met life insurance
114
Job Satisfaction A Summer Training Project Report On JOB SATISFACTION OF MET LIFE INSURANCE Under Supervision of: Submitted By Ms. Gunjan Budhlani Sanjay Katoch (11411301711) Submitted in partial fulfillment of the requirements For the award of the degree Of BACHELOR OF BUSINESS ADMINISTRATION [1]
-
Upload
sanjana-dalal -
Category
Documents
-
view
10 -
download
2
description
job satisfaction
Transcript of met life insurance
Job Satisfaction
A Summer Training Project Report On
JOB SATISFACTION
OF MET LIFE INSURANCE
Under Supervision of: Submitted By Ms.
Gunjan Budhlani Sanjay Katoch
(11411301711)
Submitted in partial fulfillment of the requirements
For the award of the degreeOf
BACHELOR OF BUSINESS ADMINISTRATION
BERI INSTITUTE OF TECHNOLOGY, TRANING AND RESEARCH
58/11, PVC Market Road, Tikri Kalan, New Delhi-41
(Affiliated To Guru Gobind Singh Indraprastha University)
[1]
Job Satisfaction
[2]
Job Satisfaction
CERTIFICATE
I certified that this project report titled “JOB SATISFACTION ON MET LIFE
INSURANCE.” is the bonafide work of SANJAY KATOCH who carried out the
research under my supervision. Certified further, that to the best of my knowledge
the work reported herein does not form part of any other project report or
dissertation on the basis of which a degree or award was confirmed on an earlier
occasion on this or any other candidate.
MISS GUNJAN BUDHLANI
(Project guide)
[3]
Job Satisfaction
ACKNOWLEDGEMENT
I would like to take this opportunity to sincerely thank to Miss
Gunjan Budhlani for her valuable support, guidance and suggestion.
Under her guidance I was able to accomplish my project with
confidence. I would also like to thanks my friends and my siblings
who directly or indirectly helped me in my project. I would also like
to sincerely thank our institute. “BERI INSTITUTE OF
TECHNOLOGY, TRAINING AND RESEARCH” where I spend
my time to access to wide information on internet.
Sanjay Katoch
(11411301711)
[4]
Job Satisfaction
Declaration
I Mr. Sanjay Katoch, hereby declare that this project report is the record of authentic
work carried out by me during the academic year 2010-2013 and has not been
submitted to any University or Institute towards the award of any degree.
Mr. Sanjay Katoch
(11411301711)
[5]
Job Satisfaction
CONTENTS
TOPICS Page no.
CERTIFICATE FROM COMPANY 2
CERTIFICATE FROM COLLEGE 3
ACKNOWLEDGEMENT 4
DECLARATION 5
CONTENT 6
EXECUTIVE SUMMARY 7
OBJECTIVE OF STUDY 8
RESEARCH METHDOLOGY 9-13
LITERATURE REVIEW 14-25
INDUSTRIAL PROFILE 26-35
CORPORATE PROFILE 36-56
DATA ANALYSIS 57-68
CONCLUSION 69-70
FINDINGS 71-73
[6]
Job Satisfaction
BIBLIOGRAPHY 74-75
ANNEXURE 76-80
1.1Executive Summary
This project aims at studying job satisfaction of met life insurance. It contains five sections. The
first section contains the executive summary and Objective of the project. Second section
Research methodology which contains research design, sampling techniques and data collecting
tools. The third section is Literature Review contains information about job satisfaction. “Job
satisfaction is a general attitude towards one’s job: the difference between the amount of reward
workers receive and the amount they believe they should receive.” Fourth section is the industry
Profile which contains the information about insurance industry. The fifth section contains the
information of the company Met Life Insurance, its products, mission and vision, SWOT analysis
and competitors. MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The
Jammu and Kashmir Bank, Palling and Co. Private Limited and other private investors. MetLife
is one of the fastest growing life insurance companies in the country. MetLife has more than 50,
000 Financial Advisors, who help customers, achieve peace of mind across the length and
breadth of the country. The sixth chapter is the Data Analysis, which is shown with the help of
pie charts, bar diagram. Seventh chapter may contain the project conclusion and then eight
chapters contain suggestions and recommendation. And at last bibliography and annexure. The
data has been collected by the researcher using questionnaire and it has been analyzed.
[7]
Job Satisfaction
1.2 Objective:
To study the concept and importance of job satisfaction.
To study job satisfaction of Met Life Insurance.
To study job satisfaction in terms of salary and promotional opportunities provided by
the company.
To study job satisfaction in terms of relationship of employees with co workers and
management.
To study job satisfaction in terms of working condition and nature of job.
[8]
Job Satisfaction
RESEARCH
METHODOLOGY
[9]
Job Satisfaction
2. RESEARCH METHODOLOGY
Research methodology is considered as the nerve of the project. Without a proper well-organized
research plan, it is impossible to complete the project and reach to any conclusion.
Therefore, research methodology is the way to systematically solve the research problem. Research
methodology not only talks of the methods but also logic behind the methods used in the context of
a research study and it explains why a particular method has been used in the preference of the other
methods.
2.1 Research designA research design specifies the methods and procedures for conducting a particular study.
According to Ker linger, “Research Design is a plan, conceptual structure, and strategy of
investigation conceived as to obtain answers to research questions and to control variance.
2.2 Type of ResearchI used an exploratory type of research. As the name suggest this research is often conducted because
a problem is being defined as yet or it is real scope is as yet unclear. It allowed the researcher to
families him. With the prober concept to be study and perhaps generate hypotheses to be tested.
EXPLORATORY RESEARCH
[10]
Job Satisfaction
Exploratory research is a type of research conducted for a problem that has not been clearly
defined. Exploratory research helps determine the best research design, data collection method and
selection of subjects. It should draw definitive conclusions only with extreme caution. Given its
fundamental nature, exploratory research often concludes that a perceived problem does not actually
exist.
Exploratory research often relies on secondary research such as reviewing available literature and/or
data, or qualitative approaches such as informal discussions with consumers, employees,
management or competitors, and more formal approaches through in-depth interviews, focus
groups, When the purpose of research is to gain familiarity with a phenomenon or acquire new
insight into it in order to formulate a more precise problem or develop hypothesis, the exploratory
studies ( also known as formularize research ) come in handy. If the theory happens to be too
general or too specific, a hypothesis cannot to be formulated. Therefore a need for an exploratory
research is felt to gain experience that will be helpful in formulate relevant hypothesis for more
definite investigation.
The results of exploratory research are not usually useful for decision-making by themselves, but
they can provide significant insight into a given situation. Although the results of qualitative
research can give some indication as to the "why", "how" and "when" something occurs, it cannot
tell us "how often" or "how many".
Exploratory research is not typically generalizable to the population at large.
Researchers employ exploratory research when little is known about the topic and previous theories
or ideas do not apply. For example, if you wanted to study how to get students to use the computer
lab in a college environment, you might first have to do exploratory research to figure out which
students might need the lab and what appeals to this demographic. Exploratory research clarifies
problems, gathers data and creates initial hypothesis and theories about subjects. The primary point
of exploratory research is to give researchers pertinent information and help them to form initial
hypotheses about the subject.
2.3 Sampling Technique
[11]
Job Satisfaction
Random Sampling:
Random sampling is a process of selecting the sample size randomly and no choice or preference
to be made about the selection of respondents for the market survey and questionnaire to be put
forth against him. Here, Random sampling being adopted by me.
Systematic Sampling:
It is a sampling where the limited number of selected respondents is figured out based on some
criteria so that only those respondents can be asked for the purpose of filing questionnaire.
2.4 Data collection tools
Primary Data: The primary data has been collected by using questionnaires to be filled by the
employees. Questionnaires are prepared and distributed to 100 customers of met life.
