37716674 Training and Development in BHARTI AXA Life Insurance (1)

8/6/2019 37716674 Training and Development in BHARTI AXA Life Insurance (1)

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A

SUMMER TRAINING PROJECT REPORTON

TRAINING & DEVELOPMENT PROGRAM

DONE BY

BHARTI AXA LIFE INSURANCE

AT VARIOUS LEVELS

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.

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TABLE OF CONTENT

CHAPTER-1 INTRODUCTION

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 Nature of research

1.3.2 Sample size

1.3.3 Determining sources of data Sample design

1.3.4 Questionnaire

1.3.5 Limitations

CHAPTER-2

Profile of Organization

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CHAPTER-3

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

CHAPTER-4

Analysis

CHAPTER-5

Finding

CHAPTER-6

Recommendation

CHAPTER-7

Conclusion

Bibliography

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DECLARATION

I, TANU SHARMA, STUDENT OF MBA IIIrd SEMESTER, STUDYING AT R.P.

INDERPRRASTHA GROUP OF INSTITUTIONS, BASTARA, HEREBY

DECLARE THAT THE PROJECT ENTITLED TRAINING & DEVELOPMENT

PROGRAM DONE BY BHARTI AXA LIFE INSURANCE AT VARIOUS

LEVELS IS ORIGINAL WORK DONE BY ME.

THE INFORMATION AND DATA GIVEN IN THE REPORT IS AUTHENTIC TO

THE BEST OF MY KNOWLEDGE.

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(TANU SHARMA)

Roll no. M0957

RPIIT

ACKNOWLEDGEMENT

It is my pleasure to thank to various respected persons who directly or indirectly guide,

help, motivate and provide knowledge to me time to time for the development of this

project.

I would like to express my sincere gratitude to Mr. 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.

I am also very thankful to respected Mrs. Priyanka for giving me this to topic to do deep

study and guidance regarding training and project report

Lastly, I also want to thank to all the emloyees ofBHARTI AXALIFE INSURANCE

(Karnal Branch), my parents for their moral support and my friends with whom I shared

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my day-to-day experience and received lots of suggestions that improved my quality of

work.

CHAPTER-1

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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.

Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over bythe central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,

with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in the

year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association of India, frames a

code of conduct for ensuring fair conduct and sound business practices.

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1968 - The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companys viz. the National Insurance

Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company

Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

Indian Insurance Industry:

Learn about Insurance may be described as a social device to reduce or eliminate risk

of life and property. Under the plan of insurance, a large number of people associate

themselves by sharing risk, attached to individual.

The risk, which can be insured against include fire, the peril of sea, death, incident, &

burglary. Any risk contingent upon these may be insured against at a premium

commensurate with the risk involved.

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.

Insurance is a contract whereby, in return for the payment of premium by the insured, the

insurers pay the financial losses suffered by the insured as a result of the occurrence of

unforeseen events.

With the help of Insurance, large number of people exposed to a similar risk makes

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The secondary functions of insurance include the following:

Prevention of Losses - 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, etc. 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.

Small capital to cover larger risks - Insurance relieves the businessmen from security

investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides

development opportunity to those larger industries having more risks in their setting up.

Even the financial institutions may be prepared to give credit to sick industrial units

which have insured their assets including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment, 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, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The country

can earn foreign exchange by way of issue of marine insurance policies and various other

ways.

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Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade

risk free with the help of different types of policies under marine insurance cover.

The end of the year 2000 marks a significant change and growth of 'India Insurance'

industry scenario. Monopoly of Public Sector Insurance company marks an end and

Private companies makes inroad. Foreign companies, both Life and General flocked,

collaborated and helped astronomical growth of 'Insurance Industry in India'.

'India Insurance' growth was long overdue. 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. The Public sector giant LIC

started losing its market share at the cost of stupendous growth of private players. Now

'India Insurance' industry has more than a dozen private life insurance players and 9

private general insurance companies. Aggressive and penetrative marketing strategy

coupled with wide product bandwidth was an instant success among the ignorant masses.

