THE STTUDY OF MARKETING & HR STRATEGIES WITH

RESPECT TO INSPLORE CONSULTANTS

Summer Training Project Report

Submitted in partial fulfilment of the requirement of BBA program
of Guru Gobind Singh Indraprastha University, Delhi.

Submitted By:
Pradeep Chaudhary
BBA Semester-V
Enrollment no. 35119201722

Submitted To:

Ms. Pratibha Saini

Designation:

Associate Professor

LINGAYA’S LALITA DEVI INSTITUTE OF MANAGEMENT & SCIENCES

Mandi Road, Mandi
Delhi-110047

pg.
 DECLARATION

I hereby declare that the lab file work, entitled “SUMMER INTERNSHIP REPORT”, submitted
to GURU GOBIND SINGH INDERPRASTHA UNIVERSITY, New Delhi, is a record of an
original word done by me under the guidance of Ms. Pratibha Saini, Faculty Member,
LINGAYA’S LALITA DEVI INSTITUTE OF MANAGEMENT AND SCIENCES,
MANDI ROAD, NEW DELHI – 110047 and this file work has not been submitted to any other university
for any examination.

Place: New Delhi Candidate’s Signature

Name: Pradeep Chaudhary

Roll No: 02019201722

pg. 3
 CERTIFICATE

This is to certify that project title “SUMMER INTERNSHIP REPORT” is the original work of
Pradeep Chaudhary of BBA 5’th Semester and has been duly completed under my guidance and
supervision upto my satisfactory level.

This work has been done in partial fulfillment of the requirement for the award of the degree of BBA
from Lingaya’s Lalita Devi Institute of Management & Studies, GGSIPU and has not been submitted
anywhere in any other university for the award of any degree.

Signature of the Guide

pg. 4
 ACKNOWLEDGMENT

Completing a task is never one-man effort. It is often the result of invaluable contribution of number
of individuals in a direct or indirect manner that helps in sharing a making of success. We were really
fortunate that I got every type of help I required from the respected chain of people.

Hence, it becomes my humble duty to express my sincere gratitude to all those people who helped
me in my file work. I would like to thank Ms. Pradeep Chaudhary faculty member, for
providing as opportunity to do my project work. She helped me at every step, whenever we faced a
problem. Her feedbacks were enormously helped. Her valuable suggestion, encouraging advises,
constructive criticism and proper guidance helped me tide over the difficulties.

pg. 5
 TABLE OF CONTENTS

S. NO TOPIC PAGE NO

i. DECLERATION 3

ii. CERTIFICATE 4

iii. ACKNOWLEDGMENT 5

iv. 7-24
CHAPTER PLANS:
CHAPTER 1:
i. INTRODUCTION
ii. OBJECTIVE OF THE STUDY
iii. REVIEW OF LITERATURE iv. RESEARCH
METHODOLOGY
v. LIMITATIONS OF STUDY

v. 25- 30
CHAPTER 2:
PROFILE OF ORGANISATION

vi. 31-38
CHAPTER 3:
ANALYSIS AND INTERPRETATION OF DATA

vii. 39-40
CHAPTER 4:
CONCLUSION AND RECOMMENDATION

viii. 41
BIBLIOGRAPHY

pg. 6
 CHAPTER-1

INTRODUCTION

Human Resource Management (HRM or HR) is the strategic approach to the effective
management of people in a company or organization such that they help their business gain a
competitive advantage. It is designed to maximize employee performance in service of an
employer's strategic objectives. Human resource management is primarily concerned with the
management of people within organizations, focusing on policies and systems HR departments are
responsible for overseeing employee-benefits design, employee recruitment, training, and
development, performance appraisal, and reward management, such as managing pay and benefits
systems.HR also concerns itself with organizational change and industry relations, or the balancing
of organizational practices with requirements arising from collective bargaining and governmental
laws.

The first definition of HRM is that it is the process of managing people in organizations in a
structured and thorough manner. This covers the fields of staffing (hiring people), retention of
people, pay and perks setting and management, performance management, change management
and taking care of exits from the company to round off the activities. This is the traditional
definition of HRM which leads some experts to define it as a modern version of the Personnel
Management function that was used earlier.

