Study On The Training Program Done To Agents At Max Newyork Life In Bbsr

A SUMMER INTERNSHIP REPORT ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS

T. Reshma University Regd No. A30401908046

MBA-2008-2010

UNDER THE GUIDANCE OF

COMPANY GUIDE:

FACULTY GUIDE:

Mr. Subashish sabat

Mr. Dipti Ranjan Sarangi

Sales Manager

Lecturer in HR

Max NewYork Life Insurance School

Amity Global Business

Amity Global Business School HIG-15, BDA, Jayadev Vihar, Bhubaneswar

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Orissa-751013

DECLARATION

I hereby declare that this project work entitled “A SUMMER INTERNSHIP REPORT ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS “ is my work, carried out under the guidance of my faculty guide Mr. Dipti Ranjan Sarangi and my company guide Mr. Subhasish Sabat. This report neither full nor in part has ever been submitted for award of any other degree to either this university or any other university.

By, T. Reshma MBA 2nd year

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CERTIFICATE BY FACULTY GUIDE

This is to certify that the project work entitled “A Summer Internship Report on Training program done by max new york life at various levels” is a piece of work done by T.Reshma, student of Amity Business School, under my guidance and supervision. To the best of my knowledge and belief the project embodies the work of the candidate herself and has been duly completed. Simultaneously, the project fulfills the requirements of the rules and regulations related to the Summer Internship of the Institute. This report neither full nor in part has ever been submitted for award of any other degree to either this university or any other university.

Faculty Guide, Mr. Dipti Ranjan Sarangi Lecturer in HR Amity Global Business School 3

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CERTIFICATE FROM COMPANY GUIDE This is to certify that the Summer Internship Project titled “A SUMMER INTERNSHIP REPORT ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS”, is a bonafide work of T. Reshma is original and has been done under my supervision in partial fulfillment of the requirement for the award of M.B.A for the period of two months from 1st June 2009 to 15th July 2009. This report neither full nor in part has ever before been submitted for awarding of any degree to either this university or any other university. I am pleased to say that her performance during the period was extremely satisfactory.

Company Guide, Mr.Subashish sabat Sales Manager MNYL, Bhubaneswar

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ACKNOWLEDGEMENT

It gives me immense pleasure to express my deep sense of gratitude to Dr. C. Satapathy, Director, Amity Business School, Bhubaneswar, for his valuable guidance and consistent supervision through out the course.

I am also thankful to Mr. Subhasish Sabat, Sales Manager, my Company Guide of Max New York Life Insurance Company , Bhubaneswar, for his valuable guidance for preparing the Final Report and also for providing the necessary facilities.

I am extremely thankful to Mr. Dipti Ranjan Sarangi, Faculty Guide of Amity Business School, for his timely guidance and support through out the work, in the course of carrying out the project work.

Finally I am indebted to our other faculty members, my friends and my parents who gave their full-fledged co-operation for successful completion of my project.

It was indeed a great learning experience for me.

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ABSTRACT

This Report is an attempt to provide a detailed analysis of the process of training program done by Max New York Life Insurance and the benefits of the training. However, survey done for this project 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. This project gives a detailed analysis of the training done by agents at various levels, its benefits and also their personal growth which they will be having after the training.

This project gives a brief analysis about the benefits of the training and the

improvement of the agents because of the same. In an Insurance Industry, training programs is the key to success. Its effectiveness decides the fate of the Industry. 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.

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TABLE OF CONTENTS

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SECTION A: INTRODUCTION A.1 INTRODUCTION

