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Submitted By TANU SHARMA Roll No. M0957 Batch No. 2009-2011 (MBA IIIrd Sem.)

R. P. INDERPRASTHA GROUP OF INSTITUTIONS (Approved by AICTE,HRD Ministry, Govt. of India)Affilated to Kurukshetra University, Kurukshetra.


1.1 Brief history of insurance sector in India
1.1.1 Indian Insurance Industry 1.1.2 Functions of insurance 1.1.3 Present scenario 1.1.4 Non life insurance market 1.1.5 Re insurance business 1.1.6 Life insurance market 1.1.7 The insurance regulatory and development authority (IRDA) 1.1.8 Insurance companies

1.2 Objective of the study 1.3 Research Methodology of the study
1.3.1 1.3.2 Nature of research Sample size

1.3.3 Determining sources of data Sample design
1.3.4 Questionnaire

1.3.5 Limitations

Profile of Organization


Training & Development Program done by Bharti AXA Life Insurance at Various Levels








Bhupinder Rana (Branch Manager) & Mr. Sanjay Kamboj (Area Manager) who directly guide to me time to time about how to make this project more effective.(TANU SHARMA) Roll no. motivate and provide knowledge to me time to time for the development of this project. help. I am also very thankful to respected Mrs. I also want to thank to all the emloyees of BHARTI AXA LIFE INSURANCE (Karnal Branch). M0957 RPIIT ACKNOWLEDGEMENT It is my pleasure to thank to various respected persons who directly or indirectly guide. my parents for their moral support and my friends with whom I shared 5 . I would like to express my sincere gratitude to Mr. Priyanka for giving me this to topic to do deep study and guidance regarding training and project report Lastly.

my day-to-day experience and received lots of suggestions that improved my quality of work. CHAPTER-1 6 .

INTRODUCTION BRIEF HISTORY OF INSURANCE SECTOR IN INDIA The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. 7 .

The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1956. viz.The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. 1956 . can trace its roots to the Triton Insurance Company Ltd. 1938 . 5 crore from the Government of India. set up. 8 .The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. LIC formed by an Act of Parliament. The General insurance business in India.Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. frames a code of conduct for ensuring fair conduct and sound business practices.245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. on the other hand.The Indian Mercantile Insurance Ltd. LIC Act. the first company to transact all classes of general insurance business.General Insurance Council. Some of the important milestones in the general insurance business in India are: 1907 . 1957 .. 1928 . a wing of the Insurance Association of India. with a capital contribution of Rs. the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the life insurance business in India are: 1912 .

the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events.1968 . With the help of Insurance. the New India Assurance Company Ltd. 107 insurers amalgamated and grouped into four company’s viz. the peril of sea. the National Insurance Company Ltd. Insurance is a contract whereby..The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. GIC incorporated as a company. 1972 . the Oriental Insurance Company Ltd. incident. 1972 nationalized the general insurance business in India with effect from 1st January 1973.. death. Indian Insurance Industry: Learn about Insurance may be described as a social device to reduce or eliminate risk of life and property. attached to individual. Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. which can be insured against include fire. a large number of people associate themselves by sharing risk. large number of people exposed to a similar risk makes 9 .The General Insurance Business (Nationalization) Act. Under the plan of insurance. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. in return for the payment of premium by the insured. and the United India Insurance Company Ltd. & burglary. The risk.

Insurance is actually a protection against economic loss. are made good. by sharing the risk with others. Assessment of risk . Collective bearing of risk . Insurance is a mean by which few losses are shared among larger number of people. accidents and uncertainty. Functions of Insurance The functions of Insurance can be bifurcated into two parts: • • • Primary Functions Secondary Functions Other Functions The primary functions of insurance include the following: Provide Protection . due to accidental events. but can certainly provide for the losses of risk. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.Insurance is a device to share the financial loss of few among many others. Risk is the basis for determining the premium rate also Provide Certainty . which helps to change from uncertainty to certainty.Insurance is a device.contributions to a common fund out of which the losses suffered by the unfortunate few.The primary function of insurance is to provide protection against future risk.Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Insurance cannot check the happening of the risk. Insurance is device whereby the uncertain risks may be made more certain. 10 .

people invest in insurance. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured. Contributes towards the development of larger industries . insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also. Small capital to cover larger risks .Insurance provides development opportunity to those larger industries having more risks in their setting up.Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions. installation of automatic sparkler or alarm systems. by paying small amount of premium against larger risks and uncertainty. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. 11 . Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.Insurance serves as savings and investment.The secondary functions of insurance include the following: Prevention of Losses . etc.Insurance is an international business. The other functions of insurance include the following: Means of savings and investment . Source of earning foreign exchange .Insurance relieves the businessmen from security investments.