Secondary Data–Secondary Data has been collected from company manuals, news papers,
magazines and documents, company’s website, journals and by internet.
Sample Size: - Sample of 100 respondents was taken
2.5 Data analysis and interpretation
Pie chart:
This is very useful diagram to represent data, which are divided into a number of categories. This
diagram consists of a circle of divided into a number of sectors, which are proportional to the values [12]
Job Satisfaction
they represent. The total value is represented by the full create. The diagram bar chart can make
comparison among the various components or between a part and a whole of data.
Bar chart:
This is another way of representing data graphically. As the name implies, it consist of a number of
whispered bar, which originate from a common base line and are equal widths. The lengths of the
bards are proportional to the value they represent
2.3 LIMITATIONS OF THE RESEARCH
1. The research is confined to a certain parts of Delhi and does not necessarily shows a
pattern applicable to all of Country.
2. Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.
3. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate the
findings.
[13]
Job Satisfaction
LITERATURE REVIEW
[14]
Job Satisfaction
LITERATURE REVIEW
It’s a well known fact that no business can exist without customers. In the business of Website
design, it’s important to work closely with your customers to make sure the site or system you
create for them is as close to their requirements as you can manage. Because it’s critical that you
form a close working relationship with your client, customer service is of vital importance. What
follows are a selection of tips that will make your clients feel valued, wanted and loved.
JOB SATISFACTION
“Job satisfaction is a general attitude towards one’s job: the difference between the amount
of reward workers receive and the amount they believe they should receive.”
Job satisfaction represents the constellations of person’s attitude towards or about the job. In
general, job satisfaction is the attitude towards the job as a whole. Job satisfaction is a function of
satisfaction with different aspects of job, i.e. supervision, pay, works itself, co-workers,
promotion, etc., and of the particular weighting or importance one attaches to these respective
components.
The study of job satisfaction is a relatively recent phenomenon. It can perhaps be said to have
begun in earnest with the famous Hawthorne studies conducted by Elton Mayo at the western
Electronic Company in 1920s during the course of investigations.
However they become convinced that factors of a social nature were affecting satisfaction with
the job and productivity. Since the Hawthorne studies there has been an enormous output of work
on the nature, causes and correlates of job satisfaction.
The traditional model of job satisfaction is that it consists of the total body of feelings that an
individual has about his job. This total body of feelings involves, in effect, weighting up the sum
[15]
Job Satisfaction
total of influences of the job, the nature of job itself, the pay, the promotion. The promotion
prospects, the nature of supervision and so on. Where the sum total of influences gives rise to
feelings of satisfactions the individual is job satisfied. Where in total they give rise to feelings of
job dissatisfaction the individual is job dissatisfied. Improving any one of these influences will
lead in the direction of job satisfaction, making less satisfactory any one of the influences will
lead in the direction of the job dissatisfaction. However, what makes a job satisfying does not
depends only on the nature of the job, but on the job expectations that individuals have of what
their job should provide.
Expectancy theory points to the importance of the individual’s expectations of his job in
determining job satisfaction. For individuals who have expectations that their job should give
them opportunities for pay, challenge, a failure of the job to meet this expectation will lead to
dissatisfaction compared to a situation where no such expectation is involved. What expect
expectation of individuals will have of a job may vary. For a large number of reasons, some
deriving from social others from individual causes. These proposing an expectancy theory usually
regarded over all job satisfaction as a function of satisfaction with various elements of the job.
Another theory that has dominated the study of the nature of job satisfaction is Herzberg’s
famous “Two factory Theory’s of job satisfaction. In this he claims that the factors which cause
job satisfaction are separate and distinct from the factors which job dissatisfaction.
The factors causing job satisfaction, which level factors such as there relating to satisfaction with
the job itself. The factors which cause job dissatisfaction called hygiene factors are more
concerned with conditions of work such as pay and supervision. At no time does Herzberg argue
a job satisfactory, except may be for a short run. Philip apple while has listed five major
components of job satisfaction as,
1. Attitude towards work group.
2. General workings conditions.
3. Attitude towards company.
4. Monetary benefits and
[16]
Job Satisfaction
5. Attitude towards supervision
Other components that should be added to these five are the individual’s state of mind about the
work itself and about life in general. The individual’s health, age, level of aspiration, social status
and political and social activities can all contribute to job satisfaction. A person attitude toward
the job may be positive or negative. Job satisfaction is not synonymous with organizational
morale, which is the possession of felling of being accepted by and belonging to a group of
employees through adherence to common goals and confidence in desirability of these goals.
Morale is the byproduct of a group, while job satisfaction is more of an individual stage of mind.
However the two concepts are interrelated in that job satisfaction can contribute to morale and
morale can contribute to job satisfaction. For many years managers generally have believed that a
satisfied worker is necessarily a good worker. In other works if management could keep all the
employees “HAPPY”, good performance would automatically follow. Charles Greene has
suggested that many managers subscribe to this be life because it represent “the path of least
residence”. Greene’s thesis is that if a performance problem exists, increasing an employee’s
happiness is for more pleasant than discussing with the worker his or her failure to meet
standards. Although happiness eventually results from satisfaction, this feeling goes much deeper
and is far less tenuous than happiness.
Recent research evidence generally rejects the more popular view that satisfaction causes
performance. The evidence does, however, provide moderate support for the view that job effort
causes satisfaction. The evidence also strongly indicates that rewards constitute a more direct
cause of satisfaction that performance does and that rewards based on current effort causes
subsequent performance. Research also indicates that a high level of job satisfaction does have a
positive impact is reducing turnover, absenteeism, tardiness accidents, grievances and strikes. In
addition, recruitment efforts by current employees generally are more successful if these
employees are well satisfied.
Satisfied employees are preferred simply because they affect the work environment positively.
Thus even through a well satisfied employee is not necessarily an outstanding performer; there
are numerous reasons for taking steps to encourage employee satisfaction.
[17]
Job Satisfaction
A high level of satisfaction leads to organizational commitment while a low level or
dissatisfaction results in behaviors detrimental to the organization.
It must be remembered that satisfaction and motivation are not synonymous. Motivation is a
drive to perform, whereas satisfaction reflects situation. The factors that determine whether an
individual is adequately satisfied with the job differ from those that determine whether he or she
is motivated. The level of satisfaction is largely determined by the comforts offered by the
environment and situation. Motivation on the other hand, is largely determined by the value of
rewards and their contingency on performance. Motivation results is added effort that is turn
leads to increased performance if the individual has the ability and result of high satisfaction is
increased commitment to the organized which may or may not result is better performance. The
increased commitment normally will lessen the number of personnel related problems, Such as
strikes, excessive absenteeism, tardiness and turnover.
Effect of Job Satisfaction
Job satisfaction has a variety of effects. These effects may be seen in the context of an
individual’s physical and mental health, productivity, absenteeism, and turnover.
Physical and Mental Health:
The degree of job satisfaction affects an individual’s physical and mental health. Since job
satisfaction is a type of mental feeling, its favorableness or unfavourablesness affects the
individual psychologically which ultimately affects his physical health.
For example, Lawler has pointed out that drug abuse, alcoholism and mental and physical health
result from psychologically harmful jobs. Further, since a job is an important part of life, job
satisfaction influences general life satisfaction. The result is that there is spillover effect which
occurs in both directions between job and life satisfaction.
Productivity:
There are two views about the relationship between job satisfaction and productivity:
1. A happy worker is a productive worker,
[18]
Job Satisfaction
2. A happy worker is not necessarily a productive worker.
The first view establishes a direct cause-effect relationship between job satisfaction and
productivity; when job satisfaction increases, productivity increases; when satisfaction decreases,
productivity decreases. The basic logic behind this is that a happy worker will put more efforts
for job performance.