8

9

10

A.2 ABOUT INSURANCE SECTOR

11-17

A.3 ABOUT MAX NEW YORK LIFE

18-23

A.4 PRODUCTS OF MAX NEWYORK LIFE

24-25

A.5 ABOUT PROJECT

28

A.5.1 OBJECTIVE

28

A.5.2 RESEARCH METHODOLOGY A.5.3 LIMITATIONS

29-31 32

SECTION B: LITERATURE REVIEW

33

B.1 DEFINITION AND NEED FOR TRAINING

34-35

B.2 TRAINING FOR SUCCESS

35-36

B.3 TRAINING PROGRAMMES DONE BY MNYL

36-38

SECTION C: ANALYSIS

39

C.1 ANALYSIS OF THE QUESTIONNAIRE SECTION D: RESULTS & DISCUSSIONS

40-53 54

D.1 FINDINGS

55

D.2 RECOMMENDATIONS

56

D.3 KEY LEARNINGS

57

SECTION E: CONCLUSION

58

E.1 CONCLUSION

59

BIBLIOGRAPHY

60

APPENDIX

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INTRODUCTIO N

A.1 Introduction Indian Insurance industry is emerging rapidly after year 2000. To survive in this highly competitive scenario, managers are being pressured to improve quality, recruit quality, give the best training and skilled people and eliminate inefficiency. The collective efforts of the employer, managers and other relative people assume relevance in this context. And this is where marketing management and human resources play important role.

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Training is very important in today’s scenario. But still it is ignored and considered as a secondary aspect. In case of insurance industry recruitment and training only decide success or failure of company. I have made an attempt to study this aspect of Insurance industry in my project. In this project, I have tried to learn, what is the impression of training in MNYL? I have tried to find out how exactly training is very important for this firm as well as this industry, which are the different strategies firm use to train quality people and so on. It is more qualitative rather than a quantitative data. To get knowledge of above questions and to fulfill the requirements for my project on “A Study on training program done by max new york life at various levels’. I have worked in MNYL and searched some internet sites.

A.2 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

11

liberalized

market

again.

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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:

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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. 13

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Any risk contingent upon these may be insured against at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events.

With the help of Insurance, large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good.

Functions of Insurance

The functions of Insurance can be bifurcated into two parts:

•

Primary Functions

•

Secondary Functions

•

Other Functions

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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.

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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 non16

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life products were issued to private companies. The Public sector giant LIC started losing its market share at the cost of stupendous growth of private players. Now 'India Insurance' industry has more than a dozen private life insurance players and 9 private general insurance companies. Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an instant success among the ignorant masses. Most of the private companies registered more than 100% growth till then and are still continuing with such monstrous growth figures. Although, 'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to rural masses. Top rank private companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj Allianz etc are aggressively researching and innovating products for huge untapped rural 'India Insurance' market. Collaboration with micro finance companies, post offices, rural banks and village management authorities for selling insurance is doing wonders.

Life insurance products covers risk for the insurer against eventualities like death or disability. Non-life insurance products covers risks against natural calamities, burglary, etc. They are not as popular as life products in the ' Insurance India's' portfolio. Until very recently it had only corporate buyers, but with natural disasters like, earth quakes, tsunamis, storms and floods becoming more frequent and damaging there has been a sudden spurt in sales of general insurance amongst individuals. Consumerism of life style goods and modern amenities has also contributed to its growth. With more awareness and wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will only get more competitive and more affordable to all sections of Indian society.

Present Scenario

The Government of India liberalised the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct

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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.

Insurance companies:

IRDA has so far granted registration to 12 private life insurance companies and 9 general insurance companies. If the existing public sector insurance companies are included, there are currently 13 insurance companies in the life side and 13 companies operating in general insurance business. General Insurance Corporation has been approved as the "Indian reinsurer" for underwriting only reinsurance business.

A.3 Company profile of MAX NEWYORK LIFE :

Max New York Life Insurance

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“Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool.”

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.

New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. Max India Limited is a multi-business corporate dealing in Clinical Research, IT and Telecom Services, and Specialty Plastic Products businesses.

Max New York Life Insurance started its operations in India in 2000. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. Max New York offers customized products tailored to suit individual's needs. With its various Products and Riders, there are more than 400 product combinations to choose from. Today, Max New York Life Insurance has a network of 57 offices spread over 37 cities all over India.

In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA.

Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages 19

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screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training.

Max New York Life invests significantly in its training program and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured program spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.

It has established a wide agency distribution network with 172 offices and representatives across 120 cities in India. The company has established additional channel with 22 bancassurance relationships, corporate tie-ups and a strong Direct Sales Team. Through its wide network of highly competent life insurance agent advisors, flexible product solutions and strong customer focus, Max New York life is creating a partnership for life with its customers in India.

