ING Vysya Life Insurance project report on Training and Devlopment

1

A

Summer Training Project Report

On

“Training & DevelopmentTraining & DevelopmentTraining & DevelopmentTraining & Development” OfOfOfOf

IN THE PARTIAL FULFILLMENT OF THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION

2009

Affiliated to jiwaji University, Gwalior

Submitted to : Submitted by

Mrs. Ritu Singh Mahendra Singh Sikarwar

(HOD) MBA MBA (FC) II sem

Roll No.

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INDEX

� Acknowledgement

� Executive Summary

Chapter-1 Introduction 1.1. Introduction of Insurance

1.2. Definition

1.3. Classification of Insurance

1.4 History of insurance

1.5 Company profile

o About ING

o Mission, value and Personality

1.6 Brand Positioning

1.7 Product Portfolio

Chapter-2 Training And Development

2.1. Introduction

2.2. Approaches of Training and Development

2.3. Objectives of Training and Development

2.4. Process of Training and Development

2.5. Importance of Training and Development

2.6. Methods of Training and Development

2.7. Evaluation of Training and Development

Chapter-3 Data Analysis and Findings

3.1. Data Collection

3.2. Data Analysis & Interpretation

Chapter-4 Conclusion and Suggestions

4.1. Limitations

4.2. Suggestion

4.3. Conclusion

� Bibliography

� Questionnaire

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ACKNOWLEDGEMENT

I had sincerely expressed my ineptness & gratitude towards

Mr. Manish Sharma ING Vysya Life Insurance for giving me an

opportunity to join this esteem organization for 45 days of summer training.

My summer training in ING Vysya Life Insurance GWALIOR, of duration

45 days has been quite successful. During my stay for 45 days, I had received full

co-operation from employees and officers of the HDFC Standard Life Insurance,

Gwalior. The practical visualization of the summer training has helped me to

understand a lot of practical things.

In order to acquire myself to the task of the organization and to analyze them,

I met staff who helped by their kind co-operation and guidance. During the training

they have been giving the practical knowledge.

I would be special thank to our college faculty Mrs. Ritu Singh (HOD),

Mr. Nitin Saxena, Mr. Manoj Sir, Mr. Rakesh Rajput, Mr. Sudeep Shrivastava

and Ms. Jyoti Jain under supervision this topic. This Acknowledgement would be

incomplete if I fail to express my deep gratitude towards all the facility of NRI

College of Management who gave me a lot of support and guidance.

Last but not least I would be special gratitude to our all friends who heartening

me to complete this project.

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EXECUTIVE SUMMARY

This project is based on the annual reports of the ING Vysya Life Insurance. It is

done to find out whether the ING Vysya Life Insurance are improving our capital

structure or not.

Further, in this Project

Chapter 1 includes the introduction of the company wherein I told about the

Objectives of the study and profile of the ING Vysya Life Insurance.

Chapter 2 includes the Research Methodology wherein I have discussed the Research

Design and Various sources of the Data Collection.

Chapter 3 includes the Data analysis and Findings wherein I have analyze the data

collected from the departmental records, annual reports and web site records.

Chapter 4 represents the conclusion and the suggestions based on the departmental

records and annual report.

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Chapter 1

Introduction of ING

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INTRODUCTION

1.1 INTRODUCTION OF INSURANCE:

Insurance is commerce. Insurance product is a financial contract entered into by

parties with a define consensus of mind. Insurance, in its purest from, is a risk

management tool, a security blanket. It provides financial protection against

unexpected events. When we buy insurance, effectively a portion of risk is transferred

to the insurer. This protection comes at a price, but it’s a function of what we might

otherwise find ourselves burdened with. Whatever stage of life we are at, chances are,

and we need insurance.

1.2 DEFINITION:

Insurance can be define as” a contract by which insurance agrees to pay the insured a

compensation for specified damage loss or injury suffered in exchange for periodic

payment called premium”

Insurance cannot prevent the happening of the event; it can protect a person from the

financial losses he may suffer after the happening of the event. Therefore, insurance if

aimed at compensating the financial loss suffered an insured event.

1.3 CLASSIFICATION OF INSURANCE:

Insurance is basically classified into two categories.