Most of the private companies registered more than 100% growth till then and are still

continuing with such monstrous growth figures. Although, 'Insurance in India' is notregarded as a basic need but it is getting popular among semi urban to rural masses. Top

rank private companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj Allianz etc

are aggressively researching and innovating products for huge untapped rural 'India

Insurance' market. Collaboration with micro finance companies, post offices, rural banks

and village management authorities for selling insurance is doing wonders.

Life insurance products cover risk for the insurer against eventualities like death

or disability. Non-life insurance products cover risks against natural calamities, burglary,

etc. They are not as popular as life products in the ' Insurance India's' portfolio. Until very

recently it had only corporate buyers,but with natural disasters like, earth quakes,

tsunamis, storms and floods becoming more frequent and damaging there has been a

sudden spurt in sales of general insurance amongst individuals. Consumerism of life style

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goods and modern amenities has also contributed to its growth. 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.

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, lifting all entry

restrictions for private players and allowing foreign players to enter the market with some

limits on direct foreign ownership. Under the current guidelines, there is a 26 percent

equity cap for foreign partners in an insurance company. There is a proposal to increase

this limit to 49 percent.

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 the private sector 12 life insurance and 8 general insurance companies

have been registered. A host of private Insurance companies operating in both life and

non-life segments have started selling their insurance policies since 2001.

Non-Life Insurance Market

In December 2000, the GIC subsidiaries were restructured as independent insurance

companies. At the same time, GIC was converted into a national re-insurer. In July 2002,

Parliament passed a bill, delinking the four subsidiaries from GIC.

Presently there are 12 general insurance companies with 4 public sector

companies and 8 private insurers. Although the public sector companies still dominate

the general insurance business, the private players are slowly gaining a foothold.

According to estimates, private insurance companies have a 10 percent share of the

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market, up from 4 percent in 2001. In the first half of 2002, the private companies booked

premiums worth Rs 6.34 billion. Most of the new entrants reported losses in the first year

of their operation in 2001.

With a large capital outlay and long gestation periods, infrastructure projects are

fraught with a multitude of risks throughout the development, construction and operation

stages. These include risks associated with project implementation, including geological

risks, maintenance, commercial and political risks. Without covering these risks the

financial institutions are not willing to commit funds to the sector, especially because the

financing of most private projects is on a limited or non- recourse basis.

Insurance companies not only provide risk cover to infrastructure projects, they

also contribute long-term funds. In fact, insurance companies are an ideal source of long

term debt and equity for infrastructure projects. With long term liability, they get a good

asset- liability match by investing their funds in such projects. IRDA regulations require

insurance companies to invest not less than 15 percent of their funds in infrastructure and

social sectors. International Insurance companies also invest their funds in such projects.

Insurance costs constitute roughly around 1.2- 2 percent of the total project costs.

Under the existing norms, insurance premium payments are treated as part of the fixed

costs. Consequently they are treated as pass-through costs for tariff calculations.

Premium rates of most general insurance policies come under the purview of the

government appointed Tariff Advisory Committee. For Projects costing up to Rs 1

Billion, the Tariff Advisory Committee sets the premium rates, for Projects between Rs 1

billion and Rs 15 billion, the rates are set in keeping with the committee's guidelines; and

projects above Rs 15 billion are subjected to re-insurance pricing. It is the last segment

that has a number of additional products and competitive pricing.

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Insurance, like project finance, is extended by a consortium. Normally one insurer

takes the lead, shouldering about 40-50 per cent of the risk and receiving a proportionate

percentage of the premium. The other companies share the remaining risk and premium.

The policies are renewed usually on an annual basis through the invitation of bids.

Of late, with IPP projects fizzling out, the insurance companies are turning once

again to old hands such as NTPC, NHPC and BSES for business.