Consumerism of life style 12 . Within 1st 12 months of liberation of 'Indian Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for selling non-life products were issued to private companies. Most of the private companies registered more than 100% growth till then and are still continuing with such monstrous growth figures. 'India Insurance' growth was long overdue. which makes the foreign trade risk free with the help of different types of policies under marine insurance cover. They are not as popular as life products in the ' Insurance India's' portfolio. burglary. tsunamis. collaborated and helped astronomical growth of 'Insurance Industry in India'. post offices. Non-life insurance products cover risks against natural calamities. 'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to rural masses. Top rank private companies like ICICI Prudential Life Insurance. The end of the year 2000 marks a significant change and growth of 'India Insurance' industry scenario. rural banks and village management authorities for selling insurance is doing wonders. Foreign companies. Until very recently it had only corporate buyers. etc. but with natural disasters like. Collaboration with micro finance companies. Monopoly of Public Sector Insurance company marks an end and Private companies makes inroad. earth quakes. Life insurance products cover risk for the insurer against eventualities like death or disability. Tata AIG. Now 'India Insurance' industry has more than a dozen private life insurance players and 9 private general insurance companies. storms and floods becoming more frequent and damaging there has been a sudden spurt in sales of general insurance amongst individuals. Although. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses.Risk Free trade . both Life and General flocked.Insurance promotes exports insurance. Bajaj Allianz etc are aggressively researching and innovating products for huge untapped rural 'India Insurance' market. The Public sector giant LIC started losing its market share at the cost of stupendous growth of private players.

There is a proposal to increase this limit to 49 percent. Non-Life Insurance Market In December 2000. Under the current guidelines. With more awareness and wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will only get more competitive and more affordable to all sections of Indian society.goods and modern amenities has also contributed to its growth. Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill. the private players are slowly gaining a foothold. private insurance companies have a 10 percent share of the 13 . lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. there is a 26 percent equity cap for foreign partners in an insurance company. delinking the four subsidiaries from GIC. According to estimates. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In July 2002. At the same time. the GIC subsidiaries were restructured as independent insurance companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. Although the public sector companies still dominate the general insurance business. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001. Parliament passed a bill. GIC was converted into a national re-insurer. Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers.

Insurance companies not only provide risk cover to infrastructure projects. Under the existing norms. Most of the new entrants reported losses in the first year of their operation in 2001. maintenance. they also contribute long-term funds.34 billion. In fact. the rates are set in keeping with the committee's guidelines. construction and operation stages. International Insurance companies also invest their funds in such projects. infrastructure projects are fraught with a multitude of risks throughout the development.2 percent of the total project costs. Premium rates of most general insurance policies come under the purview of the government appointed Tariff Advisory Committee.recourse basis.liability match by investing their funds in such projects. In the first half of 2002. including geological risks. For Projects costing up to Rs 1 Billion. Without covering these risks the financial institutions are not willing to commit funds to the sector. These include risks associated with project implementation. for Projects between Rs 1 billion and Rs 15 insurance premium payments are treated as part of the fixed costs. It is the last segment that has a number of additional products and competitive pricing. 14 . With long term liability. up from 4 percent in 2001. the private companies booked premiums worth Rs 6. the Tariff Advisory Committee sets the premium rates. and projects above Rs 15 billion are subjected to re-insurance pricing.2. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. With a large capital outlay and long gestation periods. Consequently they are treated as pass-through costs for tariff calculations. commercial and political risks. they get a good asset. especially because the financing of most private projects is on a limited or non. Insurance costs constitute roughly around 1. insurance companies are an ideal source of long term debt and equity for infrastructure projects.

Currently. Munichre (Germany). Normally one insurer takes the lead. The other companies share the remaining risk and premium. It forms the backbone of the insurance business. re-insurance is insurer's insurance. However. While GIC's subsidiaries look after general insurance. Of late. Re-insurance business Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them. like project finance. In effect. is extended by a consortium. all insurance companies have to give 20 per cent of their reinsurance business to GIC. It helps to provide a better spread of risk in the international market. shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the premium. the insurance companies are turning once again to old hands such as NTPC. The aim is to ensure that GIC's role as the national reinsurer remains unhindered. therefore. GIC reinsures the amount further with international companies such as Swissre (Switzerland). with IPP projects fizzling out. The policies are renewed usually on an annual basis through the invitation of bids. Life Insurance Market 15 . NHPC and BSES for business. Reinsurance premiums have seen an exorbitant increase in recent years. and Royale (UK). following the rise in threat perceptions globally. GIC itself has been the major reinsurer. allows primary insurers to accept risks beyond their capacity.Insurance. which can be safely borne from their own funds. The balance risk is re-insured with other insurers. settle accumulated losses arising from catastrophic events and still maintain their financial stability.

Indians. the average size of a life insurance policy before privatization was around Rs 50. The private insurers also seem to be scoring big in other ways. smart marketing and aggressive distribution. are now suddenly turning to the private sector and snapping up the new innovative products on offer.000. not as a product giving protection.they are persuading people to take out bigger policies. who have always seen life insurance as a tax saving device. But in the annuity or pension products business.insured with no flexibility or transparency in the products. That has risen to about Rs 80. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers.way bigger than the industry average. state owned LIC's new premium business has fallen. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected.000. The state owned LIC sold insurance as a tax instrument. For instance. Innovative products. And in the popular unit-linked insurance schemes they have a virtual monopoly.1 lakh to Rs 1. With the entry of the private insurers the rules of the game have changed. The growing popularity of the private insurers shows in other ways. with over 90 percent of the customers. the private insurers have already wrested over 33 percent of the market.03 over last year. 16 . Most customers were under. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The new business premium of the 12 private players has tripled to Rs 1000 crore in 2002.2 lakh. Meanwhile. The state owned companies still dominate segments like endowments and money back policies. They are coining money in new niches that they have introduced. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income.

