A PROJECT ONTRAINING & DEVELOPMENT PROGRAM DONE BY BHARTI
AXA LIFE INSURANCE
SUBMITTED TOTHE UNIVERSITY OF MUMBAIIN PARTIAL FULFILLMENT FOR
THE AWARD OFTHE DEGREE OF BACHELOR OF COMMERCE(BANKING AND
INSURANCE)SEMESTER V(SEAT NO: 12013)
BYBHARAT R. SIRVEETHE S.I.A COLLEGE OF HIGHER
EDUCATION2014-2015DECLARATION BY THE RESERCH STUDENTI hereby
declare that this project titled TRAINING & DEVELOPMENT PROGRAM
DONE BYBHARTI AXA LIFE INSURANCE. Submitted by me is based on
actual work carried out by me under the guidance and supervision of
MR.HASIT KUMAR NAGARIYA.Any reference to work done by any other
person or institution or any material obtained from other sources
have been duly citied and reference.It is in future to state that
this work is not submitted anywhere else for any examination.
S.I.A COLLEGE OF HIGHER EDUCATIONSIGNATURE OF STUDENT
(BHARAT R SIRVEE)ACKOWLEDGEMENTI am thankful to Professor MR.
HASIT KUMAR NAGARIYA for her valuable guidance in successful
completion of this project.My overriding debt due to our Principal
Dr. PADAMAJA ARVIND MAM and librarian MRS.BHARATI RAO MAM. Last but
not the least I cannot forget my friends and my parents whose
constant encouragement and support made this task a happy job.
SIGNATURE
BHARAT R SIRVEE(THIRD YEAR BACHELOR OF COMMERCE)(BANKING AND
INSURANCE)
The SIA College Of Higher Education.P88, MIDC Residential Area
Dombivli Gymkhana Road,Near BalajiMandir, Dombivli (East).421
203.Email: [email protected]
CERTIFICATEThis is to certify that,Mrs. BHARAT R SIRVEEStudent
of BCOM (Banking and Insurance VI) 2014-2015Seat No.12013has
successfully completed his ProjectWork on TRAINING &
DEVELOPMENT PROGRAM DONE BYBHARTI AXA LIFE INSURANCE under the
guidance of MR. HASIT KUMAR NAGARIYA as per Mumbai University
syllabus.
COURSE CO-ORDINATOR PROJECT GUIDE
EXTERNAL EXAMINER PRINCIPAL
INDEXSR.NOTOPICPAGE NO
1CHAPTER 1 INTRODUCTION TO E-BANKING INTRODUCTION HISTORY INDIAN
SCENARIO MEANING DEFINITION10
2CHAPTER 2 HISTORY OF HDFC BANK HISTORY DISTRIBUTION NETWORK
BUSINESS FOCUS16
3CHAPTER 3 BUSINESS OF HDFC BANK21
4CHAPTER 4 FACILITIES PROVIDED BY HDFC BANK
23
5CHAPTER 5 E-BANKING FACILITIES PROVIDED BY HDFC BANK
22
6CHAPTER 6 IMPORTANCE OF E-BANKING FACILITY37
7CHAPTER7 E-BANKING SERVICES40
8CHAPTER8 BENEFITS/CONCERNS OF E-BANKING44
9CHAPTER9 NEWS AND ARTICLES53
10CHAPTER10 SWOT ANALYSIS49
11CHAPTER11 RESEARCH AND METHODOLOGY58
12CHAPTER12 ANAYLISIS AND INTERPRETATION63
13CHAPTER13 CONCLUSION74
14BIBLIOGRAPHY75
15ANNEXURE
76
TABLE OF CONTENT
S.No.CONTENTPAGE No.
1CHAPTER-1 INTRODUCTION
2CHAPTER-2 PROFILE OFORGANIZATION
3CHAPTER-3 TRAINING & DEVELOPMENT PROGRAM DONE BY BHARTI AXA
AT VARIOUS LEVELS
4CHAPTER-4 ANALYSIS
5CHAPTER-5 FINDINGS
6CHAPTER-6 RECOMMENDATIONS
7CHAPTER-7 CONCLUSION
EXECUTIVE SUMMARY
This Report is an attempt to provide a detailed analysis of the
process of training & development program done by Bharti Axa
Life Insurance and benefits of the training.
In my complete student internship program I met more than 50
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.
CHAPTER-1
INTRODUCTION
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 360-degree 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 makes 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 three
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. 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 security investments, by paying small amount
of premium against larger risks and uncertainty. Contributes
towards the development of larger industries - Insurance provides
development opportunity to those larger industries having more
risks in their setting up. Even the financial institutions may be
prepared to give credit to sick industrial units which have insured
their assets including plant and machinery.
The other functions of insurance include the following:
Means of savings and investment - Insurance serves as savings
and investment, insurance is a compulsory way of savings and it
restricts the unnecessary expenses by the insured's For the purpose
of availing income-tax exemptions also, people invest in insurance.
Source of earning foreign exchange - Insurance is an international
business. The country can earn foreign exchange by way of issue of
marine insurance policies and various other ways.
Risk Free trade - Insurance promotes exports insurance, which
makes the foreign trade risk free with the help of different types
of policies under marine insurance cover.