Re-insurance business

Insurance companies retain only a part of the risk (less than 10 per cent) assumed by

them, which can be safely borne from their own funds. The balance risk is re-insured

with other insurers. In effect, therefore, re-insurance is insurer's insurance. It forms the

backbone of the insurance business. It helps to provide a better spread of risk in the

international market, allows primary insurers to accept risks beyond their capacity, settle

accumulated losses arising from catastrophic events and still maintain their financial

stability.

While GIC's subsidiaries look after general insurance, GIC itself has been the

major reinsurer. Currently, all insurance companies have to give 20 per cent of their

reinsurance business to GIC. The aim is to ensure that GIC's role as the national reinsurer

remains unhindered. However, GIC reinsures the amount further with international

companies such as Swissre (Switzerland), Munichre (Germany), and Royale (UK).

Reinsurance premiums have seen an exorbitant increase in recent years, following the

rise in threat perceptions globally.

Life Insurance Market

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Buoyed by their quicker than expected success, nearly all private insurers are fast-

forwarding the second phase of their expansion plans. No doubt the aggressive stance of

private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to

fight back to woo new customers.

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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. 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.

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

IRDAs online service for issue and renewal of licenses to agents.

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.

Since being set up as an independent statutory body the IRDA has put in a framework of

globally compatible regulations. In the private sector 12 life insurance and 6 general

insurance companies have been registered.

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INSURANCE COMPANIES

IRDA has so far granted registration to 12 private life insurance companies and 9 general

insurance companies. If the existing public sector insurance companies are included,

there are currently 13 insurance companies in the life side and 13 companies operating in

general insurance business. General Insurance Corporation has been approved as the

"Indian reinsurer" for underwriting only reinsurance business. Particulars of the life

insurance companies and general insurance companies including their web address are

given below:

LIFE INSURERS Websites

Public Sector

Life Insurance Corporation of India www.licindia.com

Private Sector

Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com

ING Vysya Life Insurance Company Limited www.ingvysayalife.com

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Max New York Life Insurance Co. Limited www.maxnewyorklife.com

MetLife Insurance Company Limited www.metlife.com

Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com

SBI Life Insurance Company Limited www.sbilife.co.in

TATA AIG Life Insurance Company Limited www.tata-aig.com

AMP Sanmar Assurance Company Limited www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited www.avivaindia.com

GENERAL INSURERS

Public Sector

National Insurance Company Limited www.nationalinsuranceindia.com

New India Assurance Company Limited www.niacl.com

Oriental Insurance Company Limited www.orientalinsurance.nic.in

United India Insurance Company Limited www.uiic.co.in

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Private Sector

Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in

Reliance General Insurance Co. Limited www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com

TATA AIG General Insurance Co. Limited www.tata-aig.com

Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com

Export Credit Guarantee Corporation www.ecgcindia.com

1.2 OBJECTIVES21


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1.3 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.

Research Definition

Research is a process in which the researcher wishers to find out the end result fora given problem and thus the solution helps in future course of action.

According to Redman & Mory research is defined as a Systemized effort to gain

new knowledge.

Research Design:

According to Claire Seltiz, 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.

1.3.1 NATURE OF RESEARCH

Research is basically of two types.

1. Descriptive research

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2. Explorative research

Descriptive Research: These studies are concerned with describing the

characteristic of a particular individual or a group.

1.3.2 SAMPLE SIZE

Total sample size is 50

1.3.3 DETERMINING SOURCES OF DATA

There are two main sources of data

1. Primary data2. 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.

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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 respondents 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.

1.3.5 LIMITATIONS

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.

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

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CHAPTER-2

PROFILE OF ORGANIZATION

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COMPANY PROFILE OF BHARTI AXA

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading

business groups with interests in telecom, agri business and retail, and AXA, world

leader in financial protection and wealth management. The joint venture company has a

74% stake from Bharti and 26% stake of AXA.