Buoyed by their quicker than expected success. nearly all private insurers are fastforwarding the second phase of their expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. 17 . But a rejuvenated LIC is also trying to fight back to woo new customers.

The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products. In the private sector 12 life insurance and 6 general insurance companies have been registered.THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’s online service for issue and renewal of licenses to agents. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. 18 .

allianzbajaj.iciciprulife. General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance If the existing public sector insurance companies are included. Limited ING Vysya Life Insurance Company Limited Websites 19 .com www. there are currently 13 insurance companies in the life side and 13 companies operating in general insurance www.INSURANCE COMPANIES IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance www. Particulars of the life insurance companies and general insurance companies including their web address are given below: 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.ingvysayalife. Limited ICICI Prudential Life Insurance Co.

com Om Kotak Mahindra Life Insurance Co. 20 .com Pvt. Limited www.nic.orientalinsurance.ampsanmar. Limited GENERAL INSURERS Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited MetLife Insurance Company Limited www.niacl.sbilife.nationalinsuranceindia.Max New York Life Insurance SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance www.

com www. Ltd. Ltd. Export Credit Guarantee Corporation www. Limited Royal Sundaram Alliance Insurance Co. IFFCO-Tokio General Insurance Co. Limited Cholamandalam General Insurance Co.2 OBJECTIVES 21 . 1.Private Sector Bajaj Allianz General Insurance Limited ICICI Lombard General Insurance Co.ecgcindia. www. Reliance General Insurance www. TATA AIG General Insurance Co.

1 NATURE OF RESEARCH Research is basically of two types.3. Research Definition Research is a process in which the researcher wishers to find out the end result for a given problem and thus the solution helps in future course of action. Descriptive research 22 . a research design is the arrangement of condition and analysis of data in manner that aims to combine relevance to the research purpose with economy in procedure.3 RESEARCH METHODOLOGY The Research and Methodology adopted for the present study has been systematic and was done in accordance to the objectives set which has been detailed as below. 1. 1. According to Redman & Mory research is defined as a “Systemized effort to gain new knowledge”. Research Design: According to “Claire Seltiz”.1.

2. Explorative research

Descriptive Research: These studies are concerned with describing the
characteristic of a particular individual or a group.

Total sample size is 50

There are two main sources of data 1. Primary data 2. Secondary data

Primary Data: It consists of original information collected for specific research.
Primary data for this research study was collected through a direct survey to obtain this primary data a well structured questionnaire was prepared by the researcher.

Secondary Data: It consists of information that already exists somewhere and has
been collected for some specific purpose in the study. The secondary data for this study is collected from various Japanese Management books.

1.3.4 QUESTIONNAIRE Questionnaire: A set of questions containing a few Technical questions and more
number of opinionated questions are prepared for the employees of both Centralized and Decentralized sections of HR Department. Questionnaire Development: Questionnaire is the most common instrument in collecting primary data. In order to gather primary data from viewers.


The present questionnaire consists of following type of questions. Open ended questions Closed ended questions Dichotomous questions Multiple choice questions Ranking question.

Open ended questions: It has no fixed alternatives to which the answer must
conform. Thus, respondent answer in his/her own words at any length they choose.

Closed ended questions: Closed ended questions have no other options other than
the selecting the one that close matches the respondent’s opinion or attitude.

Dichotomous questions: A dichotomous questions refers to one, which offers the
respondents a choice between only two alternatives.

Multiple Questions: A multiple choice question refers to one, which provides several
sets of alternatives for the respondents’ choice.

Ranking questions: These questions are given when there are many points to be
considered and to be ranked in priority.


1. The survey was conducted within the company. 2. And in survey I have to interact with the employees. But the employees will be busy their works. 3. Getting the good response from the employee will be difficult because of their busy schedule. 24

4. Time to interact with employees inside the branch is not sufficient.



the company currently has 30 branches across India. world leader in financial protection and wealth management. The company will leverage the Bharti Group’s large customer pool and develop a strong multi channel distribution network in both urban and rural markets.COMPANY PROFILE OF BHARTI AXA Bharti AXA Life Insurance is a joint venture between Bharti. With a customer commitment to provide Fast. Our business philosophy is built around the promise of making people "Life Confident".a wide range of products and services that meet their insurance needs. With a vision to become the leader and preferred company for financial protection in India. agri business and retail. we have over 5200 employees across over 12 states in the country. backed by a robust IT platform. As we expand our presence across the country to cater to your insurance and wealth management needs with our product and service offerings. The company’s claims philosophy is to offer prompt and hassle free claims service that deals with the claims process with empathy.individuals and businesses. The joint venture company has a 74% stake from Bharti and 26% stake of AXA. Today. Headquartered in Bangalore. the company offers transparency. Bharti AXA General Insurance offers its customers . structured customer support and trained manpower. you can be confident that Bharti AXA Life will offer the right financial solutions to help you achieve them. Whatever your plans in life. The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their company’s vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India. one of India’s leading business groups with interests in telecom. 27 . The company was incorporated on 13th July 2007. we continue to bring 'life confidence' to customers spread across India. and AXA. Fair & Friendly service in all aspects of business. The company launched national operations in December 2006.

