has control on his emotions. I have learned to live the hard way and I came to know
my strength and weaknesses. It was really valuable for me as I got a project, which could test my
skills in various areas, and this helped me a lot to decide the field I am most confident and
successful.

The Indian Insurance Industry has suddenly witnessed a major boom. Being a globalize market,
the customer seeks and demand world-class products. In global market, everything is bench
marked and compared. The market for Insurance business is found vast. So, the study on life
insurance business with the reference to quality becomes more important, this quality-based
strategy called as ‘service sigma’. Six Sigma is a management philosophy. It is a customer based
approach realizing the defects are expensive. It is considered to be a way or path to achieve
strategic business results. Fewer defects in the operation mean lower costs and improved
customer loyalty. It is not a single activity, it is a continuous process. Potential policyholders are
in a very good number. And their needs and requirements are not identical.

The market share of life insurance business is comparatively superior to general insurance
business. Free markets and globalization have increased competition in the changed scenario; life
insurance business has to reengineer its approaches and strategies on quality basis.

So, the project revolves round the above-mentioned approach with a right kind of mix of
technical and marketing aspects of life insurance industry.