final report hr
TRANSCRIPT
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AACCKKNNOOWWLLEEDDGGEEMMEENNTT
I owe a great many thanks to a great many people who helped and supported
me during the writing of this project. My deepest thanks to SUSHMA SINGH
(Assist. Prof., M.B.A. Department) the Guide of the project for guiding and
correcting various documents of mine with attention and care. She has taken
pain to go through the project and make necessary correction as and when
needed. I express my thanks to the Principal of Prof. Dr. Ajay Prakash,
INSTITUTE OF CO-OPERATIVE AND CORPORATE MANAGEMENT,
RESEARCH AND TRAINING, LUCKNOW, for extending his support. My
deep sense of gratitude to Mr. HITENDERA KUMAR (S.M.) BAJAJ ALLIANZ
LIFE INSURANCE COMPANY LIMITED, HAPUR support and guidance.
Thanks and appreciation to the helpful people at BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED, HAPUR for their support. I would also
thank my Institution and my faculty members without whom this project would
have been a distant reality. I also extend my heartfelt thanks to my family and
well wishers.
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TTAABBLLEE OOFF CCOONNTTEENNTTSS
CChheeaapptteerr--11
1.1 Executi ve Summary..6
1.2 I ndustryProfile7-20
I ntroduction and H istory of I nsurance sector
Role of I nsurance in Economic Development
L ist of L if e & General I nsurance company
1.3 Company Profile21-40
I ntroduction of Bajaj Al lianz..
I ntroduction of I nsurance Product and Benefits..
National Network and Distributi on Channel..
Organi zation structure .
Cheapter-2
2.1 I ntroduction of Human Resource Department41-44
2.2 I ntroduction of Recruitment and Selection.45-66
Cheapter-3
3.1 I ntroduction of Objective of Project.67-68
3.2 Research Methodology69-75.
Cheapter-4
4.1 Analysis and Interpretation of Data76-91.
Cheapter-5
5.1 Observation and Findings92-94
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Cheapter-6
6.1 Conclusions.95-96
Cheapter-7
7.1 Suggestion and Recommendation97-99.
Cheapter-8
8.1 Limitations100
Cheapter-9
9.1 Annexure101-103
9.2 Bibliography104
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Executive summary
Bajaj Allianz Life Insurance Co.Ltd and Bajaj Allianz General Insurance is very well
known Insurance Co in Hapur & in India also with its largest insurer in the world had
joined hands with famous Bajaj Auto one of the trusted name in automobiles and
house industry in India. This project is titled as Effectiveness of Recruitment process
and Analysis of Employees settlement in Baja Allianz Life Insurance & tries to find
out the different aspects of Recruitment process and
settlement analysis in company. Different officials working in the HR department
have provided very important data in this respect. Formal and Informal interviews as
well as the research (through questionnaire) are the basic methods of data collectionused in this project work. Also secondary data provided by the company officials is of
immense importance. Every effort has been made to understand the long term plans of
company for implementing Recruitment process and Employees settlement.
As the Insurance Co is a service industry; the employees serving in the company are
the most important elements and that is why recruitment process becomes very
important in the long run. The settlement analysis also gives the company the final
version of Exit process. Taking into consideration this aspect, the effectiveness of
recruitment program and analysis of employeessettlement recently being carried out
is been observed.
From this project work; company officials will get new insights about Recruitment
process and Full and Final settlement of employee s analysis. I have also acquired the
knowledge of how the Recruitment process is carried in Bajaj Allianz Life Insurance
Branch Office Hapur.
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IINNDDUUSSTTRRYYPPRROOFFIILLEE
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What is Insurance
The business of insurance is related to the protection of the ECONOMIC VALUES
OF ASSETS.Every assets has a value. The assets would have been created through
the effort of the owner. The assets is valuable to the owner, because he expect to getsome from it. It is the benefits because it meets some of his need. The benefits may be
an income or in some other form. In the case of factory or a cow, the product
generated by it is sold and income is generated .In the case of motor car, it provides
comfort and convenience in transportation. There is no direct income. Both are assets
and provides benefits.
Every asset is expected to last for a certain period of time during which it will
provide the benefits. After that, the benefits may not be available.
