4th sem mba

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DECLARATION

I Ashu Kapoor hereby state that this final evaluation report has been submitted toBhartiya Vidyapeeth in partial fulfillment of requirements of Dissertation in MBA

(Master of Business Administration) programme class of 2010.

The empirical information of this report is based on my experience in dissertation. Anypart of this report has not been reported or copied from any report of the universities and

others.

DATE ASHU KAPOOREnrollment number MBA (HR) - 2010

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PREFACE

Research project help us to get familiar with real environment of business. The research

project and title study of HR challenges and implementation of Human Resource

Information System (HRIS)is an original work. I have done this study in Max New

York Life Insurance.

In Carrying out study at Max New York Life Insurance, the data was collected

From the H.R. managers who are the integral part of the organization, HR department

And from the senior HR executives at Max New York Life Insurance and Tata AIG Life

Insurance for finding out the HR challenges at these organizations.

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ACKNOWLEDGEMENT

All praise to Almighty, Who is the source of all knowledge without His mercy

This work can never be accomplished

I feel privileged in expressing profound sense of gratitude, high esteem and indebt ness tomy venerable faculty guide, Mr. Rajneesh Mahajan for his excellent spirit,

illuminative and precious guidance, keen interest, critical opinion and suggestions, her

constant useful encouragement and sympathetic attitude, which have always been sourceof preparation and formation of this dissertation.

My special thanks to the employees of Max New York Life Insurance and Tata AIGLife Insurance for their plethora, elucidation and for providing retrospective information

throughout my dissertation.

I am highly indebted to my dear friends for their valuable and creative inputs.

Above all the perpetuating, sterling and deliberative love, encouragement, immense

support, co-operation, inspiration and financial assistance of my family members duringthe whole course of my study are highly acknowledged. Before concluding, I doubt I

could have forgotten to mention and acknowledge any person who helped me in one way

or another.

ASHU KAPOOR

MBA HR

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EXECUTIVE SUMMARY

Title project report- I have conducted research on A study on HR Challenges faced in

the Insurance Sector and the implementation of HRIS at Max New York Life

Insurance

The main purpose of doing this project is to see that how HRIS technology provides byHumanities Dimension group and People Soft can solve the HR challenges at Max New

York Life Insurance and Tata AIG Life Insurance.

The main objective of research conducted was to find out

The H.R challenges at Max New York Life Insurance and Tata- AIG Life

Insurance.

To find how the HR2 tool (HRIS ) provided by Humanities and People Soft

software used in Tata- AIG Life Insurance help to solve out the challenges facedby Max New York Life Insurance and Tata AIG Life Insurance.

The Data was collected from the H.R managers who are integral part of the organizationH.R department, and from the senior H.R executives at Max New York Life Insurance &

Tata- AIG Life Insurance for finding out the H.R challenges at Max New York Life

Insurance.

My Research mainly deals with Non probability sampling.

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INDEX

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Chapter TOPIC Page No.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

Introduction

Literature Survey

Company Profile

Research Methodology

Data Analysis

Interpretations and discussions

Conclusion

Recommendation and suggestions

Limitations

Annexure

Bibliography

7 14

16 17

19 38

40 42

44 54

56 59

61 62

64

66

68 69

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CHAPTER- 1

INTRODUCTION

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INTRODUCTION

Automation of Human resource

The automation of Human Resource in the organization is due to various H.R challenges.

The main H.R challenges

The well being of the company is linked to the well being of its employees. Employees

determine that whether the organization will flourish or fail. If the efforts are made andthe resources are invested in the employees, then everyone wins professional welfare

the employee the customer and the company.

H.R challenges mean all those problems and situations that may arise during the

workings in the organization it is actually related to the maintenance of the employee lifecycle management from recruitment to training and development to performance, payroll

and retention of employees.

Now days the organization are facing with number of pain areas or challenges such as

Attracting the right talent and retaining it.

Training and development

Performance appraisal

Attracting the right talent and retaining it

One of the greatest challenges for companies today is attracting and retaining the righttalent. The challenge of talent management has two facets first is how to find the new

people and second is how to retain the talent ,it focuses in the acquiring of right person

for the right job which means the talent has to be spotted carefully nurtured and mostimportantly preserved.

Reasons can be:

1. The process is manual and paper based.

2. Good candidates may be dropping out of the recruitment chain.

3. Process is inflexible? Does not differentiate between the hiring process employedfor senior management position or junior clerical position.

Training and development

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Given the rapid obsolescence of knowledge and the fast change in technology, there is aneed for continuing training and development on a part of all the employees whether they

are managers, supervisors, Government training agencies, employers organizations

education and training institutions should involved in the exercise to review the existingsituation in regard to continuing education and training and to map out its future

development.

Performance appraisal

The main challenges which the organization is facing now a days is that the performance

appraisal system of the organization is not effective in achieving its objectives, mostappraisal systems do not achieve its objectives i.e. aligning company goals with the

people goals and motivating employees excel to improve.

Its reasons can be

1. It takes a too much time and effort to initiate and effectively complete a timelyappraisal process.

2. The employee performance and appraisal does not go hand by hand and itbecome difficult to collate complete performance history at the time of

appraisal.3. Company goals are not systematically and logically scaled down to employee

goals and target.

Managing attrition

Another important issue before the organizations to manage the rate of attrition in theirenterprise, the large rate of attrition in the organization shows the higher level of

inefficiency in the organization. This actually means that organization is not Able to keep

its employees happy that is why people are leaving the organization, in order to find outthe reasons that why people are leaving the organization the organization should indulge

itself with the meeting of its employees from time to time and discuss about various

problems the employees in the organization is facing.

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IMPACT OF TECHNOLOGY ON HUMAN RESOURCEDEPARTMENT

H.R department is said to be the backbone of any organization. This departmentresponsibilities include everything for the maintenance of employee life cycle

management starting from recruitment, to on boarding, to performance appraisal to

payroll till the retention of an employees as how well the employee life cycle of theorganization is maintained more values it will create to an organization

H.R department going I.T way

As the digital age is taking place a growing number of organizations are looking for wayto improve its productivity and results and this can achieve by the creating value withinthe human resource organization by implementing of technology.

The information technology has enabled a revolutionary change in the Human Resource

department, from succession planning of employees in the organization to performancemanagement; all have become much easier with the use of technology. The recruitment

of employees and their tracking has also become much easier and maintenance of data

base too. There has been enough learning and development when H.R transformed withthe entry of information technology. Preparation of employee compensation and benefits

has also become systematic.

Technology in H.R

A Human resource information system, H.R technology or also called H.R modulesrefers to the system and the processes of the interaction between human resource

management (H.R.M) an information technology. It merges H.R.M activities with the

information technology field

The function of human resource is common to all organizations. H.R deals with

evaluating performance, payroll processes. The H.R function may consists of tracking

employees data which traditionally includes accomplishments; skills etc and this requirea lot of manual workload of these activities. To reduce this manual workforce of this

administrative staff, the organizations begin to electronically execute this work by

introducing specialized Human Resource Information System. Human resourceinformation system is a system that keeps the track of all its employees and information

about them. It is usually done in a database or more often in a series of interrelated

databases. These systems include the employee name and contact information like

Personal History- Name, Date of birth, sex

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Work history- salary, first day worked, employment status, positions in theorganizations, appraisals data

Training and development completed both internally and externally.

Career plans including mobility

Skills inventory- skills, education, competencies

HUMAN RESOURCE INFORMATION SYSTEM

Human resources management has emerged as a powerful and active participant in

organizational development and decision making, since its birth. Until the 1970's, most

organizations referred to the department that handled employee hiring, firing andtracking as personnel department. The record-keeping procedures concentrated on

personnel transitions which provided the company with the information of hiring, firing,

promotion or transfer. They determined how many full-time, part-time, permanent and

temporary employees worked in a particular section, department, division, region orcompany.