The second definition of HRM encompasses the management of people in organizations from a
macro perspective i.e. managing people in the form of a collective relationship between
management and employees. This approach focuses on the objectives and outcomes of the HRM
function. What this means is that the HR function in contemporary organizations is concerned with
the notions of people enabling, people development and a focus on making the “employment
relationship” fulfilling for both the management and employees. These definitions emphasize the
difference between Personnel Management as defined in the second paragraph and human
resource management as described in the third paragraph.

pg. 7
To put it in one sentence, personnel management is essentially “workforce” centered whereas
human resource management is “resource” centered. The key difference is HRM in recent times is
about fulfilling management objectives of providing and deploying people and a greater emphasis
on planning, monitoring and control. Whatever the definition we use the answer to the question as
to “what is HRM?” is that it is all about people in organizations. No wonder that some MNC’s
(Multinationals) call the HR managers as People Managers, People Enablers and the practice as
people management. In the 21st century organizations, the HR manager or the people manager is
no longer seen as someone who takes care of the activities described in the traditional way. In fact,
most organizations have different departments dealing with Staffing, Payroll, and Retention etc.
Instead, the HR manager is responsible for managing employee expectations vis-à-vis the
management objectives and reconciling both to ensure employee fulfillment and realization of
management objectives.

The overall purpose of Human Resources (HR) is to ensure that the organization is able to achieve
Success through people.HR professionals manage the human capital of an organization and focus
on implementing policies and processes. They can specialize in finding, recruiting, training, and
developing employees, as well as maintaining employee relations or benefits. Training and
Development professionals ensure that employees are trained and have continuous development.
This is done through training programs, performance valuations, and reward programs. Employee
Relations deals with the concerns of employees when policies are broken, such as cases involving
Harassment or discrimination. Managing employee benefits includes developing compensation
structures, parental leave programs, discounts, and other benefits for employees. On the other side
of the field are HR generalists or business partners. These HR professionals could work in all areas
or be labor relations representatives working with unionized employees.

Human Resource Management (HRM) is an operation in companies designed to maximize

employee performance in order to meet the employer's strategic goals and objectives. More
precisely, HRM focuses on management of people within companies, emphasizing on policies and
systems also includes employee assessment like performance appraisal, facilitating proper
compensation and benefits, encouragement, maintaining proper relations with labor etc.
THE SCOPE OF HRM
The scope of HRM is very wide. It consists of all the functions that come under the banner of human
resource management. The different functions are as follows –

pg. 8
HUMAN RESOURCES PLANING
It is the process by which a company identifies how many positions are vacant and whether the
company has excess staff or shortage of staff and subsequently deals with this need of excess or
shortage.

JOB ANALYSIS DESIGN

Job analysis can be defined as the process of noticing and regulating in detail the particular job
duties and requirements and the relative importance of these duties for a given job. Job analysis
design is a process of designing jobs where evaluations are made regarding the data collected on a
job. It gives an elaborate description about each and every job in the company.

RECRUITMENT AND SELECTION

With respect to the information collected from job analysis, the company prepares advertisements
and publishes them on various social media platforms. This is known as recruitment. A number of
applications are received after the advertisement is presented, interviews are conducted and the
deserving employees are selected. Thus, recruitment and selection is yet another essential area of
HRM.

ORIENTATION AND INDUCTION

After the employees are selected, an induction or orientation program is organized. The employees
are updated about the background of the company as well as culture, values, and work ethics of the
company and they are also introduced to the other employees.
TRAINING AND DEVELOPMENT

Employees have to undergo a training program, which assists them to put up a better performance
on the job. Sometimes, training is also conducted for currently working experienced staff so as to
help them improve their skills further. This is known as refresher training.

pg. 9
PERFORMANCE APPRAISAL

After the employees have put in around 1 year of service, performance appraisal is organized in
order to check their performance. On the basis of these appraisals, future promotions, incentives,
and increments in salary are decided.

COMPENSATION PLANNING AND REMUNERATION

Under compensation planning and remuneration, various rules and regulations regarding
compensation and related aspects are taken care of. It is the duty of the HR department to look into
remuneration and compensation planning. Human resource management (HRM) is the practice of
recruiting, hiring, deploying and managing an organization's employees. HRM is often referred to
simply as human resources (HR). A company or organization's HR department is usually
responsible for creating, putting into effect. HRM is really employee management with an emphasis
on those employees as assets of the business. In this context, employees are sometimes referred to
as human capital. As with other business assets, the goal is to make effective use of employees,
reducing risk and maximizing return on investment (ROI).