The company was incorporated on 13th July 2007. Headquartered in Bangalore, the

company currently has 30 branches across India. With a vision to become the leader and

preferred company for financial protection in India, Bharti AXA General Insurance offers

its customers - individuals and businesses- a wide range of products and services that

meet their insurance needs. The company launched national operations in December

2006. Today, we have over 5200 employees across over 12 states in the country. Our

business philosophy is built around the promise of making people "Life Confident".

The company will leverage the Bharti Groups large customer pool and develop a strong

multi channel distribution network in both urban and rural markets.

With a customer commitment to provide Fast, Fair & Friendly service in all aspects of

business, the company offers transparency, structured customer support and trainedmanpower, backed by a robust IT platform. The companys claims philosophy is to offer

prompt and hassle free claims service that deals with the claims process with empathy.

The Management team at Bharti AXA General Insurance consists of experienced leaders

who are passionate about their companys vision and goals and are committed to the

development of Bharti AXA General Insurance as the preferred company for Financial

Protection in India.

As we expand our presence across the country to cater to your insurance and wealth

management needs with our product and service offerings, we continue to bring 'life

confidence' to customers spread across India. Whatever your plans in life, you can be

confident that Bharti AXA Life will offer the right financial solutions to help you achieve

them.

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The vision of Bharti AXA Life Insurance Company Limited is to become the preferred

life insurance company in India. This vision extends to our recruitment philosophy as

well. Both the Bharti Group in India and AXA globally enjoy the status of being a very

employee focused organization.

At Bharti AXA Life Insurance, we are determined to achieve our vision through talent

who are empowered, focused on customer service, and champions of

strategic and operational excellence.

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THE JOINT VENTURE OF BHARTI AND AXA

BHARTI

Bharti Enterprises is one of Indias leading business groups with interests in telecom, agri

business, insurance and retail. Bharti has been a pioneering force in the telecom sector

with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is

one of Indias leading private sector providers of telecommunications services with an

aggregate of 60 million customers, spanning mobile, fixed line, broadband and enterprise

services. Bharti Airtel was ranked amongst the best performing companies in the world in

the BusinessWeek IT 100 list 2007. Bharti Teletech is the countrys largest manufacturer

and exporter of telephone terminals. Bharti has a joint venture with ELRo Holdings India

Ltd. FieldFresh Foods Pvt. Ltd - for global distribution of fresh fruits and vegetables.

Bharti also has a joint venture - Bharti AXA Life Insurance Company Ltd. - with AXA,

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world leader in financial protection and wealth management. Bharti has recently forayed

into the retail business under a company called Bharti Retail Pvt. Ltd. It also has a joint

venture Bharti Wal-Mart Private Limited with Wal-Mart, for wholesale cash-and-

carry and back-end supply chain management operations.

AXA Group

AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse

geographically, with major operations in Western Europe, North America and the

Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of

December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion,

IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to

Euro 5,140 million.

The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock

Exchange. The AXA American Depository Share is also listed on the NYSE under the

ticker symbol AXA.

AXA Asia Pacific Holdings

AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange

and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SAs life insurance

and wealth management businesses in the Asia-Pacific region. It has operations in

Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China,

India and Malaysia. AXA APH had a$106.4 billion in total funds under management and

administration at 30 June 2007 and reported a profit after tax before non-recurring items

of A$374.0 million for the six months ended 30 June 2007.

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GROUP SITES

Airtel

Bharti AXA General Insurance

Bharti-Tele Tech Ltd

Bharti Tele Soft

Bharti Resources

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Bharti Foundation

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To achieve a market position among the top 5 in India through a multi-

distribution, 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, 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.

Strong partner Bharti - provides access to customer base of more than 130 million

Multi channel execution capability

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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, products andbusiness 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

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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

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Glenn Williams is the Chief Executive Officer and Managing Director for Bharti AXA

Life Insurance Co. Ltd. Prior to this, he was the Regional General Manager, Corporate

Development and Strategy for AXA Asia Life.