Max New York Life, one of India’s leading life insurance companies, expanded its presence in the southern region by opening its first general office in the city of Mysore. Max New York Life now has established a countrywide network of 172 offices and representatives across 120 cities in India.

Max New York Life, which has till date sold over 1.53 million policies and recorded a sum assured of over Rs. 46,000 crore, has positioned itself on the quality platform. The company has developed a strong corporate governance model based on defined core values of caring, knowledge, excellence and honesty. Its strategy is to establish itself as a trusted life insurance

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specialist on the bedrock of quality of advice. The company has over 25,300 agent advisors, who are widely considered the best in the business.

Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. To achieve this the company will draw on New York Life's demonstrated competence in developing and managing a superior personal sales network. For the last 46 years consecutively, the largest number of agents qualifying for membership to the Million Dollar Round Table (MDRT) have been from New York Life. The MDRT is the industry's most prestigious organization comprising the world's most successful insurance agents. Max New York Life, a merit oriented and equal opportunities employer, is looking for a few good men and women who will spearhead the effort to realize this vision.

“Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. Since the launch of our operations, our focus has always been on providing risk protection and long-term wealth creation solutions to our customers. With a diverse product portfolio to meet customer requirements, it is evident that we are setting benchmarks in the marketplace and are well on course of realizing our vision to become India’s most admired Life Insurance Company.”

“An ever expanding presence of Max New York Life offices across India reinforces our commitment to serving the nation. We are extremely pleased with our progress in the region and feel that opening an office in Mysore would help us educate people about the true potential and benefits of life insurance. As life insurance specialists, Max New York Life will continue to help consumers make the right choices to meet their financial goals, both for the short and long-term, through sound quality advice offered by our agent advisors and a right mix of product offerings.” he added.

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Max New York Life has been instrumental in changing the paradigm of life insurance in India. It is the first life insurance company in India to introduce cause related marketing.

Children are at the very heart of Max New York Life's strategy. SOS Children's Villages of India is internationally recognized for its work in giving underprivileged children a wholesome life. The mission of SOS is "to help orphaned and abandoned children, by providing them with a family, a permanent home, education and strong foundation for an independent life." It's mission ties in with Max New York Life's philosophy of helping people secure the future of their near and dear ones.

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

Mission: •

Become one of the top quartile life insurance companies in India

•

Be a national player

•

Be the brand of first choice

•

Be the employer of choice

•

Become principal of choice for agents

Max New York Life Values and Beliefs

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Excellence "In every aspect of work. Ranging from the in-house training institute to the detailed Personal Insurance Plan. Max New York Life is focused on achieving the highest standards of quality in every

aspect

of

their

business".

Honesty "Is the heart of the Life Insurance business. Max New York believes that above all, Life Insurance is based on trust. Transparency, Dependability and Integrity will form the cornerstones of

the

Max

New

York

Life

experience."

Knowledge "Is what makes experts. Max New York Life is focused on the Life Insurance business. Perfectly combining global expertise with local knowledge, Max New York Life is the Indian Life Insurance

specialist."

Caring "For the customer. Max New York Life is redefining the Life Insurance paradigm to focus on the needs of the customers. The Max New York service process is responsive, personalized, humane and empathetic."

Culture: Our "in house culture recipe" has some of the finest ingredients going into its making. Some of the more prominent aspects of our culture are stated below:

•

Customer comes first

•

Do it right the first time

•

Bias for result oriented action

•

Financial strength and discipline 23

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Clarity of purpose

•

International quality standards

•

Inclusive Meritocracy

•

Learning opportunities

•

Fun at work

•

Commitment to published value system

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A.4 Products of Max New York Life Max New York Life Insurance offers an inangible product that is an insurance cover. Max New York Life offers a suite of flexible products. It now has 43 life insurance products and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. The products that are offered by Max New York Life are broadly divided into: Various types of life insurance policies:-

