bharti axa project
TRANSCRIPT
PROJECT REPORT
AT
BHARTI AXA LIFE INSURANCE COMPNY
A Project report submitted in partial fulfillment of theRequirement for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION(INDUSTRY INTEGRATED)
To
MADURAI KAMRAJ UNIVERSITY, MADURAI
By
KIRIT R GADHVIReg no:-A7752744
Under the guidance ofPROF.SRINIVAS
DAYANANDA SAGAR BUSNESS SCHOOLBANGLOREJUNE 2008
1
CERTIFICATE
This is to certify that the project report at
BHARTI AXA LIFE INSURANCE COMPANY
submitted in partial fulfillment of the Requirement fortheaward of the degree of
MASTER OF BUSINESS ADMINISTRATION(INDUSTRY INTEGRATED)
To
MADURAI KAMRAJ UNIVERSITY, MADURAI
Is a record of bonafide training carried out by
GADHVI KIRIT R .
Under my supervision and guidance and that no part of this report has been submitted for the award of any other
degree/diploma/fellowship or similar titles or prizes.
FACULTY GUIDE
Signature :
Name :Prof.SRINIVAS
Signature & seal of the organisation
2
STUDENT’S DECLARATION
I hereby declare that the project report conducted at
BHARTI AXA LIFE INSURANCE COMPNY
Under the guidance of
Prof.SRINIVAS
Submitted in partial fulfillment of the requirement for the degree of
MASTER OF BUSINESS ADMINISTRATION(INDUSTRY INTEGRATED)
TO
MADURAI KAMRAJ UNIVERSITY,MADURAI
Is my original work and the same has not been submitted for the award of any other Degree/Diploma/Fellowship
or other similar titles or prizes.
Place : GADHVI KIRIT R.
Date : Reg.No : A7752744
3
Ch No.
Sub Chapter
Title Page No.
4
1 INTRODUCTION. 91.1 General Introduction. 101.2 Objective of the study. 111.3 Industry Profile. 12
A) Origin and development of the industry. 12B) Players and present status of industry. 16
2 PROFILE OF THE ORGANISATION 172.1 Origin of the organization. 182.2 Present status of the organization. 212.3 Future plan of the organization. 222.4 Functional department of the organization. 232.5 Organization structure and Organization
chart.33
2.6 Product and service profile of the organization.
34
3 DISCUSSION ON TRAINING. 363.1 Student’s work profile 373.2 Description of live experience. 383.3 Student’s contribution to organization. 39
4 STUDY OF SELECTED REASERCH PROBLEM.
40
4.1 Statement of research problem. 414.2 Statement of research objective. 424.3 Research design and Methodology. 434.4 Analysis of data. 464.5 Summary of findings. 50
5 SUMMARY AND CONCLUSIONS. 515.1 SWOT Analysis 525.2 Conclusion and Recommendations. 54
INDEX
5
CERTIFICATE OF THE ORGANISATION
ToThe Training Officer,National Institute Of Applied Management,Bangalore / New Delhi.
This is to certify that Mr. GADHVI KIRIT R. Of MBA (Industry Integrated) course of MADURAI KAMRAJ UNIVERSITY at BHARTI AXA LIFE INSURANCE COMPANY learning center has undergone management training at our organization from 27TH MARCH-08 TO 15 JUNE -08.
His perforence during the training period was Excellent.
Authorized Signature
BHARTI AXA LIFE INSURANCE COMPANY LTD.
61/62 kalpataru synergy,vakola,santacruz(E),mumbai
------------------------Be Life Confident-----------------
ACKNOWLEDGMENT
6
My first and foremost thanks goes to the GOD almighty without whose
help this project would not have been a success.
I express my sincere gratitude to Sales manager of Bharti AXA Life
Insurance co for providing me an opportunity to undertake this project in their
esteemed organization.
I express my deep sincere gratitude to Mr.Shankarnarayan
Director (MKU) Dayananda Sagar Business School Banglore for his
encouragement throughout the course of this study.
I also express my sincere thanks to my project guide ,
Prof.Srinivas for his critical evaluation and guidance throughout the project.