Both the Bharti Group in India and AXA globally enjoy the status of being a very employee focused organization. and champions of strategic and operational excellence. At Bharti AXA Life Insurance. 28 . focused on customer service. This vision extends to our recruitment philosophy as well.The vision of Bharti AXA Life Insurance Company Limited is to become the preferred life insurance company in India. we are determined to achieve our vision through talent who are empowered.

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broadband and enterprise services. – ‘FieldFresh Foods Pvt. a group company.with AXA. insurance and retail. Bharti Airtel Limited.THE JOINT VENTURE OF BHARTI AND AXA BHARTI Bharti Enterprises is one of India’s leading business groups with interests in telecom. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. is one of India’s leading private sector providers of telecommunications services with an aggregate of 60 million customers. Bharti Teletech is the country’s largest manufacturer and exporter of telephone terminals. Bharti also has a joint venture .for global distribution of fresh fruits and vegetables. Bharti has a joint venture with ELRo Holdings India Ltd. agri business.‘Bharti AXA Life Insurance Company Ltd. fixed line. spanning mobile. Bharti Airtel was ranked amongst the best performing companies in the world in the BusinessWeek IT 100 list 2007. 30 . Ltd’ .’ .

IFRS revenues amounted to Euro 79 billion. for wholesale cash-andcarry and back-end supply chain management operations. Ltd. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA. 2006. AXA's operations are diverse geographically. AXA APH had a$106. leader in financial protection and wealth management. Thailand. Singapore. AXA APH is responsible for AXA SA’s life insurance and wealth management businesses in the Asia-Pacific region.4 billion in total funds under management and administration at 30 June 2007 and reported a profit after tax before non-recurring items of A$374.140 million. It also has a joint venture – ‘Bharti Wal-Mart Private Limited’ – with Wal-Mart. It has operations in Australia. Indonesia. Bharti has recently forayed into the retail business under a company called Bharti Retail Pvt. IFRS underlying earnings amounted to Euro 4. AXA Group AXA Group is a worldwide leader in Financial Protection.010 million and IFRS adjusted earnings to Euro 5. For full year 2006. AXA Asia Pacific Holdings AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52. China. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange.3% owned by AXA SA.315 billion in assets under management as of December 31. North America and the Asia/Pacific area. AXA had Euro 1.0 million for the six months ended 30 June 2007. India and Malaysia. New Zealand. Hong Kong. with major operations in Western Europe. 31 .

GROUP SITES • Airtel • Bharti AXA General Insurance • Bharti-Tele Tech Ltd • Bharti Tele Soft • Bharti Resources 32 .

• Bharti Foundation 33 .

provides access to customer base of more than 130 million Multi channel execution capability 34 . infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers To be the employer of choice to attract and retain the best talent in India To be recognised as being close and qualified by our customers. multi-product platform To adapt AXA's best practice blueprints as a sound platform for efficient and profitable growth To leverage Bharti's local knowledge. • • Strong partner Bharti .• • • • • • • To achieve a market position among the top 5 in India through a multidistribution.

products and business capability Strong AXA and Bharti brands which can be leveraged to attract and retain a high quality management team HR PRACTICES The guiding Human Resources principles at Bharti AXA are: • • Clearly define scope of responsibilities and empower people to deliver Provide people with the means to develop their competencies 35 .• • • Current Asia product range which is a strong match to products sold to the mass and mass affluent Global scale providing cost effective and speedy re-use of systems.

• • • • Consider individual training and development a priority investment Build organizations that are conducive to teamwork and that involve everyone Promote ongoing dialogue between managers and the people who report to them Make cultural difference a key source of strength MANAGEMENT PROFILE 36 .

Corporate Development and Strategy for AXA Asia Life. he was the Regional General Manager. India. Mr Williams graduated with a B. particularly in the areas of product & pricing actuary. operations and finance. Thailand and the Philippines. Prior to this. Williams has over 15 years of experience in the insurance industry. information technology and manufacturing.Sc (Honor) from Loughborough University. China. Mr. Mr. Malaysia. Williams has been with AXA since 2002 and has held key positions in Hong Kong and the Philippines. He specialises in building large scale businesses right from their project days. Indonesia. He brings to the business over 15 years of HR experience in diverse fields spanning financial services. Mr. Mr. Priya Ranjan is Director . Singapore. Prior to joining AXA. UK and has been a fellow of the Institute of Actuaries (UK) since 1998.Glenn Williams is the Chief Executive Officer and Managing Director for Bharti AXA Life Insurance Co. 37 . Mr. Williams worked with AXA Asia Life's senior management to expand operations across the region in markets including Hong Kong. Williams was Marketing Actuary with Swiss Reinsurance Company in Hong Kong.Human Resources at Bharti AXA Life Insurance Company. Ltd. Williams led AXA Asia Life's successful integration of MLC and Winterthur. In this position. In 2006.