In this position, Mr. Williams worked with AXA Asia Life's senior management to

expand operations across the region in markets including Hong Kong, China, India,

Indonesia, Malaysia, Singapore, Thailand and the Philippines.

Mr. Williams has been with AXA since 2002 and has held key positions in Hong Kong

and the Philippines. Mr. Williams has over 15 years of experience in the insurance

industry, particularly in the areas of product & pricing actuary, operations and finance.

In 2006, Mr. Williams led AXA Asia Life's successful integration of MLC and

Winterthur. Prior to joining AXA, Mr. Williams was Marketing Actuary with Swiss

Reinsurance Company in Hong Kong. Mr Williams graduated with a B.Sc (Honor) fromLoughborough University, UK and has been a fellow of the Institute of Actuaries (UK)

since 1998.

Priya Ranjan is Director - Human Resources at Bharti AXA Life Insurance Company.

He brings to the business over 15 years of HR experience in diverse fields spanning

financial services, information technology and manufacturing. He specialises in building

large scale businesses right from their project days.

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sales teams in the Corporate Segment. He is an MBA from Cardiff Business School

United Kingdom.

V Srinivasan is currently the Chief Financial Officer of Bharti AXA Life Insurance

Company. 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. With over 8 years of rich

experience in the Life Insurance industry, today, he stands as a storehouse of financial

knowledge and expertise.

Mark Meehan is currently the Chief Marketing and Operations Officer for Bharti AXA

Life Insurance Company Ltd.

Marks previous role in AXA was that of CEO of Tynan Mackenzie P/L, a professional

investment services company. His role in Bharti AXA Life as CMOO includes

Marketing,Product Development, Customer Service, Underwriting, Claims, Channel &

Distribution Operations, Information Technology and Systems, Six Sigma, Business

Continuity and Client Persistency Management.

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INSURANCE PRODUCTS OF BHARTI AXA

At Bharti AXA Life, we want to take care of your responsibilities in the same way as you

do for your loved ones, with a range of life insurance services. Through our life insurance

products, 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. Each of the plans, right from traditional life insurance to unit linked life

insurance, fall in specified segments and fulfill your specific objectives. You can learn

more about the segment and specific plans within the segment by clicking on the type of

plan.

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Protect your loved ones against financial contingencies at nominal costs

You love your family and feel responsible towards them in every way. But life can beuncertain and unforeseen contingencies can meet you anytime. At such times, life

insurance comes to your rescue. As someone who wants only the best for their family, we

understand your need to safeguard your family against any crises. 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.

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.

Whether it is a a comfortable future, bigger home, or even a dream vacation , these lifeinsurance plans are the best solutions along with the surety of financial protection. Our

life insurance coverage plans include 'traditional' plans that give guaranteed money on

maturity. While, we also offer market-linked plans that give you the benefit of good

market performance to maximise your savings.

Bharti AXA Life Child Plans

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Bharti AXA Life Guaranteed Plans

Make the golden years of your life truly comfortable.

Retirement plans are the best way to systematically plan for your golden years. Our

flexible retirement plans ensure you live your dream retirement. By investing in these

long-term plans by paying life insurance premium, you can earn a regular income even

after you've stopped working. Without having to depend on anyone else or worry about

rising costs, you can go ahead and lead a comfortable 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

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Given the fast pace of our lives, we always run the risk of acquiring lifestyle diseases - be

it high blood pressure or various heart diseases. Add to this the rising medical costs

because of which, we end up spending increasingly large amounts of money. 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.

With Bharti AXA Life insurance products, provide financial security and protection to

your loved ones. Simple, affordable plans to safeguard your family from life's

uncertainties.

Bharti AXA Life Shield

Bharti AXA Life Sanjeevani

Life Shield, a single premium group term life insurance product, is a simple, affordable

life insurance solution that financially secures the family of the group member by

providing a life insurance cover.