I also thank all the staff of the college for their co-operation, which as a whole
made the completion of this project possible.
Finally my sincere thanks to my parents and to all the friends for their
support and motivation throughout the project.
Mr. KIRIT R GADHVI
(Reg.No.A7752744)
LIST OF GRAPHS & CHARTS
7
LIST OF GRAPHS & CHARTS
SI No.
Graph No. Graph Title Page No.
1 1 Hierarchy of Marketing Department 252 2 hierarchy of Finance Department 273 3 hierarchy of HR Department 324 4 Chart showing organization chart 33
LIST OF TABLE
SI No. Table No. Table Title Page No.1 1 Trainee’s opinion on Need for
training46
2 2 Employee’s opinion on Designing 47
8
of training programs should be Improved.
3 3 Trainee’s opinion on Need for training.
48
4 4 Trainer’s expertise and competencies are excellent.
49
LIST OF TABLES
9
CHAPTER 1
INTRODUCTION
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1.1 GENERAL INTRODUCTION
Life insurance is a contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death, if it occurs earlier.
Life insurance is universally acknowledged to be an institution, which eliminates `risk`, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilization’s partial solution to the problems caused by unfortunate events.
Any person who has attained majority and is eligible to enter into a valid contract can take out a life insurance policy for him/herself and on those in whom he has insurable interest. Policies can also be taken outSubject to certain conditions, on the life of one’s spouse or children as well.
While underwriting proposals, factors such as the state of health of the
life to be assured, the proponent’s income and other relevant factors are
considered by the corporation.
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1.2 OBJECTIVES OF THE STUDY
To gain the knowledge of insurance industry.
To know the rules adopted in recruitment.
To know the marketing strategies adopted by the company.
To get the exposure of the organization culture and organization
environment.
To know the policies of and procedures adopted by the
organization in all fields.
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1.3 INDUSTRY PROFILE:
ORIGIN AND DEVLOPMENT OF THE INDUSTRY:
The business of Insurance started with marine business traders, who used
to gather in Lloyd’s Coffee House in London agreed to share the losses to
their goods while being carried by the ships. The losses used to occur
because of the pirates who robbed on the high seas or because of bad
weather, spoiling the goods or sinking the ship.
The first insurance policy was issued in 1583 in England. The first Indian
insurance Company was the Bombay Mutual Assurance Society Ltd.,
formed in 1870. The Oriental Life Assurance Co, in 1874, the Bharat In
1897 and the Empire of India in 1897 followed this.
In the year 1956 the insurance companies were nationalized and the Life
Insurance Corporation (LIC) was formed on 1st September 1956, with
merger of 170 companies and 75 Provident fund societies transacting Life
Insurance business in India.
Till 1999 L.I.C. was having monopoly in Indian life insurance market. In
1999 the Insurance Regulatory and Development Authority (IRDA)
authorized private insurance Companies to transact Life Insurance
Business in India.
13
HOW INSURANCE WORKS:
The mechanism of insurance is very simple. People who are exposed to
same the risk come together and agree that, if anyone of them suffers a
loss, the others will share the loss and make good to the person who lost.
In other words, the risk is spread among the community and the likely big
impact on one is reduced to smaller manageable impacts on all.
Principles of insurance:
1) Utmost good faith:
The rule in insurance is that each party to the contract is entitled to make
best bargain he can. Here the knowledge of facts is always on one side.
The material facts should be given while filling up the forms
2) Indemnity:
A contract of Insurance (except Life, personal accident and sickness
insurance) is a contract of Indemnity. This means that the assured, in case
of a loss against which the policy has been issued, shall be paid the actual
amount of loss not exceeding the amount of the policy. This is applicable
for fire, marine and burglary Insurances.
3) Insurable interest:
Insurable interest is necessary to support every contract of insurance. It
means that the assured must be in a legally recognized relationship to
what is insured.
4) Causal proximal:
14
The assured can recover the loss only if it is proximately caused by any of
the perils insured against.