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 Endowment policies: This type of policy covers risk for a specified period, and at the

end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy.  Money back policies: This type of policy is for periodic payments of partial survival

benefits during the term of the policy as long as the policy holder is alive.  Group insurance: This type of insurance offers life insurance protection under group

policies to various groups such as employers-employees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost.  Term life insurance policies: This type of insurance covers risk only during the selected

term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger premium required for endowment and whole life policies. No surrender, loan or paid up values are in such policies.  Whole life insurance policies: This type of policy runs as long as the policyholder is

alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder.  Joint life insurance policies: These policies are similar to endowment policies in

maturity benefits and risk cover, but joint life policies cover two lives simultaneously such as married couples. Sum assured is payable on the first death and again on the death of survival during the term of the policy.  Pension plan: a pension plan or annuity is an investment over a certain number of years

but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period.  Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover

as well as return on premium paid over a certain period of time. The investment is denoted as units and represented by the value called as net asset value (NAV). 25

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The products offered by Max New York are :  Life Partner Plus Plan

 20 year Endowment (Par) Plan

 Life Gain Plus 20 Participating Plan

 Life Gain Plus 25 Participating Plan

 Life Gain Endowment Plan

 Endowment to Age 60 (Par) Plan

 Children Plan

 Whole Life Participating Plan

 SMART Invest Pension Plan

 Five Yr Renewable and Convertible Plan (Non - Par)

 Level Term Plan

 LifeLine MediCash Plus Plan

 LifeLine Wellness Plan

 LifeLine MediCash Plan

 LifeLine-Safety Net Plan

 Life Pay Money Back

 Life Maker Gold Plan

 Smart Assure

 Smart Assure

 Life Invest Plan

 Life Maker Premium Investment

 SMART EXPRESS

Plan

The latest product that MNLY has come up with is known as the SMART EXPRESS where the minimum premium is 50,000 but the benefit of this policy if taken on a yearly mode is since it being a ULIP product and the markets trend not looking too great the value of the fund freezes when the stock price increases hence it to an extent offers a fixed return it can say that one who invest in this plan is assured of a positive return. This product was introduced since it had to discontinue its very famous product Life Invest again this was due to the guidelines of IRDA when it says if the plan crosses a certain limit of sum assured offered it has to close the product.

ACHEIVEMENTS 26

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Max New York Life is the first life insurance company in India to be awarded the IS0 9001:2000 certifications. Max New York Life was among the top 25 companies to work with in India, according to 2003 Business World magazine, "Great Workplaces in India", Max New York Life was ranked at the 20th position. This survey is the local version of the "Great Places to Work" survey carried out every year in 22 countries. Been among top five most respected private life insurance companies in India according to a 2004 and 2006 Business World survey. Have truly built an enviable sales force. With 345 agents becoming members of the MDRT in 2006, Max New York Life has moved up to 21st rank in MDRT global list.

Benefits A career at Max New York Life has innumerable advantages. With low start up investment you can become a part of a world-class organization and make a positive difference to people’s lives. Our agents sell more policies and make more money than agents of any other life insurance company. The financial rewards are in the form of •

Commissions on new sales

•

Ongoing renewal commissions

•

Performance linked bonus

•

Referral commissions

•

Training reimbursement

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A.5 About the Project

A.5.1

OBJECTIVES

The main objective of doing this project is to study Financial Consultants’ attitude regarding the training program and the benefits of the training program.

 The main objective of this study is to know the agents’ opinion regarding the training

program and to identify training needs for the agents.  To find out the benefits of the training program to the agent and to the organization.  To find out the contribution of the training towards individual growth of agents.  To suggest ways to improve the quality of training for the agents.

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A.5.2 Research Methodology: The Research Methodology adopted for the present study has been systematic and was done in accordance to the objectives set which has been detailed as below. Research Definition Research is a process in which the researcher wishers to find out the end result for a given problem and thus the solution helps in future course of action. According to Redman & Mory research is defined as a “Systemized effort to gain new knowledge”. So, This project here finds out the training procedure and it’s effectiveness and the benefits of the training process for the employees who undergo training here. Research Design: According to “Claire Seltiz”, a research design is the arrangement of condition and analysis of data in manner that aims to combine relevance to the research purpose with economy in procedure.