The end of the year 2000 marks a significant change and growth
of 'India Insurance' industry scenario. Monopoly of Public Sector
Insurance company marks an end and Private companies makes inroad.
Foreign companies, both Life and General flocked, collaborated and
helped astronomical growth of 'Insurance Industry in India'.
'India Insurance' growth was long overdue. Within 1st 12 months
of liberation of 'Indian Insurance Industry' 10 licenses for
selling life insurance products and 6 licenses for selling non-life
products were issued to private companies. The Public sector giant
LIC started losing its market share at the cost of stupendous
growth of private players. Now 'India Insurance' industry has more
than a dozen private life insurance players and 9 private general
insurance companies. Aggressive and penetrative marketing strategy
coupled with wide product bandwidth was an instant success among
the ignorant masses. Most of the private companies registered more
than 100% growth till then and are still continuing with such
monstrous growth figures. Although, 'Insurance in India' is 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 cover risk for the insurer against
eventualities like death or disability. Non-life insurance products
cover risks against natural calamities, burglary, etc. They are not
as popular as life products in the ' Insurance India's' portfolio.
Until very recently it had only corporate buyers, but with natural
disasters like, earth quakes, tsunamis, storms and floods becoming
more frequent and damaging there has been a sudden spurt in sales
of general insurance amongst individuals. Consumerism of life style
goods and modern amenities has also contributed to its growth. With
more awareness and wide bandwidth of insurance product portfolio
the growth for 'India Insurance' story will only get more
competitive and more affordable to all sections of Indian
society.
Present Scenario
The Government of India liberalized the insurance sector in
March 2000 with the passage of the Insurance Regulatory and
Development Authority (IRDA) Bill, lifting all entry restrictions
for private players and allowing foreign players to enter the
market with some limits on direct foreign ownership. Under the
current guidelines, there is a 26 percent equity cap for foreign
partners in an insurance company. There is a proposal to increase
this limit to 49 percent. The opening up of the sector is likely to
lead to greater spread and deepening of insurance in India and this
may also include restructuring and revitalizing of the public
sector companies. In the private sector 12 life insurance and 8
general insurance companies have been registered. A host of private
Insurance companies operating in both life and non-life segments
have started selling their insurance policies since 2001.
Non-Life Insurance MarketIn December 2000, the GIC subsidiaries
were restructured as independent insurance companies. At the same
time, GIC was converted into a national re-insurer. In July 2002,
Parliament passed a bill, delinking the four subsidiaries from
GIC.Presently there are 12 general insurance companies with 4
public sector companies and 8 private insurers. Although the public
sector companies still dominate the general insurance business, the
private players are slowly gaining a foothold. According to
estimates, private insurance companies have a 10 percent share of
the market, up from 4 percent in 2001. In the first half of 2002,
the private companies booked premiums worth Rs 6.34 billion. Most
of the new entrants reported losses in the first year of their
operation in 2001.With a large capital outlay and long gestation
periods, infrastructure projects are fraught with a multitude of
risks throughout the development, construction and operation
stages. These include risks associated with project implementation,
including geological risks, maintenance, commercial and political
risks. Without covering these risks the financial institutions are
not willing to commit funds to the sector, especially because the
financing of most private projects is on a limited or non- recourse
basis. Insurance companies not only provide risk cover to
infrastructure projects, they also contribute long-term funds. In
fact, insurance companies are an ideal source of long term debt and
equity for infrastructure projects. With long term liability, they
get a good asset- liability match by investing their funds in such
projects. IRDA regulations require insurance companies to invest
not less than 15 percent of their funds in infrastructure and
social sectors. International Insurance companies also invest their
funds in such projects.Insurance costs constitute roughly around
1.2- 2 percent of the total project costs. Under the existing
norms, insurance premium payments are treated as part of the fixed
costs. Consequently they are treated as pass-through costs for
tariff calculations.Premium rates of most general insurance
policies come under the purview of the government appointed Tariff
Advisory Committee. For Projects costing up to Rs 1 Billion, the
Tariff Advisory Committee sets the premium rates, for Projects
between Rs 1 billion and Rs 15 billion, the rates are set in
keeping with the committee's guidelines; and projects above Rs 15
billion are subjected to re-insurance pricing. It is the last
segment that has a number of additional products and competitive
pricing.
Insurance, like project finance, is extended by a consortium.
Normally one insurer takes the lead, shouldering about 40-50 per
cent of the risk and receiving a proportionate percentage of the
premium. The other companies share the remaining risk and premium.
The policies are renewed usually on an annual basis through the
invitation of bids.Of late, with IPP projects fizzling out, the
insurance companies are turning once again to old hands such as
NTPC, NHPC and BSES for business.
Re-insurance business
Insurance companies retain only a part of the risk (less than 10
per cent) assumed by them, which can be safely borne from their own
funds. The balance risk is re-insured with other insurers. In
effect, therefore, re-insurance is insurer's insurance. It forms
the backbone of the insurance business. It helps to provide a
better spread of risk in the international market, allows primary
insurers to accept risks beyond their capacity, settle accumulated
losses arising from catastrophic events and still maintain their
financial stability.While GIC's subsidiaries look after general
insurance, GIC itself has been the major reinsurer. Currently, all
insurance companies have to give 20 per cent of their reinsurance
business to GIC. The aim is to ensure that GIC's role as the
national reinsurer remains unhindered. However, GIC reinsures the
amount further with international companies such as Swissre
(Switzerland), Munichre (Germany), and Royale (UK). Reinsurance
premiums have seen an exorbitant increase in recent years,
following the rise in threat perceptions globally.