5) Risk must attach:
The insurer receives the premium in a contract of insurance for running a
certain risk. If for any reason risk is not run, the consideration for which
the premium was given fails.
Principles of insurance:
6) Utmost good faith:
The rule in insurance is that each party to the contract is entitled to make
best bargain he can. Here the knowledge of facts is always on one side.
The material facts should be given while filling up the forms
7) Indemnity:
A contract of Insurance (except Life, personal accident and sickness
insurance) is a contract of Indemnity. This means that the assured, in case
of a loss against which the policy has been issued, shall be paid the actual
amount of loss not exceeding the amount of the policy. This is applicable
for fire, marine and burglary Insurances.
8) Insurable interest:
15
Insurable interest is necessary to support every contract of insurance. It
means that the assured must be in a legally recognized relationship to
what is insured.
9) Causal proximal:
The assured can recover the loss only if it is proximately caused by any of
the perils insured against.
10) Risk must attach:
The insurer receives the premium in a contract of insurance for running a
certain risk. If for any reason risk is not run, the consideration for which
the premium was given fails.
11) Contribution:
Where there are two or more insurances on one risk, the principle of
contribution applies as between different insurers.
12) Subrogation:
The doctrine of subrogation is a corollary to the principle of indemnity
and applies only to marine and fire insurances
16
Players in Life Insurance
Industry:
There are 12 private insurance companies, & LIC being the major player
from public sector. The players are;
1. ICICI Prudential – A collaboration between ICICI and Prudential
U.K.
2. Birla Sun life – A collaboration between Birla and Sunlife of
Canada.
3. Bajaj Allianz – collaboration between Bajaj Auto and Allianz
A.G. Germany.
4. Tata-AIG – collaboration between TATA.India and AIG (America
International Group).
5. HDFC Life Insurance Company Limited.
6. Max New York Life Insurance Company Limited.
7. Om Kotak Mahindra Life Insurance Company Limited.
8. SBI Life Insurance Company Limited.
9. ING – Vysya Life Insurance Company Limited.
10.Metlife India Life Insurance Company Limited.
11.AMP Sanmar Life Insurance Company Limited.
12.Dabur – Aviva Life Insurance Company Limited.
13.Bharti AXA Life Insurance Company Limited
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CHAPTER 2
ORGANISATION
PROFILE
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2.1 ORIGIN OF THE
ORGANISATION :
Bharti AXA Life Insurance Company Ltd., one of the fastest growing
life insurance Companies in India, is a joint venture between two
powerhouses, Bharti airtel
It is a partnership that is committed to India, Indians and the growth of
the life insurance market in this country.
Bharti Axa Life Insurance Company Ltd. is one of the fastest growing life
insurance companies in private insurance sector. It has a satisfied
customer base of 1,00,000 customers.
The company has adopted Six Sigma technique as a data driven approach
and methodology for eliminating defects in any of the processes. The
objective is to improve the turnaround time by 80%, reduce cost by at
least 20% and reduction of data entry errors.
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Bharti Airtel:
Bharti Airtel is Amongst The World’sTop Ten Mobile
Companies.
Over 42 million customers adding 2.5 million every year.
India’s largest GSM operator present in all 23 circles.
5th largest listed company with market capitalization-
Rs 1,67,500 crores (July 09, 2007)
AXA (Financial Protection):
World leader in financial protection and wealth
management.
Axa services 50 million customers throughout the world.
Axa hold 15th position in Fortune Global 500 companies.
Axa repoted total revenue for the first half of 2007 if 41
billion.
Axa shares are listed on the Paris stock exchange.
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VISION:-
“To be a leader and the preffered company for financial protection and wealth management in India”
MISSION:- Customer delight the guiding principle. Ensuring world class solution and services. Offering customized products. Provide transparent.
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2.2 PRESENT STATUS OF
THE ORGANISATION :
Over 50000 satisfied customers.
One of the private sector insurance company in India.
One of the fastest growing private sector life insurers
in India.
Ranked no- among private life insurance companies
in India
Multi channel execution capability.
Strong Axa and Bharti brands which can be leveraged
to attract and retain high quality mgt team.