Nature of Research: Research is basically of two types. 1. Descriptive research 2. Explorative research 1. Descriptive Research: These studies are concerned with describing the characteristic of a particular individual or a group.

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Determining sources of Data: There are two main sources of data 1. Primary data 2. Secondary data

Primary Data: It consists of original information collected for specific research. Primary data for this research study was collected through a direct survey to obtain this primary data a well structured questionnaire was prepared by the researcher.

Secondary Data: It consists of information that already exists somewhere and has been collected for some specific purpose in the study. The secondary data for this study is collected from various Management books and Internet .

Questionnaire: A set of questions containing a few Technical questions and more number of Opinionated questions are prepared for the employees of both Centralized and Decentralized sections of HR Department.

Sample Size: Total sample size is 30

Questionnaire Development: Questionnaire is the most common instrument in collecting primary data. In order to gather primary data from viewers.

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The present questionnaire consists of following type of questions. •

Open ended questions

•

Closed ended questions

•

Dichotomous questions

•

Multiple choice questions

•

Ranking question.

Open ended questions: It has no fixed alternatives to which the answer must conform. Thus, respondent answer in his/her own words at any length they choose. Closed ended questions: Closed ended questions have no other options other than the selecting the one that close matches the respondent’s 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.

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A.5.3 LIMITATIONS  The survey was conducted with in the company.



And in survey I have to interact with the employees. But the employees will be busy their works.



Getting the good response from the employee will be difficult because of their busy schedule.

 Time to interact with employees inside the branch is not sufficient.

 Time Period of my OJT is one of the limitations.

 Small sample size may not be sufficient to generalize regarding all the employees.

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Literature Review

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B.1 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

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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.

B.2 Training programs for Success

Leadership Training for Success All managers need methods. Leaders need to know the most effective techniques for guiding teams, mentoring individuals, and validating the results. Without solid methods, managers will revert use a one-size-fits-all approach to leadership that reflects the leader's personality, rather than the employees' needs. Committed, mentoring leadership is essential to employee morale, productivity, and retention. 35

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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.

B.3 Training programs done by MNYL 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. That’s why the training program plays a key role in every organization.

Training program following by Max New York Life Insurance is different at various levels.

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Mainly in training program the company concentrates on sales managers, agents, operations executives and telecallers.

Training program for sales managers:

•

The training program duration is 15 – 20 days

•

They get training on product knowledge.

•

Motivating and encouraging Advisors

Training program for Advisors:

•

The training program duration is 15 – 20 days

•

They get training on product knowledge

•

How to convince the people.

•

Objection Handling

Training program for operations executives:

•

They will get training on customer database files

•

Taking care of the customer files

•

Well trained in product information and documentation

•

Renewals will be informed periodically.

Required skills for employees in Max New York Life Insurance: 37

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Interpersonal skills

•

Excellent communication skills

•

Understanding nature

•

Aggressiveness

•

Convincing skills

•

Ability to motivate others

•

Interest to learn

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ANALYSIS

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C.1 Analysis of the Questionnaire Analysis of office staff who are having sufficient Knowledge on life Insurance .

6

New Advisors Advisors

18

Telecallers

4

Marketing Executives

2

Diagram of the table:

20 15 10 5 0 newadvisors

advisors

telecallers

Analysis of the table: 40

marketingexecutives

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The above chart shows that advisors only have more knowledge than telecallers, marketing executives and new advisors. Advisors will complete the deals. But after that everything will be taken care by operations executives and telecallers. Without sufficient knowledge these both people can’t work well. When the telecaller is calling to customer for renewal premium that person should have a knowledge how the premium should calculate, and they should know any extra charges for late payment, and how much grace period will be… these things should be known even by telecallers and operations executives too.

Q.1.

How do you feel about the Training Programme?

Very good

15

Good

8

Fine

4

Bad

2

Time waste process

1

16 14 12 10 8 6 4 2 0

verygood

good

fine

bad

time waste process

Here 50% of the employees feel good about the program and another 50% says

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that it is not upto that extent which was expected. That means training process should still more be improved.