He has subsequently worked in various reputed organizations such as Xerox.Technology & Operations (APAC) from May 2005. He started his career with ITC-Welcomegroup hotels division in 1989. where he was a part of the Project Team responsible for creating the business in India. Prior to this. Telecom. followed by Microland Ltd. Sushanto Mukherjee is the Chief Distribution Officer for Bharti AXA Life Insurance Company Ltd.HR for the Credit Card business. Ranjan is a BA (Hons) from St Xavier's College. he was Director & Head Partnership Distribution & Group Business at Max New York Life Insurance Co. Personnel Officer from 1991 to 1994. Reliance Infocomm & Tata AIG in senior positions managing sales at Zonal & National Levels. Kolkata and holds a Post Graduate Diploma in Personnel Management from XLRI.Before joining Bharti AXA Life. He has a strong background in developing & managing partnership channels in Life Insurance. Singapore as Vice President and Regional HR Manager .HR for the Global Service Centre of the Bank in India for about 3 years. managing large teams in Retail Distribution and effectively leading direct 38 . Ranjan was with JPMorgan Chase Bank. Hospitality and Office Automation. Between June 1997 and May 2002. after serving the office of Vice President and Head . which specialised in recruitment and HR consulting. Ltd.HR for two years. Ranjan was with GE Capital as Vice President and Head . as Manager . He also has an entrepreneurial venture to his credit with Bangalore-based Team Excel.Sushanto has over 21 years of experience across Insurance. His first assignment was with Tata Steel as Sr.

Customer Service. Channel & Distribution Operations. V Srinivasan is currently the Chief Financial Officer of Bharti AXA Life Insurance Company. he stands as a storehouse of financial knowledge and expertise.sales teams in the Corporate Segment. He is an MBA from Cardiff Business School United Kingdom. Business Continuity and Client Persistency Management. He started his career as a Chartered Accountant in 1989 and over the past two decades has emerged as a stalwart in the financial sector. Mark Meehan is currently the Chief Marketing and Operations Officer for Bharti AXA Life Insurance Company Ltd. 39 . a professional investment services company. Mark’s previous role in AXA was that of CEO of Tynan Mackenzie P/L. With over 8 years of rich experience in the Life Insurance industry. Underwriting. Six Sigma. Claims. His role in Bharti AXA Life as CMOO includes Marketing. today. Information Technology and Systems.Product Development.

You can learn more about the segment and specific plans within the segment by clicking on the type of plan. 40 .INSURANCE PRODUCTS OF BHARTI AXA At Bharti AXA Life. Through our life insurance products. Each of the plans. we want to take care of your responsibilities in the same way as you do for your loved ones. right from traditional life insurance to unit linked life insurance. with a range of life insurance services. you can trust us to take care of your family at all times. You can select the most suitable plan from our host of plans and make buying life insurance simple and convenient. fall in specified segments and fulfill your specific objectives.

we understand your need to safeguard your family against any crises. bigger home. As someone who wants only the best for their family.Protect your loved ones against financial contingencies at nominal costs You love your family and feel responsible towards them in every way. At such times. • Bharti AXA Life Child Plans 41 . life insurance comes to your rescue. Our life insurance coverage plans include 'traditional' plans that give guaranteed money on maturity. or even a dream vacation . Whether it is a a comfortable future. Our protection plans offer you high life cover at nominal costs so that you can fulfill your responsibility with ease and your family never has to face financial constraints. we also offer market-linked plans that give you the benefit of good market performance to maximise your savings. While. But life can be uncertain and unforeseen contingencies can meet you anytime. • • Bharti AXA Life Elite Secure Bharti AXA Life Secure Confident Ensure your family's security + maximise your savings You can make your money work harder with our Wealth Creation with Protection plans. these life insurance plans are the best solutions along with the surety of financial protection.

Our flexible retirement plans ensure you live your dream retirement. • • • Bharti AXA Life Dream Life Pension PLUS Bharti AXA Life Future Secure Pension Bharti AXA Life Future Advantage Pension Investments for your good health 42 . you can earn a regular income even after you've stopped working.• Bharti AXA Life Guaranteed Plans Make the golden years of your life truly comfortable. you can go ahead and lead a comfortable retirement. Retirement plans are the best way to systematically plan for your golden years. Without having to depend on anyone else or worry about rising costs. By investing in these long-term plans by paying life insurance premium.

affordable life insurance solution that financially secures the family of the group member by providing a life insurance cover. • • Bharti AXA Life Shield Bharti AXA Life Sanjeevani Life Shield. Bharti AXA Life offers you Health Plans that ensure freedom from stress when it comes to your health expenses and let you enjoy your life without any worries. Add to this the rising medical costs because of which. is a simple.Given the fast pace of our lives. a single premium group term life insurance it high blood pressure or various heart diseases. affordable plans to safeguard your family from life's uncertainties. we end up spending increasingly large amounts of money. Simple. provide financial security and protection to your loved ones. we always run the risk of acquiring lifestyle diseases . With Bharti AXA Life insurance products. 43 .