Decentralized organizational structure for increased
response and Service levels.
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2.3 FUTURE OF THE
ORGANISATION
BHARTI AXA LIFE INSURANCE COMPANY has variety of products in the insurance industry the company is opratinguner the umbrella brand system and presently there is no chance of diverfication of the product but future and expansion plan are stated as below.
There are following…
In two year down the line company would be in the top fifteen of the insurence industry.
Fastest expansion palm implemented near future
Various strategies are analyze as per predefine goals
Objective orientation
Future oriented goals and objectives
Standard performance vs. actual performance if any variance accurse than corrective measures to be taken as per the future oriented growth perspective.
Vision to be achieved as per the path allocated.
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2.4FUNCTIONAL
DEPARTEMENT OF THE
ORGANISATION
Marketing at MetLife Insurance covers an array of activities. Advertising
Branding, Marketing development, Channel support, Direct and alliance,
marketing and corporate communications. The people in these sections perform
a unique job.
ADVERTISING AND BRANDING
The Advertising and Branding sections deals with all the activities
connected with share holders of advertising campaigns and detailing on what
met life Insurance Corporate Identity stands for, which is why it is important to
be consistent and the guidelines that must be adhered to. This section also
deals the branding across training advisor and advertising collaterals.
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MARKETING DEVELOPMENT
Marketing development met life Insurance products and brings about the
development improvement of the products and how they compare with those of
competition and introduce products that are required by the Indian consumers.
CHANNEL MARKETING
Channel Marketing aim to streamline the design and development of
collaterals across distribution channels. There are examples of poster, flyers,
Banners, danglers, scale tools, etc developed for tied agents, Bank assurance
and corporate as well as for products branches and campaigns.
DIRECT CHANNELS
Direct channel comprises of direct marketing and alliance marketing.
Direct marketing taps data base to generate high quality leads for
profitable business under direct marketing these are create of recent campaigns
as well as details such as data base list, target audience. Direct marketing is
done through the advisors who connect the public with the company.
CORPORATE COMMUNICATIONS
Corporate communication handles media relations and is responsible for
some of the news clips regarding met life Insurance that you see in the press.
All the public relations and communication activities are conducted by co-
operate communications.
SALES AND DISTRIBUTION
Scales and distribution activities are co- ordinate and performed by the
sales manager. Sales manager has to undertake and meet target based on the
present goals. Sales manager distributes his functions to his assistant sales
manager who have target to achieve per month.
Various utilities and activities are undertaken to motive unit managers.
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CUSTOMER SERVICE GOAL
To generate an organization culture in which the consistent fulfillment
of customer needs becomes the central focal point and an important way in
which we differentiate from competitors.
Chart No. 1
Chart s owing hierarchy of Marketing Department
HOD MARKETING
MANAGERS
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BRANCH MANAGER
AGENCY MANAGER
SALES MANAGER
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FINANCE DEPARTMENT
Needs for finance department
“Profit to a business is like food to human body”. So every business is
concerned with the profit and further all business has to know about its financial
position. Finance department deals with procurement of money at the time it is
needed and its effective utilization in company. Money is the lifeblood of
business, of any business enterprises as it required purchasing machine,
materials to pay the wages and salary to employees.
Finance departments of met life Insurance deals with the following things
Share holders
Debenture holders
Creditors
Government
Prospective investors
Security and financial analysis
Stock exchanges
Economists and researchers
They follow all procedures of accounts. Journal , ledger, Subdivision
journal, Cask book , Petty cash book ,Journal proper, Trial balance, profit and
loss Account, Balance sheet , Budget allocation for the year.
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Chart No. 4
Chart showing hierarchy of Finance Department
HOD FINANCE
MANAGERS
BRANCH MANAGER
FINANCE MANAGER
ACCOUNTANT
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HUMAN RESOURCE DEPARTMENT
Human Resource Development has multiple goals. These include
employee competency development, employee motivation development and
organizational climate development. Employees require a variety of
competencies to perform different tasks or functions required by their jobs.