Life Insurance MarketThe 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
under- insured 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.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 unit-linked 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 REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
Reforms in the Insurance sector were initiated with the passage
of the IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously
stuck to its schedule of framing regulations and registering the
private sector insurance companies. The other decisions taken
simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies were the
launch of the IRDAs online service for issue and renewal of
licenses to agents. The approval of institutions for imparting
training to agents has also ensured that the insurance companies
would have a trained workforce of insurance agents in place to sell
their products. Since being set up as an independent statutory body
the IRDA has put in a framework of globally compatible regulations.
In the private sector 12 life insurance and 6 general insurance
companies have been registered.
1.2 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 something 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 & Development program. To find out what
is the Training & Development needs in concern area. To find
out the benefits of the Training & Development program to the
employee and to the organization. To find out what is the result
for the organization because of giving the Training &
Development to the employees.
1.3 RESEARCH METHODOLOGY
The Research and Methodology adopted for the present study has
been systematic and was done in accordance to the objectives set
which has been detailed as below.Research DefinitionResearch 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.1.3.1 NATURE OF
RESEARCH Research is basically of two types.1. Descriptive
research2. Explorative research Descriptive Research: These studies
are concerned with describing the characteristic of a particular
individual or a group.1.3.2 SAMPLE SIZETotal sample size is 501.3.3
DETERMINING SOURCES OF DATA
There are two main sources of data1. Primary data2. Secondary
data
Primary Data: It consists of original information collected for
specific research. Primary data for this research study was
collected through a direct survey to obtain this primary data a
well structured questionnaire was prepared by the researcher.
Secondary Data: It consists of information that already exists
somewhere and has been collected for some specific purpose in the
study. The secondary data for this study is collected from various
Japanese Management books.
1.3.4 QUESTIONNAIRE
Questionnaire: A set of questions containing a few Technical
questions and more number of opinionated questions are prepared for
the employees of both Centralized and Decentralized sections of HR
Department.Questionnaire Development: Questionnaire is the most
common instrument in collecting primary data. In order to gather
primary data from viewers.The present questionnaire consists of
following type of questions.Open ended questionsClosed ended
questionsDichotomous questionsMultiple choice questionsRanking
question.Open ended questions: It has no fixed alternatives to
which the answer must conform. Thus, respondent answer in his/her
own words at any length they choose.
Closed ended questions: Closed ended questions have no other
options other than the selecting the one that close matches the
respondents opinion or attitude.
Dichotomous questions: A dichotomous questions refers to one,
which offers the respondents a choice between only two
alternatives. Multiple Questions: A multiple choice question refers
to one, which provides several sets of alternatives for the
respondents choice.
Ranking questions: These questions are given when there are many
points to be considered and to be ranked in priority.
1.3.5 LIMITATIONS
1. The survey was conducted within the company. 2. And in survey
I have to interact with the employees. But the employees will be
busy their works. 3. Getting the good response from the employee
will be difficult because of their busy schedule.4. Time to
interact with employees inside the branch is not sufficient.
CHAPTER-2
PROFILE OF ORGANIZATION
COMPANY PROFILE OF BHARTI AXA
Bharti AXA Life Insurance is a joint venture between Bharti, one
of Indias leading business groups with interests in telecom, agri
business and retail, and AXA, world leader in financial protection
and wealth management. The joint venture company has a 74% stake
from Bharti and 26% stake of AXA.The company was incorporated on
13th July 2007. Headquartered in Bangalore, the company currently
has 30 branches across India. With a vision to become the leader
and preferred company for financial protection in India, Bharti AXA
General Insurance offers its customers - individuals and
businesses- a wide range of products and services that meet their
insurance needs. The company launched national operations in
December 2006. Today, we have over 5200 employees across over 12
states in the country. Our business philosophy is built around the
promise of making people "Life Confident".The company will leverage
the Bharti Groups large customer pool and develop a strong multi
channel distribution network in both urban and rural markets. With
a customer commitment to provide Fast, Fair & Friendly service
in all aspects of business, the company offers transparency,
structured customer support and trained manpower, backed by a
robust IT platform. The companys claims philosophy is to offer
prompt and hassle free claims service that deals with the claims
process with empathy. The Management team at Bharti AXA General
Insurance consists of experienced leaders who are passionate about
their companys vision and goals and are committed to the
development of Bharti AXA General Insurance as the preferred
company for Financial Protection in India. As we expand our
presence across the country to cater to your insurance and wealth
management needs with our product and service offerings, we
continue to bring 'life confidence' to customers spread across
India. Whatever your plans in life, you can be confident that
Bharti AXA Life will offer the right financial solutions to help
you achieve them. The vision of Bharti AXA Life Insurance Company
Limited is to become the preferred life insurance company in India.