It is a simple. Now you can ensure that your family is protected from the uncertainties of life 44 . • • • Bharti AXA Life Credit Secure Bharti AXA Life Mortgage Credit Shield Bharti AXA Life Credit Shield Bharti AXA Life Credit Secure is a single premium group reducing term life insurance product. affordable plan to safeguard your family from life's uncertainties. With Bharti AXA Life Credit Protection Plans you can ensure that your family enjoys a good lifestyle and at the same time is protected from the uncertainties of life. that makes sure your family is not burdened with your loan liability in your absence.Sanjeevani. a single premium group term life insurance product provides financial security and protection to your loved ones.

which protects the family of the borrower in the event of death by paying an amount to settle the outstanding loan.even as they enjoy a good lifestyle. 45 . Bharti AXA Life will pay an amount that can used to settle the outstanding loan amount. Presenting you with Credit Shield from Bharti AXA Life. a group product . In case of an eventuality.


skills. or knowledge within organizations. 47 . Needs for training: • • • • To improve the current job performance of employees To familiarize employees with the policies and procedures of the organization.Training and development: In organizational development. In other organizations. the term Human Resource Development is used. the related field of training and development (T & D) deals with the design and delivery of learning to improve performance. training is the act of increasing knowledge and skills of an employee for doing a particular job. According to Edwin B Flippo. To enhance the creativity. In some organizations the term Learning and Development is used instead of Training and Development in order to emphasize the importance of learning for the individual and the organization. adaptability and versatility of the employees and to facilitate learning at the work place To prepare employees for future job. 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. Definition of Training: The systematic development of the knowledge.

knowledge and attitudes of the employees on a permanent basis. Team Leadership Workshop provides managers with proven techniques for effective personnel management. To promote organizational growth through individual growth. making it an ideal morale-boosting leadership development experience for mixed groups of front-line supervisors and senior staff members.• • • • • To change the skills. They need mentors: Professionals skilled at assessing employee development needs and committed to guiding employees toward professional success. 48 . To gain competitive advantage through a knowledgeable work force. This training program provides healthy perspectives for managers at all levels. New supervisors gain a solid grounding in the concept of ''leadership. this interactive seminar offers significant benefit to managers at all levels. To maintain knowledgeable work force. To help employees manage their careers. By helping leaders understand and address their employees' requirements.'' while more experienced managers refresh their commitment to teaching and coaching their team members. Areas of training: • • • • Company policies and procedures Human relations training Skill based training Problem solving training Onsite Workshops for Leadership Team Employees need more than bosses.

colleagues. 49 . • Develop competent and committed employees by mentoring and guiding their employees toward success. This workshop includes elements of Frank Whyte's nationally respected Team Building Workshops expanding upon that foundation to help leaders: • • Recognize each employee's personality preferences and supervisory needs. and retention. mentoring individuals. and validating the results. • Schedule their management responsibilities to ensure that nothing is left to chance. productivity. A Results-Oriented Training Program Team Leadership Workshop provides proven methods and procedures for successful people management. Participants receive a step-by-step plan for guiding each employee toward success. Committed. rather than the employees' needs. Align their leadership style with those of their bosses. mentoring leadership is essential to employee morale. Leaders need to know the most effective techniques for guiding teams. and subordinates.Leadership Training for Success All managers need methods. and • Use practiced real-world scenarios to resolve challenges and remove barriers. Without solid methods. managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality.

Training program for sales managers: • • • The training program duration is 15 – 20 days They get training on product knowledge.Training Program done by Bharti AXA Life Training is must for every individual when he enters into the organization. Motivating and encouraging Advisors Training program for Advisors: 50 . Training program following Bharti AXA Life Insurance is different at various levels. Why because the organization culture. agents. operations executives and telecallers. Even though the candidate has experience he also should get training. Mainly in training program the company concentrates on sales managers. values and beliefs are different from one organization to other. That’s why the training program plays a key role in every organization.

Required skills for employees in Bharti AXA Life Insurance: • • • • • • • Interpersonal skills Excellent communication skills Understanding nature Aggressiveness Convincing skills Ability to motivate others Interest to learn 51 . 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.• • • • The training program duration is 15 – 20 days They get training on product knowledge How to convince the people.


Instructional Strategies 10. Instructional Animation 8.2. Continuing Professional Development or CPD 3. Executive development 6. Web-Based Learning 4. Blended learning 16. Mentoring 14. E-learning aka Online Learning. Instructional Design 9. Organizational Learning 12. Distance Learning. Leadership development 7. Knowledge Management 11. Organizational knowledge 13. Executive education 5. Teaching Method 15. Outbound Management Development Programmes 53 .

if ever. 2. attend face-to-face for oncampus access to educational facilities. with the aim to achieve some goal or develop specific skills. Electronic learning (or e-Learning or eLearning) is a type of education where the medium of instruction is computer technology. improve and broaden their knowledge and skills and develop the personal qualities required in their professional lives.The various forms of Training and development are explained below: 1. e-learning is used to define a specific mode to attend a course or programmes of study where the students rarely. In companies. and supervised practice. 3. it is defined as a planned teaching/learning experience that uses a wide spectrum of technologies. it refers to the strategies that use the company network to deliver training courses to employees. Lately in most Universities. mainly Internet or computer-based. No in-person interaction may take place in some instances. types of coaching and methods to coaching. because they study online. to reach learners at a distance. Continuing Professional Development (CPD) or Continuing Professional Education (CPE) is the means by which members of professional associations maintain. Training may include seminars. In the USA. There are many ways to coach. E-learning is used interchangeably in a wide variety of contexts. instructing and training a person or group of people. Direction may include motivational speaking. Coaching is a method of directing. workshops. 54 .CPD is defined as the holistic commitment to structured skills enhancement and personal or professional competence.

