SUMMER TRAINING

PROJECT REPORT
ON
TRAINIG AND DEVELOPMENT
AT
MAX LIFE INSURANCE
Submitted by:
In partial fulfilment for the award of the degree
MASTER OF BUSINESS ADMINISTRATION
(2012- 2014)

DOON BUSINESS SCHOOL

DEHRADUN

DECLARATION
I hereby that I have worked on the topic TRAINING AND DEVELOPMENT AT
MAX LIFE INSURANCE
All the information that has been collected, analyzed and documented for the project is
authentic possession to me.
I would like to categorically mention that the work here has neither been purchased nor
acquired by any other unfair means. The data and information existing in this report are
accurate and update to the current data, to the best of our knowledge.
However, for this purpose of the project, information already compiled in many sources
have been utilized. I extend my sincere thanks to GIRISH sir, HR Executive, Harpreet
Singh SIR, N.P. ROY Sir & Himanshu sir at BHEL for their support. All information in
this report is true representation of what I have experienced during the project.

ACKNOWLEDGEMENT
I would like to take this opportunity to express my sincere gratitude to our respected
mentor for her valuable guidance.
I extend my sincere thanks to , MR.GIRISH SIR HR Executive of

and my internal

guide Mr.S.P Singh for their support and help in the completion of the project.
I would like to thanks almost everybody at the office for his/her friendliness and helpful
nature.
With sincere thanks

CERTIFICATE OF ORIGINALITY
(To be filled in by the student in his / her handwriting)
I___________________________________________________________________,
Enrolment No. __________________ of 2012,I am a full-time bona fide student of PostGraduation Diploma In Management(PGDM) Program of Doon Business School,
Dehradun. I hereby certify that this training report / project work carried out by me
at______________________
________________________________________________________________________
__ submitted in partial fulfillment of the requirements of the program is an original work
of mine under the guidance of the industry guide
__________________________________________
and internal (faculty) guide
_____________________________________________________ and is not based on or
reproduced from any existing work of any other person or on any earlier work undertaken
at any other time or for any other purpose, and has not been submitted anywhere else at
any time.
(Student's Signature)
Date:
(Internal Guides Signature)
Date:

Executive Summary
This Report is an attempt to provide a detailed analysis of the process
of training program done by Max New York Life Insurance and benefits of
the training.
In my complete student internship program I met more than 90
employees. During this student internship program I came to know that,
knowledge based economy, training helps people to learn how to do things
differently or to do different things.
However, my survey suggests that maximum number of employees, in
the turbulent, fast changing world, effective training has never been more
important. Products are now increasingly knowledge intensive; for this,
employers are responsible for providing opportunities for continued
learning.
In my survey I found that 80% of employees are new to the job and
they must undergo the training program.
Finally, creating awareness of organization structure and its products
to the employee is very important to have individual as well as organization
growth. So it can be possible only when the employees go through the
training program.

Contents
History of Insurance Sector

Company Profile

15

Project

22

Findings

48

Recommendations

49

Conclusion

50

On the job training

51

Objectives

52

Targets

53

Achievements

54

Limitations

56

Learnings

57

Brief History of Insurance Sector in India

The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360degree turn witnessed over a period of almost 190 years.
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 by
the 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.
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 companies 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
make contributions to a common fund out of which the losses suffered by
the unfortunate few, due to accidental events, are made good.