(1) Life Insurance

(2) General Insurance

Life insurance:

This is provided for the payment of sum money on the death of the insured person due

to natural causes or on the expiry of a certain number of years if the insured person is

then alive. Death and life neither of them can be compensated. Life insurance aims to

compensate the ‘Income Earning Capacity’ of the person.

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Events covered in Life Insurance:

In Life Insurance, income –earning capacity of the person is covered. The loss of the

income earning capacity can be on the happening of the following events when the

life is assured.

1. Death.

2. Sickness (critical illness).

3. Accident (Death or permanent disability due to accident).

4. Retirement.

Objectives and advantages of life insurance:

• Protection against Risk of Untimely Death:

• Protection during old age:

• Forced savings:

• Educational Requirement and Charity:

• Nomination and Assignment:

• Marketability and Suitability for Borrowing:

• Loan from the Insurance Company:

• Investment Option.

• Tax Benefits:

• Protection to Wife and Children:

General Insurance:

Insurance other than life fall under general insurance. It covers loss of every other

physical or non-possession. The loss may be due to fire, theft, accident etc. the

general insurance is further classified into-

• Fire insurance:

• Marine Insurance:

• Miscellaneous Insurance:

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Insurance began as a way of reducing the risk of traders, as early as

5000 BC and 4500 BC in. Life insurance dates only to ancient Rome; "burial

clubs" covered the cost of members' funeral expenses and helped survivors

monetarily. Modern life insurance started in late 17th century, originally as

insurance for traders: merchants, ship owners and underwriters met to discuss

deals at Lloyd's Coffee House, predecessor to the famous.

The first insurance company was formed in 1732, but it provided only fire

insurance. The sale of life insurance in the U.S. began in the late 1760s. The

Synods in and created the Corporation for Relief of Poor and Distressed

Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests

organized a similar fund in 1769. Between 1787 and 1837 more than two dozen

life insurance companies were started, but fewer than half a dozen survived.

Prior to, many insurance companies in the United States for their owners, in

response to bills passed in 2001 and in 2003, the companies have been required

to search their records for such policies for example reported that Nautilus sold

485slaveholder life insurance policies during a two-year period in the 1840s;

they added that their trustees voted to end the sale of such policies 15 years

before the.

General information:

Human have always sought securities. This quest for security was an

important motivating force in the earliest formation of families, clans, tribes,

and other groups. Indeed, groups have been the primary source both emotional

and physical security since the beginning of humankind. They ensured a less

volatile source of life necessities then that which ensures isolated human &

families could provide and help their less fortunate members in the time of

crises.

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The principle kinds of insurance are as follows:

• Life-term, ordinary, endowment, limited payment, group industrial and

annuities, with a variety of combinations of the four basic forms.

• Fire & marine-fire, ocean marine, motor vehicle, inland navigation, and

transportation, tornado and windstorm, sprinkler leakage, earthquake,

riot and civil commotion, explosion rain, hale, flood, aircraft, etc.

• Causality and surety -automobile liability, liability other than

automobile workers, compensation, fidelity and surety, burglary and

theft, automobile property damage, accident in health, steam boiler,

machinery, plate glass, etc.

Four classes of insurance business:

• Life insurance

• Fire insurance

• Marine insurance

• Miscellaneous insurance.

Customer Protection:

Insurance industry has ombudsmen in 12 cities. Each ombudsman is

empowered to redress customer grievances in respect of insurance contracts on

personal lines where the insurance amount is less than 20 Lakhs, in accordance

with the ombudsmen scheme. Address can be obtained from the officers of LIC

and other insurers.

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1.5 COMPANY PROFILE

Introduction:

ING is a professionally managed organization with a board of directors

consisting of eminent persons who represent various fields including finance,

taxation, construction and urban policy & development. The board primarily

focuses on strategy formulation, policy and control, designed to increasing

value to shareholders.

ING is a global financial institution of Dutch origin offering banking,

insurance and asset management to over 85 million private, corporate and

institutional clients in over 40 countries. With a diverse workforce of

approximately 125,000 people, ING is dedicated to setting the standard in

helping our clients manage their financial future

About ING:

ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s

largest financial services corporation entered the private life insurance industry

in India in September 2001. Headquartered at Bangalore, ING Life India is

staffed by over 6,000 employees and services more than 8 lakhs customers.