Human Resource Management involves management functions like planning, organizing, directing
and controlling,

i. It involves procurement, development, maintenance of human resource.

ii. It helps to achieve individual, organizational and social objectives. iii.
Human Resource Management is a multidisciplinary subject. iv. It involves team
spirit and team work.
v. It is a continuous process.

pg. 10
 MARKETING

Industry scenario –

Insurance industry in India has seen a major growth in the last decade along with an introduction of
a huge number of advanced products and new entities entering in the market. This has led to a tough
competition with a positive and healthy outcome.

The sector comprises commercial banks, insurance companies, non-banking financial companies,
co-operatives, pension funds, mutual funds and other smaller financial entities. The banking
regulator has allowed new entities such as payment banks to be created recently, thereby adding to
the type of entities operating in the sector. However, financial sector in India is predominantly a
banking sector with commercial banks accounting for more than 64% of the total assets held by the
financial system.

The Government of India has introduced several reforms to liberalize, regulate and enhance this
industry. The Government and Reserve Bank of India (RBI) have taken various measures to facilitate
easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include
launching Credit Guarantee Fund Scheme for MSMEs, issuing guideline to banks regarding
collateral requirements and setting up a Micro Units Development and Refinance Agency
(MUDRA). With a combined push by Government and private sector, India is undoubtedly one of
the world's most vibrant capital markets.

The insurance industry has 58 insurance companies, including 24 life insurance and 34 non-life
insurance companies in the Indian market who compete on price and services to attract customers,
whereas there are two reinsurance companies. The industry has been spurred by product innovation
and vibrant distribution channels, coupled with targeted publicity and promotional campaigns by
insurers.

pg. 11
Market scenario –

As of March 2021, AUM managed by the mutual funds industry stood at to Rs. 3,142,764 crore (US$
425.87 billion). Inflow in India's mutual fund schemes via systematic investment plan (SIP)were Rs.
96,080 crore (US$ 13.12 billion) in FY21. Equity mutual funds registered a net inflow of Rs.
8.04 trillion (US$ 114.06 billion) by end of December 2019. Another crucial component of India’s
financial industry is the insurance industry. Insurance industry has been expanding at a fast pace.
The Total first year premium of life insurance companies reached Rs. 2.59 lakh crore (US$ 36.73
billion) in FY20. Furthermore, India’s leading bourse, Bombay Stock Exchange (BSE), will set up
a joint venture with Ebix Inc to build a robust insurance distribution network in the country through
a new distribution exchange platform. Fund raising from the equity market grew by 116% to Rs.
1.78 lakh crore in Initial public offering (IPOs), Offer for Sale (OFS) and other market issuances in
2020. In FY20, the number of listed companies on the NSE and the BSE were 1,795 and 5,377,
respectively.

• In March 2021, health insurance companies in the non-life insurance sector increased by 41%,
driven by rising demand for health insurance products amid COVID-19 surge.

• In February 2021, Bharti AXA General Insurance launched its ‘Health Advantage’ health
insurance scheme to provide holistic cover against accelerating costs associated with medical
requirements and other healthcare facilities.

• In February 2021, ICICI Lombard General Insurance, a non-life insurance firm in the private
sector, has been authorized by the International Financial Services Centre (IFSC) to establish an
IFSC Insurance Office (IIO) in GIFT City in Gandhinagar, Gujarat. Competitor’s analysis – So far
as the industry goes, LIC, New India, National Insurance, United insurance and Oriental are the only
government ruled entity that stands high both in the market share as well as their contribution to the
Insurance sector in India.
There are two specialized insurers – Agriculture Insurance Company Ltd catering to Crop
Insurance and Export Credit Guarantee of India catering to Credit Insurance. Below are the
competitors in the life insurance sector Private Sector Companies: Aegon Life Insurance Co. Ltd.,
Aviva Life Insurance Co. India Ltd., Bajaj Allianz Life Insurance Co. Ltd., Bharti AXA Life
Insurance Co. Ltd., Birla Sun Life Insurance Co. Ltd., Canara HSBC Oriental Bank of Commerce
Life Insurance Co. Ltd., DHFL Pramerica Life Insurance Co. Ltd., Edelweiss Tokio Life Insurance
pg. 12
Co. Ltd, Exide Life Insurance Co. Ltd., Future Generali India Life Insurance Co. Ltd., HDFC
Standard Life Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., IDBI Federal Life
Insurance Co. Ltd., India First Life Insurance Co. Ltd, Kotak Mahindra Old Mutual Life Insurance
Ltd., Max Life Insurance Co. Ltd., PNB MetLife India Insurance Co. Ltd., Reliance Life Insurance
Co. Ltd., Sahara India Life Insurance Co. Ltd., SBI Life Insurance Co. Ltd., Shriram Life Insurance
Co. Ltd., Star Union Dai-Ichi Life Insurance Co. Ltd., Tata AIA Life Insurance Co. Ltd. Private
insurers like HDFC, ICICI and SBI have been some tough competitors for providing life as well as
non-life products to the insurance sector in India.

pg. 13
Competitor’s analysis – So far as the industry goes, LIC, New India, National Insurance, United
insurance and Oriental are the only government ruled entity that stands high both in the market share
as well as their contribution to the Insurance sector in India.

