BO yay aKa] Ua ORL ete anna # SLU aa ee ant ae behets ADMINSTRATION MAHARISHI DAYANAND UNIVERSITY (ROHTAK) ; ng Br ais mt aren wy BOUL CITT ae Ould PC TReD ete y ba aU CS PaO a ea Canin neste ct ECHNOLOGY AND MANAGEMENT MAHARISHI DAYANAND ale (ROHTAK) Session: 2017-2018pROJECT REPORT oN “a STUDY ON EMPLOYEE SATISFACTION OFAVIVA LIFE INSURANCE COMPANY” SUBMITTED IN PARTIAL FULLFILLMENT FOR THE AWARD OF DEGREE OF BACHELOR OF BUSINESS ADMINSTRATION MAHARISHI DAYANAND UNIVERSITY (ROHTAK) SUPERVISER: SUBMITTED BY: MRS RICHA BHARDWAJ TANUSHKA BANSAL ASSISTANT PROF ROLL NO: 158046 DEPT OF MANAGEMENT ST. ANDREWS INSTITUTE OF TECHNOLOGY AND MANAGEMENT MAHARISHI DAYANAND UNIVERSITY (ROHTAK) Session: 2017-2018 _ ea GAL Ch fk, W/ a pinector/ PF oe jqugct 8 AG ect yews il a RON HARI 22508DECALRATION | TANUSHKA BANSAL, Roll No, 158046 cerity that Project on “A STUDY ON EMPLOYEE SATISFACTION” is done by me and it is an authentic work carried out gy me at AVIVA LIFE INSURANCE COMPANY The matter embodied in this has rot been submitted earlier for the award of any degree or diploma to the best of my knowledge and belief. Guo Signature of the Student 0-04-12This project work, W hich is my major step in the filed of professionalism, has been successfully accomplished! only because of timely support of my well wisher. | would like to pay my sineet® regards and thanks to those, who directed me at every step in my project work First of all. | would like to express my thanks to my college for giving me such a wonderful opportunity to widen the horizon of my knowledge. | pay my gratitude towards, MY sales manager at Aviva Life Insurance through which I got real Business ‘experience. extend my thanks to my project Guide for his scholarly guidance and constant supervision and encouragement, NAME - TANUSHKA BANSALContents SNo Topic Page No tT introduction 2 Review of the problem | 3 Statement of the problem 4 Objectives 5 Research Methodology 7 6 Analysis 7 Finding and Conclusion 8 Suggestion Bibliography — AnnexureCHAPTER 1 INTRODUCTION1.1 AVIVA LIFE INSU RANCE vive is UK's largest and he world’s fifth largest insurance Group It is one of th ‘ p It is one of the jife and pensions products to Europe and has substantial business s esses leading providers of i ¢ world, With a history dating back to 1696, Aviva has a 35 millior a elsewhere around the customer base wortdwide, T has more than £332 billion of assets under management Address of the company: Corporate HQ ‘Aviva life insurance company India Ltd. ector Road, Opp Golf Course, DLF Phase V Aviva Tower, S Sector 43, Gurgaon 122003, Haryana Phone no: Toll free no= 1800-180-22-66/1 800-103-77-66 = 0124-2709046 Email address: SI 1S} [VAINDIA. Website= www.avivaindia.com1.2 Nature of the Organization Aviva is UK's largest and the world’s fifth largest insurance Group. It is one of the leading providers of fife and pensions products to Europe and has substantial businesses elsewhere around the world In India, Aviva has a long history dating back to 1834. At the time of nationalization it was the largest foreign insurer in India in terms of the compensation paid by the Sevemment of India, Aviva was also the first foreign insurance company in india to set up its representative office in 1995, In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share, When Aviva entered the market, most companies were offering traditional life products, Aviva started by offering the more modern Unit Linked and Unitized With Profit products to the customers, creating a unique differentiation, Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. Aviva life insurance is one of the international companies. Aviva has 112 Branches in India (including rural branches) supporting its distribution network. In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of companies, A professionally managed company, Dabur is the country's leading producer of traditional healthcare products. Aviva's Fund management operation is one of its key differentiators, Operating from Mumbai, Aviva has an experienced team of fund managers and the range of fund options includes Unitized With-Profits Fund and four Unit Linked funds: - Protector Fund, Secure Fund, Balanced Fund and Growth Fund. Aviva has 112 Branches in India (including rural branches) supporting its distribution network. Through its Banc assurance partner locations, Aviva products are available in 378 towns and cities across India. Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far, Through its association with Basic (a micro financial institution) and other NGOs, it has been able to reach the weaker sections of the society and provide life ‘insurance to them,Insurance market 2,90 milion mide class household shows « huge untapped potential for s EP ‘s199{]J0 olf 30 (62) 1499 40d s1"g6 UORSaNb aAoge ay 0} astiodse H Ope pou Kou 1 oun ohn sayeulpsogns yym suope|aupovow think your companyis not having proper manpower planning? n Effect of staffing level Effect of staffing level interpretation: Inihis context 40 per cent (32) ofthe officers said that indeed there were less number of employees than required in their branch, whereas the rest 60 per cent (48) did not feel tat their branch suffered ftom under-staffing, This indicator also showed that officers normally never think of workload and take it asa part f job, During the analysis it was observed that officers having sufficient staff were found to be haniful to the bank management and felt satisfied. However, even in the case where here was less staff, the officers felt that in every branch there were 2-3 efficient and voted subordinates and they compensated the vacuum created by less number of staff. Hence, the satisfaction of the officers did not get affected.got stay yp seaKojduzo oxp Sun uv uonensryy 01 peo] 19 jauoo YoU JOU JF SOBWO/EYD Yong ‘Kduioo souesnsut sr00s o]9nq oq wHo¥y uonNedtoo2xp pia dn ado tuosjaua Bupjow aus axp yi pouapung are (s924oydt) ssowcnns punuap SIBWO}SND YeRADTx9 op 2 wo1s0-zonpoxd Sutoq wioy puny sy moy stot ssaoaxd pub sunyxa) 6) ur yi0q paBaeyo sexy Bumps Ay ‘oy afusyyoy> [oor SU Azanb axoge 241 190 304} sunw0g on a one nm Bupjueq padueyp jo aguayeydTarget achlevement by branch eno When asked $3.75 per cent (43) af the aflloorn roapondded tn altiemative while Aho teat 46.28 per vent (17) of the officers felt that the company Wan nat achieving HN Largely Fulfillment of the targets indicator a high porfbrmanve work ayatem, Sol w ayatennt al indicates high level of commitment of tho employees, which dettately emanaton thu 8 high degre of job satisfaction. it will result dato montal proswure, Hustration, eb ad adversely But on the other side, again Us not good alg that alot allot the aMoory affect the watinfaetion level, Thiv were having a negative impression about the bank's ef"loteney Theresuiinn alisvatiafixction of the officers can be sumetines very Kaghspy no, hat do v01 think the major reason Hehind it? — = No wyes o+ . ———= Non Cooperation of top Non Cooperation of |» Non appropriate ‘management subordinates communication system interpretation: Among the 37 respondents who said that the company was not achieving targets, the reason cited for the same was different. The major reasons felt by the employees regarding non-achievement of targets by the cmpany were Non-Cooperation of the Top Management [92 per cent (34) of the espondents felt it was one of the reasons and 8 per cent (3) felt not)], Yon-Cooperation of the Subordinates [84 per cent (31) of the respondents felt it was one f the reasons and 16 per cent (6) felt it was not)), Non-Appropriate Communication System [65 per cent (24) respondents felt it was one of he reasons whereas 35 per cent (13) of them felt it was not).ou sneistied HD the COOpCH TON OF the top mamayenient Cooperation of