However, this may not be true in all cases. For example, a worker having low expectations from
his jobs may feel satisfied but he may not put his efforts more vigorously because of his low
expectations from the job. Therefore, this view does not explain fully the complex relationship
between job satisfaction and productivity.
The another view: That is a satisfied worker is not necessarily a productive worker explains the
relationship between job satisfaction and productivity. Various research studies also support this
view. This relationship may be explained in terms of the operation of two factors: effect of job
performance on satisfaction and organizational expectations from individuals for job
performance.
1. Job performance leads to job satisfaction and not the other way round. The basic factor for this
phenomenon is the rewards (a source of satisfaction) attached with performance. There are two
types of rewards intrinsic and extrinsic. The intrinsic reward stems from the job itself which may
be in the form of growth potential, challenging job, etc. The satisfaction on such a type of reward
may help to increase productivity. The extrinsic reward is subject to control by management such
as salary, bonus, etc. Any increase in these factors does not hep to increase productivity though
these factors increase job satisfaction.
2. A happy worker does not necessarily contribute to higher productivity because he has to
operate under certain technological constraints and, therefore, he cannot go beyond certain
output. Further, this constraint affects the management’s expectations from the individual in the
form of lower output. Thus, the work situation is pegged to minimally acceptable level of
performance. However, it does not mean that the job satisfaction has no impact o productivity. A
[19]
Job Satisfaction
satisfied worker may not necessarily lead to increased productivity but a dissatisfied worker leads
to lower productivity.
Absenteeism:
Absenteeism refers to the frequency of absence of job holder from the workplace either
unexcused absence due to some avoidable reasons or long absence due to some unavoidable
reasons. It is the former type of absence which is a matter of concern. This absence is due to lack
of satisfaction from the job which produces a ‘lack of will to work’ and alienate a worker form
work as for as possible. Thus, job satisfaction is related to absenteeism.
Employee turnover:
Turnover of employees is the rate at which employees leave the organization within a given
period of time. When an individual feels dissatisfaction in the organization, he tries to overcome
this through the various ways of defense mechanism. If he is not able to do so, he opts to leave
the organization. Thus, in general case, employee turnover is related to job satisfaction. However,
job satisfaction is not the only cause of employee turnover, the other cause being better
opportunity elsewhere.
For example, in the present context, the rate of turnover of computer software professionals is
very high in India. However, these professionals leave their organizations not simply because
they are not satisfied but because of the opportunities offered from other sources particularly
from foreign companies located abroad.
Improving job satisfaction:
Job satisfaction plays significant role in the organization. Therefore, manager should take
concrete steps to improve the level of job satisfaction.
1. Re-designing the job.
2. Improving the quality of work life.
3. Linking rewards with performance.
4. Improving overall organizational climate.
[20]
Job Satisfaction
Human life has become very complex and completed in now-a-days. In modern society the needs
and requirements of the people are ever increasing and ever changing. When the people are ever
increasing and ever changing, when the people’s needs are not fulfilled they become dissatisfied.
Dissatisfied people are likely to contribute very little for any purpose. Job satisfaction of
industrial workers us very important for the industry to function successfully.
Apart from managerial and technical aspects, employers can be considered as backbone of any
industrial development. To utilize their contribution they should be provided with good working
conditions to boost their job satisfaction.
Any business cab achieve success and peace only when the problem of satisfaction and
dissatisfaction of workers are felt understood and solved, problem of efficiency absenteeism
labour turnover require a social skill of understanding human problems and dealing with them
scientific investigation serves the purpose to solve the human problems in the industry
a) Pay.
b) The work itself.
c) Promotion
d) The work group.
e) Working condition.
f) Supervision.
PAY
Wages do play a significant role in determining of satisfaction. Pay is instrumental in fulfilling so
many needs. Money facilities the obtaining of food, shelter, and clothing and provides the means
to enjoy valued leisure interest outside of work. Moreover, pay can serve as symbol of
achievement and a source of recognition. Employees often see pay as a reflection of organization.
Fringe benefits have not been found to have strong influence on job satisfaction as direct wages.
THE WORK ITSELF
Along with pay, the content of the work itself plays a very major role in determining how
satisfied employees are with their jobs. By and large, workers want jobs that are challenging; they
[21]
Job Satisfaction
do want to be doing mindless jobs day after day. The two most important aspect of the work itself
that influence job satisfaction are variety and control over work methods and work place. In
general, job with a moderate amount of variety produce the most job satisfaction. Jobs with too
little variety cause workers to feel bored and fatigue. Jobs with too much variety and stimulation
cause workers to feel psychologically stressed and ‘burnout’.
PROMOTION
Promotional opportunities have a moderate impact on job satisfaction. A promotion to a higher
level in an organization typically involves positive changes I supervision, job content and pay.
Jobs that are at the higher level of an organization usually provide workers with more freedom,
more challenging work assignments and high salary.
SUPERVISION
Two dimensions of supervisor style:
1. Employee centered or consideration supervisors who establish a supportive personal
relationship with subordinates and take a personal interest in them.
2. The other dimension of supervisory style influence participation in decision making, employee
who participates in decision that affect their job, display a much higher level of satisfaction with
supervisor an the overall work situation.
WORK GROUP
Having friendly and co-operative co-workers is a modest source of job satisfaction to individual
employees. The working groups also serve as a social support system of employees. People often
used their co-workers as sounding board for their problem of as a source of comfort.
WORK CONDITION
The employees desire good working condition because they lead to greater physical comfort. The
working conditions are important to employees because they can influence life outside of work. If
people are require to work long hours and / or overtime, they will have very little felt for their
families, friends and recreation outside work. While analyzing the various determinants of job
[22]
Job Satisfaction
satisfaction, we have to keep in mind that: all individuals do no derive the same degree of
satisfaction though they perform the same job in the same job environment and at the same time.
Therefore, it appears that besides the nature of job and job environment, there are individual
variables which affect job satisfaction.
Thus, all those factors which provide a fit among individual variables, nature of job, and
situational variables determine the degree of job satisfaction. Let us see what these factors are.
Individual factors:Individuals have certain expectations from their jobs. If their expectations are met from the jobs,
they feel satisfied. These expectations are based on an individual’s level of education, age and
other factors.
Level of education: Level of education of an individual is a factor which determines the degree
of job satisfaction. For example, several studies have found negative correlation between the
level of education, particularly higher level of education, and job satisfaction. The possible
reason for this phenomenon may be that highly educated persons have very high expectations
from their jobs which remain unsatisfied. In their case, Peter’s principle which suggests that
every individual tries to reach his level of incompetence, applies more quickly.
Age: Individuals experience different degree of job satisfaction at different stages of their life.
Job satisfaction is high at the initial stage, gets gradually reduced, starts rising upto certain stage,
and finally dips to a low degree. The possible reasons for this phenomenon are like this.
When individuals join an organization, they may have some unrealistic assumptions about what
they are going to drive from their work. These assumptions make them more satisfied. However,
when these assumptions fall short of reality, job satisfaction goes down. It starts rising again as
the people start to assess the jobs in right perspective and correct their assumptions. At the last,
particularly at the far end of the career, job satisfaction goes down because of fear of retirement
and future outcome.
[23]
Job Satisfaction
Other factors: Besides the above two factors, there are other individual factors which affect job
satisfaction. If an individual does not have favorable social and family life, he may not feel happy
at the workplace. Similarly, other personal problems associated with him may affect his level of
job satisfaction. Personal problems associated with him may affect his level of job satisfaction.
Nature of job:Nature of job determines job satisfaction which is in the form of occupation level and job content.