There are two specialized insurers – Agriculture Insurance Company Ltd catering to Crop Insurance
and Export Credit Guarantee of India catering to Credit Insurance. Below are the competitors in the
life insurance sector Private Sector Companies: Aegon Life Insurance Co. Ltd., Aviva Life Insurance
Co. India Ltd., Bajaj Allianz Life Insurance Co. Ltd., Bharti AXA Life Insurance Co. Ltd., Birla Sun
Life Insurance Co. Ltd., Canara HSBC Oriental Bank of Commerce Life Insurance Co.
Ltd., DHFL Pramerica Life Insurance Co. Ltd., Edelweiss Tokio Life Insurance Co. Ltd, Exide Life
Insurance Co. Ltd., Future Generali India Life Insurance Co. Ltd., HDFC Standard Life Insurance
Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., IDBI Federal Life Insurance Co. Ltd., India First
Life Insurance Co. Ltd, Kotak Mahindra Old Mutual Life Insurance Ltd., Max Life Insurance Co.
Ltd., PNB MetLife India Insurance Co. Ltd., Reliance Life Insurance Co. Ltd., Sahara India Life
Insurance Co. Ltd., SBI Life Insurance Co. Ltd., Shriram Life Insurance Co. Ltd., Star Union Dai-
Ichi Life Insurance Co. Ltd., Tata AIA Life Insurance Co. Ltd. Private insurers like HDFC, ICICI
and SBI have been some tough competitors for providing life as well as non-life products to the
insurance sector in India.

Product/Service/ Market Studied – Life insurance companies offer coverage to the life of the
individuals, whereas the non-life insurance companies offer coverage with our day-to-day living like
travel, health insurance, our car and bikes, and home insurance. Not only this, but the non-life
insurance companies provide coverage for our industrial equipment’s as well. Crop insurance for our
farmers, gadget insurance for mobiles, pet insurance etc. are some more insurance products being
made available by the general insurance companies in India.

The life insurance companies have gained an investment prospectus in the recent times with an idea
of providing insurance along with a growth of your savings. But the general insurance companies
remain reluctant to offer pure risk cover to the individuals.

pg. 14
 OBJECTIVES OF THE STUDY

The objectives of the proposed study “Overall HR and Marketing Practices of INSPLORE
CONSULTANTS” are as follow:

i. To identify what type of HRM and Marketing practices are done by Insplore Consultants.

ii. To identify the strengths and weakness of HRM practice and Marketing of Insplore
Consultants.

iii. To know the performance appraisal system of Insplore Consultants.

iv. To analyze compensation practice of Insplore Consultants.

v. To know the theoretical framework of training and development policy of Insplore

Consultants.

pg. 15
 REVIEW OF THE LITERATURE

This research article is prepared to know about the importance of Human Resources practices and
Marketing followed in the organization to retain employees. In this research article, self-had made
an attempt on literature review on Human Resources Management Practices & Marketing strategies
to retain Employees.

Anupama Gupta (2010) explained the consequences of the challenges faced by the Human
resource management in context with the current economic status and the challenges faced should
be taken in consideration. This article insists on the challenges in the short fall of talented
employees. This also emphasis on how Human Resources Management tackles the problems
handled on a day-to-day activity. It also suggested some important points to handle things better.

Saini R.R. (2010) this article explains Management in United Commercial Bank which is a case
study of Chandigarh State which elaborates HRD rules and regulations. Basically, this study
explains the hurdles in the process of framing the rules and process of executing it. This analytical
study contains a sample size of 100 people and analyzed their opinion about HRD rules and
regulations. As a result of this study is qualification plays an important role in recruitment in top,
middle and low-level management. The practice of selecting right candidate for the level of
management helps the organization to achieve more and retain employees in the organization.