This vision extends to our recruitment philosophy as well. Both the
Bharti Group in India and AXA globally enjoy the status of being a
very employee focused organization.At Bharti AXA Life Insurance, we
are determined to achieve our vision through talent who are
empowered, focused on customer service, and champions of strategic
and operational excellence.
THE JOINT VENTURE OF BHARTI AND AXA
BHARTI
Bharti Enterprises is one of Indias leading business groups with
interests in telecom, agri business, insurance and retail. Bharti
has been a pioneering force in the telecom sector with many firsts
and innovations to its credit. Bharti Airtel Limited, a group
company, is one of Indias leading private sector providers of
telecommunications services with an aggregate of 60 million
customers, spanning mobile, fixed line, broadband and enterprise
services. Bharti Airtel was ranked amongst the best performing
companies in the world in the BusinessWeek IT 100 list 2007. Bharti
Teletech is the countrys largest manufacturer and exporter of
telephone terminals. Bharti has a joint venture with ELRo Holdings
India Ltd. FieldFresh Foods Pvt. Ltd - for global distribution of
fresh fruits and vegetables. Bharti also has a joint venture -
Bharti AXA Life Insurance Company Ltd. - with AXA, world leader in
financial protection and wealth management. Bharti has recently
forayed into the retail business under a company called Bharti
Retail Pvt. Ltd. It also has a joint venture Bharti Wal-Mart
Private Limited with Wal-Mart, for wholesale cash-and-carry and
back-end supply chain management operations.
AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA's
operations are diverse geographically, with major operations in
Western Europe, North America and the Asia/Pacific area. AXA had
Euro 1,315 billion in assets under management as of December 31,
2006. For full year 2006, IFRS revenues amounted to Euro 79
billion, IFRS underlying earnings amounted to Euro 4,010 million
and IFRS adjusted earnings to Euro 5,140 million.The AXA ordinary
share is listed and trades under the symbol AXA on the Paris Stock
Exchange. The AXA American Depository Share is also listed on the
NYSE under the ticker symbol AXA. AXA Asia Pacific Holdings
AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the
Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is
responsible for AXA SAs life insurance and wealth management
businesses in the Asia-Pacific region. It has operations in
Australia, New Zealand, Hong Kong, Singapore, Indonesia,
Philippines, Thailand, China, India and Malaysia. AXA APH had
a$106.4 billion in total funds under management and administration
at 30 June 2007 and reported a profit after tax before
non-recurring items of A$374.0 million for the six months ended 30
June 2007.
GROUP SITES
Airtel
Bharti AXA General Insurance
Bharti-Tele Tech Ltd
Bharti Tele Soft
Bharti Resources
Bharti Foundation
To achieve a market position among the top 5 in India through a
multi-distribution, multi-product platform To adapt AXA's best
practice blueprints as a sound platform for efficient and
profitable growth To leverage Bharti's local knowledge,
infrastructure and customer base To deliver high levels of
shareholder return To build long term value with our business
partners by enhancing the proposition to their customers To be the
employer of choice to attract and retain the best talent in India
To be recognised as being close and qualified by our customers.
Strong partner Bharti - provides access to customer base of more
than 130 million Multi channel execution capability Current Asia
product range which is a strong match to products sold to the mass
and mass affluent Global scale providing cost effective and speedy
re-use of systems, products and business capability Strong AXA and
Bharti brands which can be leveraged to attract and retain a high
quality management team
HR PRACTICEThe guiding Human Resources principles at Bharti AXA
are: Clearly define scope of responsibilities and empower people to
deliver Provide people with the means to develop their competencies
Consider individual training and development a priority investment
Build organizations that are conducive to teamwork and that involve
everyone Promote ongoing dialogue between managers and the people
who report to them Make cultural difference a key source of
strength
MANAGEMENT PROFILE
Glenn Williamsis the Chief Executive Officer and Managing
Director for Bharti AXA Life Insurance Co. Ltd. Prior to this, he
was the Regional General Manager, Corporate Development and
Strategy for AXA Asia Life.In this position, Mr. Williams worked
with AXA Asia Life's senior management to expand operations across
the region in markets including Hong Kong, China, India, Indonesia,
Malaysia, Singapore, Thailand and the Philippines.Mr. Williams has
been with AXA since 2002 and has held key positions in Hong Kong
and the Philippines. Mr. Williams has over 15 years of experience
in the insurance industry, particularly in the areas of product
& pricing actuary, operations and finance.In 2006, Mr. Williams
led AXA Asia Life's successful integration of MLC and Winterthur.
Prior to joining AXA, Mr. Williams was Marketing Actuary with Swiss
Reinsurance Company in Hong Kong. Mr Williams graduated with a B.Sc
(Honor) from Loughborough University, UK and has been a fellow of
the Institute of Actuaries (UK) since 1998.