Occupation level: Higher level jobs provide more satisfaction as compared to lower levels. This
happens because high level jobs carry prestige and status in the society which itself becomes
source of satisfaction for the job holders.
For example, professionals derive more satisfaction as compared to salaried people: factory
workers are least satisfied.
Job content: Job content refers to the intrinsic value of the job which depends on the
requirement of skills for performing it, and the degree of responsibility and growth it offers. A
higher content of these factors provides higher satisfaction.
For example, a routine and repetitive lesser satisfaction; the degree of satisfaction progressively
increases in job rotation, job enlargement, and job enrichment.
Situational variables:
Situational variables related to job satisfaction lie in organizational context – formal and
informal. Formal organization emerges out of the interaction of individuals in the organization.
Some of the important factors which affect job important factors which affect job satisfaction are
given below
[24]
Job Satisfaction
Working conditions: Working conditions, particularly physical work environment, like conditions
of workplace and associated facilities for performing the job determine job satisfaction. These
work in two ways. First, these provide means job performance. Second, provision of these
conditions affects the individual’s perception about the organization. If these factors are
favourable, individuals experience higher level of job satisfaction.
2. Supervision: The type of supervision affects job satisfaction as in each type of supervision; the
degree of importance attached to individuals varies. In employee-oriented supervision, there is
more concern for people which is perceived favourably by them and provides them more
satisfaction. In job oriented supervision, there is more emphasis on the performance of the job
and people become secondary. This situation decreases job satisfaction.
3. Equitable rewards: The type of linkage that is provided between job performance and rewards
determines the degree of job satisfaction. If the reward is perceived to be based on the job
performance and equitable, it offers higher satisfaction. If the reward is perceived to be based on
considerations other than the job performance, it affects job satisfaction adversely.
4. Opportunity: It is true that individuals seek satisfaction in their jobs in the context of job nature
and work environment by they also attach importance to opportunities for promotion that these
job offer. If the present job offers opportunity of promotion is lacking, it reduces
satisfaction.
5. Work group: Individuals work in group either created formally of they develop on their own to
seek emotional satisfaction at the workplace. To the extent such groups are cohesive; the degree
of satisfaction is high. If the group is not cohesive, job satisfaction is low. In a cohesive group,
people derive satisfaction out of their interpersonal interaction and workplace becomes satisfying
leading to job satisfaction.
[25]
Job Satisfaction
INDUSTRY PROFILE
[26]
Job Satisfaction
What is Insurance?
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for
payment. It is a form of risk management primarily used to hedge against the risk of a contingent,
uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,
is the person or entity buying the insurance policy. The amount of money to be charged for a
certain amount of insurance coverage is called the premium. Risk management, the practice
of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in
the form of payment to the insurer in exchange for the insurer's promise to compensate the
insured in the case of a financial (personal) loss. The insured receives a contract, called
the insurance policy, which details the conditions and circumstances under which the insured will
be financially compensated.
History of insurance
In some sense we can say that insurance appears simultaneously with the appearance of human
society. We know of two types of economies in human societies: natural or non-monetary
economies (using barter and trade with no centralized or standardized set of financial
instruments) and more modern monetary economies (with markets, currency, financial
instruments and so on). The former is more primitive and the insurance in such economies entails
agreements of mutual aid. If one family's house is destroyed the neighbours are committed to
help rebuild. Granaries housed another primitive form of insurance to indemnify against famines.
[27]
Job Satisfaction
Often informal or formally intrinsic to local religious customs, this type of insurance has survived
to the present day in some countries where a modern money economy with its financial
instruments is not widespread.
Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which
insurance is part of the financial sphere), early methods of transferring or distributing risk were
practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares
across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians
developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and
practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to
cancel the loan should the shipment be stolen or lost at sea.
Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official
by registering the insuring process in governmental notary offices. The insurance tradition was
performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic
groups as well as others willing to take part, presented gifts to the monarch. The most important
gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrick
(Achaemenian gold coin) the issue was registered in a special office. This was advantageous to
those who presented such special gifts. For others, the presents were fairly assessed by the
confidants of the court. Then the assessment was registered in special offices.
History of insurance in India
[28]
Job Satisfaction
1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to
the needs of European community. The pre-independence era in India saw discrimination
between the lives of foreigners (English) and Indians with higher premiums being charged for the
latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.
1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the
insurance business
1972 with the General Insurance Business (Nationalization) Act was passed by the Indian
Parliament, and consequently, General Insurance business was nationalized with effect from 1
January 1973.
In 90s when the Insurance sector was reopened to the private sector. Before that, the industry
consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and
General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary
companies
[29]
Job Satisfaction
Life insurance as a basic need
Life insurance is a basic need. It's the first step in financial planning. However, life insurance is
not just for financial protection in the event of untimely death of the breadwinner. It can also be a
comprehensive wealth accumulation solution.
Whether you are young or old, rich or poor, employed or a business person — you can get a plan
tailor-made for you. In a way, all investments are insurance against financial risk and all
insurance is investment for a better tomorrow. Many Life insurance plans have savings
component that earn returns just like in any other investments (e.g., fixed deposits, bonds or
mutual funds). But the main difference is that Life Insurance really is a long term investment.
How insurance works?
Insurance is a general term for products offered to consumers to mitigate risk and provide
financial compensation in the event of adverse unforeseen circumstances.
More than 100 brands offer a range of general insurance products to Australian consumers.
Every insurer has different products that adhere to different exclusions and policy requirements.
Insurance companies purchase their own form of insurance from other companies, this is called
reinsurance. Reinsurance provides risk management for insurers and allows them to meet the
terms of their policies. Through an agreement with the insurer, reinsurers are able to negotiate the
terms upon which the insurer will be covered.
To receive insurance cover, consumers must purchase a policy from an individual company, so as
long as consumers meet the requirements of the insurer and pay their policy fees, they will be
eligible for cover. Several policies have minimum requirements for cover, such as good health for
travel insurance and building standards for home insurance.
When a policyholder is affected by an event covered by their policy, they must contact their
insurer and lodge a claim. The insurer will then determine whether the claim is covered by the
[30]
Job Satisfaction
policy, if it is legitimate or fraudulent and how much compensation is required. All insurance
companies are required to meet the terms of their policies.If consumers have disputes that were
not resolved with their insurance company, they should contact the Financial Ombudsman
Service on 1300 78 08.
General insurance is one of the most regulated industries in Australia. The government agency
that oversees the industry is the Australian Prudential Regulation Authority.
7P’s of INSURANCE IN MARKETING --MIX FOR INSURANCE
COMPANIES:
The marketing mix is the combination of marketing activities that an organisation engages in so
as to best meet the needs of its targeted market. The Insurance business deals in selling services
& therefore due weight-age in the formation of marketing mix for the Insurance business is
needed. The marketing mix includes sub-mixes of the 7 P's of marketing i.e. the product, its
price, place, promotion, people, process & physical attraction. The above mentioned 7 P's can be
used for marketing of Insurance products, in the following manner:
1. Product
A product means what we produce. If we produce goods, it means tangible product and when we
produce or generate services, it means intangible service product. A product is both what a seller
has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore
services are their product. In India, the Life Insurance Corporation of India (LIC) and the General
Insurance Corporation (GIC) are the two leading companies offering insurance services to the
users. Apart from offering life insurance policies, they also offer underwriting and consulting
services.
[31]
Job Satisfaction
When a person or an organisation buys an Insurance policy from the insurance company, he not
only buys a policy, but along with it the assistance and advice of the agent, the prestige of the
insurance company and the facilities of claims and compensation. It is natural that the users
expect a reasonable return for their investment and the insurance companies want to maximize
their profitability. Hence, while deciding the product portfolio or the product-mix, the services or
the schemes should be motivational. The Group Insurance scheme is required to be promoted, the
Crop Insurance is required to be expanded and the new schemes and policies for the villagers or
the rural population are to be included. The Life Insurance Corporation has intensified efforts to
promote urban savings, but as far as rural savings are concerned, it is not that impressive.