Kundu. Subhash C., Divya Malhan (2009) in their article on "Human Resources Management
Practices in Insurance Companies: The study was made in Indian and MNC’s and explains the
benefits of the organization is generated only by Human Resources. However, the advantage of
giving insurance to the Human Resources is one of the employee benefits issued by the Human
Resource Management. The findings of the study says that both domestic and international
Insurance companies have to improve more on their HR practices like performance appraisal, HR
planning and Recruitment.
Tripathy (2008) explained that the organization have the optimum usage of Human resources in
the organization. They follow the 3 C concept (i.e.) Competencies, commitment and culture. By
following these 3 C culture in the work organization give the positive results in the organization.

pg. 16
This practice is considered to be the best result earning which resulted in the increase in the financial
growth.

Sandeep Chaudhary1 (2016) - The current study examines the various factors that affect the
consumer perception towards life insurance policy. Data was collected with the help of structured
questionnaire with 100 samples. The main finding of the study reflected that there are six factors
i.e., customized and timely services, better company reputation, effective service quality, customer
convenience, tangible benefits and healthy customer client relationship that influence the consumer
perception towards life insurance policy.

Guru. P Dr. D. Maheshwari 2 (2018) - This study intends to analyse the various factors which are
influencing the customers in selecting the insurance company and choosing the policies. It was
noted in the research that there are more than 20 players in the industry, however the greatest
challenges lie in understanding the buying behaviour of the consumers. Many companies tend to
sell the insurance product as a tax saving scheme rather utilizing the product to meet various
financial objectives of the customers.

Mr. Sandeep Deshmukh & Dr. Rajiv Jadhao 3((2017) – It analyse the preferences of customers
while life policy investment decision-making. The data for the study has been collected from both
primary and secondary sources. The study area is limited to Nagpur District of Maharashtra. The
paper concludes with that most of the respondents take insurance policies for Savings and Wide risk
coverage.

S. EZILARASI 4(2020) – It studies various factor related to insurance. Collected data from both
primary and secondary sources and sample size is 50 policyholders of LIC. LIC is the most accepted
and popular, market share of private insurers is gradually increasing with people trust and better
services offered by them are some of the main findings of the study. The paper concludes with that
demographic factor of the people play a major role in deciding the purchase of life insurance
policies.

Ram Singh, Rohit Bansal 5 (2020) – The primary goal of this paper to recognize client inclination
with respect to plans and friends, their motivation of purchasing the protection strategies, fulfilment

pg. 17
level and their likely arrangements for new protection strategy. Data was gathered with assistance
of organized survey from 200 clients of Bareilly city in the research. The finding shows that
Protection is the fundamental reason for purchasing an insurance strategy.

Muthusamy, Dr. R. Yuvarani 6 (2021) - In the paper an endeavor has been made to know the
challenges on deals position of protection enterprises and furthermore a point-by-point study was
made to distinguish the potential section of individuals to advertise protection in Salem district. It
concluded that in the rising situation, the protection business must focus on (a) Product
development, (b) Appropriate estimating and (c) Speedy settlement of cases.

Srimannarayana Gajula, P. Dhanavanthan7 (2019) – The study attempts to know the perception
levels to find out the awareness, influence, expectations, and willingness to purchase policy from
the Non-Health Insurance Policy holders in Hyderabad City with sample size of 118. It shows that
socio economic factors, individuals’ perception and personality traits induces health insurance
policy buying Behavior in the region
M. Vijaya Ragunathan 8(2016) – The paper explains the behaviors of customer for purchasing
service and attempts to explore the effect of customers behavior in financial services especially in
Life Insurance Industry. It concluded, the consumers are satisfied with the service provided by the
IDBI Fortis, still they have to improve the service facility.

Guru.P, Umamaheswari.D 9 (2019) – It examine the factors that determines the consumer buying
Behavior of life insurance policies in Thanjavur City. 150 samples were chosen by convenience
sampling technique. Used chi-square and regression. It concluded that the major factors like service
quality, easy of procedures and company loyalty are possessing significant impact on the
consumer’s buying behavior on life insurance policies.

pg. 18
 RESEARCH METHODOLOGY

Research refers to the systematic investigation in to the study of materials and sources in order to
establish facts and new conclusions. Research comprises “creative work undertaken on a
Systematic basis to increase the stock of knowledge of humans, culture and society, and the use of
this stock of knowledge to devise new applications. “It is used to establish or confirm facts,
reaffirm the results of previous work, solve new or existing problems, support theorems, or develop
new theories. In the broadcast sense of the word, the definition of research includes any gathering
of data, information and facts for the advancement of knowledge. It is a process of steps used to
collect and analyze information to increase our understanding of a topic or issue”. It consists of
three steps: pose a question, collect data to answer the question, and present an answer to the
question.