Priya Ranjanis Director - Human Resources at Bharti AXA Life
Insurance Company. He brings to the business over 15 years of HR
experience in diverse fields spanning financial services,
information technology and manufacturing. He specialises in
building large scale businesses right from their project
days.Before joining Bharti AXA Life, Ranjan was with JPMorgan Chase
Bank, Singapore as Vice President and Regional HR Manager -
Technology & Operations (APAC) from May 2005, after serving the
office of Vice President and Head - HR for the Global Service
Centre of the Bank in India for about 3 years. Between June 1997
and May 2002, Ranjan was with GE Capital as Vice President and Head
- HR for the Credit Card business, where he was a part of the
Project Team responsible for creating the business in India.He also
has an entrepreneurial venture to his credit with Bangalore-based
Team Excel, which specialised in recruitment and HR consulting. His
first assignment was with Tata Steel as Sr. Personnel Officer from
1991 to 1994, followed by Microland Ltd. as Manager - HR for two
years.Ranjan is a BA (Hons) from St Xavier's College, Kolkata and
holds a Post Graduate Diploma in Personnel Management from
XLRI.
Sushanto Mukherjeeis the Chief Distribution Officer for Bharti
AXA Life Insurance Company Ltd. Prior to this; he was Director
& Head Partnership Distribution & Group Business at Max New
York Life Insurance Co. Ltd.He started his career with
ITC-Welcomegroup hotels division in 1989. He has subsequently
worked in various reputed organizations such as Xerox, Reliance
Infocomm & Tata AIG in senior positions managing sales at Zonal
& National Levels.Sushanto has over 21 years of experience
across Insurance, Telecom, Hospitality and Office Automation.He has
a strong background in developing & managing partnership
channels in Life Insurance, managing large teams in Retail
Distribution and effectively leading direct sales teams in the
Corporate Segment. He is an MBA from Cardiff Business School United
Kingdom. V Srinivasanis currently the Chief Financial Officer of
Bharti AXA Life Insurance Company. He started his career as a
Chartered Accountant in 1989 and over the past two decades has
emerged as a stalwart in the financial sector. With over 8 years of
rich experience in the Life Insurance industry, today, he stands as
a storehouse of financial knowledge and expertise.
Mark Meehanis currently the Chief Marketing and Operations
Officer for Bharti AXA Life Insurance Company Ltd.Marks previous
role in AXA was that of CEO of Tynan Mackenzie P/L, a professional
investment services company. His role in Bharti AXA Life as CMOO
includes Marketing,Product Development, Customer Service,
Underwriting, Claims, Channel & Distribution Operations,
Information Technology and Systems, Six Sigma, Business Continuity
and Client Persistency Management.
INSURANCE PRODUCTS OF BHARTI AXA
At Bharti AXA Life, we want to take care of your
responsibilities in the same way as you do for your loved ones,
with a range of life insurance services. Through our life insurance
products, you can trust us to take care of your family at all
times. You can select the most suitable plan from our host of plans
and make buying life insurance simple and convenient. Each of the
plans, right from traditional life insurance to unit linked life
insurance, fall in specified segments and fulfill your specific
objectives. You can learn more about the segment and specific plans
within the segment by clicking on the type of plan.
Protect your loved ones against financial contingencies at
nominal costs
You love your family and feel responsible towards them in every
way. But life can be uncertain and unforeseen contingencies can
meet you anytime. At such times, life insurance comes to your
rescue. As someone who wants only the best for their family, we
understand your need to safeguard your family against any crises.
Our protection plans offer you high life cover at nominal costs so
that you can fulfill your responsibility with ease and your family
never has to face financial constraints.
Bharti AXA Life Elite Secure Bharti AXA Life Secure
Confident
Ensure your family's security + maximise your savingsYou can
make your money work harder with our Wealth Creation with
Protection plans.Whether it is a a comfortable future, bigger home,
or even a dream vacation , these life insurance plans are the best
solutions along with the surety of financial protection. Our life
insurance coverage plans include 'traditional' plans that give
guaranteed money on maturity. While, we also offer market-linked
plans that give you the benefit of good market performance to
maximise your savings. Bharti AXA Life Child Plans Bharti AXA Life
Guaranteed Plans
Make the golden years of your life truly comfortable.Retirement
plans are the best way to systematically plan for your golden
years. Our flexible retirement plans ensure you live your dream
retirement. By investing in these long-term plans by paying life
insurance premium, you can earn a regular income even after you've
stopped working. Without having to depend on anyone else or worry
about rising costs, you can go ahead and lead a comfortable
retirement.
Bharti AXA Life Dream Life Pension PLUS Bharti AXA Life Future
Secure Pension Bharti AXA Life Future Advantage Pension
Investments for your good healthGiven the fast pace of our
lives, we always run the risk of acquiring lifestyle diseases - be
it high blood pressure or various heart diseases. Add to this the
rising medical costs because of which, we end up spending
increasingly large amounts of money. Bharti AXA Life offers you
Health Plans that ensure freedom from stress when it comes to your
health expenses and let you enjoy your life without any
worries.
With Bharti AXA Life insurance products, provide financial
security and protection to your loved ones. Simple, affordable
plans to safeguard your family from life's uncertainties. Bharti
AXA Life Shield Bharti AXA Life Sanjeevani
Life Shield, a single premium group term life insurance product,
is a simple, affordable life insurance solution that financially
secures the family of the group member by providing a life
insurance cover.
Sanjeevani, a single premium group term life insurance product
provides financial security and protection to your loved ones. It
is a simple, affordable plan to safeguard your family from life's
uncertainties.