There is a life time for a machine in the factory or a cow or a motor car. None of them
will last for ever. The owner is aware of this and he can so manage his affaire that by
the end of that period or life time, a substitute is made available. Thus he makes sure
that the benefit is not lost. However the asset may get lost earlier. An accident or
some other unfortunate event may destroy it or make it incapable o giving the
benefits.
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History of Insurance
Insurance has been known to exist in some form or other since 3000 BC. The
Chinese traders, traveling treacherous river rapids would distribute their goods among
several vessels, so that the loss from any one vessel being lost. Would be partial and
shared and not total. The Babylonian traders would agree to pay additional sums to
lenders, as the price for writing off the loan, in case of the shipment being stolen. The
inhabitants of Rhodes adopted the principle of general average of general average.
Whereby, if loss occurs, due to jettisoning during distress.(Captains of ship caught in
storms, would throw away some of cargo to reduce the weight and restore balance.
Such throwing away is called jettisoning).The Greek had started benevolent societies
in the late 7thcountry add, to take care of the funeral and families of the members he
died. The great fire of London in 1666,in which more than 13000houses were lost,
gave a boost to insurance and the first fire insurance company, called the fire office
,was started in 1680.
The origin of the insurance business as in vogue at present is traced to the
Lloyds Coffee House in London. Traders, who used to gather in the Lloyds Coffee
House in London, agreed to share the losses to their goods while carried by ships.
The losses used to occur because of pirates who robbed on the high seas of because
of bad weather spoiling the goods or sinking the ship. In India, insurance began 1818
with life insurance being transacted by an English company ,The Oriental insurance
Co. in 1870 in Mumbai. This is followed by the Bharat Insurance Co. in 1896 in
Delhi the empire of the India in 1897 in Mumbai, The United India in Chennai, the
National Indian and Hindustan Co-operative in Kolkata.
Later, were established the Cooperative Assurance in Lahore, the Bombay
Life (originally called the Swadeshi Life), In India mercantile ,the new India
and Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian
companies started as a result of the swadeshi movement in the early 1900s.By
the year 1956, when life insurance business was nationalized and the Life
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History of Insurance in India
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 emended to by the Insurance Act
with the objective of protecting the interest of insuring public.
1956-245 Indian and foreign insurers and provident societies taken over by
the central government and nationalized.LIC formed by an Act of Parliament
viz. LIC Act 1956,with the capital contribution of Rs.5 cr. 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.
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Basic Need of Life Insurance
Life insurance is a contract providing for payment of a sum of money to the personassured or failing him, to the person entitled to receive the same, on the happening of
certain event.
A family is generally dependent for its food, clothing and shelter on the income
brought in at regular intervals by the bread winner of the family. So long as the he
lives and the income is received steadily ,but should death suddenly intervene the
family may be left in a very difficult situation and sometimes in stark poverty.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which
gives rise to the necessity for some form of protection against the financial loss
arising from death, insurance substitute this uncertainty by certainty.
Advantages of Life Insurance:
1. It is superior to an ordinary saving plans:
This is so because unlike other saving plans, it affords full protection against
risk of death, in case of death , the full sum assured is made available under a
life assurance policy, whereas under other savings schemes the total
accumulated savings alone will be available. The latter will be considerably
less than sum assured, if death occurs during early years.
2. Insurance encourages and forces thrift:
A saving deposit can be too easily withdrawn. Many may not be able to resist
the temptation of using the balance for some less worthy purpose. On the other
hand, the payment of life insurance premiums becomes a habit and comes to
be viewed wit the same seriousness as the payment of interest on a mortgage.
Thus insurance, in effect brings about compulsory saving.
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3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy moneys
would be payable in the event of death. The proceeds of a life insurance policy
can be protected against. The claims of the creditors of the life assured by
effecting a valid assignment of the policy. A married womens property act
policy constitutes a trust in favor of the wife an children and no separate
assignment is necessary. The beneficiaries are fully protected from creditors
except to the extent of any interest in the policy retained by the assured.
4. Administering the legacy for beneficiaries :
It often happens that provision which a husband or father has made through
insurance quickly lost through speculative or unwise investment or by
unnecessary expenditure on luxuries. These contingencies can provide against
in the case insurance. The policy holder can arrange that in the event of his
that death the beneficiary should receive, instead of a single sum (a). Payment
of the net claim amount by equal installments over a specified period of years,
or (b). Payment of the claim amount by smaller monthly installments over the
selected period followed by a lump sum at the and there of.