Several factors added to the department's data collection and analysis responsibilities.

Demographic and economic changes combined to increase frequency of job changes in

the population. As management increasingly recognized the importance of hiring internalstaff for critical positions, specialties such as succession planning and work force

forecasting emerged. Many human resources departments began spending more time on

planning and analysis to support top management requirements for decision support

information. To include such management level functions, many personnel departmentstook on the name human resources. Besides all routine, largely operational personnel

functions, a human resources department also included staff and compensation planning,management and career development, productivity measurement and turnover analysis.Management, recognizing the importance of improving integration of the human

resources department with the strategic business direction of the entire organization,

endorsed the creation of new, complex and expensive human resources systems.

To meet these expectations, the human resources department needed more management

level information and support. All these data management pressures, coupled with theincreasing accessibility of more powerful computers, have led to widespread growth of

computer applications within human resources. These new computer systems are known

as human resources management systems (HRMS) orhuman resources information

systems (HRIS).

The function of Human Resources departments is generally administrative and common

to all organizations. Organizations may have formalized selection, evaluation, and

payroll processes. Efficient and effective management of "Human Capital" has

progressed to an increasingly imperative and complex process. The HR function consistsof tracking existing employee data which traditionally includes personal histories, skills,

capabilities, accomplishments and salary. To reduce the manual workload of these

administrative activities, organizations began to electronically automate many of theseprocesses by introducing specialized Human Resource Management Systems. HR

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http://en.wikipedia.org/wiki/Human_Capitalhttp://en.wikipedia.org/wiki/Human_Capital


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executives rely on internal or external IT professionals to develop and maintain anintegrated HRMS. Before the "client-server" architecture evolved in the late 1980s, many

HR automation processes were relegated to mainframe computers that could handle large

amounts of data transactions. In consequence of the high capital investment necessary topurchase or program proprietary software, these internally-developed HRMS were

limited to organizations that possessed a large amount of capital. The advent of client-

server, Application Service Provider, and Software as a Service or SaaS Human

Resource Management Systems enabled increasingly higher administrative control ofsuch systems.

Human resource integration system is software that solves many problems of human

resources, payroll, administration, recruitment, training and accounting functions within a

business. It refers to systems and processes that form an interface between the HumanResource and Information Technology. It helps HR managers to perform their work more

effectively and efficiently in a systematic way using technology. It is the system used to

acquire, store, manipulate, analyze, retrieve, and distribute pertinent information

regarding an organization's human resources. It forms a part of larger ManagementInformation System (MIS).

Functions of HR covered by HRIS

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http://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Application_Service_Providerhttp://en.wikipedia.org/wiki/SaaShttp://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Client-serverhttp://en.wikipedia.org/wiki/Application_Service_Providerhttp://en.wikipedia.org/wiki/SaaS


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MODULES OF HRIS

There are seven major modules of HRIS.

1. Payroll2. Work Time

3. Benefits Administration

4. HR management Information system5. Recruiting

6. Training/Learning Management System

7. Performance Record

The payroll module automates the pay process by gathering data on employeetime and attendance, calculating various deductions and taxes, and generating

periodic pay cheques and employee tax reports. Data is generally fed from thehuman resources and time keeping modules to calculate automatic deposit and

manual cheque writing capabilities. This module can encompass all employee-

related transactions as well as integrate with existing financial managementsystems.

The work time gathers standardized time and work related efforts. The mostadvanced modules provide broad flexibility in data collection methods, labor

distribution capabilities and data analysis features. Cost analysis and efficiency

metrics are the primary functions.

The benefits administration module provides a system for organizations to

administer and track employee participation in benefits programs. These typically

encompass insurance, compensation, profit sharing and retirement.

The HR management module is a component covering many other HR aspects

from application to retirement. The system records basic demographic andaddress data, selection, training and development, capabilities and skills

management, compensation planning records and other related activities. Leading

edge systems provide the ability to "read" applications and enter relevant data to

applicable database fields, notify employers and provide position managementand position control. Human resource management function involves the

recruitment, placement, evaluation, compensation and development of the

employees of an organization. Initially, businesses used computer basedinformation system to:

a. Produce pay checks and payroll reports;

b. Maintain personnel records;

c. Pursue talent management.

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http://en.wikipedia.org/wiki/Learning_management_systemhttp://en.wikipedia.org/wiki/Learning_management_systemhttp://en.wikipedia.org/wiki/Talent_Managementhttp://en.wikipedia.org/wiki/Learning_management_systemhttp://en.wikipedia.org/wiki/Talent_Management


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Online recruiting has become one of the primary methods employed by HRdepartments to garner potential candidates for available positions within an

organization. Talent Management systems typically encompass:

a. Analyzing personnel usage within an organization;b. Identifying potential applicants;

c. Recruiting through company-facing listings;

d. Recruiting through online recruiting sites or publications that market to bothrecruiters and applicants.

The significant cost incurred in maintaining an organized recruitment effort, cross-posting within and across general or industry-specific job boards and maintaining a

competitive exposure of availabilities has given rise to the development of a dedicated

Applicant Tracking System, or 'ATS', module.

The training module provides a system for organizations to administer and track

employee training and development efforts. The system, normally called aLearning Management System if a stand alone product, allows HR to track

education, qualifications and skills of the employees, as well as outlining whattraining courses, books, CDs, web based learning or materials are available to

develop which skills. Courses can then be offered in date specific sessions, withdelegates and training resources being mapped and managed within the same

system. Sophisticated LMS allow managers to approve training, budgets and

calendars alongside performance management and appraisal metrics.

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http://en.wikipedia.org/wiki/Talent_Managementhttp://en.wikipedia.org/wiki/Applicant_Tracking_Systemhttp://en.wikipedia.org/wiki/Learning_Management_Systemhttp://en.wikipedia.org/wiki/LMShttp://en.wikipedia.org/wiki/Talent_Managementhttp://en.wikipedia.org/wiki/Applicant_Tracking_Systemhttp://en.wikipedia.org/wiki/Learning_Management_Systemhttp://en.wikipedia.org/wiki/LMS


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Many organizations have gone beyond the traditional functions and developed humanresource management information systems, which support recruitment, selection, hiring,

job placement, performance appraisals, employee benefit analysis, health, safety and

security.An HRIS is am management system designed specially to provide managers with

information to make H.R decisions. Its advantages are as follows:

Easy tracking and availability of employee history

Faster and effective multi way communication

Availability of online information for effective business decision making

Minimizing human errors and easy data storage and retrieval of information

Overall reduction of amount of paperwork and manual record keeping

The basic requirements involved for H.R.I.S includes

Desktop PCS for assessing and inputting information locally. Standard browsersare used to access information (Internet explorer).

Organizations wide server. In a small company, there must be a PC as well. The

server must have intranet server

Server side software such as HTML

Basic formats for policy manuals in format of HTML or Adobe Acrobat PDF

CHARACTERSTICS OF HRIS

Most successful HRIS share several characteristics. They are:

Able to accommodate data initiated by employees or by employer.

Responsive to changes in regulations, conditions.

Allow only authorized users access to sensitive data.

Expandable, so human resources can add new applications later.More transaction driven than computational

BENEFITS OF HRIS

HRIS has showed many benefits to the HR operations. A few of them can be detailed as;

Faster information process,

Greater information accuracy,

Improved planning and program development,

Enhanced employee communications

LIMITATIONS OF HRIS

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Time-consuming to develop.

Expensive to implement.

CHAPTER -2

LITERATURE SURVEY

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Hewitt associates, February (12002) - The recent yeas have witnessed the H.R function

in the organization to reinvest itself with the help of technology and Web basedapplications ,the basic principle of web based H.R sounds relatively simple as it make

personal data readily accessible for review and revision. This empowers employees and

managers to assume greater control over employee details. This article focuses on thetransformation of the H.R strategy of the company to one that is more technology driven.