With Bharti AXA Life Credit Protection Plans you can ensure that
your family enjoys a good lifestyle and at the same time is
protected from the uncertainties of life. Bharti AXA Life Credit
Secure Bharti AXA Life Mortgage Credit Shield Bharti AXA Life
Credit Shield
Bharti AXA Life Credit Secure is a single premium group reducing
term life insurance product, that makes sure your family is not
burdened with your loan liability in your absence. Now you can
ensure that your family is protected from the uncertainties of life
even as they enjoy a good lifestyle. In case of an eventuality,
Bharti AXA Life will pay an amount that can used to settle the
outstanding loan amount.
Presenting you with Credit Shield from Bharti AXA Life, a group
product - which protects the family of the borrower in the event of
death by paying an amount to settle the outstanding loan.
CHAPTER-3
TRAINING & DEVELOPMENT PROGRAM DONE BY BHARTI AXA AT VARIOUS
LEVELS
Training and development: In organizational development, the
related field of training and development (T & D) deals with
the design and delivery of learning to improve performance, skills,
or knowledge within organizations.In some organizations the term
Learning and Development is used instead of Training and
Development in order to emphasize the importance of learning for
the individual and the organization. In other organizations, the
term Human Resource Development is used.
Definition of Training:
The systematic development of the knowledge, skills and
attitudes required by an individual to perform adequately a given
task or job. Training refers to efforts that help enhance employee
skills for carrying out the present job. According to Edwin B
Flippo, training is the act of increasing knowledge and skills of
an employee for doing a particular job.
Needs for training:
To improve the current job performance of employees To
familiarize employees with the policies and procedures of the
organization. To enhance the creativity, adaptability and
versatility of the employees and to facilitate learning at the work
place To prepare employees for future job. To change the skills,
knowledge and attitudes of the employees on a permanent basis. To
help employees manage their careers. To maintain knowledgeable work
force. To gain competitive advantage through a knowledgeable work
force. To promote organizational growth through individual
growth.
Areas of training: Company policies and procedures Human
relations training Skill based training Problem solving
training
Onsite Workshops for Leadership Team
Employees need more than bosses. They need mentors:
Professionals skilled at assessing employee development needs and
committed to guiding employees toward professional success. Team
Leadership Workshop provides managers with proven techniques for
effective personnel management. By helping leaders understand and
address their employees' requirements, this interactive seminar
offers significant benefit to managers at all levels. New
supervisors gain a solid grounding in the concept of
''leadership,'' while more experienced managers refresh their
commitment to teaching and coaching their team members. This
training program provides healthy perspectives for managers at all
levels, making it an ideal morale-boosting leadership development
experience for mixed groups of front-line supervisors and senior
staff members.Leadership Training for SuccessAll managers need
methods. Leaders need to know the most effective techniques for
guiding teams, mentoring individuals, and validating the results.
Without solid methods, managers will revert use a one-size-fits-all
approach to leadership that reflects the leader's personality,
rather than the employees' needs. Committed, mentoring leadership
is essential to employee morale, productivity, and retention.A
Results-Oriented Training Program Team Leadership Workshop provides
proven methods and procedures for successful people management.
Participants receive a step-by-step plan for guiding each employee
toward success.
This workshop includes elements of Frank Whyte's nationally
respected Team Building Workshops expanding upon that foundation to
help leaders: Recognize each employee's personality preferences and
supervisory needs, Align their leadership style with those of their
bosses, colleagues, and subordinates, Develop competent and
committed employees by mentoring and guiding their employees toward
success, Schedule their management responsibilities to ensure that
nothing is left to chance, and Use practiced real-world scenarios
to resolve challenges and remove barriers.
Training Program done by Bharti AXA Life
Training is must for every individual when he enters into the
organization. Even though the candidate has experience he also
should get training. Why because the organization culture, values
and beliefs are different from one organization to other. Thats why
the training program plays a key role in every
organization.Training program following Bharti AXA Life Insurance
is different at various levels.Mainly in training program the
company concentrates on sales managers, agents, operations
executives and telecallers.Training program for sales managers: The
training program duration is 15 20 days They get training on
product knowledge. Motivating and encouraging Advisors
Training program for Advisors: The training program duration is
15 20 days They get training on product knowledge How to convince
the people. Objection Handling
Training program for operations executives:
They will get training on customer database files Taking care of
the customer files Well trained in product information and
documentation Renewals will be informed periodically.
Required skills for employees in Bharti AXA Life Insurance:
Interpersonal skills Excellent communication skills
Understanding nature Aggressiveness Convincing skills Ability to
motivate others Interest to learnTYPES OF TRAINING &
DEVELOPMENT
1. Coaching2. Continuing Professional Development or CPD3.
E-learning aka Online Learning, Distance Learning, Web-Based
Learning4. Executive education5. Executive development6. Leadership
development7. Instructional Animation8. Instructional Design9.
Instructional Strategies10. Knowledge Management11. Organizational
Learning12. Organizational knowledge13. Mentoring14. Teaching
Method15. Blended learning16. Outbound Management Development
Programmes
TYPES OF TRAINING & DEVELOPMENT
1. Coaching2. Continuing Professional Development or CPD3.
E-learning aka Online Learning, Distance Learning, Web-Based
Learning4. Executive education5. Executive development6. Leadership
development7. Instructional Animation8. Instructional Design9.