The introduction of Rural Career Agents Scheme has been found instrumental in inducing the
rural prospects but the process is at infant stage and requires more professional excellence. The
policy makers are required to activate the efforts. It would be prudent that the LIC is allowed to
pursue a policy of direct investment for rural development. Investment in Government securities
should be stopped and the investment should be channelized in private sector for maximizing
profits. In short, the formulation of product-mix should be in the face of innovative product
strategy. While initiating the innovative process it is necessary to take into consideration the
strategies adopted by private and foreign insurance companies
2. Pricing
In the insurance business the pricing decisions are concerned with
1) The premium charged against the policies,
2) Interest charged for defaulting the payment of premium and credit facility, and
3) Commission charged for underwriting and consultancy activities.
With a view of influencing the target market or prospects the formulation of pricing strategy
becomes significant. In a developing country like India where the disposable income in the
[32]
Job Satisfaction
hands of prospects is low, the pricing decision also governs the transformation of potential
policyholders into actual policyholders. The strategies may be high or low pricing keeping in
view the level or standard of customers or the policyholders.
3. Place
This component of the marketing mix is related to two important facets --I) Managing the
insurance personnel, and ii) Locating a branch. The management of agents and insurance
personnel is found significant with the viewpoint of maintaining the norms for offering the
services. This is also to process the services to the end user in such a way that a gap between the
services- promised and services -- offered is bridged over. In a majority of the service generating
organizations, such a gap is found existent which has been instrumental in making worse the
image problem. The transformation of potential policyholders to the actual policyholders is a
difficult task that depends upon the professional excellence of the personnel.
The agents and the rural career agents acting as a link, lack professionalism. The front-line staff
and the branch managers also are found not assigning due weight-age to the degeneration
process. The insurance personnel if not managed properly would make all efforts insensitive.
Even if the policy makers make provision for the quality upgrading the promised services hardly
reach to the endusers.It is also essential that they have rural orientation and are well aware of the
lifestyles of the prospects or users. They are required to be given adequate incentives to show
their excellence. While recruiting agents, the branch managers need to prefer local persons and
provide them training and conduct seminars. In addition to the agents, the front-line staffs also
need an intensive training program to focus mainly on behavioural management.
Another important dimension to the Place Mix is related to the location of the insurance
branches. While locating branches, the branch manager needs to consider a number of factors,
[33]
Job Satisfaction
such as smooth accessibility, availability of infrastructural facilities and the management of
branch offices and premises
4. Promotion
The insurance services depend on effective promotional measures. In a country like India, the
rate of illiteracy is very high and the rural economy has dominance in the national economy. It is
essential to have both personal and impersonal promotion strategies. In promoting insurance
business, the agents and the rural career agents play an important role. Due attention should be
given in selecting the promotional tools for agents and rural career agents and even for the branch
managers and front line staff. They also have to be given proper training in order to create
impulse buying. Advertising and Publicity, organisation of conferences and seminars, incentive
to policyholders are impersonal communication.
5. People
Understanding the customer better allows designing appropriate products. Being a service
industry which involves a high level of people interaction, it is very important to use this resource
efficiently in order to satisfy customers. Training, development and strong relationships with
intermediaries are the key areas to be kept under consideration. Training the employees, use of IT
for efficiency, both at the staff and agent level, is one of the important areas to look into.
6. Process
[34]
Job Satisfaction
The process should be customer friendly in insurance industry. The speed and accuracy of
payment is of great importance. The processing method should be easy and convenient to the
customers. Instalment schemes should be streamlined to cater to the ever growing demands of the
customers. IT & Data Warehousing will smoothen the process flow. IT will help in servicing
large no. of customers efficiently and bring down overheads. Technology can either complement
or supplement the channels of distribution cost effectively. It can also help to improve customer
service levels.
7. Physical evidence
Distribution is a key determinant of success for all insurance companies. Today, the nationalized
insurers have a large reach and presence in India. Building a distribution network is very
expensive and time consuming. If the insurers are willing to take advantage of India's large
population and reach a profitable mass of customers, then new distribution avenues and alliances
will be necessary. Initially insurance was looked upon as a complex product with a high advice
and service component.
Buyers prefer a face-to-face interaction and they place a high premium on brand names and
reliability. As the awareness increases, the product becomes simpler and they become off-the-
shelf commodity products. Today, various intermediaries, not necessarily insurance companies,
are selling insurance. For example, in UK, retailer like Marks &Spencer sells insurance products.
The financial services industries have successfully used demote distribution channels such as
telephone or internet so as to reach more customers, avoid intermediaries, bring down overheads
and increase profitability. A good example is U .K insurer Direct Line.
Role of Insurance in Economic Development in India
[35]
Job Satisfaction
1. Risk Transfer- Insurance is a risk transfer mechanism whereby the individual or the business
enterprise can shift some of the uncertainties of life on the shoulder of the other.
2. Healthy Life- Insurance provides all the people to live a cleaner, healthier, comfortable and
easy life.
3. Protection of trade or industry- In peace, the insurance provides protection of trade and
industry which ultimately contribution towards human progress. Thus, insurance is the most
lending force contribution towards economic, social and technological progress of man.
[36]
Job Satisfaction
COMPANY PROFILE
[37]
Job Satisfaction
INTRODUCTION TO MET LIFE INSURANCE
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,Inc. and was
incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and
Kashmir Bank, M. Palling and Co. Private Limited and other private investors. MetLife is one of
the fastest growing life insurance companies in the country. It serves its customers by offering a
range of innovative products to individuals and group customers at more than 600 locations
through its bank partners and company-owned offices. MetLife has more than50, 000 Financial
Advisors, who help customers, achieve peace of mind across the length and breadth of the
country
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas,
Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life
insurer in the United States (based on life insurance enforce), with over 140 years of experience
and relationships with more than 90 of the top one hundred FORTUNE 500® companies.
[38]
Job Satisfaction
The MetLife companies offer life insurance, annuities, automobile and home insurance, retail
banking and other financial services to individuals, as well as group insurance, reinsurance and
retirement and savings products and services to corporations and other institutions Celebrating
140 years, MetLife, Inc. is a leading provider of insurance and financial services with operations
throughout the United States and the Latin America, Europe, and Asia Pacific regions. Through
its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70
million customers around the world and MetLife is the largest life insurer in the United States
(based on life insurance in-force).The MetLife companies offer life insurance, annuities, auto and
home insurance, retail banking and other financial services to individuals, as well as group
insurance and retirement & savings products and services to corporations and other institutions.
MET LIFE INSURANCE IN INDIA
MetLife Insurance India is officially referred to as MetLife India Insurance Company Limited
(MetLife) and has been operating in India from 2001. It is a part of MetLife Inc. MetLife has its
head office in Bangalore and is among the quickest growers in India as far as the insurance sector
is concerned.
It has 12 banking partners in the group and retail businesses, along with a firm network of
brokers for its group and individual customers. It also has more than 30 thousand financial
advisors. In addition to these, it operates an employee benefit business in association with at least
550 leading corporate entities in India.