Top Management | }— : Cooperation of Top | ‘Managernent le x. eee eae Yes No No Comment Out of the total respondents 83.75 per cent (67) of the officers felt that the top management was non-cooperating. While 11.25 per cent (9) of the respondents felt otherwise, the rest 5 per cent (4) of the respondents refused to comment on the issue. This shows that there is a huge amount of dissatisfaction over the behavior of top management among the officers, The non-cooperation of the top management becomes a stumbling block in the smooth functioning of any organization. This indifference and non-cooperative behavior makes the workplace less favored and contributes to the dissatisfaction of the employeesch sauistied are you with our job? how 0 ( verall Satisfaction 30 | ei § Overall Satisfaction 0} 6 of 5 | 3 * BB ok Extremely Very Plain Satisledin Not Satisled Satisfied tatlsied some satisfied aspects Interpretation: Overall job satisfaction in the case of officers was not very high. Most of the officers were not highly satisfied but still seem to be satisfied in general, The data showed that a luge majority of the respondents, ic, 63.3 per cent (50) were just plainly satistied, 10 per ent (8) were satisfied in some aspects, 7.5 per cent (6) were extremely satisfied, 13.7 per cent (11) were very satisfied, 6.2 per cent (5) were not at all satisfied, The 5 respondents who are not at all satisfied were from the Ist category of age and ‘perience profile and 3rdcategory of education profile. Te majority of plain satisfied officers (63.3 per cent) were falling in the 3rd and 4th ‘gory of age profile. Even the Ph.D. holders above 50 years of age were found to be most satisfied,Chapter 6 ANALYSIS| analysis Of Aviva 1 ie sure, ance aviva Life | petween Dabur nurance mpany. | Nvest (Aviva on pe In 2016, Avi Crp ang andiay 7 oe Percent to 4g V2 Plc increas’? PIC, a Bgl" in the ins eI e BIC, a Brit ver nite Insurance sactey °OCEN aitor se shore g ner change in eae company ee Life Insurance i regulations ual quality products and effic & key pla first to Introduce lent s yer In mo ervic the Aviva India is also ern unit ikea ene, gom any to mcr ie children, continuin ed with th ised with : 9 Its global © educati Profit plans. Initiative s: lon of under 4 treet to School proganee” | program. Strengths in the Analysis of Aviva Lite insu rance : Strong product Pi : diverse pro St pais Insurance has a strong and dd benefi f mpany has vi life i one banents Schemes for different Goumeneter eee aeaee A ; company to have a larger base of bela increases its market share. customer and Effective Marketing Strategy: Aviva Life Insurance has an effective marketing strategy and has the best marketing campaigns in the industry. The company was awarded the “Most Effective Marketing Campaign of the year” at the 2014 DMAI Awards. Strong Sales Force and Wide distribution cee company as a_ strong sales force tp abutlon Ne coe Financial Planning Advisors. ‘Also, it has awide ist but ce ine ith 108 branches spread across the na lon ries company a competitive advantage over other priva as been ance hi Lo d to help . aviva Life Inst Focus on social Schemes: Avi ay has endeavoure strong supporter of ¢40) Bupjoo| ove ojdoad se sowoyos eouesnsuy 40) JoxLeW lenuarog WON © eIpu| sexeW sly, “Bus os|e S| UOHEINdod BuIWies yp eBe}uadued ey) pue BuIMOIB s| yeyeW UeIPU] OU) :YyMouB BI wong “Ruedwoo ex 40} Ayunyoddo ue s} y sny Pue sajoiod eouesnsu! u yseAu) 0} Bupjoo] ese 3[doad e1ow pue ‘10w snuy pue Buisealou Uelpew oul :esejo eIppl uP BIPU U SSID eIpPIW Ey) Jo seLodY lW eu) Jo SeWooU) U} eseesoU) oy -oi8Ys JeHVeW esee.0U) pue BEET TOLIO|ET s Puedke 0) AUMHOES ue s| 1 pue BumoiB si yeew jen uy “Aqunoo ey) Jo wed jesns wnoge sseueleme Bulseaiou, IM 3eyeW jeany Buymolg + BOUBINSUY eyr7 BAJAY Jo sisfjeuy ey; uj Ayjunyoddo UoNNdexe 6 ‘SiuIe|dwWoo snoueEn g ad UIPYEBe, JeeK ey ynoyonal @NIe81 Aued lwoo eu, :SyUje{auIOS JeUIOIsTO “HEADE eu) Bulyojem paqunis!? ba SouaIPME By Woy rsingno Teuonowe te poyeauo sil euieo voy mene ARESC-104y, J0 jUowWesionpe ue yl 1 2y17 evn se 'SYOROAIUCD Jo SIEYS Si! pee) ose sey aouelns! TEA :9 uy Bue JowWesyenpe jessencstvOD *eouBinsu O17 ray 4° Sisfreuy oy) uy ssoureemTWOrsn,ouo0,) 9 SuIpuly T ydeqDw 94) Uy pjoy AUedwWod e yey;Bulyed 3|Peu9 JO |||!MpooB jo luo AeuoW J}@4) JSeNU! S1O\SAAU! %09 JSoW!