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even as they enjoy a good lifestyle. In case of an eventuality, 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 - which

protects the family of the borrower in the event of death by paying an amount to settle the

outstanding loan.

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CHAPTER-3

TRAINING & DEVELOPMENT

PROGRAM DONE BY BHARTI

AXA AT VARIOUS LEVELS

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Training and development: In organizational development, the related

field of training and development (T & D) deals with the design and delivery of

learning to improve performance, skills, or knowledge within organizations.

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. In other organizations, the termHuman Resource Developmentis used.

Definition of Training:

The systematic development of the knowledge, 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. According to Edwin B Flippo,

training is the act of increasing knowledge and skills of an employee for doing a

particular job.

Needs for training:

To improve the current job performance of employees

To familiarize employees with the policies and procedures of the organization.

To enhance the creativity, adaptability and versatility of the employees and to

facilitate learning at the work place

To prepare employees for future job.

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To change the skills, knowledge and attitudes of the employees on a permanent

basis.

To help employees manage their careers. To maintain knowledgeable work force.

To gain competitive advantage through a knowledgeable work force.

To promote organizational growth through individual growth.

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. They need mentors: Professionals skilled at

assessing employee development needs and committed to guiding employees toward

professional success.

Team Leadership Workshop provides managers with proven techniques for

effective personnel management. By helping leaders understand and address their

employees' requirements, this interactive seminar offers significant benefit to managers at

all levels. New supervisors gain a solid grounding in the concept of ''leadership,'' while

more experienced managers refresh their commitment to teaching and coaching their

team members.

This training program provides healthy perspectives for managers at all levels,

making it an ideal morale-boosting leadership development experience for mixed groups

of front-line supervisors and senior staff members.

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Leadership Training for Success

All managers need methods. Leaders need to know the most effective techniques

for guiding teams, mentoring individuals, and validating the results. Without solid

methods, managers will revert use a one-size-fits-all approach to leadership that reflects

the leader's personality, rather than the employees' needs.

Committed, mentoring leadership is essential to employee morale, productivity,

and retention.

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.

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,

Align their leadership style with those of their bosses, colleagues, and

subordinates,

Develop competent and committed employees by mentoring and guiding their

employees toward success,

Schedule their management responsibilities to ensure that nothing is left to

chance, and

Use practiced real-world scenarios to resolve challenges and removebarriers.

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Training Program done by Bharti AXA Life

Training is must for every individual when he enters into the organization. Even

though the candidate has experience he also should get training. Why because the

organization culture, values and beliefs are different from one organization to other.

Thats why the training program plays a key role in every organization.

Training program following Bharti AXA Life Insurance is different at various levels.

Mainly in training program the company concentrates on sales managers, agents,

operations executives and telecallers.

Training program for sales managers:

The training program duration is 15 20 days

They get training on product knowledge.

Motivating and encouraging Advisors

Training program for Advisors:

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The training program duration is 15 20 days

They get training on product knowledge

How to convince the people.

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.

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

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TYPES OF TRAINING & DEVELOPMENT

1. Coaching

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2. Continuing Professional Development or CPD

3. E-learning aka Online Learning, Distance Learning, Web-Based Learning

4. Executive education

5. Executive development

6. Leadership development

7. Instructional Animation

8. Instructional Design

9. Instructional Strategies

10. Knowledge Management

11. Organizational Learning

12. Organizational knowledge

13. Mentoring

14. Teaching Method

15. Blended learning

16. Outbound Management Development Programmes

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4. 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. These programs do not usually end in a degree, although there is an

ever-growing number ofan Executive MBA program that are very similar and offer a

Masters of Business Administration upon completion of the coursework.