The need was for an ambitious, multi-faceted approach to the E HR that would result in

advanced H.R.

As both large and small companies are busy in transforming long held processes intoweb based solution to streamline operations and to provide better services .Its now

common for senior management to encourage H.R to reinvent itself either the help oftechnology and Web based applications ,as many of the organizations are discovery the

process of developing ,implementing and maintaining a successful E-H.R structure is

more complex then simply tacking .and many facing problems in implementing HRIS orE-H.R

Sandeep K Krishna,2 August 7, 2006)

In reference to above abstract the issues concerning the implementation and maintenance

of H.R.I.S was taken into consideration As the organizations are diverse in terms of theirsize and sector that they belong, the problems related to the factor in implementing andmaintenance of HRIS is consider, the first problem is that the H.R department lacks

knowledge about HR.I S and hence it is not able to elucidate the requirements of the

system as there is poorly managed implementations, the potential of H.RI.S isunderutilized as only a few modules is implemented and the second main issue in this is

that the lack of cooperation needed across various H.R functions and divisions of the

organizations for proper implementation of H.R.I.S

- Dunning ton, Judith I3.1990 Personnel professionals who want to use

human resource information systems (HRIS ) effectively will improve

1

Radical Change - Breaking Ground for e-HR Implementation Hewitt associates,20022Issues concerning the implementation and maintenance of H.RI.S, Sandeep K Krishan, August 7, 2006,WorldAtWork

3Successful HRIS implementation planning,Dunnington, Judith, 1990, Personnel Journal- 16 -
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their chances for success by using a planning process that outlines goalsand objectives ,factors to analyze during the planning process includes

what resources of skills will be required ,how much the system will cost.

Kwasniewski, Joanne, 4 1989

Often HRIS or payroll consultants are hired without the forethought, and lack ofobjectives and goals which can cause problems in planning as well and productivity,

these are suggested steps developing a clear contractual and written statements of

objectives, educating consultants about corporate environment and establishment of allthe modules of HRIS implementation.

Harders, Douglas, Wisniewski, Joanne, 5 1989)

Chase Manhattan installed a new human resource information system using a high level

of personal department input and functional knowledge, Chase also used managementtechniques to achieve a high level of user involvement, the system was creates to meet

the needs such as simplified maintenance of employee data and online access to historical

data, the new HRIS system utilized the large amount of the old system data andfamiliarity

4Are consultants set up to fail?Wisniewski, Joanne,1989, Personnel Journal5 Applications of HRIS- Chase Manhattan manages HRIS implementation ,Harders, Douglas,

Wisniewski, Joanne,1989Personal review

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CHAPTER - 3

COMPANY PROFILE

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MAX NEW YORK LIFE INSURANCE

Max New York Life insurance Company Ltd is a joint venture between New

York and Max India ltd.

New York is a fortune of 100 company and Max India ltd is one of the Indiasleading multi-business operations.

Its strategy is to established itself as a trusted life insurance specialist through a

quality approach to business

In line with its values of financial responsibility ,Max New York Life insurance

has adopted prudent financial practices to ensure safety of policyholders fund

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 ISO 9001:2000 certification.

Max New York offers customized product tailor to suit individual needs, TodayMax New York life insurance has a network of 57 offices spread over 37 cities allover India.

The company paid up capital is 1,782 crores. The company has positioned itself

on the quality platform.

VISION

To become the most admired life insurance Company in India.

MISSION

To become one of the top quartile life insurance company in India.

Be a national player.

Be the brand of first choice.

Be the employer of the choice.

Become a principal of the choice for agents.

VALUES

This vision is to become India most admired life insurance company will be realized

through our unique set of values, which are as follows:

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ACHIEVEMENTS

First insurance company in India to have ISO 9001:2001.

Top five most reputed life insurance in India according to Business

World survey.

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HRM PRACTICES IN INSURANCE SECTOR

Recruitment process followed at Max New York life insurance

The recruitment process followed at Max New York life insurance is the channel

development process i.e. to recruit quality agent advisors (AA) for providing life

insurance solutions to the companies. AA plays a very important role in growth of thecompanys earnings as well as they create value to the organization. AA are the integral

part of the team and the various sales managers assign to them help them to groom them

in terms of personality ,development ,selling skills and handling objections of customers

Various benefits of becoming AA are as follows:

Rewarding career- Help others to realizetheir financial goals, changing life is more

rewarding and satisfying.

Attractive remuneration- Best remunerationsystem in the industry

World class training - In house trainingfrom professional Trainers.

Commitment to career agency systems -Commitmentto grow the career from AA to top management

Sales and marketing support - The sales promotionsand marketing collateral which provide to take

business to new heights.

Company expectation from AA

Regular input activity

To achieve sales target

Attend training program

Participate in weekly reviews

Follow the MNYL ethics and business standard policy.

The different strategies firm uses to recruit quality people Max New York LifeInsurance :

Eligibility model

From this eligibility model company judge prospective person. The company follows

unique eligibility criteria for AA selection by which company is able to always justify itsmission. The basic objective of an eligibility model for recruitment is to have good

retention and greater effectiveness in the delivery of the service.

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Four criteria for AA selection

AGE > 25 - This age shows attainment of maturity and

responsibility. People are most consistent at this age.

Married - Married people are more eager to earn money

due to family pressure so they work more efficiently andeffectively.

5 yrs of residency - Must have at least five years of residency

Graduate - Graduate people have basic skills like

communicationSkills, numerical ability, convincing abilities etc

The Recruitment and selection process followed by the

MAX NEW YORK LIFE INSURANCE

NAME GATHERING

SHORTLISTING

CONTACTING

INITIAL SCREENING

NUMERICAL ABILITY TEST

CAREER SEMINAR

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CAREER INTERVIEW

FCS

The recruitment and selection process in detail

1 Name gathering Name gathering is a process of gathering name in order to followthe rule 31, the different sources of name gathering are as follows

- Natural market- A natural market consists of people to whom you know well from yourfamily, friend circle, relative .The most admired way for recruitment in MNYL is

through natural market as these people are easily approachable and most of the

successful recruitment in MNYL is though natural market.

Apart from natural market the other sources for gathering names are Personal observation- Identify the right person though observation

Nominator call - A person who is very much influential inthe market as well as in societies

Activities - Doing activities such As brand awareness

in public places such as mall

As the most admired way for recruitment in MNYL is though natural market so name

gathering is generally done from natural market and it is called P200.

Name gathering IN P200 consists of people whom you know from the natural marketAnd references you get from their sources .The following procedure is consider in whichthe name gathering data base is maintained

Name of the prospective agent

- Address of contact- Age- Marital status- Qualification- No of years in the cities- Profession

- Annual income

Short listing

The candidates are short listed from the P200 as per the eligibility criteria laid down

by the company. Only eligible candidates are eligible for the next process.

Contacting

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The contacting is done with the short listing eligible candidates, the meeting is fixed withthem convince of both the party.

Initial screening

Initial screening is done when the candidate achieve 3 points , in initial screening , asales manger first gives the introduction about the company ,then several questions

such as his family background, traits for a sales person and questions related topresent and past experiences of his jobs are questioned.

Every candidate is requires to score at least 3 points based on the eligibility model of

the company, the eligibility standards for AA selection is as follows

Five Point system

AGE 25 AND ABOVE- 1 point

Graduate 1 point

Married 1 point

Lived in city more then 5 years 1 point

NAT SCORE 1 point (if passed)

National aptitude test is taken (NAT)

Numerical ability test is taken and the passing score is 50%

Career Seminar

All the prospects are required to attend career seminar at MNYL which providesbroader aspects of growth as an agent advisor. P 200 is a worksheet which is given to

each prospect to judge his natural market, the prospects are required to mention at least

100 contacts from their natural market.