}BesneDaq @j01 UELOdW Aan Kejd Bunes peso e1ay ‘peBueyo y! uoisseoes Jey Jeyeyng ‘poob Au@A SEM GOZZ JeeA Ul 0B Auedwos ey) yey) BuNjed jpel0 eYL+ “BUPHOM sy] sMoYs jUoWIA}E]S Moy YSEO U+ “MOLE eAneBOU ey) WioyeLI0dIeA? {ueo Key os Senge sy] Uo sn90y jy AUEdUIOD 4) yey) PUNO} "WMOPMO)s [80/6 Woy poled AleAcoes0} enp US! Aion oe sesusdxe Bunjeiedo ey) yey) puno, | yooloud siu AE “AlyBIY | juWeUINbed jeydeo BupoNe ue Auedoud pur ey Burzinn ou 8] KuBdwo yeuy hae soyes eseul" _“Mohi80d eujoep uy exe Wold Bune16d0 ‘spuny Jepjo 91eYS 18d BuiUe3 “oney ony Aunb3qeqpue ujbseyy 1yod YBBYS 10 Pexo!dwi3 jeydeQuo wine X9IND ‘oNeY yuedng ayy one eH! wom! ue oneus Auedwwo? ‘94 UI UMopmojs jo asnedeg : aloud vey) pue pul‘management has taken the bestelfons maintain cordial the employees. Due to theworking conditions prevailing in this company, job satisfaction of ‘eachrespondeit seems to be the maximum, 3 rom the study, we have come to know that most of theemployees were ‘with the welfare measures provided by company. less in the Bank of IndiaSUONSOdSNG g Toyegnc epenfent om sopcronor Rehavion go ker eh 1y and job and working condition and organizational aspects : yon. yao F The company should check the performance of their employees from time te Hime ‘The company should improve its portfolio of welfare facilities. The company should check the needs of its employees on regular basis this will help in reducing the factors leading to absenteeism and job tumover. This can be done by implementing new human resource management techniques. The method of | recruitment should be improved. 4 Overall working environment should be improved. « The company should appoint someone who is responsible for the resolution of complaints/grievances in respect of employees of the bank in various branches. This can be done by making an online portal for its employees. Bibliography Books Referred: + Chhabra, TN and P K Taneja, Banking Theory and Practice, DhanpatRal&Sons, Delhi + Kotler, P (1985), Marketing Management, Prentice Hall India Pvt. Ltd., New Delhi Khothari C. R, Research Methaclology, Methods and Techniques, 2006, New Age International (P) Ltdyapate® jp 888 Me ee coe Mico) us meno viva or com libr a ; 22 _ SlAviva fspresena ion 620) | apa al-casl 1-profits-2.pdl pdtANNEXUREy as fliey shall not Be valle ying vans regarding polly Hot heing valent Cs mov es questian in terms nf action 2 1938, as amended by Insurance ty, vance vo force on the 26th day of { (Amendment) Act 201% which vs deemed 17 ones, eee Of Deveinher 2014 are as follows to Policy of (ie hall be called in question on any ground vlatso wtf W ALOU vihatsoever after expiry of 3 yes from a the eo sence of policy oF b. the date of commencement of risk ore. the date of revival of weyora the aate of rider to the policy whichever Is later. 1.On the ground cf fraud, a policy " insurance may be called in question within 3 years from a. the date of issuance of policy a ine ate of commencement of ik or. the date of revival of polcy ord the date of rider fete ole whichever Is later. For this, the Insurer should communicate in writing to the ‘or legal representative or nominee or assignees of insured, as applicable, mentioning is ter ound ‘and materials on which such decision is based, annexure 2 39 - Nomination by policyholder Nomination of a life Insurance Policy Is as below in ‘rodance with Section 39 of the Insurance Act, 1938 as amended by Insurance laws tanendment) Act 2035 which is deemed to have come into force on the 26th day of December 2014. The extant provisions inthis regard areas follows: 1 The policyholder of a life insurance con his own life may nominate a person or persons to whom money secured by the policy shall te ald in the event of his death. Where the nominee Is a minor, the polleyholder may appoint any person to receive the money secured by the policy In the event of policyholder’s death dating the minority of the nominee, The manner of appointment tobe lid down by the insurer. 