bharti axa project

81
PROJECT REPORT AT BHARTI AXA LIFE INSURANCE COMPNY A Project report submitted in partial fulfillment of the Requirement for the award of the degree of MASTER OF BUSINESS ADMINISTRATION (INDUSTRY INTEGRATED) To MADURAI KAMRAJ UNIVERSITY, MADURAI By KIRIT R GADHVI Reg no:-A7752744 Under the guidance of PROF.SRINIVAS 1

Upload: chirag-nathani

Post on 28-Nov-2014

319 views

Category:

Documents


4 download

TRANSCRIPT

Page 1: Bharti Axa Project

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

Page 2: Bharti Axa Project

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

Page 3: Bharti Axa Project

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

Page 4: Bharti Axa Project

Ch No.

Sub Chapter

Title Page No.

4

Page 5: Bharti Axa Project

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

Page 6: Bharti Axa Project

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

Page 7: Bharti Axa Project

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

Page 8: Bharti Axa Project

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

Page 9: Bharti Axa Project

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

Page 10: Bharti Axa Project

CHAPTER 1

INTRODUCTION

10

Page 11: Bharti Axa Project

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.

11

Page 12: Bharti Axa Project

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.

12

Page 13: Bharti Axa Project

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

Page 14: Bharti Axa Project

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

Page 15: Bharti Axa Project

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

Page 16: Bharti Axa Project

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

Page 17: Bharti Axa Project

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

17

Page 18: Bharti Axa Project

CHAPTER 2

ORGANISATION

PROFILE

18

Page 19: Bharti Axa Project

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.

19

Page 20: Bharti Axa Project

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.

20

Page 21: Bharti Axa Project

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.

21

Page 22: Bharti Axa Project

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.

22

Page 23: Bharti Axa Project

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.

23

Page 24: Bharti Axa Project

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.

24

Page 25: Bharti Axa Project

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.

25

Page 26: Bharti Axa Project

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

26

Page 27: Bharti Axa Project

BRANCH MANAGER

AGENCY MANAGER

SALES MANAGER

27

Page 28: Bharti Axa Project

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.

28

Page 29: Bharti Axa Project

Chart No. 4

Chart showing hierarchy of Finance Department

HOD FINANCE

MANAGERS

BRANCH MANAGER

FINANCE MANAGER

ACCOUNTANT

29

Page 30: Bharti Axa Project

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.

30

Page 31: Bharti Axa Project

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.

31

Page 32: Bharti Axa Project

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.

32

Page 33: Bharti Axa Project

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.

33

Page 34: Bharti Axa Project

ASSISTANT MANAGER ASSISTANT MANAGERS

TRAINEESTRAINEES

Chart No. 5

Chart showing hierarchy of HR Department

HOD HR

SENIOR MANAGER

BRANCH MANAGER

MANAGERS

34

Page 35: Bharti Axa Project

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

Page 36: Bharti Axa Project

36

Page 37: Bharti Axa Project

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

Page 38: Bharti Axa Project

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

Page 39: Bharti Axa Project

CHAPTER III

DISCUSSIONS ON

TRAINING

36

Page 40: Bharti Axa Project

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

Page 41: Bharti Axa Project

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

Page 42: Bharti Axa Project

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

Page 43: Bharti Axa Project

CHAPTER IV

STUDY OF SELECTED RESEARCH PROBLEM

40

Page 44: Bharti Axa Project

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

Page 45: Bharti Axa Project

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

Page 46: Bharti Axa Project

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

Page 47: Bharti Axa Project

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

Page 48: Bharti Axa Project

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

Page 49: Bharti Axa Project

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

Page 50: Bharti Axa Project

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

Page 51: Bharti Axa Project

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

Page 52: Bharti Axa Project

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

Page 53: Bharti Axa Project

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.

50

Page 54: Bharti Axa Project

Majority of the trainees feel that Training enables to seek

additional responsibilities to an employee

CHAPTER 5

SUMMARY AND

CONCLUSIONS

51

Page 55: Bharti Axa Project

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

Page 56: Bharti Axa Project

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.

53

Page 57: Bharti Axa Project

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.

54

Page 58: Bharti Axa Project

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.

55

Page 59: Bharti Axa Project

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? ( )

56

Page 60: Bharti Axa Project

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

Page 61: Bharti Axa Project

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

58

Page 62: Bharti Axa Project

59