The process used to collect information and data for the purpose of making business decisions is
called as research methodology. The methodology may include publication research, interviews,
surveys, and other research techniques, and could include both present and historical information.
The purpose of the methodology is to describe the purpose involved in the research work. This
includes the overall research design, the data collection method. Research Methodology refers to
the various sequential steps to be adopted by a researcher in studying a problem with certain Object
or objective in view.

pg. 19
 RESEARCH DESIGN

A research design is the set of methods and procedures used in collecting and analyzing Measures of
the variables specified in the research problem. The design of a study defines the Study type
(descriptive, correlational, semi experimental, experimental, review, meta-analytic) and Subtype
(e.g., descriptive–longitudinal case study), research problem, hypotheses, independent and
dependent variables, experimental design, and if applicable, data collection methods and a Statistical
analysis plan. Research design is the frame work that has been created to find answers to research
questions. There are many ways to classify research designs, but sometimes the Distinction is
artificial and other times different designs are combined. None the less, the list below offers a number
of useful distinctions between possible research designs. Are search design is an arrangement of
conditions or collection.

pg. 20
 TYPES OF RESEARCH DESIGNS

i. Exploratory research: Just as the word implies, it explores, that is to find out about something
by answering question in “what” or “how” manner.
ii. Descriptive research: the more in-depth research, that answered the question of what and how.
iii. Explanatory research: this seeks to explain the subject matter being researched and tries to
answer the question of what, how and why.
iv. Evaluation research: this is quite extensive as it measures the effectiveness of a program.

With a clear understanding of the types of research designs, design research can be drawn. Just Like
the way an architect chooses a layout from many designs to fit a specific landscape, the same Way
are search design is picked from the many designs to fit the type of research being carried out. In
order to contract the report, I have collected necessary information from two sources

i. Primary Sources of Information: The primary data collected from the following sources: i.
Face to face discussion.
ii. Telephone discussion.

ii. Secondary Sources of Information: The secondary data collected from the following sources: i.
Websites of Insplore Consultants.
ii. Various documents of Insplore Consultants.
iii. Internet
TYPE OF RESEARCH METHODOLOGY USED

pg. 21
 QUANTITATIVE RESEARCH METHOD

Survey Research is defined as the process of conducting research using surveys that researchers send
to survey respondents. The data collected from surveys is then statistically analyzed to draw
meaningful research conclusions.

In the 21st century, every organization's eager to understand what their customers think about their
products or services and make better business decisions. Researchers can conduct research in
multiple ways, but surveys are proven to be one of the most effective and trustworthy research
methods.

An online survey is a method for extracting information about a significant business matter from an
individual or a group of individuals. It consists of structured survey questions that motivate the
participants to respond, Organizations in media, other companies, and even governments rely on
survey research to obtain accurate data.

The traditional definition of survey research is a quantitative method for collecting information from
a pool of respondents by asking multiple survey questions. This research type includes the
recruitment of individuals, collection, and analysis of data. It's useful for researchers who aim at
communicating new features or trends to their respondents.

Generally, it's the primary step towards obtaining quick information about mainstream topics and
conducting more rigorous and detailed quantitative research methods like surveys/polls or qualitative
research methods like focus groups/on-call interviews can follow. There are many situations where
researchers can conduct research using a blend of both qualitative and quantitative strategies.

pg. 22
 LIMITATIONS OF THE STUDY

Secondary data is general and vague and does not really help companies and Individuals with
Decision making. My project is based on secondary data which is findings from other people and
May not be completely reliable. The information and data may not be accurate. The sample used to
generate the secondary data may be small which might have led to inaccuracy in conclusion and
findings. The company publishing the data may not be reputable hence can make mistakes inthe
report Accuracy. Technically speaking, human resource involves dealing with individuals with
Different kinds of behavior, mindset and sentiments. So, the data we find will never be accurate or
be definite. A particular change or decision might be beneficial to some people on the Organization
but it might not be same for others. Also, all the data related has not been provided in this project
due to the confidentiality of the company.

pg. 23
 C HAPT E R - 2

PROFILE OF THE ORGANIZATION

INSPLORE C O N S U LTAN T S

INSPLORE is an expert in financial advisory, realize the need of every customer who is looking for
financial independence and help them to reach that level of financial freedom. It understands how
the perception regarding the value of money changes as per different individuals’ desires. We extend
a helping hand to customers by assisting them in making crucial financial decisions and managing
their wealth effectively to ensure that our customers stay stress free and get rid of their financial
worries. It is also a preferred talent acquisition partner, for Multinationals and leading Indian
Businesses. It provides recruitment and talent acquisition services to both large and small
organisations. The Experts are helping the talent seeker and the Job Seeker to find each other: ‘We
Inspire, You Explore’.