Q.2.

How far is the training effective?

Very helpful

7

Helpful

8

Fine

2

Can b done from other sources

3

Time waste process

0

8 7 6 5 4 3 2 1 0 very helpful

helpful

fine

othersources

time waste

This shows that the training process is very effective and it is very much needed. Training of agents in Insurance Industry almost decides its success and failure. Therefore, training to Advisors is very important.

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Q.3.

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Did you understand about all the products during the process?

All the products

10

Some products

10

Few products

5

No clear idea

5

Nothing

0

10 8 6 4 2 0 all the products some products

fewproducts

no clear idea

nothing

As we have already known that the training process is effective, here hence forth it is clear that the products they deal is quite well communicated to the agents. But still if more focus is given to the agents who are poor in understanding then it would a complete deal.

Q.4.

After the training, do you think you improved your interpersonal skills? 43

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25

No

5

44

25 20 15 10 5 0 yes

no

As we know, training is good for Agents, it is also necessary to improve their interpersonal skills for their individual growth and till to very good extent it is successful. So, because of this training they even improve their skills for their individual growth which is important for their career.

Q.5.

During the process, is there any training program, which can improve your

communication skills?

Yes

10

No

20

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20 15 10 5 0 yes

no

To Communicate the products well to our customer, we should have very good communication skills, but here there is no good sessions to practice and improve their communication skills. Now I recommend to have more sessions to improve this quality of theirs’.

Q.6.

Are you satisfied with the training process in terms of teaching, and environment?

Very much satisfied

8

Satisfied

10

Needs improvement

10

Not at all

2

Cant say

0

10 8 6 4 2 0 verymuchsatisfied

satisfied

needs improvement

45

not at all

cant say

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Teaching environment is good but it still need more improvement because more agents are not completely satisfied with the environment and they complained about its punctuality.

Q.7.

Is the approach of your trainer with you is good and friendly? Good

15

Fine

8

Bad

5

Rude

3

15

10

5

0 good

Q.8.

fine

bad

rude

Do you think, you have made any improvement in your performance after the

training?

Lot of improvement

8

Don’t know

10 46

Amity Global Business School No improvement

10

Instead deteriotated

2

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20 15 10 5 0 lot ofimprovement

don’t know

no mprovement

deteriotated

This is a mixture of comments. These people here were not able assist themselves. But anyway the majority gave positive results.

Q.9.

Who needs much knowledge regarding the company and its products?

Agents

5

Tele callers

4

Operational executives

1

Recruitment consultants

0

All the above

20

20 15 10 5 0 agents

telecallers

operational executives

recr consultants

all

This table shows that all the people related to Insurance companies should be having 47

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sufficient knowledge about the company and its products. When a customer approaches he may not have idea about his designation, so everyone should be aware of the same.

Q.10.

For which areas, the agent needs training? Company policies and procedures

1

Skill based training

0

Problem solving skills/objections

2

handling. Communications skills.

2

All

20

20 15 10 5 0 companypolicies

sillsbased

problmsolving

communitnskills

all

The survey tells us that, an agent should take training for all the areas. It is not sufficient to have proper knowledge only about the products when you don’t know how to present them. He should be talented enough to answer or solve all the odd questions a customer asks. So, agent should get training for all the areas mentioned.

Q.11.

Are all the benefits, incentives and promotions in MNYL are communicated

properly to you? Are you satisfied?

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25

No

5

49

25 20 15 10 5 0 yes

Q.12.

no

To which level did the training motivate you to give your best performance?

Very strong

17

Fine

9

Didn’t get motivated

2

Time wasted

0

20 15 10 5 0 verystrong

fine

ddnt get motivated

time wasted

As we know that the training process has been very effective, the trainer has a very good 49

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motivating skill which motivates other people very well. This survey tells that after the training they got goose bumps and they felt very strongly motivated and they will be doing their work very efficiently.

Q.13.

Group activities are conducted to find out creative ideas and suggestive

from the participants?