Career interview

If candidate referrals i.e. his natural market is found worth then he is selected to attendtraining and development programme

FCS

All the selected candidates are required to attend 22 day training session for receiving

the license from IRDA to become an Agent advisor.

CONTRACT

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All the successful candidates having legal license of IRDA are contracted with MNYL

RECRUITMENT PROCEDURE FOR ADVISORS AT TATA- AIG

LIFE INSURANCE

Broadly recruitment can be identified as a 6-step process:

The SEARCH for talent.

To ENGAGE the prospective Advisors.

The EVALUATION of potential Advisors.

The CONFIRMATION of Intent.

The LICENCING of Investors.

Any manager who conducts these steps in recruitment will enjoy

Satisfying sales results

Outstanding persistency of business

Superior policy owner service capabilities

An enviable reputation as a Tata- AIG Agency builder

A momentum which consumes from the synergistic benefits of success.

SOME IMPORTANT TERMS:

Officer Recruiting is only the time spent on Screening, Selection and career

Interviews; plus in the office on the phone contacting names obtained and the follow upof those names.

Field recruiting is only the time spent making calls on Nominators and C of 1s

obtaining Referrals, and Personal Observation. Travel time is Other Time

Other Time includes Office, Travel, and Sales Managers development by the

MP/P/ZVP/ARDM/Meeting

Nominator Names are those names obtained from person contacted fewer than three

times.

Center of Influence Names is those names obtained from person known or fromthose contacted three or more times

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.PROCESS OF RECRUITMENT FOLLOWED :

STEP 1 : SEARCH FOR TALENT

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SEARCHWhere to look for

ENGAGE

How to attract to lifeInsurance

EVALUATEHow to evaluate

CONFIRM

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In this stage we need to identify the advisors we need to recruit to become a successful

team. We need to clearly understand the profile we are looking out for and all people to

match these profiles.

Our search for prospective advisors must be continuous n systematic just like

prospecting for sales. You must search among several sources on a regular basis.

Lets look into this step briefly.

DEFINITION

Who is an HNI advisor?

An advisor sourcing Rs. 50000/- as average premium and at least 50% of his casescontributing to acquisition of HNI customers qualifies to be a HNI advisor.

Who is an HNI customer?

HNI customer is the one who provides us RS. 50000/- APE or Rs. 50 lac sum assured.

PROFILES OF HNI ADVISORS

Businessman

Spouse or children of influential people.

Eminent page 3 socialites

Self employed professionals

Office bearers of leading clubs or associations

Consistent LIC MDRT , COT agents

Politicians

SOURCES

PERSONAL NETWORK

This method is uniquely personal. It permits you to apply your own standards andexercise your own judgment.

Always be on the alert for prospective advisors in your daily activities. Instinctively

apprise as prospective advisors those you meet or see. Stay in circulation and meet a lotof people on a regular basis. Develop these individuals as friends and clients & determine

whether or not to recruit them.

PRESENT ADVISOR RECOMMENDATIONS

No one knows more about the kind of person you seek and the kind of opportunity you

have for the prospective advisor than the present members of our sales team. Moreoverthey have a selfish interest in wanting their associates to be the type of persons who will

reflect favorably on their organization. Many successful advisors have an ability to attract

promising prospective advisors who can and do succeed.

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CLIENT REFERALS

Clients are readily accessible source of prospective advisors & referrals. It is safe to

assume that clients who have relied upon your agency to handle their insurance arepleased with both you and your work. Since you have created a favorable impression,

they can picture themselves or others as having the same success.

INDUSTRIAL SEMINARS

Seminars include seminars conducted by Management associations, doctors seminars,

HR professional seminars. These seminars are one way of reaching out to many peoplenot only by making presentation to the participants but also by also word of mouth since

these participants would speak to their families and friends, so also the chain would

continue.

ASSOCIATION AND CLUBS

Associations and Clubs are very good forums to search for the prospective advisors.

Recruiting at the associations is a resourceful strategy that breaks with tradition. It makesit possible for the prospective Advisor, as part of a group, to obtain information about

opportunities in the insurance business. As part of a group, the prospective Advisor feelscomfortable and quickly develops open-mindedness to investigating the possibility of a

career in insurance.

HNI LADIES SALES FORUMS

Women have proved to be far more successful in field of insurance in comparison withtheir male counterparts. These ladies forums will be a good opportunity to contact

women belonging to upper class segment.

These forums could be social events like kitty parties and fashion shows & exhibitions ofhigh end products. It could also include interacting with the HNI segment women at an

event for a social cause like CRY, help Age etc.

CENTRES-OF-INFLUENCE/NOMINATORS

These are people who because of your relationship with them and their interest in you arewilling to help you. They are people of influence and prestige.

Develop your list of centers of influence and contact them as part of your planned weekly

and monthly activities schedule. A centre must be cultivated like any other source of

referrals. The responsibility for obtaining nominations, information and introductionsrests with you not with your centre.

A few examples of these centers of influence are:

Doctors

Lawyers

Chartered Accountants

Teachers

Bankers

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To ensure continuous flow of nomination from COIs , we must practice these few basicrules for developing centers of influence.

Keep contacting them on a planned basis.

Keep them informed.

Maintain visibility

Show visibility

TOOLS USED

An approach letter can be the first contact between you and your advisor. Approach witha letter as a system if used can be very successful tool. The system is to send out letters

with reply cards on a regular basis. The standard letter should briefly describe the

rewards of a successful insurance sales career. In a letter of this nature attempt to arousethe interest of the individual who receives it in the hope that he or she will be more

accretive to your follow-up.

STEP 2: ENGAGE

Engage is highlighting the positive sides of the business opportunity with TATA- AIGLife Insurance.

First Meeting: It is the face to face interaction between the manager and the prospective

advisor.

Pre Meeting Preparation:

The manager should set up an appointment with the prospective advisor and ask

for at least 30-45 minutes

The manger should have the idea of the age, education background (if possible)

of the prospect prior meeting him.

The manger should carry a set of the following documents

o Advisor Profile

o BOP

o Opportunity Brochure (to be left at his place)

o Documents required for becoming an advisor

During Meeting:

The interview should be conducted at the advisors place with the time duration of 30-40

minutes. It should cover

About the company

o NO.1 Life Insurance Company

o 101 Reasons to join TATA- AIG Life Insurance Company

o Past Business performance

o Locations and Geographical spread

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The Opportunity of Life Insurance business

o Commission based job

o Earnings potential

o Rewards and Recognitions MDRT, Clubs, Contest, Past contests data

such as how many people qualified for the President Club, India Star

Club, Star Club etc needs to be carried for the meeting.

The Manager must get Advisor to fill the Advisor Profile during this meeting. It will give

the manager the great in depth of prospective advisor as person, not his financials but

him as an individual with his own dreams, goals and aspirations. Before leaving the

prospective advisors place, the manger should ensure that the individual has a completeunderstanding of the advisor profession. The manger should collect information about the

prospective advisors family, current earning stream and his inclination towards Life

Insurance as a business opportunity. The manager should seek a second appointment withthe prospect and if possible, invite the prospect to the Branch for the second meeting so

as to show the prospect, the branch and its working and schedule a meeting with the

Territory Manger.

Tools:

Advisor Profiler

My Market 100: A tool to enable the Advisor to identity his potential market

Business Opportunity Presentation: At the branch level the mangers may gettogether and invite a group of prospective Advisors to the office. A formal

presentation will then be made by the senior manger on the Business Opportunity.

Its a very effective tool and you will be able to convince a greater number ofadvisors with this activity.

Branch Visit: A branch visit on an individual basis can be organized with yourprospective advisor in case it was not possible to invite him to office. Business

Opportunity Presentation due to different reasons.