It is a Private Company, who was incorporated 4 Year(s) 11 Month(s) 13 Day(s) ago on dated 01-
Jan-2018. INSPLORE TLS CONSULTANTS PRIVATE LIMITED is classified as non-Government
and is registered at Registrar of Companies located in ROC-DELHI. As regarding the financial status
on the time of registration of INSPLORE TLS CONSULTANTS PRIVATE LIMITED Company its
authorized share capital is Rs. 1,00,000 and its paid-up capital is Rs. 1,00,000.
IDENTITY-
Insplore is dedicated to empower with relevant Jobs & Growth Opportunities. We are a successful
Conglomerate with the experts of Financial Advisors on our panel.

Have a Team of Professionals working every day to provide HR as well as Financial Solutions to the
Companies/ Clients.

pg. 24
MISSION
Thrive to provide best wealth management advice through honest financial solutions as well as
inspire the candidates to explore job opportunities across various industrial sector.

VISION
Vision is to become the most trusted financial advisor as well as most valuable recruitment service
provider.

pg. 25
 DEPARTMENT PROFILE

MARKETING:
Life insurance product company info –
Headquartered in Mumbai, India First Life Insurance Company Limited (India First Life), with a
paid-up share capital of INR 663 crore, is one of the country's youngest life insurance companies.
Our key differentiators are our simple, easy-to-understand products that are fairly-priced efficiently
serviced. It started as a joint venture of between two of India’s – Bank of Baroda (44%) and Andhra
Bank (30%), and UK’s financial and investment company Legal & General (26%). ‘Traditional
Money Savings Plan: For the modern you who values tradition!’ India First Maha Jeevan Plan and
India First Maha Jeevan Plus Plan is a participating, non-linked endowment plan that offers an
assured maturity amount plus a revisionary bonus declared by the company every financial year end
and terminal bonus, if any.

HUMAN RESOURCES: Customized strategies are developed from a deep understanding and
observation of organization's culture and its business objectives. Expansion in new markets or
recruitment for that market can only be done after having the full-fledged knowledge of recruitment,
remuneration and retention strategies besides the understanding of regional work culture. At
INSPLORE, you will find a network of efficient regional consultants who will provide you the
pathway towards seamless recruitment services starting from identifying your potential clients to
handling the immigration process, if required. Our experts have the complete knowledge to provide
valuable advisory in the following matters:

• Candidate Search
• Profiling
• Interview Coordination

• Employment Contract

• Immigration

• Advisory Service
ROLE IN THE COMPANY-

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- I was in the Marketing & HR department.

- India First Maha Jeevan plan and India First Maha Jeevan plus plan is the product which is assigned
- Along with it we are engaged in creating the promotional strategies for the company.

- Worked together with corporate sales manager.

- Guide the new intern about the product and market scenario.
- Work is done alongside with mentor

- We were taught about different investment policies & how to compute taxes.

- Daily sharing the market update and the motivational quotes to mentor. - Daily reporting for the
data sheets of prospective client.
- Working on tax calculation on different policy and scheme with mentor

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SWOT ANALYSIS -
Consulting firms provide professional services to businesses. There is a lot of competition among
consulting firms to secure and maintain clients, and many factors that lead a client to select one
consulting firm over another. As such, it is helpful for consulting firms to regularly assess the
marketplace and their competitiveness in the market. One tool for analyzing a firm’s competitive
market position is the SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and
Threats. This tool utilizes data to provide a realistic overview of the market and competitiveness.
The SWOT analysis of a firm can provide a snapshot of current conditions for business.

STRENGTH:

- Strong compliance
- Have the existing loyal customer

- Working with companies’ products which have excellent reputation

- Strong and motivated team

- Quality and effective performance

- Working with high standards and privacy.

WEAKNESS:

- Slow process due to paper work

- Working with Limited product and services
- Available in limited location (Physical presence)

OPPORTUNITY:

- Expanding the presence in different location.