Functions of Insurance
The functions of Insurance can be bifurcated into two parts:
Primary Functions
Secondary Functions
Other Functions
The primary functions of insurance include the following:
Provide Protection - The primary function of insurance is to provide
protection against future risk, accidents and uncertainty. Insurance cannot
check the happening of the risk, but can certainly provide for the losses of
risk. Insurance is actually a protection against economic loss, by sharing the
risk with others.
10

Collective bearing of risk - Insurance is a device to share the financial loss

of few among many others. Insurance is a mean by which few losses are
shared among larger number of people. All the insured contribute the
premiums towards a fund and out of which the persons exposed to a
particular risk is paid.
Assessment of risk - Insurance determines the probable volume of risk by
evaluating various factors that give rise to risk. Risk is the basis for
determining the premium rate also
Provide Certainty - Insurance is a device, which helps to change from
uncertainty to certainty. Insurance is device whereby the uncertain risks may
be made more certain.
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
11

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 incometax 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.
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

12

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 not regarded as a basic need but it is getting
popular among semi urban to rural masses. Top rank private companies like
ICICI Prudential Life Insurance, 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 covers risk for the insurer against
eventualities like death or disability. Non-life insurance products covers
risks against natural calamities, burglary, etc. They are not as popular as life

13

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 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 liberalised 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.

14

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, Parliamant 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 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.

15

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 passthrough costs for tariff calculations.
Premium rates of most general insurance policies come under the
purview of the government appointed Tariff Advisory Commitee. 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.
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

16

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, reinsurance 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

17

premiums have seen an exorbitant increase in recent years, following the rise
in threat perceptions globally.
Life Insurance Market
The Life Insurance market in India is an underdeveloped market that
was only tapped by the state owned LIC till the entry of private insurers. The
penetration of life insurance products was 19 percent of the total 400 million
of the insurable population. The state owned LIC sold insurance as a tax
instrument, not as a product giving protection. Most customers were underinsured with no flexibility or transparency in the products. With the entry of
the private insurers the rules of the game have changed.
The 12 private insurers in the life insurance market have already
grabbed nearly 9 percent of the market in terms of premium income. The
new business premiums of the 12 private players has tripled to Rs 1000
crore in 2002- 03 over last year. Meanwhile, state owned LIC's new
premium business has fallen.
Innovative products, smart marketing and aggressive distribution.
That's the triple whammy combination that has enabled fledgling private
insurance companies to sign up Indian customers faster than anyone ever
expected. Indians, who have always seen life insurance as a tax saving
device, are now suddenly turning to the private sector and snapping up the
new innovative products on offer.

18

The growing popularity of the private insurers shows in other ways.

They are coining money in new niches that they have introduced. The state
owned companies still dominate segments like endowments and money back
policies. But in the annuity or pension products business, the private insurers
have already wrested over 33 percent of the market. And in the popular unitlinked insurance schemes they have a virtual monopoly, with over 90
percent of the customers.
The private insurers also seem to be scoring big in other ways- they
are persuading people to take out bigger policies. For instance, the average
size of a life insurance policy before privatization was around Rs 50,000.
That has risen to about Rs 80,000. But the private insurers are ahead in this
game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2
lakh- way bigger than the industry average.
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.
The Insurance sector in India governed by Insurance Act, 1938, the
Life Insurance Corporation Act, 1956 and General Insurance Business

19

(Nationalisation) Act, 1972, Insurance Regulatory and Development

Authority (IRDA) Act, 1999 and other related Acts.
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 is
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
20

ICICI Prudential Life Insurance Co. Limited

www.iciciprulife.com

ING Vysya Life Insurance Company Limited

www.ingvysayalife.com

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
TATA AIG Life Insurance Company Limited
AMP Sanmar Assurance Company Limited
Dabur CGU Life Insurance Co. Pvt. Limited

www.sbilife.co.in
www.tata-aig.com
www.ampsanmar.com
www.avivaindia.com

21

GENERAL INSURERS

Public Sector
National Insurance Company Limited

www.nationalinsuranceindia.com

New India Assurance Company Limited

Oriental Insurance Company Limited

www.niacl.com
www.orientalinsurance.nic.in

United India Insurance Company Limited

www.uiic.co.in

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.

Reliance General Insurance Co. Limited

www.itgi.co.in
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.

Export Credit Guarantee Corporation

www.cholainsurance.com
www.ecgcindia.com

HDFC Chubb General Insurance Co. Ltd.