5. Tax relief :
For computing income tax (especially in India the Indian income tax act)
follows deduction from income payable, a certain percentage of portion of the
taxable income, individuals which is diverted to payment of insurance
premiums, when this tax relief is into account it will be found that the assured
is an effect paying a lower premium for his insurance.
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How Insurance Works
The mechanism of insurance is very simple. People who are exposed to the same risks
come together and agree that, if any one of members suffers loss, the other will share
the loss and make good to the person who lost. All people who send goods by ship are
exposed to the same risk related to water damage, ship sinking, and piracy, etc. those
owing factories are not exposed to these risks, but they are exposed to different kinds
of risks like, fire, hailstorms, earthquakes, lightening, burglary, etc like this, different
kinds of risk can be identified and separate groups, made including those exposed to
such risks. By this method, the risks are spread among the community and the likely
big impact on one is reduced to smaller manageable impacts on all.
If a jumbo jet with more than 350 passengers crashes, the loss would run into several
corers of rupees. No airline would be able to bear such a loss. It is unlikely that many
Jumbo Jets will crash at the same time. If 100 airline companies flying Jumbo Jets,
come together into an insurance pool, whenever one of the jumbo jets in the pool
crashes, the loss to be borne by each airline would come down to a few lakhs of
rupees. Thus, insurance is a business sharing.
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Role of Insurance in Economic Development
For economic development, investments are necessary. Investments are made
out of savings. A life insurance company is major instruments are made out of
savings of people, particularly from the middle and lower income groups.
These savings are channeled into investment for economic growth.
An insurance companys strength lies in the fact that huge amounts come by
way of premiums. Every premium represents a risk that is covered by that
premium. In effect, therefore,
These vast amounts represent pooling of risks. The funds are collected and
held in trust for the benefit of the policyholders.
The management of insurance companies is required to keep this aspect in
mind and make all its decisions in ways that benefit the community. This
applies also to its investments. This is why successful insurance companies
would not be found investing in speculative ventures. Their investments
benefit the society at large.
The system of insurance provides numerous direct to the individual and his
family as well as to industry and commerce and to the community and the
nation as a whole. Those who insure, both individual and corporate, are
directly benefited because they are protected from the consequences of the
loss that may be caused by the accident or fortuitous event. Insurance, thus, in
a sense protects the capital in industry and releases the capital for further
expansion and development of business and industry.
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List of Insurance Companies Listed in Different Year
List of Life and General Insurance companies
S.No. Reg.No.
Date ofReg.
Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance
Company Ltd.
2 102 23.10.2000 Royal Sundaram Alliance
Insurance Company Ltd.
3 103 23.10.2000 Reliance General Insurance
Company Ltd.
4 104 15.11.2000 Max New York Life Insurance
Company ltd.
5 105 24.11.2000 ICICI Prudential Life Insurance
Company Ltd.
6 106 04.12.2000 IFFCO Tokyo General Insurance
Company Ltd.
7 107 10.01.2001 Kotak Mahindra Old Mutual Life
Insurance Ltd.
8 108 22.01.2001 TATA AIG General Insurance
Company Ltd.
9 109 31.01.2001 Birla Sun Life Insurance
Company Ltd.
10 110 12.02.2001 TATA AIG Life Insurance
Company Ltd.
11 111 30.03.2001 SBI Life Insurance Company Ltd.
12 113 02.05.2001 Bajaj Allianz General Insurance
Company Ltd.
13 114 02.08.2001 ING Vysya Life Insurance
Company Pvt. Ltd.
14 115 03.08.2001 ICICI Lombard General
Insurance Company Ltd.
15 116 03.08.2001 Bajaj Al li anz L if e I nsurance
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Company Ltd.
16 117 06.08.2001 Met Life India Insurance
Company Ltd.
17121 03.01.2002 Reliance Life Insurance Company
Ltd.
18 122 14.05.2002 Aviva Life Insurance Co. India
Pvt. Ltd
19 123 15.07.2002 Cholamandalam General
Insurance Co. Ltd.