ING Life India is a joint venture between ING Group (ING Insurance

International B.V.), Exide Industries, Ambuja Cements Limited and Enam

Group.

ING Life has a pan India network, and distributes its products through

two channels, the Tied Agency Force and the Alternate Channel. The Tied

Agency force comprises of over 60,000 ING Life Advisors, spread across the

country. The channel has branches in 234 cities, and 366 sales teams across the

country. The Alternate Channels business within ING Life is one of the fastest

growing distribution channels. The company currently has tie ups with over

200 cooperative bank across the country. The Alternate Channels division has

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Bancassurance (ING Vysya Bank), Referral Banks, Corporate Agents, Brokers

and SMINCE.

About ING in India

ING operates through three businesses in India, ING Vysya Life Insurance,

ING Vysya Bank and ING Investment Management. ING Vysya Bank is a

premier private sector bank with over 76-year heritage and 1.5 million satisfied

customers. ING Investment Management believes in providing investors with

the knowledge & opportunity to manage their future easily.

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Mission Values and Personality:

Our mission

At ING Life, our mission is ‘To set the standard in helping our customers

manage their financial future.’

Our business is driven on our values of Optimism, Knowledgeable,

Trustworthy and Transparent.

• Optimism: We bear an approach of ‘Optimism’ towards our company,

towards each other, in our products and in our care for our customer’s

interests.

• Knowledgeable: We cultivate the knowledgeable value through our

robust way of working, sharing and actively communicating.

• Trustworthy: We deliver trustworthiness by doing the ‘right things in

right way’, by delivering an ‘easier’ customer experience and by being a

socially responsible corporate.

• Transparent: Our value of ‘transparent’ drives our actions, reflects in

our products and services.

Values and personality

Our values are personified by our people through a set of ‘Personality aspects’.

These personality aspects are: Positive, Professional, Accountable and

Transparent.

• Positive: ING Life India employees live its value of optimism by

bearing a positive and can-do attitude to their work.

• Professional: At ING Life India, we expect the highest standard of

professional behavior by providing professional advice to customers, by

treating customers equitably, abide by company’s culture and act with

compliance.

• Accountable: ING Life India expects employees to be accountable for

their actions, words and decisions such that it builds their personal

integrity and fosters ING Life India’s value of trustworthiness.

• Straightforward: ING Life India expects employees to be

straightforward in their conduct and work while dealing with customers

and colleagues.

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1.6 Brand Positioning

The Brand Essence of ING Life is, ‘Experience the joy of fulfilling your

responsibility’. This essence is captured in the unique brand positioning ‘Mera

Farz’, developed in 2007. This positioning means, ING Life helps its customers

fulfill their responsibilities as provider towards themselves and their families.

As part of the ING Group, the world’s largest financial services company, ING

Life provides its customers with the strength, reliability and the right balance

between long-term savings, security & reasonable returns.

This powerful positioning has helped ING Life create a distinct identity

for itself. The latest brand campaign in 2008 portrays how key life-stages in our

lives, such as marriage, birth of a child, children’s education, retirement, bring

unexpected financial worries along with happiness. However, we can overcome

these burdens with prudent financial planning and a helping hand from ING

Life, thus fulfilling our responsibilities towards our family.

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1.7 Product Portfolio

ING Life follows a "customer centric approach" while designing its

products. The Company's product portfolio offers products

that cater to every financial requirement, at all life stages.

ING Life has developed an exclusive tool - the

LifeMakerTM

a simple tool which helps our customers

choose a plan most suitable to them, based on their needs,

requirements and current life stage. This tool helps build a

complete financial plan for life at every lifestage, whether the requirement is

Protection, Savings, Retirement or Investment.

Individual Life Insurance Products

ING Life Insurance aims to make customers look at life insurance afresh, not

just as a tax saving device but as a means to live life to the fullest. It believes in

enhancing the very quality of life, in addition to safeguarding an individual's

security.

The Company follows a “customer centric approach” while designing its

products. The ING Life product portfolio offers products that cater to every

financial requirement, at all life stages.

Go ahead and pick your requirement to find life insurance plans that best match

your needs.

Protection

Secure your family’s

financial future.

Savings

Save for your aspirations and

life goals.