MetLife Inc itself is one of the top providers of insurance, employee benefit programs, and
annuities throughout the world. It operates in 47 countries and caters to 90 million clients. Along
with its affiliates and subsidiaries the organization has achieved prominent position in the
following markets:
US
Asia Pacific
Japan
Europe
[39]
Job Satisfaction
Latin America
Middle East
Following are the various values held in high regard by the insurer:
Operating as a leader and being really successful and efficient through independent
decisions that can help to get positive results
Working with focused dedication towards management of fiscal resources with the aim of
getting good fiscal results
Focusing on employee excellence
Operating all business in a true, fair, and sincere manner
Functioning in a productive manner in order to attain a common purpose and also
understanding the collective capabilities of different work groups
To introduce and create original and new ways and ideas of doing things on a regular
basis
MetLife Inc.:-
Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with
operations throughout the United States and the Latin America, Europe, and Asia Pacific
regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches
more than 70 million customers around the world and MetLife is the largest life insurer in the
United States (based on life insurance in-force).
The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking
and other financial services to individuals, as well as group insurance and retirement & savings
products and services to corporations and other institutions
[40]
Job Satisfaction
FACT SHEET
Founded 2001
Started Operation FY 2001-02
Headquarters Bangalore, India
World Wide Web Address www.metlife.co.in
Managing Director Rajesh Relan
Employees 7688
Financial Advisors 56,072
Bancassurance Tie-Ups 5 (J&K Bank/Axis Bank/Dhanalakshmi
Bank/Karnataka Bank/Barclays)
Number Of Products Over 20 products
Presence Through MetLife Offices 192 offices in 131 cities
Presence Through Bank Partners 1910 offices in 686 cities
[41]
Job Satisfaction
Vision and Mission
Build financial freedom for all through leadership in providing financial advice and building
long-term relationships through innovative protection, accumulation and retirement products,
robust underwriting processes and creating world-class customer service experience for our
customers. We want to provide customers in India with world-class solutions for financial
security, and in the process add significant value to our shareholders, associates and society.
Our Core Values
•We lead through Innovation to offer world class and competitive products to our customers
•We build Long Term Relationships with our customers by creating a world class service
experience through operational excellence and the innovative use of technology
•We create a Customer Centered and Result Focused Vision that inspires each one of our
Associates and has their buy-in
•We are committed to creating a High Performance Organization by creating an environment that
allows each one of our Associates to perform at their peak. As a result we will also be recognized
as an Employer of Choice
•We are committed to Partnering with our internal and external Customers for mutual success
•We work with Integrity, Fairness and Financial Prudence in all our dealings keeping the interests
of our Shareholders, Customers and Associates paramount.
[42]
Job Satisfaction
The Met Life tagline
MetLife, with its cuddly Snoopy mascot, promises to give us "Guarantees for the IF in
life"
MASCOT- A DOG NAMED ‘SNOOPY’
"Snoopy’s whole personality is a little bittersweet. But he’s a very strong character. He can win
or lose, be a disaster, a hero, or anything, and yet it all works out. I like the fact that when he’s in
real trouble, he can retreat into a fantasy and thereby escape."
[43]
Job Satisfaction
STRATEGIES OF MET LIFE INSURANCE
MetLife Inc. MET -0.38% aims to shed $600 million in pretext costs, produce at least a fifth of
its profits in emerging markets and revitalize one of its oldest businesses: selling life insurance to
middle-class Americans.
MetLife Chief Executive Steven Kandarian plans to unveil the goals as part of his pitch to Wall
Street Wednesday at the company's annual spring investor conference.
They come as Mr. Kandarian, starting his second year in the top job, seeks to persuade
shareholders that MetLife can power through historically low interest rates, a sluggish U.S.
economy, turmoil in Europe and other obstacles that have weighed on profits and the company's
shares.
The stock has slumped 28% in the past 12 months. On Tuesday, its shares rose 16 cents, or 0.5%,
to $31.07, in 4 p.m. New York Stock Exchange composite tra
[44]
Job Satisfaction
Partners:-
4.3 Corporate Social Responsibility:-
MetLife has always been committed to making a positive difference in the lives of
the individuals and communities. Today, that commitment drives volunteer work and
philanthropy across the globe. Working with non-profit organizations, MetLife
supports programs that provide young people with the skills they need to succeed in
life and create opportunities for people of all ages.
MetLife’s core values are personal responsibility, people count, partnership, integrity
and honesty, innovation and financial strength. These values also shape the
responsibility to the communities where the organization conducts its business.
[45]
Job Satisfaction
4.4 Various types of life insurance policies:-
Endowment policies: This type of policy covers risk for a specified period, and at the
end of the maturity sum assured is paid back to policyholder with the bonuses during the
term of the policy.
Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.
Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers-employees, professionals, co-operatives etc
it also provides insurance coverage for people in certain approved occupations at the
lowest possible premium cost.
Term life insurance policies: This type of insurance covers risk only during the selected
term period. If the policy holder survives the term, risk cover comes to an end. These
types of policies are for those people who are unable to pay larger premium required for
endowment and whole life policies. No surrender, loan or paid up values are in such
policies.
Whole life insurance policies: This type of policy runs as long as the policyholder is
alive and is covered for the entire life of the policyholder. In this policy the insured
amount and the bonus is payable only to nominee on the death of policy holder.
Joint life insurance policies: These policies are similar to endowment policies in
maturity benefits and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death and again on the death
of survival during the term of the policy.
[46]
Job Satisfaction
Pension plan: a pension plan or annuity is an investment over a certain number of years
but does not provide any life insurance cover. It offers a guaranteed income either for a
life or certain period.
Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover
as well as return on premium paid over a certain period of time. The investment is
denoted as units and represented by the value called as net asset value
PRODUCTS
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to help to
meet the education and career milestones of children. With this plan, the Life Insured is that of
the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term.
There are two options to choose from and fixed term benefits, periodic additions & terminal
additions are payable based on the option that select. The policy is suitable for parents with
children between the ages 0-12 and parents in the age group of 20-50 years old.
A plan which offers both timely and efficient return on investment with payouts at different
milestones.
At the end of 5 years 20% of Sum Assured
[47]
Job Satisfaction
At the end of 10 years 20% of Sum Assured
At the end of 15 years 20% of Sum Assured
Upon survival to
maturity
40% of Sum Assured plus total
Guaranteed Additions
Retirement:-Met Growth
MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It is specially
designed to provide financial security for future requirements. This plan allows to start planning
immediately by ensuring the safety of first year premiums. It also helps create retirement fund
faster by giving you 100% allocation from the second year onwards, coupled with attractive
loyalty additions into fund. Guaranteed.
Entry Age (in completed years) Min – 0 years (3 months to be completed)
Max – 60 years
Maturity Age Min – 18 years
Max – 75 years
Coverage Term 15 / 20 / 25 / 30 years
Premium Payment Term Regular
Minimum Annualized Premium Rs. 12,000
Basic Sum Assured Min - 5 times the Annualized Premium ***Other Sum
Assured multiples - 10 times & 20 times the Annualized
Premium.
Premium Paying Modes Monthly, Quarterly, Half-yearly, Yearly
Benefit
[48]
Job Satisfaction
Death BenefitIn the unfortunate event of death, the higher of the Sum Assured or the Fund Value
would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus the regular
premium received by us in the first policy.
Maturity BenefitOn maturity, you will receive the Fund Value including the Guaranteed Loyalty
Addition or you can opt for the settlement options.
Loyalty AdditionsYou get the guarantee of enhancing your wealth creation through guaranteed loyalty
additions (up to 120% of the first year annual premium) at the end of the 10th &
15th year plus Guaranteed Additions as a % of the Fund Value
.
At the end of the 10th year: 50% of the first year annualized premium.
Savings:-
[49]
Job Satisfaction
Met Sukh
Entry Age Min 15 years
Max - 55 years
Coverage Term 20 years
Premium Payment Term Regular
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit
MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides guaranteed periodic
survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum
Assured for the entire term. It not only covers your life, but also guarantees you cash payments at
various milestones along with guaranteed growth of your savings.