- Introduction of ERP or using new technology for managing the customer. - Taking the government
contract
- Getting multiple projects from different companies
THREATS:

pg. 28
- Changing laws and regulations

- Less demands for certain projects’ product and services

- Large Competitors products or services

- Weak financial position of customer due to pandemic.

pg. 29
 ANALYSIS AND INTERPRETATION OF DATA

The analysis of the data is done as per the survey finding. The data is represented graphically in
percentage. The percentage of the people opinion were analyzed and expressed in the form of charts.

1. What form of interview did you prefer?

HR

4%
10% Personal Interview
Telephonic Interview

24% Video Conferencing

62% Others

2. What source you adopt to source candidate?

HR

33%
Candidate Referral

47% Advertisement

Job Portals

20%

3. Does the organization clearly define the position objectives, requirements and candidate
specifications in the recruitment process?

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 HR

18%

YES
NO

82%

4. What are the basic questions you ask to the candidate?

HR

0%

Experience
Current/ExpectedCTC
Current Job Profile
All Of The Above
100%

5. Is there any facility for absorbing the trainees in your organization?

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 HR

18%

YES
NO

82%

6. Do you follow different recruitment process for different grades of employees?

HR

28%

YES
NO
72%

7. Do you have any system to calculate cost per recruitment?

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 HR

11%

YES
NO

89%

8. What type of insurance claim did you recently have?

Sales

9% Property Damage
4%

Business Libality
17%

Homeowner
Claim
70%
Life Insurance
claim

9. How did your report the claim to the insurance company?

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 Sales

PhoneCall
21%
Office Visit
43%
Letter

Phone Call to
29%
InsuranceAgent
7%

10. How long did it take for the claim to be settled?

Sales

7%

29%
1-2 Weeks
21%
2-3 Weeks
3-4 Weeks
1-2 Months

43%

11. How would you rate your experience during the claim process?

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 Sales

7% 0%

Excellent
20% 33%
Satisfactory
Nuetral
Unsatisfactory
Terrible

40%

12. Was claim resolved in a timely, efficient and effective manner?

Sales

18%

YES
NO

82%

13. Did working with the agency make the claim process easier?

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 Sales

5%

YES
NO

95%

14. Are you aware of any insurance bonuses of your policies?

Sales

5%

YES
NO

95%

15. Do you trust Insplore Consultants?

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 0%

YES
NO
MAYBE

100%

16. Overall are you satisfied with the work done in the company?

10% 0%

YES
NO
MAYBE

90%

CHAPTER-4

CONCLUSION AND RECOMMENDATIONS

RECOMMENDATIONS

pg. 37
1. The Internship Roles and Responsibilities should be clear

2. The Description should mention all the work they will do in their tenure

3. The description and the given work shouldn’t differ

4. Guiding of the candidates should be better

5. Training on how to generate leads can be given

6. The Supervisor should be given some tips on how to handle teams

7. Supervisors should be polite

8. Can conduct activities to keep all employees engaged

9. The time taken for issuing the completion certificate can be less
CONCLUSIONS

It was an absolute worthwhile experience working at Insplore Consultants. The management had
created a space for me that allowed me with ample opportunity to learn and know myself as a part
of the Organization. This experience brought out my strength and also areas I needed to improve.
It has added more confidence to my professional approach, built a stronger attitude and taught me
how to be a team player as an overall.

The primary objective of an internship is to gather a real-life working experience and applied our
bookish knowledge we learnt in classroom to put it out to practice in business word. I am grateful
to the entire team of the Organization for their support to make my working experience truly
rewarding. On completion of this Internship period, I came to know about the importance of
Human resources and role of HR manager, HR supervisor and Marketing Strategies.

As an Intern, though I had a limited areas to work as it was the first time that such virtual internship
took place. I was given and made the utmost use of my abilities and knowledge to fulfill all my
responsibilities.

I could implement my academic skills into practice and my efforts were highly acknowledged by
my superior and mentors. Hence, I can sum up by saying that my virtual internship experience
was a milestone to my academic and professional experience. I enjoyed the challenges that came
pg. 38
along every single day. I could also bring some minor improvisation during my internship. These
lessons that I have learnt will be valued for my future endeavors as well.

BIBLIOGRAPHY/ REFERENCES:

WEBSITE:
 www.insploreconsultants.com
 www.wikipedia.com
 www.slideshare.net
 www.linkedin.com

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