20 124 27.08.2002 Export-Credit Guarantee
Corporation Ltd.
21 125 27.08.2002 HDFC Chubb General Insurance
Co. Ltd.
22 127 06.02.2004 Sahara India Insurance Company
Ltd.
23 128 17.11.2005 Shri ram Life Insurance
Company Ltd.
24 130 17.07.2006 Bharti AXA Life Insurance
company Ltd.
25 131 03.08.2007 Apollo DKV Insurance company
Ltd.
26 132 04.09.2007 Future India Insurance company
Ltd.
27 133 04.09.2007 Future Generali lndia Life
Insurance co. Ltd.
28 134 16.11.2007 Universal Sompo General
Insurance Co. Ltd.
29 135 19.12.2007 IDBI Fortis Life Insurance Co.
Ltd.
30 136 08.05.2008 Canara HSBC Oriental Bank of
Commerce Life Insurance Co.
Ltd.
31 138 27.06.2008 AEGON Religare Life Insurance
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Company Ltd.
32 139 27.06.2008 Bharti AXA General Insurance
Company Ltd.
33 140 27.06.2008 DLF Pramerica Life Insurance
Co. Ltd.
34 141 15.12.2008 Raheja QBE General Insurance
Co. Ltd.
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Some of the important milestones in the Life Insurance business in
India are:
1818: Oriental Life Insurance Company, the first life insurance company on
Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance company Act enacted to enable the government to
collect statistical information about both life and non life insurance business.
1938: Earlier legislation consolidated and amendment to by the Insurance Act
with the objective of protecting the interest of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are 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 cr. From the Government of India
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COMPANYS
PROFILE
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Introduction Of Bajaj.
The financial services and wind energy businesses were transferred to Bajaj F inServLimited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited,
approved by the Hon. High Court of Judicature at Bombay by its order dated 18
December2000.
Bajaj FinServ will strive to be one of the top financial services businesses in India
focused on delivering superior customer experience through competitive products and
class leading services while providing consistent and superior returns to our
shareholders and maintaining the high levels.
.
The company is currently engaged in life insurance; general insurance and consumer
finance businesses and has plans to expand its business by offering a wide array of
financial products and services in India. Apart from financial services, BFS is also
active in wind-energy generation.
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Introduction Of Allianz.
In 1997, Allianz was successful in winning over the eminent economic historian Prof.
Gerald D. Feldman "to fill in the blanks in Allianz's history" (Henning Schulte Noelle,
CEO of Allianz from 1990-2002).
"Allianz and the German Insurance Business 1933-1945"
In particular, the book highlights Allianz's activities during the period of the late
Weimar Republic, National Socialism and the early Federal Republic. The study's
chief aim is to describe the development and activities of Allianz from 1933 to 1945
within the overall historical context.
The Allianz Group is one of the leading integrated financial services providers
worldwide.
With approximately 142,000 employees worldwide, the Allianz Group serves to
approximately 78 million customers in more than 70 countries. On the insurance side,
Allianz is the market leader in the German market and has a strong international
presence.
In fiscal 2011 the Allianz Group achieved total revenues of over 103.6 billion euros.
Allianz is also one of the world's largest asset managers, with third-party assets
of 1,281 billion euros under management at year end 2011.
In 2006 Allianz SE, the parent company, became the first company in the EURO
STOXX 50 Index to adopt the legal form of a Societas Europaea, which is a new
European legal form for stock corporations. Allianz SE is headquartered in Munich,
Germany.
Beyond the quality of our financial performance, a number of other activities and
factors are important for the sustainable growth of our competitive strength and
company value. These include, but are not limited to, our global diversification, the
reduction of complexity, our value-based management approach, and our crucially
important employees.
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Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Life insurance Company Limited is a joint venture between Allianz
AG of Germany and Bajaj Auto Limited.
Characterized by global presence with a local focus and driven by customer
Orientation to established high earning potential a financial strength, Bajaj Allianz
Life Insurance Company was incorporated on 12th March 2001.
The company received the Insurance Regulatory and Development Authority
(IRDA) Certificate of Registration (R3) NO116 on 3rd August 2001 to conduct
Life Insurance business in India.