REINSURER

General Insurance Corporation of India

www.gicindia.com

22

Company profile of MAX NEW YORK LIFE :

Max New York Life Insurance

Max New York Life wants people to view insurance as a financial
protection and wealth creation instrument and not just a tax-saving tool.
Max New York Life Insurance Company Ltd. is a joint venture
between New York Life, a Fortune 100 company and Max India Limited,
one of India's leading multi-business corporations. The company has
positioned itself on the quality platform. In line with its vision to be the most
admired life insurance company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty,
knowledge, caring, integrity and teamwork. The strategy is to establish itself
as a trusted life insurance specialist through a quality approach to business.

23

New York Life is a Fortune 100 company that has over 160 years of
experience in the life insurance business. Max India Limited is a multibusiness corporate dealing in Clinical Research, IT and Telecom Services,
and Specialty Plastic Products businesses.
Max New York Life Insurance started its operations in India in 2000. It is the
first life insurance company in India to be awarded the IS0 9001:2000
certification. Max New York offers customized products tailored to suit
individual's needs. With its various Products and Riders, there are more than
400 product combinations to choose from. Today, Max New York Life
Insurance has a network of 57 offices spread over 37 cities all over India.
In line with its values of financial responsibility, Max New York Life
has adopted prudent financial practices to ensure safety of policyholder's
funds. The Company's paid up capital is Rs. 657 crore, which is more than
the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary
channel of distribution. The Company places a lot of emphasis on its
selection process, which comprises four stages - screening, psychometric
test, career seminar and final interview. The agent advisors are trained inhouse to ensure optimal control on quality of training.

24

Max New York Life invests significantly in its training program and
each agent is trained for 152 hours as opposed to the mandatory 100 hours
stipulated by the IRDA before beginning to sell in the marketplace. Training
is a continuous process for agents at Max New York Life and ensures
development of skills and knowledge through a structured program spread
over 500 hours in two years. This focus on continuous quality training has
resulted in the company having amongst the highest agent pass rate in IRDA
examinations and the agents have the highest productivity among private life
insurers.
It has established a wide agency distribution network with 172 offices
and representatives across 120 cities in India. The company has established
additional channel with 22 bancassurance relationships, corporate tie-ups
and a strong Direct Sales Team. Through its wide network of highly
competent life insurance agent advisors, flexible product solutions and
strong customer focus, Max New York life is creating a partnership for life
with its customers in India.
Max New York Life, one of Indias leading life insurance companies,
expanded its presence in the southern region by opening its first general
office in the city of Mysore. Max New York Life now has established a
countrywide network of 172 offices and representatives across 120 cities in
India.

25

Max New York Life, which has till date sold over 1.53 million
policies and recorded a sum assured of over Rs. 46,000 crore, has positioned
itself on the quality platform. The company has developed a strong corporate
governance model based on defined core values of caring, knowledge,
excellence and honesty. Its strategy is to establish itself as a trusted life
insurance specialist on the bedrock of quality of advice. The company has
over 25,300 agent advisors, who are widely considered the best in the
business.

Max New York Life aspires to be the "life insurance brand of first
choice" amongst Indian consumers. To achieve this the company will draw
on New York Life's demonstrated competence in developing and managing a
superior personal sales network. For the last 46 years consecutively, the
largest number of agents qualifying for membership to the Million Dollar
Round Table (MDRT) have been from New York Life. The MDRT is the
industry's most prestigious organization comprising the world's most
successful insurance agents. Max New York Life, a merit oriented and equal
opportunities employer, is looking for a few good men and women who will
spearhead the effort to realize this vision.
Max New York Life wants people to view insurance as a financial
protection and wealth creation instrument and not just a tax-saving tool.
Since the launch of our operations, our focus has always been on providing
risk protection and long-term wealth creation solutions to our customers.
26