Benefits
[50]
Job Satisfaction
Death BenefitIn the unfortunate event of death of the Person Insured, the Sum Assured along
with the Guaranteed Additions are payable.
Maturity BenefitOn maturity, the life insured will receive the Survival Benefits plus the Guaranteed
Addition.
Survival Benefits
Met Suvidha
'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In addition to
providing you protection till the maturity of the plan, it helps you save for your specific long term
financial objectives. This long term savings-cum-protection plan comes to a customer at
affordable premiums.
Met Suvidha is available in both participating as well as non-participating versions.
[51]
At the end of 5 years 20% of the Sum Assured
At the end of 10 years 20% of the Sum Assured
At the end of 15 years 20% of the Sum Assured
Upon survival to maturity 40% of the Sum Assured plus Total
Guaranteed Additions
Job Satisfaction
Minimum Entry Age Par: 15 years - 60 years
Non-Par: 15 years - 70 years
Term Par: - 15 years - 30 years
Non-Par: 5 years - 30 years
Premium Paying Terms Single Pay, Limited Pay (5 or 10) &
Regular Pay
Minimum Annual Premium Amount Rs. 2,500
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit
Protection:-
Met Suraksha
[52]
Job Satisfaction
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non participating term assurance plan
which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives
complete protection to enjoy life to the fullest. Customer can further customize plan with two
riders – Accidental Death Benefit and Critical Illness.
Met Suraksha TROP
MetLife offers 'Met Suraksha - Term with Return of Premium (TROP)', a non participating term
assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance
plan that gives complete protection to enjoy life to the fullest. You can further customize your
plan with two riders – Accidental Death Benefit and Critical Illness.
It is an Endowment plan that offers both savings and life insurance.
Flexible premium paying options to suit various income cycles.
A plan which participates in the bonuses declared by the company.
Customization possible with Accident Death Benefit, Critical Illness, Term, Waiver of
Premium Riders for comprehensive protection.
Investment:-
MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of wealth. Be it higher
returns or the right blend of protection and wealth optimization, they help to ensure the right
choice and peace of mind[53]
Job Satisfaction
MetLife Office Network
MetLife India Insurance has set up offices in the following states and union territories:
Andhra Pradesh
Karnataka
Assam
Kerala
Bihar
Madhya Pradesh
Chandigarh
Maharashtra
Chhattisgarh
Odessa
Delhi
Pondicherry
Goa
Punjab
Gujarat
Rajasthan
Haryana
Tamil Nadu
Himachal Pradesh
Uttar Pradesh
Jammu and Kashmir
Uttarakhand
Jharkhand
West Bengal
[54]
Job Satisfaction
SWOT Analysis
Strength
With over 139 years of experience MetLife have approximately US $ 3.3 trillion of life
insurance in force.
Brand Image, Business Experience and Innovative products
Large number of young workforce .The 40K agents which are very selectively chosen
Service quality which is the crux of their mission.
Has tie up with banks like Axis, J&K, Barclays, Karnataka Bank and Dhanalakshmi bank.
Paid up capital of RS 1500 crore as on 2008 which shows company dependability.
Very less charges on ULIP plans as compare to other insurance players
Weakness
Many competitors in the market of same products by the title and difference in premium
and offerings
Sustainable to risk associated with investments in money market.
Very less network branches due to which its difficult for customer to make payment
easily.
[55]
Job Satisfaction
Not focusing on consumer awareness mainly concentrating on personal selling
More focusing in urban areas not touching rural area which has a very good potential
market for insurance sector.
Lacking in advertisement due to which they are not able to cover a large area or large no
of customer.
Opportunities
Huge market is literally untapped Out of estimated 320 million insurable markets only
20% of the population is insured.
Health insurance and pension schemes, an estimated market potential of approximately$
15billion.
Nearly 70% of the Indian population is without Life, Health, and Non-Life insurance.
Per Capita life insurance premium in India in 2004was $16 as compared to the world
average of $ 292.
Strong economic growth with increase in affluence and rising risk awareness leading to
rapid growth in the Insurance sector.
[56]
Job Satisfaction
Threatens
Entry of many other private companies with equally strong experience and financial
strength of foreign partners making the competition difficult and saturating the urban
markets.
Current govt. policies do not encourage gross domestic savings. If the tax liability of the
service class rises, the customer will have little money to invest
LIC has woken up from sleep and is following competitive strategies. its huge surplus in
life fund gives a capability to
[57]
Job Satisfaction
DATA ANALYSIS
[58]
Job Satisfaction
Q1. Are you satisfied with your salary?Man work to earn every employee is te organisation will expect a correct pay to be paid for the
job done by him. The reasonable pay for each job which was performed in the organisation. This
scale of pay may help for the job satisfaction to a certain extent.
SALARY RESPONDENTS PERCENTAGE
AGREE 61 61
DISAGREE 36 36
STRONGLY
AGREE
3 3
TOTAL 100 100
INTERPRETATION:The above table reveals that
61% of the respondents are agreed with his salary satisfaction.
36% of the respondents are disagreed with his salary satisfaction.
3% of the respondents are strongly agreed with his salary satisfaction.
[59]
Job Satisfaction
Q.2. Do you feel over burden in your job?
opinion EMPLOYEES PERCENTAGE
(%)
agree 24 24
disagree 76 76
total 100 100
Interpretation:The above table indicates that
76% employees do not feel over burden and
24% of the employees feel overburden.
[60]
Job Satisfaction
Q3. Do you think that your complaints are settled quickly by the
company ?
opinion EMPLOYEES PERCENTAGE
(%)
agree 62 62
disagree 38 38
TOTAL 100 100
Interpretation:The above table indicates that
62% employees are agree, and
38% of the employees are disagree.
[61]
Job Satisfaction
Q4. What you think about the welfare factors?
Welfare factors EMPLOYEES PERCENTAGE
(%)
excellent 35 35
good 26 26
fair 21 21
poor 12 12
undecided 6 6
Interpretation:The above table indicates that
35% of respondents think that welfare factors are excellent ,
26% of respondentsthink that they are good,
21% of respondents think that they are fair,
12% of respondents think poor, and
6% of respondents are undecided.
[62]
Job Satisfaction
Q5. Do you achieve the targets on time?
opinion employees Percentage
(%)
agree 56 56
disagree 21 21
undecided 23 23
total 100 100
Interpretation:The above table indicates that
[63]
56%21%
23%agree
disagree
undecided
Job Satisfaction
56% of the employees have the capability to achieve the target on time.
21% of the employees do not have the capability to achieve targets on time.
23% of the employees not decided.
Q6. Are you satisfied with the Promotional policies?
PROMOTIONAL
OPPORTUNITY
SATISFACTION
RESPONDENT
S
PERCENTAGE
(%)
AGREE 60 60
DISAGREE 23 23
STRONGLY
AGREE
6 6
STRONGLY
DISAGREE
3 3
UNDECIDED 8 8
TOTAL 100 100
[64]
Job Satisfaction
INTERPRETATION:60% of the respondents are agree with their promotional opportunities.
23% of the respondents are disagree with their promotional opportunities.
6% of the respondents are strongly agree with their promotional opportunities.
3% of the respondents are strongly dis-agree with their promotional opportunities.
8% of the respondents are undecided with their promotional opportunities.
Q7. What you feel about the working environment?
OPINION RESPONDENTS PERCENTAGE
(%)
GOOD 67 67
FAIR 22 22
EXCELLENT 9 9
UNDECIDED 2 2
TOTAL 100 100
[65]
Job Satisfaction
INTERPRETATION:The above table reveals that
67% of the respondents feel good with the working environment.