Strongly agree

20

Agree

5

Neutral

0

Disagree

3

Strongly disagree

2

20 15 10 5 0 stronglyagree

agree

neutral

disagree

stronglydisagree

As there is a saying, “Unity is stronger”. It tells that, when a group activity is done it unconsciously creates very good ideas and suggestions which can be very beneficial for the other team members as well as for the organization.

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Q.14.

Is the environment of MNYL friendly?

Yes

25

No

5

25 20 15 10 5 0 yes

Q.15.

no

The training is very stressful?

Interesting

15

Fine

10

Boring

4

Cant Comment

1

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15

10

5

0 interesting

fine

boring

no comm ents

The agents feel very interesting about the training program which shows good vibes to us. But a very few people find it a bit boring which is negligible.

Q.16.

Do you want to make any changes in the training?

Yes

20

No

10

20 15 10 5 0 yes

no

Maximum people are satisfied with the training and they don’t want any changes. But still there are a few people who want some changes in the program.

Q.17.

If yes what?

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33% of the people wanted changes in the training program. The changes which they wanted are listed below:•

Change in timings.

•

Instead of coming every day, they wanted a few holidays in between.

•

Some people wanted to have online training programs.

•

Some wanted brief description instead of detailed which is taking 10 days.

Q.18.

Do you think the participants were involved properly during the training

process?

Yes, all the participants or agents were involved very well in the training programs. Everyone was excited to know the products to play tasks, and they were attentive also.

Q.19.

Were you are exposed to

Brainstorming sessions

2

Group Discussion

8

Lecture Sessions

20

Business Game

0

All the above

0

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20 15 10 5 0 brainstorming

groupdiscussion

lecture

businessgame

all the above

The survey tells that agents were mostly exposed to Lecture Sessions, which means the trainer was giving more information about the projects instead of asking or making ice-breaking sessions. But anyway 30% of the people also say that they were exposed to Group Discussions as well.

Q.20.

During the training, how well you were communicated the objectives of

the training programme?

The survey tells that the objectives were communicated very well for which they were tempted and joined MNYL. And now they were happy to be a member of MNYL family.

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RESULTS And Discussions D.1 Findings 56

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 Training program is good but it should still more be improved.  During training program, poor agents who are weak in their communication skills and English are not able to understand.  Because of training, employees became more loyal to the organization, as they came to

know the vision and mission of the Industry.  Training made the employees and agents more useful to the firm.  Training improved their interpersonal skills which is very helpful for their career growth

and individual growth.  But there are no sessions which can improve their communication skills.  Training classes are not commencing on time.  The trainer is good and friendly.  All the members in the Industry should have knowledge about the products.  Training can contribute to higher production and fewer mistakes, greater job satisfaction and lower employee turnover. Also, it can enable employees to cope up with organizational, social and technological change.

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D.2 Recommendations  Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors/Agents  There should be more sessions which can improve their communication skills.

 The classes should commence on time.

 The company has to give periodic training.

 Extra training should be given to poor students.

 Product promotion strategies should be improved.

 Company should consider the present competition and should act according to the customer needs.

 It Should be like long term training like Fundamental Carrier class , Basic Carrier class which helps the advisors in different stages.

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D.3 Key Learnings

 Before this internship project my knowledge about the insurance industry was quite

bleak. This internship in MNYL has immensely helped me in categorizing the different financial products.

 Another of my crucial learning has been in the area of communication with the outside world. Finding a possible prospect and then giving them information about the opportunities available was a really tough challenge.

 Majority of the population in Bhubaneswar and Berhampur have a negative perception

about the insurance industry. Giving them appropriate information about the opportunity to earn in this field was a challenging task.

 Along with the information on the job, the staff of MNYL also gave many inputs that

would definitely help in the management field.

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CONCLUSIO N

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E.1 CONCLUSION It has been a great experience working with Max New York Life. I have gained a lot of knowledge and improved immensely on my skills. I got the opportunity to meet and communicate with many people and undertake responsibility. I feel that MNYL is a great organization with plenty scope for growth. One of the main reasons in the success of this project was the constant appreciation and motivation from the concerned guides of company as well as college. The internship was both informative and also interactive.