"development" and "training" and "education" are often used as synonyms.4. 5. Executive Education is the term used for programs at graduate-level business schools that aim to give classes for Chief Executives and other top managers or entrepreneurs. Instructional Animations are animations that are used either to provide instructions for immediate performance of a task or to support more permanent learning of subject matter. although there is an ever-growing number of an Executive MBA program that are very similar and offer a Masters of Business Administration upon completion of the coursework. 8. The process consists broadly of determining the current state of learner understanding. 6. when the goal is to support learning. Similarly. While "executive" and "manager" and "leader" are often used interchangeably. While both of these uses can be described as instructional animations. 7. however "development" is generally seen as the more encompassing of the three in terms of activities that build skills and competencies. Executive development is the whole of activities aimed at developing the skills and competencies of those that (will) have executive positions in organizations. Instructional Design is the practice of arranging media (communication technology) and content to help learners and teachers transfer knowledge most effectively. "executive" is commonly used to signify the top 5% to 10% of the organization. Leadership development: Leadership development refers to any activity that enhances the quality of leadership within an individual or organization. These activities have ranged from MBA style programs offered at university business schools to high-ropes courses and executive retreats. the term educational animation may be preferred. defining the end goal of instruction. These programs do not usually end in a degree. and creating some media-based "intervention" to 55 .

i. being able to read and make sense of economic data and being able to act on the basis of law-like generalizations. traded and used in organizations? Some of this knowledge can be termed technical – knowing the meaning of technical words and phrases. OD specialists endeavor to assist their clients to learn from experience and incorporate the learning as feedback into the planning process. it takes the form of causal generalizations – whenever A. 10.. Organizational knowledge: What is the nature of knowledge created. 11. teacher-led or communitybased settings. Many large companies have resources dedicated to Knowledge Management. it turns into steam. represent.assist in the transition. whenever it boils. learning is a characteristic of an adaptive organization. then B. 'Human Resource Management' or Business strategy departments. create. For example. and how it knows it. It has been an established discipline since 1995 with a body of university courses and both professional and academic journals dedicated to it. Organizational learning is an area of knowledge within organizational theory that studies models and theories about the way an organization learns and adapts. pressure drives engines. Knowledge Management ('KM') comprises a range of practices used by organizations to identify. whenever water reaches the temperature of 100 degrees. often as a part of 'Information Technology'. 56 . Ideally the process is informed by pedagogically tested theories of learning and may take place in student-only. 9.e. steam generates pressure when in an enclosed space. it boils. Knowledge Management is a multi-billion dollar world-wide market. an organization that is able to sense changes in signals from its environment (both internal and external) and adapt accordingly. Scientific knowledge is ‘propositional’. And so forth. distribute and enable adoption of what it knows. In Organizational development (OD). The outcome of this instruction may be directly observable and scientifically measured or completely hidden and assumed.

Outbound Management Development Programmes are a training method for enhancing organizational performance through experiential learning. 2. blended learning is when an instructor combines two methods of delivery of instruction. "What is the purpose of education?" and "What are the best ways of achieving these purposes?". delegation. educational methods were largely informal. learning through observation and play. Mentorship refers to a developmental relationship between a more experienced mentor and a less experienced partner referred to as a protégé. A typical example of this would be a combination of technology-based materials and face-to-face sessions used together to deliver instruction. and consisted of children imitating or modelling their behavior on that of their elders. A good example of blended learning would be to give a well-structured introductory lesson in the classroom. These programmes generally revolve around activities designed to improve leadership. or (person) being mentored—a person guided and protected by a more prominent person. A teacher creates the course materials to be taught and then enforces it. mentoree. 13. planning. In this sense the children are the students. and motivation. Blended Learning is the combination of multiple approaches to learning. and the elder is the teacher. teamwork. In the strictest sense. For much of prehistory. Participants are divided into teams and assigned tasks or activities for completion in a specified time. this term most often applies to the use of technology on instruction. 57 . communication skills.12. However. Achievement and performance during these activities is reviewed in group discussions to identify behaviors’ that enhance performance or lead to failure or decreased performance. and then to provide follow-up materials online. Blended learning can be accomplished through the use of 'blended' virtual and physical resources. Teaching methods are best articulated by answering the questions. 1. change management.