4 Nomination can be made at any time before the maturity of the policy. & Nomination may be incororated In the text ofthe policy Itself or may be endorsed on the poley communicated to the insurer and can be registered by the insurer In the records relating to the policy. 5 Nomination can be cancelled or changed at any time before policy matures, by an endorsement ora further endorsement or a will as the case may be. Annexure 3 Section 38 Assignment and Transfer of Insurance Policies Assignment oF transfer of a policy should be in accordance with Section 38 of the Insurance Act, 1938 as amended by Insurance ans (Amendment) Act 2015 which is deemed to have come into force on the 26th day of December 2014, The extant provisions in this regard are as follows: 1 This policy may be transferred/assigned, wholly or in part, with or without consideration. 2 An Assignment may be ttlected ina policy by an endorsement upon the policy itself or by a separate instrument under tatce to the insurer. 3 The instrument of assignment should indicate the fact of transfer orons tor the the reason a oat and nment ot traniter antecedents of the asvaree ond gr ch seen anode 4 the vvencenl auaiite we ee ron glhorice agent and atesed ty at leat one tre transter of ro ° ative i tr shall nat be operative 28 282/051 an rsurer until a ratice wn wting ofthe trarster OF ae and either the said endorsement or instrument itself or cow there 99807 both transtero’ A corttes 1008 and transferee or their duly authorised agents have tenn detvere4 (0 insure einame age ontional) pesignation Branch: sducational Qualification; working Experlence (in yrs): — 1. Are you satisfled with your salary? YES NO. You rate the educational assistance scheme provided by the company? VERY GOOD Good © SATISFACTORY © NOT SATISFACTORY 2 NOTUSING 3. According to you how would you rate the ‘medical allowance provided by the company? VERY GOOD coop SATISFACTORY NOT SATISFACTORY NOT USINGy om Wey fauilily provided by the company! " ut JAtist ACTORY ot SATISEACTORY OU ANOWN vow would you rte the retirement benefits provided by the company? ’ ERY GOOD, 6000 SATISFACTORY NOT SATISFACTORY | NOT KNOWN «pons welfare schemas provided by the AvivalifeInurance company plays as a motivational actor? ALWAYS SOMETIMES NEVER 1 Are you satafied with the technology used by the Aviva Iife Insurance Company? YES v NO ‘(9 How would you rate the working space and personal space In your company? 0 SUFFICIENT INSUFFICIENT 4¥(b), I not sufficient, do you think this limitation affects customer service? ws. WO '.Do you think the Aviva provides proper work related training facilities? ves No, NO COMMENTSy jourtint you fellow staff members are devoted towards thelr work? an i" no poyouthink you have cordial relations with your subordinates? i ves > NO 0 po youthink your ‘companyls not having proper manpower planning? o Yes ° NO 13,doyou think ‘changed sales practices affect your administrative activities? o YES o NO o NOCOMMENT 14:Do you think your company is able to achieve the designated targets on time? o YES o NO 14 (b). 1fn0, what do you think Is the major reason behind it? o YES o NO 15, Are you satisfied with the cooperation of the top management? o YES o NO © NOCOMMENT ‘16. How much satisfled are you with your job? EXTREMELY SATISFIED. > VERY SATISFIED. PLAIN SATISFIED SATISFIED IN SOME EXTENT HOT SATISFIED