STEP 3: EVALUATE

Managers need to ensure that they have the right kind of profile interested to be a part of

their team, the most likely to succeed profile suggested:

Age 25-45 years Graduate

Family household income more than Rs 5 lakhs

RECOMMENDED CRITERIA

A manger must look at each of his advisor quality on at least three of the criteriamentioned below:

More than 25 years of Age

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Graduate

Living in the same area since the past 5 years

Well networked and socialite

Family income of more than Rs.10 lacs

Territory Manager Meeting

Your Manger will evaluate the candidate on the following parameter.

Passion to succeed: This quality is of paramount importance as it will be the key

driver of his success in the business. Can be assessed asking his other areas ofwork and the how successful he is in those ventures.

Result Orientation: A focus to achieve results is an essential quality in anadvisor. It can be assessed based on by asking him his past achievements. If he

has earned any other recognition in his earlier assignments.

Good Network: This can be gauged by the number of contacts the advisor can

submit in the My Market 25 forms. Also, in the interview with the TM, the

advisor shall be able to provide information about his social circle.

Business Understanding: His knowledge of this business can be gauged byknowing his educational qualification and also the fact that how much insurance

does he have for himself and his family.

STEP 4: CONFIRM

Fresh Advisor

The completed application form with all the documents required will be

collected through out the week.

The completed set of documents would have to be put into distinct inboxcreated for accepting such applications

The application received till 5.00 p.m. from Monday to Friday and until 1.00

p.m. on Saturday will be cleared on the same day.

The BDOPS executive would clear the applications in the box on a daily basis. The intra day frequency for clearing the applications to be decided by the

BDOPS executive.

Documentation Requirements

The following documents are to be submitted by each prospective advisor.

Application form + IRDA form

Extra Form

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DD of Rs 1500

7 Photographs

Age Proof

Latest Address Proof

Education proof

Pan Card copy( if pan card mentioned)

Signed Agreement

On receiving the completed applications, the BODPS executive to scrutinize theapplication form and the supporting documents provided.

Documentation Security

The security of the documents must ensure the following points.

All overwriting or cancellation on application form and IRDA form V.A mustbe counter signed.

Name on application must be identical to the IRDA form V.A, In case the

name is different; Branch Ops Manger signoff is required, stating the reasonfor the difference.

All proofs (age, and education) must be from the permitted list of such

documents only.(Annexure 2)

Address on application form and address proof for the same must be from

within the permitted pin codes for sourcing polices. (List already available on

the intranet under knowledge repository). Candidates staying at nonpermanent

addresses like hostels, paying guest, etc, should provide address proof of thepermanent address as well. The branch operations manager or the BDOPS may

on a certified translation of the vernacular address proof if they are unable to

decipher the document to their satisfaction.

Education proof is from a valid educational institute. Special care to be

exercised to ensure that the educational document submitted is not from theknown Bogus/ Debarred institutes (Annexure 2). In case the education proof issubmitted by any language other then Hindi, English, the same are to be

accepted only subject to branch operation managers or BDOPS executive

signoff on the specified document itself, stating reason for acceptance.However the Branch Operations Manger or the BDOPS executive may insist

on the certified translation of the vernacular address proof if they are unable to

decipher the documents to their satisfaction.

Age proof must state the same date of birth as stated on the application form.Incase the age proof states only the age (not the date of birth), the age should

correspond with the date stated in the application form. The Branch Operations

Manger or BDOPS executive may insists on a certified translation of thevernacular address proof if they are unable to decipher the document to their

satisfaction.

Exam Form- depending on type of exam, either online or manual.

Photographs

Demand Draft. The application number, Advisor name and the MPC/AM

name must be written on the reverse of the demand draft.

The license agreement needs to be signed on all pages by the advisor and the

first and the last pages by the MPC/AM.

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RECRUITING AND SELECTION PLANS

SPECIFIC PROSPECTING PLANS

TARGET RECRUITING PLANS FOR MONTH* NUMBER

OF HOURS

INITIAL INTERVIEWS

CENTER OF INFLUENCE CALL NAMES

PERSONAL OBSERVATION/MARKET AREAS

DIRECT MAIL/RECRUITING ADS/SEMINARS

OTHER SPECIFIC PROSPECTING PLANS

TOTAL PROSPECTS

PLANNED GOALS FOR THE MONTH NUMBER HOURS

INITIAL INTERVIEWS

SCREENING INTERVIEW

CAREER SEMINAR

PROJECT 200

CAREER INTERVIEW

OTHERS

RECRUITMENT TIME PLANNEDHOURS

ACTUALHOURS

TOTAL PROSPECTING HOURS

+

TOTAL INTERVIEWING HOURS

=

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TOTAL RECRUITING HOURS

Training and development at MAX NEW YORK LIFE INSURANCE

Training is must for every individual who join the organization, even though thecandidate has experience but he also should get training as the organization culture,

values and beliefs are different from one organization to another thats why a training

program becomes a key role in every organization.

The Max New York Life insurance has a finest training program for AA, the training

program of Max New York life insurance is developed by New York Life in the United

States is widely recognized as the best in the insurance industry, the Max New York LifeInsurance has customized this outstanding program for Indian Market.

The Training program at MAX New York Life Insurance

1 The training program of Max New York Life Insurance basically concentrates on theagents

2 The Max New York Life Insurance significantly invests in the training program

3 The Max New York Life Insurance runs training program for the agents through out the

year.

4 The agent advisors AA are trained in house to ensure optimal control on qualityof training

5 The training program at Max New York Life Insurance is basically for the15 days but itextends to 1 month.

6 Max New York Life Insurance has two full time professional trainers in each office

whose sole job is to teach and to guide new agents.

Max New York Life Insurance as focus on continuous quality training results in having

the company highest agent pass rate among the other insurance companies.

Benefits of training program

The trained employees work more efficiently

Training makes employers more loyal to an organization

Training ensures employees to secure promotions easily, they can realize theircareer goals comfortably.

Training make employees more useful to the firm as it creates value to

organization goals.

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Max New York Life Insurance focuses in the continuous quality training results inhaving the company highest agent pass rate in the IRDA examinations as compare to

other organizations

TRAINING PROCEDURE FOR ADVISORS

Candidate chooses Mode of Training

Branch DOPS accept application form & Checks for completion

Advisor details entered into the AMS

____________________________________________________________

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Class Room Training

Providing ID card to the

candidate

Advisor attend training

at Institute

Online Training

Starter Pack handed over tothe candidate

User ID & password created

for candidate with online

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STEP 5 : LICENSING

Training

Licensing is the final step in recruitment of the advisor.

Enrolment of the line training.

Advisor Induction Program

Pre Licensing Refresher Insurance of TCC

Examination

Welcome Kit

Training of candidate

The candidate commences training

Individual MPC/AM shall accompany the candidates to their respective

training centers on day 1.

The batch shall be addressed by respective Territory Manager prior to training

commencement.

Obtaining TCC

Upon completion of the training (IRDA syllabus + Product Training + Revision) the

BDOPS executive must liaise with the training institute to obtain TCC for all candidateswho have completed the mandatory number of hours. The completed hours are to be

entered into AMS by BDOPS, within 24 hours of the receipt of the TCC. The original

TCC along with the AMS report of the TCC signed by the BDOPS executive should besame be sent to CDOPS and a copy retained at the branch. In case the candidates in that

batch are to appear for a manual exam (centralized or decentralized), the TCC for the

batch must be sent to CDOPS, after updating in AMS, latest by the day after the trainingend date.(End Date +1). This must be sent in a separate schedule. In case the candidates

in that branch are to appear for an online examination, the TCC must be sent to the exam

vendor before the date of examination. This must be sent in separate schedule.

Scheduling the examination

Upon completing the training the candidate is eligible to appear for an online (internet)

examination.

The BDOPS executive must book the required number of examination slot from the

examination vendor. The examination slot should be booked such that the examination isscheduled on later than 4 days from the date of completion of the training.