5. Executive development is the whole of activities aimed at developing the skills and

competencies of those that (will) have executive positions in organizations. While

"executive" and "manager" and "leader" are often used interchangeably, "executive"

is commonly used to signify the top 5% to 10% of the organization. Similarly,

"development" and "training" and "education" are often used as synonyms, however

"development" is generally seen as the more encompassing of the three in terms of

activities that build skills and competencies.

6. 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 businessschools to high-ropes courses and executive retreats.

7. 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. While both of these uses can be described as instructional animations, when

the goal is to support learning, the term educational animation may be preferred.

8. Instructional Design is the practice of arranging media (communication technology)

and content to help learners and teachers transfer knowledge most effectively. The

process consists broadly of determining the current state of learner understanding,

defining the end goal of instruction, and creating some media-based "intervention" to

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assist in the transition. Ideally the process is informed by pedagogically tested

theories of learning and may take place in student-only, teacher-led or community-

based settings. The outcome of this instruction may be directly observable and

scientifically measured or completely hidden and assumed.

9. Knowledge Management ('KM') comprises a range of practices used by

organizations to identify, create, represent, distribute and enable adoption of what it

knows, 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. Many large companies have resources dedicated to Knowledge Management, often

as a part of 'Information Technology', 'Human Resource Management' or Business

strategy departments. Knowledge Management is a multi-billion dollar world-wide

market.

10. Organizational learning is an area of knowledge within organizational theory that

studies models and theories about the way an organization learns and adapts. In

Organizational development (OD), learning is a characteristic of an adaptive

organization, i.e., an organization that is able to sense changes in signals from its

environment (both internal and external) and adapt accordingly. OD specialists

endeavor to assist their clients to learn from experience and incorporate the learning

as feedback into the planning process.

11. Organizational knowledge: What is the nature of knowledge created, traded and

used in organizations? Some of this knowledge can be termed technical knowing

the meaning of technical words and phrases, being able to read and make sense of

economic data and being able to act on the basis of law-like generalizations.

Scientific knowledge is propositional; it takes the form of causal generalizations

whenever A, then B. For example, whenever water reaches the temperature of 100

degrees, it boils; whenever it boils, it turns into steam; steam generates pressure when

in an enclosed space; pressure drives engines. And so forth.

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12. Mentorship refers to a developmental relationship between a more experienced

mentor and a less experienced partner referred to as a protg, mentoree, or

(person) being mentoreda person guided and protected by a more prominent

person.

13. Teaching methods are best articulated by answering the questions, "What is the

purpose of education?" and "What are the best ways of achieving these purposes?".

For much of prehistory, educational methods were largely informal, and consisted of

children imitating or modelling their behavior on that of their elders, learning through

observation and play. In this sense the children are the students, and the elder is the

teacher. A teacher creates the course materials to be taught and then enforces it.

1. Blended Learning is the combination of multiple approaches to learning. Blended

learning can be accomplished through the use of 'blended' virtual and physical

resources. A typical example of this would be a combination of technology-based

materials and face-to-face sessions used together to deliver instruction. In the strictest

sense, blended learning is when an instructor combines two methods of delivery of

instruction. However, this term most often applies to the use of technology on

instruction. A good example of blended learning would be to give a well-structured

introductory lesson in the classroom, and then to provide follow-up materials online.

2. Outbound Management Development Programmes are a training

method for enhancing organizational performance through experiential learning.

These programmes generally revolve around activities designed to improve

leadership, communication skills, planning, change management, delegation,

teamwork, and motivation. Participants are divided into teams and assigned tasks

or activities for completion in a specified time. Achievement and performance

during these activities is reviewed in group discussions to identify behaviors that

enhance performance or lead to failure or decreased performance.

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3. Performance measurement is the process of assessing progress toward

achieving predetermined goals. Performance management is building on that

process, adding the relevant communication and action on the progress achieved

against these predetermined goals.

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, such as gathering statistical information,

maintaining and examining historical logs, determining system performance under

natural and artificial conditions, and altering system modes of operation.