Performance measurement is the process of assessing progress toward achieving predetermined goals.3. Performance improvement is any effort targeted at closing the gap between Actual Results and Desired Results. Performance appraisal: where individual performance is formally documented and feedback delivered A performance problem is any gap between Desired Results and Actual Results. 58 . Any discrepancy. maintaining and examining historical logs. Desired Results. • In network performance management (a) A set of functions that evaluate and report the behavior of telecommunications equipment and the effectiveness of the network or network element and (b) A set of various sub-functions. determining system performance under natural and artificial conditions. and altering system modes of operation. performance can be thought of as Actual Results vs. Performance planning: where goals and objectives are established 2. where Actual is less than Desired. Performance management is building on that process. Performance coaching: where a manager intervenes to give feedback and adjust performance 3. • In organizational development (OD). Performance management and improvement can be thought of as a cycle: 1. adding the relevant communication and action on the progress achieved against these predetermined goals. could constitute the performance improvement zone. such as gathering statistical information.


1) What is your opinion on training? OPINION Very Good Good Bad Time waste Process Total %AGE 46% 28% 10% 16% 100% 60 .

while16% employees say that it is a time waste process. 2) Do you feel that training will helpful for individual growth? OPINION Yes No Total %AGE 80% 20% 100% 61 .From graph it can be seen that 46% respondents are in favour of very good training.

From graph it can be seen that majority of the respondents say that it is helpful Only 20% feel that training will not helpful for individual growth. 3) Did you satisfy with training what company conducted here? SATISFACTION LEVEL Satisfied Partially satisfied Fully satisfied Partially dissatisfied Fully dissatisfied Total %AGE 42% 23% 5% 28% 2% 100% 62 .

From graph it can be seen that majority of the respondents are satisfied with the Training Program. Only 2% were fully dissatisfied with the Training programs. 4) Is there any improvement in performance after getting the training? OPINION Yes No Total %AGE 60% 40% 100% 63 .

From graph it can be seen that majority of the respondents says that it helps in increasing performance only 40% are against this. 5) Who needs much knowledge regarding company and product? OPINION Agents Tele Callers Operation Executives All Total %AGE 50% 16% 14% 20% 100% 64 .

while tele callers need 16% and 14% is needed by operation executives. 6) In which areas employee needs training? AREAS Company Policies And Procedures Skill Based Training Problem Solving Skills All of The Above Total %AGE 16% 54% 8% 22% 100% 65 .From graph it can be seen that agents needs more knowledge about training and development.

66 .From graph it can be seen that more training is needed by skilled based employees and then training is requires for company policies and procedure and then comes the problem solving.

CHAPTER-5 FINDINGS FINDINGS • • • Trained & Developed employees can work more efficiently. 67 . Training & Development makes an employee more useful to a firm. Training & Development makes employees more loyal to an organization.

• Training & Development can contribute to higher production and fewer mistakes. They can handle jobs with confidence. • Employees can avoid mistakes on the job. 68 . Also. social and technological change. They will be more satisfied on their jobs. it can enable employees to cope up with organizational. They can realize their career goals comfortably and development helps in increase their morale. greater job satisfaction and lower employee turnover.• Training enables employees to secure promotions easily.

CHAPTER-6 RECOMMENDATIONS RECOMMENDATIONS  Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors/Agents 69 .

 It should be like long term training like Fundamental Carrier class.  Product promotion strategies should be improved. Charges: The Company has to reduce the mortality and administration charges.  The company has to give periodic training.  Company should consider the present competition and should act according to the customer needs. 70 . Basic Carrier class which helps the advisors in different stages.


LEARNINGS Learning’s in the on the job training:72 .In this Knowledge-based economy. To cope with the challenges and competitiveness in the world. training program plays a key role in individual as well as organizational performance. Products are now increasingly knowledge-intensive. every organization needs the services of trained persons for performing the activities in the systemic way. for this employer are responsible for providing opportunities for continued learning. So. training helps people to learn how to do the things differently or to the different things and Development is that which helps in improving the performance of the employees by giving them opportunities for growth.

Name: 73 . 3) The way to improve communication skills. QUESTIONNAIRE 1. 4) The way to behave people in corporate world.1) Importance of the training program 2) How the training program will help for the individual as well as organizational growth.

Do you feel that training will helpful for individual growth? Yes NO 5. Is there any improvement in performance after getting the training? Yes No 7. In which areas employee needs training? Company policies and procedures Skill based training Problem solving skills All of the above REFERENCES 74 . Did you satisfy with training what company conducted here? Yes No 6. Who needs much knowledge regarding company and product? Agents Tele callers Operations executives All 8. What is your opinion on training? Good Very good Bad Time waste process 4.2. Designation: 3.

8th ed. New Delhi 8) www. New Delhi: Vistaar publication. “A strategic view of organizational training and learning”. 75 .pvt. Research Methodology. 2) Bhatnagar. New Delhi. U. Vol.P.1) Lynton.. 5) A hand book of human resource management practice. Graw Hill. 1981. New Delhi: Oxford and IBH publishing co. 6) Personnel management. 2002. 2001.P. effective planning”. 7) Kothari. Vikas Publishing House Pvt. and Pareek. Ltd. O. 1. 6th ed. 4) Tannenbaum. 1997. 2nd Ed. R. 3rd edition. “Evaluation methodology for training”. 3) Rae. S. “Training for development”.. “The art of training and development.R.