Investment

Invest now for a better

future.

Retirement

Lead your retired life on

your own terms.

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Protection Plans

Our Protection Plans help you ensure that your family continues to enjoy a

comfortable lifestyle even in your absence. We make available a variety of

plans to provide you with the flexibility of choosing one that fits your and your

family’s needs the best. We recognize protection as the basic insurance need

and have therefore kept our products comprehensive yet economical for you.

So go ahead, get an ING Protection Plan and secure your family’s financial

future!

• ING Term Life

Simplest and most economical form of term life insurance. Large sum

assured at highly affordable premium rates.

• ING Term Life Plus

Term insurance product with return of premium. Large sum assured at

affordable premium rates.

Saving Plans

Our Saving Plans help you achieve your life goals making them cherished

moments for you and your family. They provide you with the flexibility to save

for your future requirements while you continue to improve your current

lifestyle. Our plans help discipline your savings approach and point your efforts

towards defined goals so that whatever stage of life you are in, you are always

in control and self-reliant.

So go ahead, get an ING Savings Plan to achieve your life goals!

• ING New Prime Life (Unit Linked Insurance Plan)

Saving cum protection plan with features like loyalty additions,

increasing sum assured, accidental coverage and option to extend term.

• Reassuring Life Endowment Plan (Reversionary Bonus)

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Savings plan with a highly reliable safety net for your family in case

something happens to you.

• Creating Life Child Protection Plan

Ideal savings plan for new parents. Payment to child in case of death of

parent and at maturity. Future premiums waived in case of death of

parent.

• Creating Life Money Back Plan

Savings plan for new parents with money back. Double benefit of a life

cover along with periodic cash returns during the term of the policy.

• Safal Jeevan Endowment Plan

Comprehensive protection and savings plan with an in-built accident

cover. Option to choose from a pre-packaged range of fixed terms and

premiums.

• Safal Jeevan Money Back Plan

Ideal plan as a first life insurance policy. Choose a suitable policy term

from pre-packaged solutions. Payouts at regular intervals during policy

term.

• ING New Creating Star (Unit Linked Insurance Plan)

A perfect plan that helps to ensure that your child has financial support

when it is needed the most.

• ING Freedom Plan (Unit Linked Insurance Plan)

Saving cum protection plan with features like flexible investment

strategy, loyalty additions, option to avail survival benefits at regular

intervals and additional protection through riders

Investment Plans

Our Investment Plans are created keeping your needs in mind. We appreciate

the flexibility required to suit your risk appetite and the commitments you may

want to make. Our global expertise in managing wealth for individuals at all

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stages in their life ensures that we have products to suit your taste whatever

your objective of investing may be.

So go ahead, get an ING Investment Plan to reach your goals faster!

• ING Flexi Life

A Unit Linked Insurance Plan with an option to increase / decrease

regular premium. Offers Flexibility in premium payment.

• ING Flexi Life Plus

A Unit Linked Insurance Plan with an option to increase / decrease

regular premium. Offers Enhanced Accidental Protection Benefit.

• Powering Life

Investment plan with high reversionary bonus. Premium payments for a

short period of time, life cover for a longer period and high maturity

benefits.

• New One Life

Single premium unit linked insurance plan. Flexibility to choose your

life cover. Top-ups as per your convenience.

• Platinum Life Plan

Investment plan with a 10 year duration. Simple guaranteed additions

on sum assured apart from bonuses and loan facility.

• New Fulfilling Life Plan

Investment plan with double benefit of periodic cash returns during

policy term and maturity or death benefit.

Retirement Plans

Our Retirement Plans ensure that you lead your life after retirement on your

own terms, doing things you have always dreamt of. We also believe it is

important to be in control of your retirement planning. Our innovative features

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help you choose your retirement age and also control the way your investments

are managed keeping in mind your retirement needs.

So go ahead, get an ING Retirement Plan and retire on your own terms!

• ING New Best Years

Retirement plan with capital guarantee and plenty of flexibility, to help

build a sizeable financial asset for you or your family, in case you’re not

around.

• ING Future Perfect (Unit Linked Insurance Plan)

A perfect solution for protection while you earn and regular income

after you retire.

• ING New Golden Life (Unit Linked Insurance Plan)

A unit linked pension plan that allows you to plan your retirement at

your own pace.