With a diverse product portfolio to meet customer requirements, it is evident

that we are setting benchmarks in the marketplace and are well on course of
realizing our vision to become Indias most admired Life Insurance
Company.
An ever expanding presence of Max New York Life offices across
India reinforces our commitment to serving the nation. We are extremely
pleased with our progress in the region and feel that opening an office in
Mysore would help us educate people about the true potential and benefits of
life insurance. As life insurance specialists, Max New York Life will
continue to help consumers make the right choices to meet their financial
goals, both for the short and long-term, through sound quality advice offered
by our agent advisors and a right mix of product offerings. he added.
Max New York Life has been instrumental in changing the paradigm
of life insurance in India. It is the first life insurance company in India to
introduce cause related marketing.
Children are at the very heart of Max New York Life's strategy. SOS
Children's Villages of India is internationally recognized for its work in
giving underprivileged children a wholesome life. The mission of SOS is "to
help orphaned and abandoned children, by providing them with a family, a
permanent home, education and strong foundation for an independent life."
It's mission ties in with Max New York Life's philosophy of helping people
secure the future of their near and dear ones.

27

Vision:
Vision statement is "Most Admired Life Insurance Company in India".

Mission:
Become one of the top quartile life insurance companies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents

Max New York Life Values and Beliefs

Excellence
"In every aspect of work. Ranging from the in-house training institute to the
detailed Personal Insurance Plan. Max New York Life is focused on
achieving the highest standards of quality in every aspect of their business".
Honesty
"Is the heart of the Life Insurance business. Max New York believes that
above all, Life Insurance is based on trust. Transparency, Dependability and
Integrity will form the cornerstones of the Max New York Life experience."
Knowledge
28

"Is what makes experts. Max New York Life is focused on the Life
Insurance business. Perfectly combining global expertise with local
knowledge, Max New York Life is the Indian Life Insurance specialist."
Caring
"For the customer. Max New York Life is redefining the Life Insurance
paradigm to focus on the needs of the customers. The Max New York service
process is responsive, personalized, humane and empathetic."
Culture:
Our "in house culture recipe" has some of the finest ingredients going into
its making. Some of the more prominent aspects of our culture are stated
below:
Customer comes first
Do it right the first time
Bias for result oriented action
Financial strength and discipline
Clarity of purpose
International quality standards
Inclusive Meritocracy
Learning opportunities
Fun at work
Commitment to published value system
29

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 for a 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.
Nature of Research:
Research is basically of two types.
1. Descriptive research
2. Explorative research
1. Descriptive Research: These studies are concerned with describing the
characteristic of a particular individual or a group.
Determining sources of Data:
There are two main sources of data

30

1. Primary data
2. Secondary data
Primary Data: It consists of original information collected for specific
research. Primary data for this research study was collected through a direct
survey to obtain this primary data a well structured questionnaire was
prepared by the researcher.
Secondary Data: It consists of information that already exists somewhere
and has been collected for some specific purpose in the study. The secondary
data for this study is collected from various Japanese Management books .
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.
Sample Size: Total sample size is 90
Questionnaire Development:
Questionnaire is the most common instrument in collecting
primary data. In order to gather primary data from viewers.
The present questionnaire consists of following type of questions.
Open ended questions
Closed ended questions

31

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.

32

Analysis of the project

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.
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.

33

 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

34

experience for mixed groups of front-line supervisors and senior staff

members.

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:

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 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 remove
barriers.

Training Program done by Max New York 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 by Max New York Life Insurance is different at
various levels.