The nature of jobs is constantly changing due to change in environment ,
changes in organizational priorities, goals and strategies, changes in the profiles
of fellow employees, changes in technology, new opportunities, new
challenges, new knowledge base, etc. such changes in the nature of jobs require
continuous development of employee competencies to perform the job well.
Human Resource Development in the organization context refers to the
process whereby the employees are continuously helped in a planned way to:
Acquire or sharpen capabilities required to perform various tasks and
functions associated with their present or future exposed roles
Develop their general enabling capabilities as individuals so that they
are able to discover and exploit their own inner potential for their own
and / or organizational development purposes
Develop and organizational culture where superior – subordinates
relationships, teamwork and collaboration among different subunits
strong and contribute to the professional well being, motivation and
pride of employees.
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HRD INSTRUMENT, PROCESSES AND OUTCOMES
There are many instruments that can be used to facilitate Human
Resource Development. These instruments may be called sub-systems or
methods of techniques of aids. Each instrument or sub – system focuses on
some aspects of Human Resource Development. To have a comprehensive
HRD many of these instruments may needed to be used simultaneously.
Human Resource Development in the organization context refers to the
process whereby the employees are continuously helped in a planned way to:
Acquire or sharpen capabilities required to perform various tasks and
functions associated with their present or future exposed roles
Develop their general enabling capabilities as individuals so that they
are able to discover and exploit their own inner potential for their own
and / or organizational development purposes
Develop and organizational culture where superior – subordinates
relationships, teamwork and collaboration among different
subunits strong and contribute to the professional well-being,
motivation and pride of employees.
The most frequently used instruments are the following:
Performance Appraisal
Performance Appraisal data forms basis for decisions for developing the
potential employee for higher-level jobs and is basis for feedback and
counseling. Performance Appraisal Data indicates the job training needs of
each individual.
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Potential Appraisal Development (PAD)
Potential Appraisal Development is based on career plans and career
plans are prepared by using Potential Appraisal Development data. Training
may be provided to develop candidates with potential.
Feedback Performance Coaching (FPC)
Feedback and Performance Data can be used to monitor individual
development and the data can be used for identifying training. Career
counseling and verbal rewards can be part of feedback.
Training
Training may be undertaken on the basis of career development plans.
Training can be part of quality of work life programes and organization
development. Training can be used as a reward.
Career Planning (CP)
Career Planning data are used for human resources audits and career
planning and help in conducting research on promotion patterns for
organization development programs.
Employee Welfare and Quality of Work Life
HR PRINCIPLES
The organization believes that development of employee is in its own
interest
The organization will provide opportunities and conditions for the
development and optimization of human resources.
The management is willing to invest adequate time and resources for the
development of the employees and personally participate in the
development.
Managers have concern for growth of subordinates.
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The main objective of the HRD department is to create a learning
environment and development climate in the organization. By learning
environment is meant a culture where employees continuously learn from their
own experience and the various learning opportunities the organization
provides.
RECRUITMENT POLICIES
The recruitment is carried out from both external & internal sources.
The sources of recruitment followed in the organization are:
Internal Sources
1. Present employees
2. Employees referrals
3. Former employees
External Sources
1. Campus recruitment
2. Print media
3. Electronic media
SELECTION
Selection is carried out in three major stages
1. Preliminary interview
2. Selection test
3. HR interview
REMUNERATION AND INCENTIVES
The organization offers attractive remuneration and incentives to attract
the budding youngsters and to maintain its present employees.
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ASSISTANT MANAGER ASSISTANT MANAGERS
TRAINEESTRAINEES
Chart No. 5
Chart showing hierarchy of HR Department
HOD HR
SENIOR MANAGER
BRANCH MANAGER
MANAGERS
34
BOD
Director Human
Resource
Director Marketing
Director(Sales)
Director Finance
HR Manager Agency & Training
DirectorADC
Finance Manager
Associate Director
Br. Mgr. Br. Mgr Br. Mgr Br. Mgr Br. Mgr
Associate Manager
Sales Manager
Financial Manager
Customers
AD
Branch Manager
Channel Sales Manager
Channel Sales Officer
Customers
2.5 ORGANISATION
STUCTURE :
Chart showing organization chart
.