Online Examination: The dates for the online examinations are booked by

BDOPS within 4 days from the start of the training batch. The same is informed

to the training department and sales. The exact number of examination slots willbe booked after the receipt of TCC from the training institute. This will be done

only for the candidates completing the requisite number of hours and the same

will be informed to the MPC/AM.

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Obtaining Result for Online Examination: BDOPS to liaise with the

examination center, to obtain consolidated results of the examinees, in a hard/soft

copy (in original or in their letter head). This should be received by BDOPS no

later than one working day after the examination. These results would be enteredinto AMS immediately.

Day of Licensing:o Welcome Kit

o Laminated Identity Card

o Copy of agency agreement

o IRDA License

o Bank Account introductory Letter

o 100 visiting cards

o Commission booklet

o Reward & Recognition Booklet

o TATA- AIG Email ID & Password

o Pin mailer to access Company Website.

Solution provider Humanities HR2 technology and People Soft

How Humanities & People Soft addresses these challenges?

1 HR2 recruitment module and People Soft recruitment module offers a complete rangeof solutions and services to assist in accelerating, simplifying and optimizing the entire

recruitment process, it is a web based applicant tracking software tool that is built to

automate the process of resume filing, vacancy position and job matching it helps in

selecting the best candidate

The recruitment module of HR2 & People Soft consists of

1 Hiring standards

2 Applicant tracking

3 Assessment4 Interviews

5 Selection

6 Pay determination7 Joining

8 On boarding

How it functions

Various hiring standards are define to map the competence of thecandidates with the competencies

Receives recruitment requests from the department and managers

Links each demand with the job description

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Creates a comprehensive vacancies lists which contain job position, authoritydate Job description references, qualifications /skills/experience required, number

of vacancies, location, remunerations, details etc

Enables position of vacancy lists on the company job portal (provided by existingHRIS software)

Tracks all CVS including Reject cases.

Automatically generates the acknowledgment letters, interview invitations

Enabling scheduling of assessment events like written tests and interviews,Informs interviewers on test panel about the schedules

Enabling recording of results and short listing of candidates as per the rules.

Provides facility to record verification checks for selected candidates.

Supports issue of Offer letters to candidates and informing about their pays.

Enables achieving of CVS of candidates not considered suitable for the jobs

Show updates of the name and date of joining of the new employees to

the concerned authority

Training and development module

HR2 training and development module is named helps in identification of training, itsimplifies the training process, it helps in induction for new employees , it helps in

retaining the best talent as it provides a deep insights into your workforce, skills,

capabilities which helps in maintaining the organization talent management module foreffective business uses.

The HR2 module of training need consists of

1 Training requirements

2 Training schedule

3 Competency gap analysis4 Virtual training

How it functions

It creates database of employees skill and knowledge.

It identifies the training needs and developing skills of an employee fordifferent posts by carrying out skill gap and market need analysis.

It involved managers in creating training programs.

It shows updates related to training programs and schedules.

It gives live demonstrations i.e. a virtual based training. Once the training is given, it maps the performance of the employees.

It show the updates related to grades, scores given to each employees.

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CHAPTER - 4

RESEARCH METHODOLGY

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RESEARCH METHODOLOGY

Research Design is the conceptual structure within which the research would take

place. The presentation of such a design facilitates research to be efficient as

possible yielding maximum information

OBJECTIVES

1. To find out the H.R challenges faced by Max New York Life Insurance and Tata- AIGLife Insurance.

2. To find how the HR2 tool provided by Humanities Dimension group and People Softsoftware helps in solving out the challenges faced by Max New York Life Insurance.

TYPES OF RESEARCH

Exploratory research was selected for the project.

DATA SOURCE

There are two types of the data source. They are: -

a) Primary Datab) Secondary Data

Primary data are those, which are collected for the first time, thus happen to be original

in character. Primary data can be collected by preparing questionnaire and can also besupported by direct personal interview with the concern official and available

respondents i.e. the customers, for the prevail study. Primary data are not only being

relevant for the research project but it is also reliable, accurate and dependable.

Secondary data are those, which have been collected by secondary data like annual

report, auditors report and other published document or unpublished relevant document

METHODS OF DATA COLLECTION- The data for this research would be collectedboth from primary as well as secondary sources.

Primary sources

Telephonic interview- This has provided some understanding of the pain areas

being felt at Max New York Life Insurance and Tata AIG Life Insurance

Questionnaire method - The questionnaire had given the clear understanding

about the H.R challenges faced at Max New York Life Insurance & Tata AIG

Life Insurance.

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Secondary sources

Internet

Newspaper Articles

Reference books

Procedure

Study the Human Resource Management Practices at Max New York Lifeinsurance & Tata AIG Life Insurance.

Making a questionnaire to find out the H.R challenges and how theimplementation of HRIS helps the organization to overcome those challenges.

Administering the questionnaire to people working in MAX New York Life

Insurance & Tata AIG Life Insurance through mail and through direct visit witha sample size of 30 in each company.

Arriving at conclusions.

RESEARCH APPROACH

The basic type of approach to research. They are: -

Qualitative Approach

Qualitative approach is generally exploratory in nature and involves small sample sizes.

This type of research is concerned with subjective assessment of attitude, opinion andbehavior.

Quantitative Approach

Quantitative approach involves large sample sizes where the survey questions are defined

and specific, rather than exploratory.

RESEARCH INSTRUMENT

The various research instruments at the hands of researchers are as follows:-

a) Observation: - Under this the information is sought by the way of investigatorsown direct observation without asking the respondent.

b) Interview: - It involves presentation oral-verbal stimuli and reply in terms ofresponse. This method can be used through personal interview.

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c) Questionnaires: - It consists of numbers of questions printed or typed in a definedorder on a form or a set of form. The respondents have to answers the questions

themselves.

For my survey I used telephonic interview and questionnaires with sample size 30 each

in both the companies.

SAMPLING PROCEDURE

There are tow main sampling procedures

a) Probability Samplingb) Non-Probability Sampling

Probability Sampling

Under this sampling every item of the universe has an equal chance of inclusion in the

sample. Random sampling is being used in case where the universe is finite. In this caseeach and very unit has got an equal chance to be selected for the purpose of the studies.

Non-Probability Sampling

It is that sampling procedure which does not afford any basis for estimating the

probability that each item in the population has being included in the sample.

My Research mainly deals with Non probability judgmental sampling

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CHAPTER - 5

DATA ANALYSIS

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Question -1 Does your organization have a formal and effective system which results inhiring potential work force?

a. Yesb. No

Max New York Life Insurance Tata- AIG Life InsuranceFrequency Percentage Frequency Percentage

YES 3 10 17 57

NO 27 90 13 43

TOTAL 30 100 30 100

From the above analysis it is concluded that 90 percent of the employees in Max New

York Life Insurance strongly believes that the organization does not have a formal andeffective system which results in hiring the potential workforce while only 10 percent of

the respondents believed it to be effective system as they are satisfied with the hiring

procedure of the organization. Whereas in TATA- AIG Life Insurance 57% of theemployees believe that the organization has a formal and effective mechanism of hiring

potential workforce.

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Q-2 Does your organization has enables changes easily in your system (Change with

respect to position, departments, promotions etc)

a. Yes

b. No

Max New York Life Insurance Tata- AIG Life Insurance

Frequency Percentage Frequency Percentage

YES 28 93.33 22 73.33

NO 2 6.67 8 26.67

TOTAL 30 100 30 100

From the above figure it is concluded that 93.3 percent of the respondents in Max NewYork Life Insurance agreed that the organization changes easily with the system in

respect to position, transfer, promotion etc as the person who achieve their targets are

promoted on the next position frequently while only 6.7 percent respondents does notbelieve that the organization changes easily with the system .On the other hand in TATA-

AIG Life Insurance 73.3% believe that the organization incorporates changes easily into

the system and 26.67% are against the opinion.

