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 Amity Global Business School

Amity Global Business School

HIG-15, BDA, Jayadev Vihar, Bhubaneswar

Orissa-751013

Amity Global Business School 2

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

Amity Business School

2


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


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

4


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

SECTION A: INTRODUCTION

A.1 INTRODUCTION

9

10

A.2 ABOUT INSURANCE SECTOR 11-

17

A.3 ABOUT MAX NEW YORK LIFE

A.4 PRODUCTS OF MAX NEWYORK LIFE

18-23

24-25

A.5 ABOUT PROJECT

A.5.1 OBJECTIVE

A.5.2 RESEARCH METHODOLOGY

A.5.3 LIMITATIONS

28

28

29-31

32

SECTION B: LITERATURE REVIEW 33

B.1 DEFINITION AND NEED FOR TRAINING 34-35

B.2 TRAINING FOR SUCCESS

B.3 TRAINING PROGRAMMES DONE BY MNYL

SECTION C: ANALYSIS

C.1 ANALYSIS OF THE QUESTIONNAIRE

35-36

36-38

39

40-53

SECTION D: RESULTS & DISCUSSIONS 54

D.1 FINDINGS 55

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D.2 RECOMMENDATIONS 56

D.3 KEY LEARNINGS 57

SECTION E: CONCLUSION

E.1 CONCLUSION

BIBLIOGRAPHY

APPENDIX

58

59

60

61

8


INTRODUCTIO

N

9


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.

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.

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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 liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed

over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the year 1818 with

the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life

insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of

protecting the interests of the insuring public.

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1956 - 245 Indian and foreign insurers and provident societies taken over by the central

government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a

capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton

Insurance Company Ltd., the first general insurance company established in the year 1850 in

Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of

general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of

conduct for ensuring fair conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and set minimum solvency margins

and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general

insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National Insurance

Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd.

and the United India Insurance Company Ltd. GIC incorporated as a company.

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Indian Insurance Industry:

Learn About Insurance may be described as a social device to reduce or eliminate risk of life

and property. Under the plan of insurance, a large number of people associate themselves by

sharing risk, attached to individual.

The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary.

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

involved.

Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in

exchange for a fixed sum called premium to pay the other party happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium by the insured, the

insurers pay the financial losses suffered by the insured as a result of the occurrence of

unforeseen events.

With the help of Insurance, large number of people exposed to a similar risk make contributions

to a common fund out of which the losses suffered by the unfortunate few, due to accidental

events, are made good.

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Functions of Insurance

The functions of Insurance can be bifurcated into two parts:

Primary Functions

Secondary Functions

Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection against future

risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can

certainly provide for the losses of risk. Insurance is actually a protection against economic loss,

by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among many

others. Insurance is a mean by which few losses are shared among larger number of people. All

the insured contribute the premiums towards a fund and out of which the persons exposed to a

particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating various

factors that give rise to risk. Risk is the basis for determining the premium rate also

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Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty.

Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device

to prevent unfortunate consequences of risk by observing safety instructions; installation of

automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the

assured by the insurer and this will encourage for more savings by way of premium. Reduced

rate of premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security

investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides development

opportunity to those larger industries having more risks in their setting up. Even the financial

institutions may be prepared to give credit to sick industrial units which have insured their assets

including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment, insurance is a

compulsory way of savings and it restricts the unnecessary expenses by the insured's For the

purpose of availing income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The country can

earn foreign exchange by way of issue of marine insurance policies and various other ways.

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Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free

with the help of different types of policies under marine insurance cover.

The end of the year 2000 marks a significant change and growth of 'India Insurance' industry

scenario. Monopoly of Public Sector Insurance company marks an end and Private companies

makes inroad. Foreign companies, both Life and General flocked, collaborated and helped

astronomical growth of 'Insurance Industry in India'.

'India Insurance' growth was long overdue. Within 1st 12 months of liberation of 'Indian

Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for selling non-

life products were issued to private companies. The Public sector giant LIC started losing its

market share at the cost of stupendous growth of private players. Now 'India Insurance' industry

has more than a dozen private life insurance players and 9 private general insurance companies.

Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an

instant success among the ignorant masses. Most of the private companies registered more than

100% growth till then and are still continuing with such monstrous growth figures. Although,

'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to

rural masses. Top rank private companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj

Allianz etc are aggressively researching and innovating products for huge untapped rural 'India

Insurance' market. Collaboration with micro finance companies, post offices, rural banks and

village management authorities for selling insurance is doing wonders.

Life insurance products 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

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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

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.

17


A.3 Company profile of MAX NEWYORK

LIFE :

Max New York Life Insurance

“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

18


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 -

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.

19


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

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

20


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.

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:

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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

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."

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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

Clarity of purpose

International quality standards

Inclusive Meritocracy

Learning opportunities

Fun at work

Commitment to published value system

23


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:-

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.

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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).

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 Endowment Plan

Life Gain Plus 25 Participating 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

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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

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

26


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.

28


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.

30


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.

32


Literature

Review

B.1 Definition of Training:33


The systematic development of the knowledge, skills and attitudes required by an

individual to perform adequately a given task or job. Training refers to efforts that help enhance

employee skills for carrying out the present job. According to Edwin B Flippo, training is the act

of increasing knowledge and skills of an employee for doing a particular job.

Needs for Training:

To improve the current job performance of employees

To familiarize employees with the policies and procedures of the organization.

To enhance the creativity, adaptability and versatility of the employees and to facilitate

learning at the work place

To prepare employees for future job.

To change the skills, knowledge and attitudes of the employees on a permanent basis.

To help employees manage their careers.

To maintain knowledgeable work force.

To gain competitive advantage through a knowledgeable work force.

To promote organizational growth through individual growth.

Areas of training:

Company policies and procedures

Human relations training

Skill based training

Problem solving training

Onsite Workshops for Leadership Team

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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.

A Results-Oriented Training Program

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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:

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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 .

New Advisors6

Advisors 18

Telecallers 4

Marketing Executives 2

Diagram of the table:

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Analysis of the table:

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

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

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

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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.

Q.3. 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

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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?

Yes 25

No 5

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.

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Q.5. During the process, is there any training program, which can improve your

communication skills?

Yes 10

No 20

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

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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

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Q.8. Do you think, you have made any improvement in your performance after the

training?

Lot of improvement 8

Don’t know 10

No improvement 10

Instead deteriotated 2

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

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

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

handling.

2

Communications skills. 2

All 20

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

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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?

Yes 25

No 5

Q.12. 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

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

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

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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.

Q.14. Is the environment of MNYL friendly?

Yes 25

No 5

Q.15. The training is very stressful?

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Interesting 15

Fine 10

Boring 4

Cant Comment 1

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

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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?

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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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

Training program is good but it should still more be improved.

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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.

D.3 Key Learnings57


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.

61

http://WWW.ENCYLOPEDIA.COM/

http://WWW.GOOGLE.COM/

http://WWW.MAXNEWYORKLIFE.COM/


APPENDIX

QUESTIONNAIRE FOR FINANCIAL

CONSULTANTS

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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

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

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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?

Q.8. 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

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Q.11. Is the approach of your trainer with you is good and friendly?

A. Good.

B. Fine.

C. Bad.

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.

Q.15. For which areas, the agent needs training?

A. Company policies and procedures.

B. Skill based training.

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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.

C. Didn’t get motivated.

D. Time waste.

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.

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Q.21. If yes what?

Q.22. 3 modules you liked the most?

Q.23. 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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