CEO
35
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2.4 PRODUCT AND SERVICE
PROFILE OF THE
ORGANISATION :
INDIVIDUAL LIFE PLANS :
A.Bharti Axa Aspire life:
A unit linked plan. This is the best plan in insurance industry. This
amazingly flexible unit linked life insurance plan provides an opportunity to
the investor to participate in market-linked returns, while enjoying the
valuable benefits of life insurance.
B.Bharti AXA wealth Confident:
In this plan. Limited premium payment term of 5 years, while the policy will
continues for 10 years. Its unit linked insurance plan with life insurance
benefit, special addition for every year, opportunity to higher return to earn
high returns.
C.Bharti AXA Invest Confident:
This is unit linked paln, convenient single premium payment product with
policy benefit period till the age of 70.in this policy, the investment risk in
the investment portfolio is borne by the policyholder.
34
D.Bharti AXA Future Confident 1:
Provide comprehensive protection for policyholder while growing wealth to
meet your long-term goals. a perfect product for those who want to
safeguard their future by planning for it right now. Special addition at
reguler intervals potenciallly enhances long-term wealth.
E.Bharti AXA Future Confident 2:
This plan almost same to future confident 1.In this plan add riders to the
policy at a very nominal addition cost to attain financial protection against
critical illness and disability due to an accident. .a perfect product for those
who want to safeguard their future by planning for it right now.
G.Bharti AXA Save Confident:
A Traditional money back insurance product for long term savings. A
traditional money back insurance product, with a perfect combination of
liquidity, long term savings and life insurence benefit.
35
CHAPTER III
DISCUSSIONS ON
TRAINING
36
WORK PROFILE :
Being a employee of the company my role and responsibility are as under:
A person have a different roles at different time during his life span, for e.g. a same person can be a boy, a father, a brother, a employee of the company and a friend as well.
The same as above my roles have verily significant time to the stakeholders, for e.g. I can be sales executive an employee of the company as well etc.
A defining the target sales
Screening the potential customer
Select the appropriate one
Interact face to face
Effective implementation, which required planning, organising, sttufing, directing, controlling, corninating, reporting, budjeting.
Positive response feed back
37
3.2 DESCRIPTION OF LIVE
EXPERIENCE
BHARTI AXA is one of the best company In the insurence industries .our branch has been operating in banglore, which is India’s on eof the great IT city in India, it’s great pleasure to work with this value added organization, there various live occasions and experience through which I past my carrier which have following details.
Positive thinking
Effective interaction with customers
Unity of command
Managerial responsibility
Organization effectiveness
How to deal with the competitors
How to deal with the supplier
How to deal with the other employee
How to deal with the govt.
38
3.3 CONTRIBUTION TO
ORGANISATION :
The core competency is the ever-lasting factor, which differentiates an
organization from its competitors. Employee is the asset of the company and
their contribution is indirect profit to the organization.
My effective contribution to the organization are as follow:
Promoting knowledge and acceptance
Creativity management
Problem solving argument
Marketing strategies
Cost effectiveness
Improve the relation
Cross cultural diversity
Generation of revenue of five lakhs in last three years
System flexibility recommendation
Active team player.
39
CHAPTER IV
STUDY OF SELECTED RESEARCH PROBLEM
40
4.1 STATEMENT OF RESEARCH
PROBLEM
Changing technology and lack of skills have resulted in a need for development,
which calls for training.
BHARTI AXA LIFE INSURANCE COMPANY is a growing company so it
needs to to be technological and skills improvement to compete the external and
internal environmental changers. To accomplishment of the desired goals we
need Change.
For accomplishment of the short-term variations training is necessary and the
opinion of the trainers and trainee are needed to conduct the training effectively
and for accomplishment of the training needs.
41
4.2 RESEARCH OBJECTIVE :
4.2.1. OBJECTIVES OF THE STUDY
To study how the training objectives help to improve career
growth and development of employees.
To study the opinion of trainees and trainers and the present
training programmers conducted at MARUTHI ASSOCIATES
(P) Ltd.