Group Plans

A variety of plans to provide a cost effective yet comprehensive cover in an

efficient manner to all your employees, helping you attract and retain the best

of talent.

• ING Smart Shield

• Group Gratuity

• Employee Deposit Linked Insurance

• Group Term Life Insurance Plan

• Single Premium Level Term Plan

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Chapter 2

TrainingTrainingTrainingTraining & Development & Development & Development & Development

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2.1 Introduction

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Training is an educational process. People can learn new information, re-learn

and reinforce existing knowledge and skills, and most importantly have time to

think and consider what new options can help them improve their effectiveness

at work. Effective trainings convey relevant and useful information that inform

participants and develop skills and behaviors that can be transferred back to the

workplace.

The goal of training is to create an impact that lasts beyond the end time

of the training itself. The focus is on creating specific action steps and

commitments that focus people’s attention on incorporating their new skills and

ideas back at work.

Training can be offered as skill development for individuals and groups.

In general, trainings involve presentation and learning of content as a means for

enhancing skill development and improving workplace behaviors.

Organizational Development is a process that “strives to build the capacity to

achieve and sustain a new desired state that benefits the organization or

community and the world around them.” (from the Organizational

Development Network website) OD work implies creating and sustaining

change.

An OD perspective examines the current environment, the present state,

and helps people on a team, in a department and as part of an institution

identify effective strategies for improving performance. In some situations,

there may not be anything “wrong” at the present time; the group or manager

may simply be seeking ways to continue to develop and enhance existing

relationships and performance. In other situations, there may be an identifiable

issue or problem that needs to be addressed; the OD process aims to find ideas

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and solutions that can effectively return the group to a state of high

performance.

These two processes, Training and Organizational Development, are

often closely connected. Training can be used as a proactive means for

developing skills and expertise to prevent problems from arising and can also

be an effective tool in addressing any skills or performance gaps among staff.

Organizational Development can be used to create solutions to workplace

issues, before they become a concern or after they become identifiable problem

2.2 Approach Of Training & Development

Traditional Approach – Most of the organizations before never used to believe

in training. They were holding the traditional view that managers are born and

not made. There were also some views that training is a very costly affair and

not worth. Organizations used to believe more in executive pinching. But now

the scenario seems to be changing.

The modern approach of training and development is that Indian

Organizations have realized the importance of corporate training. Training is

now considered as more of retention tool than a cost. The training system in

Indian Industry has been changed to create a smarter workforce and yield the

best results

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2.3 Objectives Of Training And Development

The principal objective of training and development division is to make sure

the availability of a skilled and willing workforce to an organization. In

addition to that, there are four other objectives: Individual, Organizational,

Functional, and Societal.

Individual Objectives – help employees in achieving their personal goals,

which in turn, enhances the individual contribution to an organization.

Organizational Objectives – assist the organization with its primary objective

by bringing individual effectiveness.

Functional Objectives – maintain the department’s contribution at a level

suitable to the organization’s needs.

Societal Objectives – ensure that an organization is ethically and socially

responsible to the needs and challenges of the society.

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2.4 Process of Training & Development

• Determine the mission of the organization.

• Define the job functions/requirements of each employee.

• Determine the training needs of the department.

• Decide which are the most important objectives/priorities of the organization.

• Know how much time/money is available.

• Evaluate the curriculum. Does it mirror the objectives, needs, and

mission of the organization?

Evaluate the results of the training.

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2.5 Importance Of Training & Development

• Optimum Utilization of Human Resources – Training and Development

helps in optimizing the utilization of human resource that further helps the

employee to achieve the organizational goals as well as their individual

goals.

• Development of Human Resources – Training and Development helps to

provide an opportunity and broad structure for the development of human

resources’ technical and behavioral skills in an organization. It also helps

the employees in attaining personal growth.

• Development of skills of employees – Training and Development helps in

increasing the job knowledge and skills of employees at each level.

• Productivity – Training and Development helps in increasing the

productivity of the employees that helps the organization further to achieve

its long-term goal.

• Team spirit – Training and Development helps in inculcating the sense of

team work, team spirit, and inter-team collaborations. It helps in inculcating

the zeal to learn within the employees.