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Q-3 what is the maximum time taken by the organization to perform a complete trainingprocess?

a. 10-15 days

b. 1 month


Frequency Percentage Frequency Percentage10- 15 Days 3 10 5 16.67

1 Month 27 90 25 83.33

TOTAL 30 100 30 100

From the above figure it is concluded that in Max New York Life Insurance 90percent of

the respondent replied that in majority of the cases the training session conducted by

organization lasts for almost a month and only 10 percent responded that training existonly for 15 days in some of the cases . Whereas in TATA- AIG Life Insurance 83.33%

employees said that the training session lasts for a month at a stretch and only 16.67%

said the training programme is completed within 10 15 days.

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Q4: What do you consider as the one of the main challenge for HR in your organizationtoday?

i. Recruitment process

ii. Training and development

iii. Performance appraisal

iv. Complice

v Attrition management


HR

CHALLENGES


Recruitment

Process

20 66.67 19 63.33

Training&Development

8 26.67 10 33.33

Attrition

Management

2 6.67 1 3.33

Compliance 0 0 0 0

Performance

Appraisal

0 0 0 0

TOTAL 30 100 30 100

From the above analysis it is concluded that the main challenge in the organizations isRecruitment, followed by Training and Development and thereafter Attrition

Management. It is also concluded that the companies have no pain areas related to

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performance appraisal and compliances none of the respondent believe it to be the mainchallenge of the organizations.

Q5: Does the organization uses relevant web technologies? If yes, does it respond to line

functions with desired speed, accuracy and efficiency?

We have a formal yet effective system

We have an informal yet effective system Needs improvement

This is a critical bottom line significance needs improvement



We have aformal yet

effective

system

2 6.67 19 63.33

Needs

Improvement

14 46.67 5 16.67

Critical bottom

line

significance

14 46.67 6 20

TOTAL 30 100 30 100

From the above analysis it is depicted that respondents in Max New York Life Insurance

responded equally i.e. 46.67% people believe that there is need for improvement and46.67% believe that there is a critical bottom line whereas only 6.7 percent responded in

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favors of it which depicts that the organization does not used relevant web technologieswhich is the main area of concern .Whereas this is not the case with TATA- AIG Life

Insurance .In Tata- AIG the company uses relevant web technologies.

Q6: What is the main attribute you want in any HR tool ?

Affordable and easy to use

Self service customization

Quick to deploy

Compatibility along with other applications

Level of research and technical support


MAIN

ATTRIBUTE


Affordable &

easy to use

3 10 3 10

Self service

customization

27 90 26 86.67

Quick to deploy 0 0 1 3.33

Compatibility

with other

applications

0 0 0 0

Level ofresearch &technical

support

0 0 0 0

TOTAL 30 100 30 100

From the above figure it is concluded that the 90 percent of the respondents in Max NewLife Insurance are in a favor of self service customization and 86.67% in TATA- AIG as

a main attribute in H.R tool whereas only 10 percent responded for affordable-ness and

easy to use in both the companies and rest of the attributes were not taken intoconsideration so much.

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Q7: Is your existing IT vendor support you in handling complete HRM/HCM processesstarting from Recruitment to Retirement?

YES

NO


Frequency Percentage Frequency PercentageYES 1 3.33 27 90

NO 29 96.67 3 10

TOTAL 30 100 30 100

The above figure depicts that 96.7 percent responded that their existing I.T software

solution provider doesnt provide complete HRM/ HCM software solutions while only3.3 percent responded yes in Max New York Life Insurance. Whereas in TATA- AIG

Life Insurance 90% of the employees said that their IT vendor (software ) helped them

in complete HRM/HCM solutions and only 10% employees are against the opinion.

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Q8: Did your HR technology partner provide you with HRM/HCM process consulting? IfNO do you expect your HR Technology partner to help you with consulting as well?

YES

NO


Frequency Percentage Frequency PercentageYES 16.67 5 50 15

NO 83.33 25 33.33 10

TOTAL 30 100 30 100

From the above figure it is concluded that 83.3 percent of the respondents in Max New

York Life Insurance strongly believe that their HR technology provider is not providing

HRM HCM consulting while they strongly wants that their existing software providermust provide them with the HCM and HRM consulting apart from only providing

software solutions and only 16.7 percent believes that their existing software solution

provides consulting ,as they must be considering general instructions as consulting whichis not exactly the consulting with HRM and HCM. Whereas in TATA- AIG 50% of

employees believe that their HR technology provides them with HRM/ HCM consulting

as well along with the software.

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Q9. Are you satisfied with the HRIS modules that you are currently using?

a) Yes

b) No

Max New York Life Insurance Tata- AIG Life InsuranceFrequency Percentage Frequency Percentage

YES 16 53.33 25 83.33

NO 14 46.67 5 16.67

TOTAL 30 100 30 100

From the above figures it is clear that only 53.33% in Max New York Life Insurance are

satisfied with the HR Modules they are using whereas in TATA- AIG Life Insurance83.33% are satisfied with the HR technology the company is using.

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Q10. What all functions are automated in HR?

a) Payroll module

b) work time

c) benefits administration module

d) HR management module

e) recruiting & training module


FUNCTIONS

AUTOMATED

IN HR


Payroll module 3 10 9 30

Work time 2 6.67 3 10

Benefits

&Administration

Module

2 6.67 7 23.33

HR

Management

Module

2 6.67 1 3.33

Recruiting

&Trainingmodule

21 70 10 33.33

TOTAL 30 100 30 100

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From the above graph we can conclude that from all the functions automated in HR,maximum number of the employees responded to recruiting &training &development

module in both the companies. This means that their IT service providers are basically

providing them software solutions to face challenges in Recruitment & TrainingDevelopment, which are considered to be two major challenges in insurance sector.

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CHAPTER 6

INTERPRETATIONS AND DISCUSSIONS

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INTERPRETATIONS AND DISCUSSIONS

The various interpretations were made after the questionnaires was

analyzed

The H.R CHALLENGES FOUND IN THE INSURANCE SECTOR

1. Recruitment:Recruitment in Max New York Life Insurance and TATA- AIG Life Insurance is on the

daily basis, and to survive in this highly competitive scenario, managers are always beingpressured to improve quality and to recruit quality and skilled person and eliminate

inefficiency. Recruitment is very qualitative then quantitative so the main challenge

which this company is facing is to acquire right workforce as right work force as there istarget achievement jobs so to acquire the right agent advisors AA is the main challenge

for the organization.

Challenges under the recruitment process are

To acquire the right workforce,

Wrong workforce leads to inconsistent hiring outcome

Unsystematic workflow in the recruitment and selection process

To acquire the right workforce

The main challenge in recruitment which this companies are facing is to acquire the right

talent i.e. to recruit skilled professional as it require right talent to lead, manage multipledistributing challenges as well as providing exceptional customer services as to ensure

higher level of efficiency, there is a lack of skilled persons in the organization which cant

convert the leads on the daily basis as there is shortage of talent in the organization.

As acquiring the wrong workforce leads to the inconsistent hiring outcomes

As in the organization selection of wrong workforce leads to inconsistent hiringoutcomes as they are not able to achieve their targets as the workforce are not able to get

sales faster then there competitors which results in the inconsistent hiring outcomes.

Unsystematic workflow in the recruitment and selection process

As the organizations have a well defined procedure for acquiring the workforce but the

delays in the work flow not results in providing an accurate results as the immediacy andspeed of the recruitment process are the main concern of the H.R in the recruitment, theprocess should be flexible in nature as in the hiring process, to gather names and to

make huge databases is the main challenge in this organization.