4.2.2. HYPOTHESIS OF THE STUDY
Null hypothesis Ho: -
42
There is no significant relationship between trainees and trainers on
training objectives and its contribution to employee career growth and
development
Alternative hypothesis H1: -
There is significant relationship between trainees and trainers on training objectives and its contribution to employee career growth and development
4.2.3. LIMITATIONS OF THE STUDY
The sample size collected is comparatively small to the organizations man
power
The data collected is limited to only three units of MARUTHI
ASSOCIATES (P) LTD
There is a possibility of deviation in the answering pattern from what the
respondents really feel
Information by respondents is not accurate due to fear of management.
4.3 RESEARCH DESIGN AND
METHODOLOGY :
4.3.1. RESEARCH DESIGN
Research design is defined as the specifications of methods and
procedures for acquiring the information needed. It is a plan of organization
framework for doing the collection of data.
43
4.3.2. A. DATA COLLECTION SOURCE
The search for answers to research questions is called
Collection of Data. Data are facts, other relevant materials, past and
present, serving as basis the study and analysis. There are two
types of data collection methods.
Primary Data
Secondary Data
Primary Data:
Primary data is collected through the issue of structured questionnaire to
the employees at MARUTHI ASSOCIATES (P) LTD.
Secondary Data:
Secondary data is collected from manuals; annual reports part records, textbooks, Journals, Maxine’s and websites.
4.3.3. B. SAMPLING POPULATION
Population refers to the total number of employee’s at MARUTHI
ASSOCIATES (P) LTD. Population of the study is 1500 employees.
4.3.4. C. SAMPLE SIZE
A total of 70 (50 trainees and 20 trainers) taken as a sample size.
4.3.5. D. SAMPLING METHOD
Since that sample side is fixed and the data collected from the employees
according to my convenience not randomly, is called convenience sampling.
44
4.3.6. E DATA COLLECTION TOOLS
For collecting the data the tools are used
Interview method
Rating scales
4.3.7. F. STATISTICAL TOOLS
For analysis
Percentage method
For hypothesis testing
Chi –square method
45
4.4 ANALYSIS OF DATA :
Table 5.2. Trainee’s opinion on Need for training.
Particulars No. Of Respondents Percentage
A process of learning
experimental
14 28%
Helpful to improve my
performance
14 28%
Need based 16 32%
All of the above 6 12%
Inference:
The above question is asked to know the opinion of trainees on
need for training.
46
From the above table it is interpreted that 32% of the trainers
are agreeing that training modules are’ need based’, 28% “A process
of learning ‘helpful to improve my performance’, 12%’ all of the above’
.
Table 5.3. Employee’s opinion on Designing of training programs should be Improved.
Particulars No. Of Respondents Percentage
Strongly agree 20 40 %
Agree 24 48%
Disagree 6 12%
Strongly disagree - -
Inference:
The above question is asked to know the opinion of employees
on improvement of training programs.
From the above table it is interfered that 48% of trainees are
‘agree’, 40% ‘strongly agree’, followed by 12%’ Disagree’.
47
Table 5.2. Trainee’s opinion on Need for training.
Particulars No. Of Respondents Percentage
A process of learning
experimental
14 28%
Helpful to improve my
performance
14 28%
Need based 16 32%
All of the above 6 12%
Inference:
The above question is asked to know the opinion of trainees on
need for training.
From the above table it is interpreted that 32% of the trainers
are agreeing that training modules are’ need based’, 28% “A process
of learning ‘helpful to improve my performance’, 12%’ all of the above’
.
48
Table 5.5. Trainer’s expertise and competencies are excellent.
Particulars No. Of Respondents Percentage
Strongly Agree 24 44%
Agree 28 56%
Disagree - -
Strongly Disagree - -
49
4.5 SUMMARY OF FINDINGS :
Majority of the employees feel that training objectives are
oriented towards employee career growth and development
Majority of employees need slight modifications in training
Program shipments.
Majority of the trainer’s opinion is the training will depend on
employee performance.
Majority of the employees are interested in audiovisual aids for
training.