In this Knowledge-based economy, training helps people to learn how to do the things differently or to the different things. Products are now increasingly knowledge-intensive; for this employers are responsible for providing opportunities for continued learning. To cope with the challenges and competitiveness in the world, every organization needs the services of trained persons for performing the activities in the systemic way. So, training program plays a key role in individual as well as organizational performance.

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D.2 BIBLIOGRAPHY •

www.maxnewyorklife.com

•

www.google.com

•

www.encylopedia.com

•

IC 33 book of max newyork life

•

Lynton, R.P. and Pareek, U. “Training for development”, 2nd Ed., New Delhi: Vistaar publication, 2002.

•

Bhatnagar, O.P. “Evaluation methodology for training”, New Delhi: Oxford and IBH publishing co.pvt.ltd.

•

Rae, L. “The art of training and development, effective planning”. Vol. 1, New Delhi.

•

Tannenbaum, S. “A strategic view of organizational training and learning”.

•

A hand book of human resource management practice, 8th ed., 2001.

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APPENDIX

QUESTIONNAIRE FOR FINANCIAL CONSULTANTS 63

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Amity Global Business School Name: Age: Designation: Work Experience: Income Level Q.1.

How do you feel about the Training Programme? A. Very Good B. Good C. Fine D. Bad E. Time waste process

Q.2.

How far is the training effective? A. Very helpful B. Helpful C. Fine D. Can be done from other sources E. Time waste process

Q.3.

Did you understand about all the products during the process? A. All the products 64

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B. Some products C. Few products D. No clear idea E. Nothing

Q.4.

After the training, do you think you improved your interpersonal skills? A. Yes B. No

Q.5.

Do you think or feel, the training program is helpful for your individual growth in

your career? A. Yes B. No

Q.6.

During the process, is there any training program, which can improve your

communication skills? A. Yes B. No

Q.7.

If Yes, What is the programme?

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Are you satisfied with the training process in terms of teaching, and environment? A. Very much satisfied B. Satisfied C. Needs improvement D. Not at all E. Cant say

Q.9.

Do you feel the training program is very lengthy and boring? A. Yes B. No

Q.10.

How many days do you think this training process should take place. A. 4-5 days B. 5-6 C. 6-7 D. 7-8 E. 8-9

Q.11.

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Is the approach of your trainer with you is good and friendly? A. Good. B. Fine. C. Bad. 66

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D. Rude.

Q.12.

Does your boss or trainer give you a patient ear and clear all the doubts? A. Yes. B. No.

Q.13.

Do you think, you have made any improvement in your performance after the

training? A. Lot of improvement. B. Don’t know. C. No improvement. D. Instead deteriorated.

Q.14.

Who needs much knowledge regarding the company and its products? A. Agents. B. Tele callers. C. Operational executives. D. Recruitment consultants. E. All. 67

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Q.15.

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For which areas, the agent needs training? A. Company policies and procedures. B. Skill based training. C. Problem solving skills/objections handling. D. Communications skills. E. All the above.

Q.16.

Is the environment of MNYL friendly? A. Yes. B. No.

Q.17.

Are all the benefits, incentives and promotions in MNYL are communicated

properly to you? Are you satisfied? A. Yes. B. No.

Q.18.

To which level did the training motivate you to give your best

performance? A. Very strong. B. Fine.

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Q.19.

The training is very stressful? A. Interesting. B. Fine. C. Boring. D. Can’t comment.

Q.20.

Do you want to make any changes in the training? A. Yes. B. No.

Q.21.

If yes what?

Q.22.

3 modules you liked the most?

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Do you think the participants are involved properly during the training

process?

Q.24.

Group activities are conducted to find out creative ideas and suggestive

from the participants? A. Strongly agree. B. Agree. C. Neutral. D. Disagree. E. Strongly disagree.

Q.25.

Are you are exposed to A. Brainstorming sessions. B. Group discussion. C. Lecture sessions. D. Business game. E. All the above.

Q.26.

During the training, how you were communicated the objectives of the

training programme?

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