Instructional Strategies10. Knowledge Management11. Organizational
Learning12. Organizational knowledge13. Mentoring14. Teaching
Method15. Blended learning16. Outbound Management Development
Programmes17. Performance Management
The various forms of Training and development are explained
below:
1. Coaching is a method of directing, instructing and training a
person or group of people, with the aim to achieve some goal or
develop specific skills. There are many ways to coach, types of
coaching and methods to coaching. Direction may include
motivational speaking. Training may include seminars, workshops,
and supervised practice.
2. Continuing Professional Development (CPD) or Continuing
Professional Education (CPE) is the means by which members of
professional associations maintain, improve and broaden their
knowledge and skills and develop the personal qualities required in
their professional lives.CPD is defined as the holistic commitment
to structured skills enhancement and personal or professional
competence.
3. Electronic learning (or e-Learning or eLearning) is a type of
education where the medium of instruction is computer technology.
No in-person interaction may take place in some instances.
E-learning is used interchangeably in a wide variety of contexts.
In companies, it refers to the strategies that use the company
network to deliver training courses to employees. In the USA, it is
defined as a planned teaching/learning experience that uses a wide
spectrum of technologies, mainly Internet or computer-based, to
reach learners at a distance. Lately in most Universities,
e-learning is used to define a specific mode to attend a course or
programmes of study where the students rarely, if ever, attend
face-to-face for on-campus access to educational facilities,
because they study online.
4. Executive Education is the term used for programs at
graduate-level business schools that aim to give classes for Chief
Executives and other top managers or entrepreneurs. These programs
do not usually end in a degree, although there is an ever-growing
number of an Executive MBA program that are very similar and offer
a Masters of Business Administration upon completion of the
coursework.
5. Executive development is the whole of activities aimed at
developing the skills and competencies of those that (will) have
executive positions in organizations. While "executive" and
"manager" and "leader" are often used interchangeably, "executive"
is commonly used to signify the top 5% to 10% of the organization.
Similarly, "development" and "training" and "education" are often
used as synonyms, however "development" is generally seen as the
more encompassing of the three in terms of activities that build
skills and competencies. 6. Leadership development: Leadership
development refers to any activity that enhances the quality of
leadership within an individual or organization. These activities
have ranged from MBA style programs offered at university business
schools to high-ropes courses and executive retreats.
7. Instructional Animations are animations that are used either
to provide instructions for immediate performance of a task or to
support more permanent learning of subject matter. While both of
these uses can be described as instructional animations, when the
goal is to support learning, the term educational animation may be
preferred.
8. Instructional Design is the practice of arranging media
(communication technology) and content to help learners and
teachers transfer knowledge most effectively. The process consists
broadly of determining the current state of learner understanding,
defining the end goal of instruction, and creating some media-based
"intervention" to assist in the transition. Ideally the process is
informed by pedagogically tested theories of learning and may take
place in student-only, teacher-led or community-based settings. The
outcome of this instruction may be directly observable and
scientifically measured or completely hidden and assumed.
9. Knowledge Management ('KM') comprises a range of practices
used by organizations to identify, create, represent, distribute
and enable adoption of what it knows, and how it knows it. It has
been an established discipline since 1995 with a body of university
courses and both professional and academic journals dedicated to
it. Many large companies have resources dedicated to Knowledge
Management, often as a part of 'Information Technology', 'Human
Resource Management' or Business strategy departments. Knowledge
Management is a multi-billion dollar world-wide market.10.
Organizational learning is an area of knowledge within
organizational theory that studies models and theories about the
way an organization learns and adapts. In Organizational
development (OD), learning is a characteristic of an adaptive
organization, i.e., an organization that is able to sense changes
in signals from its environment (both internal and external) and
adapt accordingly. OD specialists endeavor to assist their clients
to learn from experience and incorporate the learning as feedback
into the planning process.11. Organizational knowledge: What is the
nature of knowledge created, traded and used in organizations? Some
of this knowledge can be termed technical knowing the meaning of
technical words and phrases, being able to read and make sense of
economic data and being able to act on the basis of law-like
generalizations. Scientific knowledge is propositional; it takes
the form of causal generalizations whenever A, then B. For example,
whenever water reaches the temperature of 100 degrees, it boils;
whenever it boils, it turns into steam; steam generates pressure
when in an enclosed space; pressure drives engines. And so
forth.
12. Mentorship refers to a developmental relationship between a
more experienced mentor and a less experienced partner referred to
as a protg, mentoree, or (person) being mentoreda person guided and
protected by a more prominent person.13. Teaching methods are best
articulated by answering the questions, "What is the purpose of
education?" and "What are the best ways of achieving these
purposes?". For much of prehistory, educational methods were
largely informal, and consisted of children imitating or modelling
their behavior on that of their elders, learning through
observation and play. In this sense the children are the students,
and the elder is the teacher. A teacher creates the course
materials to be taught and then enforces it. 1. Blended Learning is
the combination of multiple approaches to learning. Blended
learning can be accomplished through the use of 'blended' virtual
and physical resources. A typical example of this would be a
combination of technology-based materials and face-to-face sessions
used together to deliver instruction. In the strictest sense,
blended learning is when an instructor combines two methods of
delivery of instruction. However, this term most often applies to
the use of technology on instruction. A good example of blended
learning would be to give a well-structured introductory lesson in
the classroom, and then to provide follow-up materials online.