The HR Recruitment Module is designed to help HR manage a core function within

Human Resources. This module forces a new job request to go through a strict workflowbefore HR can finally begin trying to find candidates to fill the role. The main benefit for

HR is that a job request must have certain information from the manager before being

submitted, if the information is not good enough then it can be rejected and sent back to

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the requestor with comments as to why the information is not good enough. The systemcan also be set up to be a Mail In Database, if this is done then external applications can

be received into the system and these can be monitored by HR. If successful then the

applicant can be created as a Candidate in the system.

Job RequisitionsSkill sets and Competencies for Vacancies

Recruitment Channels, i.e. Press, Agencies

Links to existing WebsiteOn-line applicationFully automated Interview ProcessCorrespondence, i.e. Offer Letters, Rejections, Terms & conditionsBuilt in reports including Equal OpportunitiesLinks to People and Training Module

Another benefit of an applicant tracking system is analyzing and coordinating

recruitment efforts - managing the conceptual structure known as Human Capital. Acorporate career site or company specific job board module may be offered, allowing the

insurance companies to provide opportunities to internal candidates prior to externalrecruitment efforts. Candidates may be identified via preexisting data or throughinformation garnered through other means. ATS are built to better assist management of

resumes and applicant information. Data is either collected from internal applications via

the ATS front-end, located on the company website or is extracted from applicants on jobboards. The majority of job and resume boards (Monster, Hot jobs, Career Builder) have

partnerships with ATS software providers.

Hr2 tool and People Soft usability at Max New York Life Insurance &

Tata- AIG Life Insurance

The function of HR2 module of recruitment and Recruitment Module of PeopleSoft

1 The update regarding the recruitment requests for Agent Advisors is received2 The Hiring standards is define for e.g. the eligibility criteria is maintained

3 The names for the posts are gathered

4 The names are tracked through applicant tracking system5 The applicant tracked is sent for the NAT selection tool

6 The result of the NAT test is updated in front of name of the applicant

7 Interview scheduled update for the eligible candidates are flashed8 Selected applicants are tracked for training session

9 Generate issue of offer letter

The following benefits for implementation of recruitment module at Max New York

Life Insurance &Tata- AIG Life Insurance

It is easy to access the data portalIt tracks the right candidate for the organization,

It helps in cutting the recruitment costs by involving fewer workforces

It helps in reducing the burden of hiring managersIt helps in updating and retrieving the information of new joiner

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Max New York Life Insurance specially has to pay special attention to build a skilled

and motivated workforce; the company has a training session for almost 15 days as talent

is a competitive edge, to meet the challenges under the training and development likeunable to achieve targets, attrition rate etc, the implementation of HR2 training for

Agents Advisors module should be implemented as attrition rate in the company is said

to be very high.

How hr2 module and People Soft modules will work in Max New York Life

Insurance &Tata- AIG Life Insurance

1 The skills of employee is listed

2 The training needs for employee is identified i.e. the training skills required for Agents

is identified3 The updates regarding training schedule is flashed on data portal

4 The virtual tool training is implemented

5 The performance is again mapped after training period

6 The grades and scores are updated in the data portal

Benefits

It helps in identifying the training needs

Easy to update and retrieve the current status of employee performance

The extensive data base of employees helps in knowing the gap analysis, skillassessment tools

Helps to build a better work force through a constant learning environment

Maximizing the organization talent pool

Training and development challenges

As in the organization with the insurance firms with the increase in product

customization in insurance is increasing with each passing day the employees in the

organization should be well trained in order to compete in the market, therefore theformulation of effective training programs for employees is necessary, the H.R Managers

should invest in the considerable time and money in conducting good training programs

for the employees and to build a competent workforce, as employees are lacking inachieving their targets.

The various challenges found in both the Life Insurance companies is thought this

company is providing proper training session but still people are lacking in achievingtheir targets .They are lacking in making their leads as a result they are not proving to be

efficient trained agents, these agents are lacking in some skills, therefore they are unable

to achieve their targets.

The training module provided by Humanities Dimension Group and PeopleSoft

software provides a system for the companies to administer and track employee trainingand development efforts. The system, normally called a Learning Management Systemif a stand alone product, allows HR to track education, qualifications and skills of the

employees, as well as outlining what training courses, books, CDs, web based learning or

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materials are available to develop which skills. Courses can then be offered in datespecific sessions, with delegates and training resources being mapped and managed

within the same system. Sophisticated LMS allow managers to approve training, budgets

and calendars alongside performance management and appraisal metrics.

Attrition rate is very high in the organization more and more people are lacking in

achieving their targets as insurance jobs are full of target based, target based jobs results

in high pressure the agent advisors who are not able to bear this pressure results inquitting out their jobs and moreover employees with can do attitude is lacking in this

organization as such people went for other industries. and As this organization follows

vertical process in training for e.g. if the financial advisor is not able to achieve its targetsor he has no clear picture of its product, then trainer is questioned and if advisors is not

performing the field work then sales managers will taken into consideration, therefore the

task bearing leads to tension on the workforce which leads in high attrition ratesand as a result high attrition rate in the organizations results in great shifts in the

organization .

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CHAPTER - 7

CONCLUSION

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BENEFITS OF USING HR2 MODULE PROVIDED BY HUMANTICS

AND HR MODULES BY PEOPLE SOFT

1. Quick to deploy

Each Humanities HR2 application and modules provided by People Soft contains a

comprehensive range of ready to use forms, reports, processes and work flow

definitions that based on the best practices in the H.R management, these templates usedwrite of the box and it is easy to customize it so that they can match with the existing

H.R practice.

2. Easy customized to suit the needs .

To help to meet the ongoing changes in the H.R enivironment,HR2 from Humanities

and People Soft technology incorporates selfservice customization that allows toupdate and remove any data, related to the role type ,department ,individual employee

, it results in self service usability without investing in assisting of the costly

consultants.

3. Backed by ongoing research, development and support

Humanities HR2 tools and People Soft is backed by a network of consulting and

implementation partners to ensure the rapid deployment of each application, the expert

team is there to always handle complex situation if the organization faces.

Its other benefits are:

Better access to information

Ease of administration

Provide single window services to the employees

Develop a single and integrated view of employee information

across all departments.

Improved communications

Provide timely and reliable management information relating to

human resources for effective decision making.

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CHAPTER - 8

RECOMMENDATIONS

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RECOMMENDATIONS AND SUGGESTIONS

The Insurance companies are facing H.R challenges mainly in recruitment and trainingand development challenges.

1. The Humanities Dimension group and People Soft should understand the pain areas

being felt by the H.R department properly and immediate actions should be taken for theproper management of employee life cycle.

2. The Humanities Dimension group should provide complete software solutions withproper consulting as this company had already the existing I.T vendor which is not

providing it the complete solutions and also lacks in consulting.

3. The insurance companies should make arrangements to incorporate other HR modules

such as Performance Appraisal module & Benefits module along with Recruitment

&Training & Development modules it is currently using.

4. Paperless advance processing should be done.

5. The system should be made simplified and available 24 * 7.

6. For people having less computer literacy, system must be more customized and userfriendly to increase acquaintance with the system.

7. HELP menu should be available on each page.

8. Software should be updates from time to time.

9. Speed and connectivity:A considrable amount of employees feel that their work is hampered due to

slow speed and frquent disconnections of the system. Therefore, it needs rigorous

improvement to satisfy the professional needs.

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CHAPTER - 9

LIMITATIONS

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LIMITATIONS

Survey could not be conducted on all employees.

Unwillingness of the respondents to answer.

Effectiveness of result depends upon the response of the respondents which might

be biased.

Ignorance attitude of some respondents may lead to affect the correctness of data

collected to some extend.

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CHAPTER - 10

ANNEXURE

Company Name: - Date: -

Name of the HOD: - Informer: -

PARAMETER : - (CHALLENGES IN HR)

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1. Does your organization have a formal and effective system which results in hiringpotential work force?

a) Yes

b) No

2. Does your or

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