• Organization Culture – Training and Development helps to developand

improve the organizational health culture and effectiveness.

• Organization Climate – Training and Development helps building the

positive perception and feeling about the organization. The employees get

these feelings from leaders, subordinates, and peers.

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• Quality – Training and Development helps in improving upon the quality

of work and work-life.

• Healthy work environment – Training and Development helps in

creating the healthy working environment. It helps to build good employee,

relationship so that individual goals aligns with organizational goal.

• Health and Safety – Training and Development helps in improving the

health and safety of the organization thus preventing obsolescence.

• Morale – Training and Development helps in improving the morale of the

work force.

• Image – Training and Development helps in creating a better corporate

image.

• Profitability – Training and Development leads to improved profitability

and more positive attitudes towards profit orientation.

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2.6 Methods Of Training

There are various methods of training, which can be divided in to cognitive

and behavioral methods. Trainers need to understand the pros and cons of

each method, also its impact on trainees keeping their background and skills in

mind before giving training.

There are various methods of training, which can be divided in to cognitive

and behavioral methods. Trainers need to understand the pros and cons of

each method, also its impact on trainees keeping their background and skills in

mind before giving training.

Cognitive methods are more of giving theoretical training to the trainees. The

various methods under Cognitive approach provide the rules for how to do

something, written or verbal information, demonstrate relationships among

concepts, etc. These methods are associated with changes in knowledge and

attitude by stimulating learning.

The various methods that come under Cognitive approach are:

• LECTURES

• DEMONSTRATIONS

• DISCUSSIONS

• COMPUTER BASED TRAINING (CBT)

• INTELLEGENT TUTORIAL SYSTEM(ITS)

• PROGRAMMED INSTRUCTION (PI)

• VIRTUAL REALITY

Behavioral methods are more of giving practical training to the trainees. The

various methods under Behavioral approach allow the trainee to behavior in a

real fashion. These methods are best used for skill development.

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The various methods that come under Behavioral approach are

GAMES AND SIMULATIONS

• BEHAVIOR-MODELING

• BUSINESS GAMES

• CASE STUDIES

• EQUIPMENT STIMULATORS

• IN-BASKET TECHNIQUE

• ROLE PLAYS

Both the methods can be used effectively to change attitudes, but through

different means.

Another Method is MANAGEMENT DEVELOPMENT METHOD –

MANAGEMENT DEVELOPMENT –

The more future oriented method and more concerned with education of the

employees. To become a better performer by education implies that

management development activities attempt to instill sound reasoning

processes.

Management development method is further divided into two parts:

ON THE JOB TRAINING –

The development of a manager's abilities can take place on the job. The four

techniques for on the job development are:

• COACHING

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• MENTORING

• JOB ROTATION

• JOB INSTRUCTION TECHNIQUE (JIT)

OFF THE JOB TRAINING –

There are many management development techniques that an employee can

take in off the job. The few popular methods are:

• SENSITIVITY TRAINING

• TRANSACTIONAL ANALYSIS

• STRAIGHT LECTURES/ LECTURES

• SIMULATION EXERCISES

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2.7 Training & Evaluation

The process of examining a training program is called training evaluation.

Training evaluation checks whether training has had the desired effect.

Training evaluation ensures that whether candidates are able to implement their

learning in their respective workplaces, or to the regular work routines.

Purposes of Training Evaluation

The five main purposes of training evaluation are:

Feedback: It helps in giving feedback to the candidates by defining the

objectives and linking it to learning outcomes.

Research: It helps in ascertaining the relationship between acquired

knowledge, transfer of knowledge at the work place, and training.

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Control: It helps in controlling the training program because if the training is

not effective, then it can be dealt with accordingly.

Power games: At times, the top management (higher authoritative employee)

uses the evaluative data to manipulate it for their own benefits.

Intervention: It helps in determining that whether the actual outcomes are

aligned with the expected outcomes.

Process of Training Evaluation

Before Training: The learner's skills and knowledge are assessed before the

training program. During the start of training, candidates generally perceive it

as a waste of resources because at most of the times candidates are unaware of

the objectives and learning outcomes of the program. Once aware, they are

asked to give their opinions on the methods used and whether those methods

confirm to the candidates preferences and learning style

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Chapter 3 Data Analysis and Findings

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3.1 Data Collection

• Primary data

• Secondary data

Primary data

It was collected through questionnaire prepared contains relevant questions that

are both close ended and opened. Individual and group interviews also under

taken with difference consumers,

I have collected mainly the Primary Data for my study by utilizing the

questionnaire and interview methods.