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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:
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 Max New York Life Insurance:
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 Interpersonal skills
Excellent communication skills
Understanding nature
Aggressiveness
Convincing skills
Ability to motivate others
Interest to learn

38

Analysis of office staff who are having sufficient Knowledge on life

Insurance .
No.of Persons

PROFESSION

New Advisors
Advisors
Telecallers
Marketing Executives

54
12
26

Diagram of the table:

54

60
50

New Advisors

40
26

30
20

12

10

Advisors
Telecallers
Marketing
Executives

Having Sufficient Product

Knowledge on Insurance

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Analysis of the table:

The above chart showing that advisors only have more knowledge than
telecallers, marketing executives and new advisors. Advisors will complete
the deals. But after that every thing will take care by operations executives
and telecallers. With out sufficient knowledge these both people cant work
well. When the telecaller is calling to customer for renewal premium that
person should have a knowledge how the premium should calculate, and
they should know any extra charges for late payment, and how much grace
period will be these things should know even telecallers and operations
executives too.

40

FINDINGS
Trained employees can work more efficiently.
Training makes employees more loyal to an organization.
Training makes an employee more useful to a firm.
Training enables employees to secure promotions easily. They can
realize their career goals comfortably.
Employees can avoid mistakes on the job. They can handle jobs with
confidence. They will be more satisfied on their jobs.
Training 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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RECOMMENDATIONS

Create awareness: The Company has to take care of awareness

creation about the products and services among the Advisors/Agents
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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CONCLUSION

In this Knowledge-based economy, training helps people to learn how

to do the things differently or to the different things. Products are now
increasingly knowledge-intensive; for this employers 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.

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ON THE JOB TRAINING

INTRODUCTION
My OJT is to finding the employee potentiality in their concern
department. And I have to find how training will helpful for organization as
well as individual growth.
I have to identify the employees who needs training program and I
have to find how can company make the employees to show interest for
attending the training program.
I have to submit the results what can company get after giving the
training to the employees.

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OBJECTIVES
The main objective of doing this project is to study employee attitude
regarding the training program and the benefits of the training program.
During this student internship program period I have to achieve some thing
which is helpful to the development of myself and some value addition to
the company. Getting more business to the company because of training
program is the main objective. It gives me good exposure of myself and
creating good impression of corporate mind.
The main objective of this study is to know the employee opinion
regarding the training program.
To find out what is the training needs in concern area.
To find out the benefits of the training program to the employee and to
the organization.
To find out what is the result for the organization because of giving
the training to the employee.
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46

TARGETS/ TASKS
I have to approach the employee who is working for max New York
life insurance Company and should find out are they feeling training will be
helpful or not to increase of the performance of the employee. After that I
have to find out what are the things should we cover in the training program
depending upon the concern department.

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ACHIEVEMENTS
I promoted Max New York Life products during my SIP period. I have
showing them as monthly wise as follows,

st

1 week
nd

2 week

In The Month of MAY

Training class on IRDA norms and why
Insurance is needed
Training class, for different products of
Max New York Life

rd

3 week
4th week

st

1 week
2nd week
3rd week
4th week

4 leads

In The Month of JUNE

3 leads
4 leads
4 leads
4 leads

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st

1 week
2nd week
3rd week
4th week

st

1 week

In The Month of JULY

4 leads
6 leads
3 lead
4 leads

In The Month of August

Training program was conducted to
telecallers who are dull in

nd

2 week
3rd week
4th week

Communication skills
Training program done to 4 advisors
3 leads
6 leads

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LIMITATIONS
1. The survey was conducted with in 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.
4. Time to interact with employees inside the branch is not sufficient.
5. Time Period of my OJT is one of the limitations.

50

LEARNINGS
Learnings in the on the job training
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.

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52

APPENDIX

1. Name:
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

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REFERENCES
1) Lynton, R.P. and Pareek, U. Training for development, 2nd Ed., New
Delhi: Vistaar publication, 2002.
2) Bhatnagar, O.P. Evaluation methodology for training, New Delhi:
Oxford and IBH publishing co.pvt.ltd.
3) Rae, L. The art of training and development, effective planning.
Vol. 1, New Delhi.
4) Tannenbaum, S. A strategic view of organizational training and
learning.
5) A hand book of human resource management practice, 8th ed., 2001.
6) Personnel management, Mc. Graw Hill, 6th ed., 1981.
7) www.maxnewyorklife.com

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