In organizational development (OD), performance can be thought of as Actual

Results vs. Desired Results. Any discrepancy, where Actual is less than Desired,

could constitute the performance improvement zone. Performance management

and improvement can be thought of as a cycle:

1. Performance planning: where goals and objectives are established

2. Performance coaching: where a manager intervenes to give feedback and adjust

performance

3. Performance appraisal: where individual performance is formally documented

and feedback delivered

A performance problem is any gap between Desired Results and Actual Results.

Performance improvement is any effort targeted at closing the gap between ActualResults and Desired Results.

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1) What is your opinion on training?

OPINION %AGE

Very Good 46%

Good 28%

Bad 10%

Time waste Process 16%

Total 100%

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From graph it can be seen that 46% respondents are in favour of very good training,

while16% employees say that it is a time waste process.

2) Do you feel that training will helpful for individual growth?

OPINION %AGE

Yes 80%

No 20%

Total 100%

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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 %AGESatisfied 42%

Partially satisfied 23%

Fully satisfied 5%

Partially dissatisfied 28%

Fully dissatisfied 2%

Total 100%

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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 %AGE

Yes 60%

No 40%

Total 100%

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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 %AGE

Agents 50%

Tele Callers 16%

Operation Executives 14%

All 20%

Total 100%

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From graph it can be seen that agents needs more knowledge about training and

development, while tele callers need 16% and 14% is needed by operation executives.

6) In which areas employee needs training?

AREAS %AGECompany Policies And Procedures 16%

Skill Based Training 54%

Problem Solving Skills 8%

All of The Above 22%

Total 100%

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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.

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CHAPTER-5

FINDINGS

FINDINGS

Trained & Developed employees can work more efficiently.

Training & Development makes employees more loyal to an organization.

Training & Development makes an employee more useful to a firm.

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Training enables employees to secure promotions easily. They can realize their

career goals comfortably and development helps in increase their morale.

Employees can avoid mistakes on the job. They can handle jobs with confidence.

They will be more satisfied on their jobs.

Training & Development can contribute to higher production and fewer mistakes,

greater job satisfaction and lower employee turnover. Also, it can enable

employees to cope up with organizational, social and technological change.

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CHAPTER-6

RECOMMENDATIONS

RECOMMENDATIONS

Create awareness: The Company has to take care of awareness creation about the

products and services among the Advisors/Agents

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Charges: The Company has to reduce the mortality and administration charges.

The company has to give periodic training.

Product promotion strategies should be improved.

Company should consider the present competition and should act according to the

customer needs.

It should be like long term training like Fundamental Carrier class, Basic Carrier

class which helps the advisors in different stages.

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CHAPTER-7

CONCLUSION

CONCLUSION

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In this Knowledge-based economy, 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.

Products are now increasingly knowledge-intensive; for this employer are responsible for

providing opportunities for continued learning. To cope with the challenges and

competitiveness in the world, every organization needs the services of trained persons for

performing the activities in the systemic way. So, training program plays a key role in

individual as well as organizational performance.

LEARNINGS

Learnings in the on the job training:-

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1) Importance of the training program

2) How the training program will help for the individual as well as organizational

growth.

3) The way to improve communication skills.

4) The way to behave people in corporate world.

QUESTIONNAIRE

1. Name:

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2. Designation:

3. What is your opinion on training?

Good Very good Bad Time waste process

4. Do you feel that training will helpful for individual growth?

Yes NO

5. Did you satisfy with training what company conducted here?

Yes No

6. Is there any improvement in performance after getting the training?

Yes No

7. Who needs much knowledge regarding company and product?

Agents Tele callers Operations executives All

8. In which areas employee needs training?

Company policies and procedures

Skill based training

Problem solving skills

All of the above

REFERENCES

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37716674 Training and Development in BHARTI AXA Life Insurance (1)

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Transcript of 37716674 Training and Development in BHARTI AXA Life Insurance (1)