Secondary data

These data are collected from published sources such as Magazines, NEWS

papers, several books, and also from the help of web site www.inglife.co.in

(A) Sampling plan of the study:

Sample size:

Sample size refers to number of elements to be included in the study several

qualitative factors should also be taken into consideration when determining

the sample size. These include the nature of research, number of variable, and

nature of analysis, sample size used in similar studies incidence rates,

completion rates, and resources constraints.

During the process of the study, survey has been conducted on 100 retailers.

Sampling method:

The researcher had choice between probability and non probability

sampling methods. In this study a simple non probability method namely

convenience sampling was adopted.

For my study I have selected Non-probability method in which I

selected convincing sampling method.

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(B) FIELD WORK:

Survey was done in ING.

The data was collected over a period of six weeks, using well structured

questionnaire. The respondents were contacted at their respective retail outlets

in various parts of the city.

Plan of the data analysis:

Planning and analysis of data can be done through three steps. They are editing

coding tabulation. These three are very important in analyzing the data.

Editing:

Editing is the process of examining errors when there is some inconsistency in

the responses as entered in the questionnaire or where it contains partial or

vague answers.

Coding:

Coding is necessary to carryout the subsequent operations of tabulating and

analyzing data. If coding is not done, it will not be possible to reduce a large

number of heterogeneous responses into meaningful categories with the result

that the analysis of data would be weak and ineffective and without proper

focus.

Tabulation:

Tabulation comprises sorting of the data into different categories and counting

the number of cases that belong to category the simplest way to tabulate is to

count the number of responses to one question. This is called univeriate

tabulation. Where two or more variables are involved in tabulation, it is called

bivariate or multivariate tabulation. In marketing research projects and

generally both types of tabulation are used.

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3.2 Date Analysis and interpretation:

Table 1: Age group respondents

Age Group No. of respondent Percentage

Below 25 31 31%

25 to 35 39 39%

35 to 45 25 25%

45 and above 5 5%

Total 100 100%

Sources: primary data collected through questionnaire

Fig-1

Inference:

The above graph shows 39% of respondents having training and development

program belong to 25 to 35 age respondents group, 31% of respondents

availing belong to below 25 age group and 25% are between 35 to 45age

group.

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Table 2: Which department are you working

Working sector No. of respondent Percentage

Sales 32 32%

Finance 16 16%

Marketing 6 6%

IT 15 15%

Other 31 31%

Total 100 100%

Sources: primary data collected through questionnaire

Fig-2

0

5

10

15

20

25

30

35

Sales FinacnceMarketing IT Other

no. ofrespondents

Inference:

The above figure reveals that most of the people 32% are working in Sales and

29% are Other sector

36

Table3: Are you aware of the all types of training program

Awareness No. of respondent Percentage

Yes 33 33%

No 14 14%

Have some knowledge 53 53%

Total 100 100%

Sources: primary data collected through questionnaire

Fig-3

Inference:

This graph shows that only 33% of people are aware of the aware of training

and development program and 53% of people have some knowledge about it.

But 14% of people are not aware of the training and development option

available to the ING

37

Table4: Do have participate any training program

Response No .of respondents percentage

Yes 53 53%

No 47 47%

Total 100 100%

Sources: primary data collected through questionnaire

Fig-4

44

46

48

50

52

54

Yes No

no. ofrespondents

38

Chapter 4 Conclusion and Suggestions

39

4.1 Findings & Limitations Of Training & Development

1. Lack of access new international literature and professional practices

2. Lack of systematic management leading to duplication

3. Lack of quality of technical equipments and accessible resources

4. Lack of promotion of self-development

5. Lack of a link between theories and practices

6. lack of necessary knowledge and skills about new learning strategies at all

levels;

7. lack of suitable alternative model for in-service training

8. lack of a plan for national implementation and indication of support and

commitment by the Government.