Majority of the trainees feel that objectives of training programs
are skill development, Performance improvement, career
growth and organizational growth.
Majority of the trainee’s feel that training is on need based.
48% of the employees feel that designing of training programs
should be improved.
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Majority of the trainees feel that Training enables to seek
additional responsibilities to an employee
CHAPTER 5
SUMMARY AND
CONCLUSIONS
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5.1 SWOT ANALYSIS :
STRENGTHS:
Trust and belief in the leading household name in India i.e.,
Bharti Airtel.
Trust and belief in World Leader in financial parotection i.e.,
AXA.
Self driven sales teams, consisting of different levels of
managers and consultants.
Expanded base of operation, through venturing into
Bancassurance.
Earning cash profit within the fourth year of starting of
operations.
WEAKNESSES:
As the company is new it is yet to expand its area of operations, all
over India.
No proper retention strategy.
Yet to open branches in semi-urban and rural sectors.52
Less motivating benefits to employees.
Sales teams to be trained more efficiently with modern technology.
OPPORTUNITIES:-
A large proportion of population is not sufficiently insured itself this
can be a major area of attention for the company.
Extending Banc assurance through other small financial institutions.
Increased awareness among general public about insurance and
savings can give good business to the company.
Introducing new policies with different plans for agriculture sector.
THREATS:
Competition from LIC and other players like ICICI is a major cause of
concern for the company.
LIC, being topper in the insurance sector in India, is coming out with
new products, with similar features of Bajaj Allianz Life Insurance
Company Ltd.
ICICI, with its larger customer base through Banking network and
Banc assurance, is major threat for the company.
Inadequate advertisement can also effect the business.
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5.2 CONCLUSION &
RECOMMENDATION
5.2.1 CONCLUSION:
From the study conducted, I reached to the following conclusion,
BHARTI AXA LIFE INSURENCE COMPANY. is performing extremely well as per the research done. Most the factors are being taken care very well, which makes BHARTI AXA LIFE INSURENCE COMPANY. one of the best companies in the market. With the creative and innovative culture of the company it has been successful in creating a very nice image in the minds of the customers.
As per the customers most of them are satisfied with the company and the products offered by it.The sales executive who keeps the direct contact with the customers are performing very well.
These executives represent the company and the customers are highly
satisfied with the knowledge, skills and the enthusiasm that they show in
serving the customers and advising them for the best product in the market.
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5.2.2 RECOMMENDATION:
From the study conducted, it can be found that there are some areas where
the company should concentrate and improve on the same.
Increase the number of branches.
Expand the area of operation.
Follow a proper retention strategy, so that the employees who perform
well can be retained in the company.
Make available, the Unit-Linked plans to rural sectors of the country.
More training and motivation sessions to the consultants.
Introduce unit linked pension products.
More advertisement will help the business.
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APPENDIX
1. QUESTIONNAIRES
QUESTIONNAIRES
QUESTIONNAIRE FOR TRAINEES
Name :
Age:
Designation:
Department:
1. Objective for training program includes? ( )
a. Skill Development b. Performance improvement
c. Carrier Growth c. Organization growth
2. Training modules carried out for me? ( )
a. Process of learning b. Experimental
c. Helpful to improve my d. Need Based
Performance
e. All of the above
3. Designing of training programs should be improved? ( )
a. Strongly agree b. Agree
c. Disagree d. Strongly Disagree
4. Training tools used are excellent? ( )
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a. Strongly agree b. Agree
c. Disagree d. Strongly Disagree
5. Trainers expertise and competencies are excellent? ( )
a. Strongly Agree b. Agree
c. Disagree d. Strongly disagree
57
BIBLIOGRAPHY
1. K.Ashwathapa, Human Resource and Management and
Personnel Management, Tata Mc Graw, Hill, Third edition
2. Philip Kotler, Marketing Management, Pearson Education,
Eleventh edition
3. Prasana Chanadra, Financial management, Tata Mc Graw, Hill,
Fifth edition
www.irda.org
www.bharti-axalifeinsurence.com
www.lic.com
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