22% of the respondents feel fair with the working environment.
9% of the respondents feel excellent with the working environment.
2% of the respondents feel proor with the workind environment.
Q8. What you feel about the nature of your job?
OPINION RESPONDENTS PERCENTAGE
(%)
GOOD 63 63
FAIR 25 25
EXCELLENT 2 2
POOR 9 9
UNDECIDED 1 1
TOTAL 100 100
[66]
Job Satisfaction
INTERPRETATION:The above table reveals that
63% of the respondents feel that the nature of job is good.
25% of the respondents feel that it is fair.
2% of the respondents feel excellent with the neture of job.
9% feel poor with thw nwture of job.
1% is undecided.
Q9. What you think about training opportunity?
OPINION RESPONDENT
S
PERCENTAGE
(%)
GOOD 63 63
FAIR 26 26
EXCELLENT 6 6
POOR 2 2
UNDECIDED 3 3
TOTAL 100 100
[67]
Job Satisfaction
INTERPRETATION:The above table reveals that
63% of the respondents feel good with their training opportunities.
26% of the respondents feel fair with their training opportunities.
6% of the respondents feel excellent with this.
2% of respondents feel poor with the training opportunities.
3% are undecided.
Q10. What you feel about the existing relationship between the
workers and management?
OPINION RESPONDENT
S
PERCENTAGE(%)
GOOD 70 70
FAIR 13 13
EXCELLENT 11 11
POOR 3 3
UNDECIDED 3 3
TOTAL 100 100
[68]
Job Satisfaction
INTERPRETATION:The above table reveals that
70% of the respondents are agreed that they have cordial relationship with management.
13% of the respondents are disagreed that their relationship with management is cordial.
11% of the respondents are strongly felt that his with his their relationship with
management is cordial.
6% are strongly disagreeing that his with his their relationship with management is
cordial.
Q11. Which type of relationship you have with your co-workers in
the company?
OPINION RESPONDENT
S
PERCENTAGE
(%)
GOOD 67 67
FAIR 13 13
EXCELLENT 17 17
POOR 3 3
TOTAL 100 100
[69]
Job Satisfaction
INTERPRETATION:The above table reveals that
67% of the respondents are agree with their relationship with coworkers is satisfaction.
13% of the respondents are not satisfied with their relationship with coworkers.
17% of the respondents are very much satisfied with their relationship with coworkers is
satisfied
3% of the respondents are strongly dissatisfied with their relationship with coworkers is
satisfied.
[70]
Job Satisfaction
CONCLUSION
CONCLUSION
From the study, the researcher has come to know that most of the respondents have job
satisfaction; the management has taken the best efforts to maintain cordial relationship with the
employees. Due to the working conditions prevailing in this company, job satisfaction of each
respondent seems to be the maximum.
From the study, the researcher has come to know that most of the employees were satisfied with
the welfare measures provided by company. The employees of met life insurance get more
benefits compare to other companies. The main problem of shortage of man power is less in the
[71]
Job Satisfaction
Met life insurance compare to other companies. To employees of the company are totally agree
that they have the capability to achieve the targets on time and do not feel over burden on the job.
Most of the employees also have the salary satisfaction and also satisfied with the promotional
opportunities. The employees have taken the best efforts to maintain the good relationship with
their co- workers.
This is also concluded that the employees think that nature of their job is satisfied and also as per
their convenience.
[72]
Job Satisfaction
FINDINGS AND
RECOMMENDATIONS
FINDINGS & RECOMMENDATIONS
56% of the employees have the capability to achieve the target on time.21% of the
employees do not have the capability to achieve targets on time. 23% of the employees
not decided .
76% employees do not feel over burden and 24% of the employees feel overburden.[73]
Job Satisfaction
62% employees are agree, and 38% of the employees are disagree.
35% of respondents think that welfare factors are excellent , 26% of respondents think
that they are good, 21% of respondents think that they are fair, 12% of respondents think
poor, and 6% of respondents are undecided.
61% of the respondents are agreed with his salary satisfaction, 36% of the respondents
are disagreed with his salary satisfaction and 3% of the respondents are strongly agreed
with his salary satisfaction
60% of the respondents are agree with their promotional opportunities,23% of the
respondents are disagree with their promotional opportunities,6% of the respondents are
strongly agree with their promotional opportunities,3% of the respondents are strongly
dis-agree with their promotional opportunities and 8% of the respondents are undecided
with their promotional opportunities.
67% of the respondents are satisfied with the working environment and 22% of the
respondents are not satisfied with the working environment.
63% of the respondents feel that the nature of job is good.25% of the respondents feel
and that it is fair.
[74]
Job Satisfaction
63% of the respondents are satisfied with their training opportunities and 26% of the
respondents are not satisfied with their training opportunities.
70% of the respondents are agreed that they have cordial relationship with management,
13% of the respondents are disagreed that their relationship with management is cordial
and 11% of the respondents are strongly felt that his with his their relationship with
management is cordial.
67% of the respondents are agree with their relationship with coworkers is satisfaction,
13% of the respondents are not satisfied with their relationship with coworkers and 17%
of the respondents are very much satisfied with their relationship with coworkers is
satisfied.
[75]
Job Satisfaction
BIBLIOGRAPHY
BIBLIOGRAPHY
Books:[76]
Job Satisfaction
G.C.BERI, MARKETING RESEARCH (2008) EDITION
RUSSELL S.WINER, MARKETING MANAGEMENT, EDITION 2008, PAGE NO-28
PHILIP KOTLER,PRINICIPLE OF MARKETING EDITION 12TH PAGE NO-13
Newspaper: Times of India
Hindustan times
Websites:
https://www.metlife.com/individual/insurance/lifeinsurance
http://www.metlife.co.in
http://www.com/logo/metlife.india
http://www.surveymonkey.com/mp/job-satisfaction-survey/
[77]
Job Satisfaction
ANNEXURE
QUESTIONNAIRE
PERSONAL BACK ROUND
[78]
Job Satisfaction
Name of the employee: ………………………………………
Age : ………………………………………
Gender : Male ………. Female ……………
Educational Qualification : ………………………………………..
Marital status : Married ………. Single …………….
Family size : ………………………………………..
Nature of job : ………………………………………...
8. Monthly salary :
Below 10,000 …………
10,001 to 20,000 …………
20,001 to 30,000 …………
Above 30,000. …………
How many years you are working in the organization? : ……………..
Working hours of bank : ……………………………………….
JOB SATISFACTION SEGMENTS
Kindly put tick ( ) mark in only answer from various alternatives given
Below.
[79]
Job Satisfaction
1. Are you satisfied with your salary?
Satisfy
Dis-satisfy
2. Do you feel over burden in your job?
Agree
Disagree
Undecided
Strongly agree
Strongly disagree
3. What do you think that your complaints are settled quickly by the company?
Agree
Disagree
Undecided
Strongly agree
4.What you think about the welfare factors?
Excellent
Good
Fair
Poor
Undecided
5.Do you have the capability to achieve the targets on time?
Agree
Disagree
Undecided
[80]
Job Satisfaction
6. Are you satisfied with the Promotional basis?
Agree
Disagree
Undecided
Strongly agree
Strongly disagree
7. What you feel about the working environment?
Excellent
Good
Fair
Poor
Undecided
8. What you feel about the nature of your job?
Excellent
Good
Fair
Poor
Undecided
9. What you think about training opportunity?
Excellent
Good
Fair
[81]
Job Satisfaction
Poor
Undecided
10. What you feel about the existing relationship between the workers and management?
Excellent
Good
Fair
Poor
Undecided
11. Which type of relationship you have with your co-workers in the company?
Excellent
Good
Fair
Poor
Undecided
Strongly disagree
[82]