2. Outbound Management Development Programmes are a training
method for enhancing organizational performance through
experiential learning. These programmes generally revolve around
activities designed to improve leadership, communication skills,
planning, change management, delegation, teamwork, and motivation.
Participants are divided into teams and assigned tasks or
activities for completion in a specified time. Achievement and
performance during these activities is reviewed in group
discussions to identify behaviors that enhance performance or lead
to failure or decreased performance.
3. Performance measurement is the process of assessing progress
toward achieving predetermined goals. Performance management is
building on that process, adding the relevant communication and
action on the progress achieved against these predetermined
goals.
In network performance management (a) A set of functions that
evaluate and report the behavior of telecommunications equipment
and the effectiveness of the network or network element and (b) A
set of various sub-functions, such as gathering statistical
information, maintaining and examining historical logs, determining
system performance under natural and artificial conditions, and
altering system modes of operation. In organizational development
(OD), performance can be thought of as Actual Results vs. Desired
Results. Any discrepancy, where Actual is less than Desired, could
constitute the performance improvement zone. Performance management
and improvement can be thought of as a cycle: 1. Performance
planning: where goals and objectives are established 2. Performance
coaching: where a manager intervenes to give feedback and adjust
performance 3. Performance appraisal: where individual performance
is formally documented and feedback delivered A performance problem
is any gap between Desired Results and Actual Results. Performance
improvement is any effort targeted at closing the gap between
Actual Results and Desired Results.
CHAPTER-4ANALYSIS1) What is your opinion on training?
OPINION%AGE
Very Good46%
Good28%
Bad10%
Time waste Process16%
Total100%
From graph it can be seen that 46% respondents are in favour of
very good training.2) Do you feel that training will helpful for
individual growth?
OPINION%AGE
Yes 80%
No 20%
Total100%
From graph it can be seen that majority of the respondents are
80%. Only 20% feel that training will not helpful for individual
growth.
3) Did you satisfy with training what company conducted
here?
SATISFACTION LEVEL%AGE
Satisfied42%
Partially satisfied23%
Fully satisfied5%
Partially dissatisfied28%
Fully dissatisfied2%
Total100%
From graph it can be seen that majority of the respondents are
satisfied with the Training Program. Only 2% were fully
dissatisfied with the Training programs.4) Is there any improvement
in performance after getting the training?
OPINION%AGE
Yes60%
No40%
Total100%
From graph it can be seen that majority of the respondents are
satisfied with the appraisal system. Only a meagre 40% were
dissatisfied with the Performance Appraisal programs.
5) Who needs much knowledge regarding company and product?
OPINION%AGE
Agents50%
Tele Callers16%
Operation Executives14%
All 20%
Total100%
The needs much knowledge regarding company and products 50% of
the agents.
6) In which areas employee needs training? AREAS%AGE
Company Policies And Procedures16%
Skill Based Training54%
Problem Solving Skills8%
All of The Above22%
Total100%
The training and development is needs to be 54% in the skill
based areas.
CHAPTER-5FINDINGS
FINDINGS
Trained & Developed employees can work more efficiently.
Training & Development makes employees more loyal to an
organization.
Training & Development makes an employee more useful to a
firm.
Training enables employees to secure promotions easily. They can
realize their career goals comfortably and development helps in
increase their morale.
Employees can avoid mistakes on the job. They can handle jobs
with confidence. They will be more satisfied on their jobs.
Training & Development can contribute to higher production
and fewer mistakes, greater job satisfaction and lower employee
turnover. Also, it can enable employees to cope up with
organizational, social and technological change.
CHAPTER-6
RECOMMENDATIONS
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.
CHAPTER-7CONCLUSION
CONCLUSION
In this Knowledge-based economy, training helps people to learn
how to do the things differently or to the different things and
Development is that which helps in improving the performance of the
employees by giving them opportunities for growth. Products are now
increasingly knowledge-intensive; for this employer are responsible
for providing opportunities for continued learning. To cope with
the challenges and competitiveness in the world, every organization
needs the services of trained persons for performing the activities
in the systemic way. So, training program plays a key role in
individual as well as organizational performance.
LEARNINGSLearnings in the on the job training:-1) Importance of
the training program2) 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.
QUESTIONNAIRE1. Name:2. Designation:3. What is your opinion on
training? |_| Good |_| Very good |_| Bad |_| Time waste process4.
Do you feel that training will helpful for individual growth? |_|
Yes |_| NO5. Did you satisfy with training what company conducted
here? |_| Yes |_| No6. Is there any improvement in performance
after getting the training? |_| Yes |_| No7. Who needs much
knowledge regarding company and product? |_| Agents |_| Tele
callers |_| Operations executives |_| All8. In which areas employee
needs training? |_| Company policies and procedures |_| Skill based
training |_| Problem solving skills |_| All of the above
REFERENCES
1) Lynton, R.P. and Pareek, U. Training for development.2) Rae,
L. The art of training and development, effective planning.3) A
hand book of human resource management practice, 8th ed., 2001.
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