40

4.2 Suggestions Of Training & Development

1. Necessary knowledge and skills about new learning strategies at all levels;

2. Accreditation of the current teacher training and staff development programs

offered by various providers;

3. A critical mass of local experts to spread the new knowledge and skills

throughout the teachers in the country;

4. Suitable alternative model for in-service training;

5. A plan for national implementation;

6. Indication of support and commitment by the government

41

4.4 CONCLUSION

The employers should keep in mind these four rules of thumb when designing

the company’s strategy and solution:

Rule #1: Internet technology is the key to a profound revolution in

learning.

The effects of Internet technology on employee training are indeed profound;

however, technology - any technology - should be seen as a tool, not a strategy

or final goal. Just because they have good word processing software doesn't

mean you write well. Likewise, the Internet cannot, in and of itself, improve

the quality of the learning and the content they put on it. The employers need to

use Internet technology combined with high quality, effective learning to

maximize learning and retention levels.

Rule #2: There is an enduring and important role for traditional

classroom instruction.

People who believe technology will totally replace great teachers in front of

classrooms of highly motivated learners are as misguided as those who believe

the Internet is a passing fad. The blended learning solution, i.e., a mixture of

classroom and Web-based training is the most effective and comprehensive

learning strategy.

42

Rule #3: Learning is a continuous, cultural process - not simply a series of

workshops.

Employees retain about 50% to 60% of what they learn in a formal training

workshop. Often, employees forget what they have learned within two months

of the workshop. Therefore, access and opportunities to learn should be

available to anyone, anywhere, and at any time within an organization.

Organizational learning is as much about what happens outside formal learning

programs as it is about the programs themselves.

Rule #4: Strategy development and implementation are never really

finished.

Employers change as their business changes. They adjust it as their people

become more skilled and knowledgeable. The employers redefine it as new

technology options become available. And, they constantly test it against the

mission and vision of their business, making sure they are always in alignment.

Due to training there is greater stability, flexibility and capacity for growth in

an organization. Accidents, scrap and damage to machinery and equipment can

be avoided or minimized through training. Even dissatisfaction, complaints,

absenteeism, and turnover can be reduced if employees are trained well. Future

needs of employees will be met through training and development

programmes. Organizational take fresh diploma holders or graduates as

apprentices or management trainees. They are absorbed after course

completion. Training serves as an effective source of recruitment. Training is

an investment in HR with a promise of better returns in future. Though no

single training programme yields all the benefits the organization which

devotes itself to training and development enhances its HR capabilities and

strengthens its competitive edge. At the same time, the employee’s personal

goals are furthered, generally adding to his or her abilities and value to the

employer. Ultimately, the objectives of the HR department and also of the

organization are also furthered.

43

Bibliography

44

BIBLIOGRAPHY

REFERENCES:

List of websites:

• www.irda.com

• www.inglife.co.in

List of Books & Magazines:

• Marketing Management- ICFAI publication

• Marketing Management- Philip kotler

• Outlook- the Layman’s Guide to Insurance

• Business line

• IRDA Journal

List of News Papers:

• Business Line

• Economics Times

45

Questionnaire

46

QUESTIONNARE:

I am currently doing my project in ING Company. As a part of my study I am

collecting information of the existing customers to know the consumers

perception on value added services provided by ING Vysya Life Insurance I

kindly request you to fill the following questionnaires.

Please [�] the answer

(1) What is your name?

(2) Which age group do you belong to?

[ ] less than 25years, [ ] 25 to 35 tears, [ ] 35 to 45 years [ ] above 45years

(3) Which department are you working?

[ ] Sales [ ] Finance [ ] Marketing [ ] IT [ ] others

(4) Are you aware of the all types of training program

[ ] Yes [ ] No [ ] Have some knowledge

(5) Do have participate any training program ?

[ ] Yes [ ] No

(6) Are you satisfied of training and development program ?

[ ] Yes [ ] No

(7) Tanning and development policy provide any benefit?

[ ] Yes [ ] No

(8) Which type of training you take ?

[ ] Short term [ ] Medium term [ ] Long term

(9) Training and development program increases yours ?

[ ] Working efficiency [ ] Confidence [ ] Non

(10) What is your opinion towards the training and development program by

ING Vysya Life Insurance?

[ ] Average [ ] Aggressive [ ] Excellent [ ] professional