Allianz AG one of the largest insurer in the world had joined hands with Bajaj
Auto one of the highly trusted name in the automobiles and household industry in
India for a joint venture for their insurance operation and is one of the few
Companies which is engaged in both Life and Non life Insurance Company
banner Allianz Bajaj Life Insurance Company Limited and Bajaj Allianz General
Insurance Company Limited. The Investment ratio between Bajaj and Allianz is
26:74.
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Share Holding pattern of Bajaj and Al li anz
CONTRIBUTION- 74%
CONTRIBUTION- 26%
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Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest
Insurance Company and Bajaj Finserv.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset
managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000
Crores). Allianz SE has over 119 years of financial experience and is present in over
70 countries around the world.
At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our
business philosophy is to ensure excellent insurance and investment solutions by
offering customised products, supported by the best technology.
Bajaj Allianz offers exciting opportunities to learn contribute and build careers. As a
leading name in the fast-paced insurance sector, we are constantly growing and are
always in search of talent across all level.
If you want a chance to shine, grow, work on challenging assignments & make a
long-term career with a leader in the private insurance sector, check out the career
opportunities we offer.
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VISION AND MISSION
Bajaj Allianz Life Insurance co. Ltd.
Shared Value:
To be the Best L if e I nsurance company in I ndia To buy from, work for and
invest in
Shared Mission:
1. To be in the top 3 new Life Insurance company in India by new business and
in force business by 2006.
2. To have PAN India presence.
3. To provide highest: quality service by ensuring :
Highest customer retention in industry (90% first year)
Every customer will be contacted by us at least once per year.
We respond to customer/ agent within 48 hours
Embrace technology to optimize efficiencies.
To be the first choice insurer for customers.
To be the preferred employer for staff in the insurance industry.
To be the number one insurer for creating shareholder value
Brand Statement
Jiyo Befikar
Jaisi Zaroorat Waisa Insurance
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The Year of Learning
Over the last ten years, everything we have learnt about the insurance is from you.
And for our tenth anniversary celebrations, we all shared the most learning that has
shaped our lives and got inspired from million others in return.
So Bajaj Allianz decided to dedicate the year 2011 to knowledge and learning and the
knowledge we share will enable a life that is worry free. This is not just a planner but
a knowledge journal. This year, lets learn something, everyday. Grow by jotting new
things down and sharing it with the curious souls around you. By the end, you will
have a pool of knowledge, brimming with learning from all aspect of life.it could be a
new skills, a new language or just a new world. We encourage you to move beyondwhat you already know and expand your horizons, all the way to infinity. And with so
much knowledge by your sure, a worry free life is bound to follow.
Bajaj Aliianz- A growing force
Bajaj Allainz has a customer base of over 1 crore
Strong distribution network pan India with over 1200 offices and over 2 lakhagents
Bajaj Allianz is one of the most profitable companies in the general and life
insurance sector
Bajaj Allianz Life Insurance is listed in the Top 50 service brand in the
survey conducted on Most Trusted Companies by Brand Equity and
ACNielsen-ORGMarg
Bajaj Allianz Life Insurance has been awarded the SKOCH Award 2011for the financial inclusion initiatives, through life insurance across the country
Bajaj Allianz General Insurance has received the highest ratingiAAA from
ICRALimited for claims paying ability
Bajaj Allianz also awarded for the Best Contribution in Investor Education &
Category Enhancement
Bajaj Allianz also awarded for the Best Leading Private Player non Life
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Achievement of BALIC...
Since you will be paying premiums for years to come, you don't want your
insurance company to disappear before you or your family receives the benefit. It isworth asking how long the company has been in business, how many life insurance
policies they manage and their credit rating. In most cases, you will get a better deal
from the smaller life insurance companies, but you just need to be more careful to
research them and make sure they are stable. Bajaj Allianz is sure to one such life
insurance company Bajaj Allianz life insurance Company limited is a joint venture
between two companies. Bajaj Auto and Allianz AG.
Allianz Group's Indian life insurance joint venture has changed its name to Bajaj
Allianz Life insurance from Allianz Bajaj life insurance (Bombay), Aug 4, 2004
Allianz AG
Worlds largest insurance company by revenueRs520353cr (euro96.9billion)
Solvency ratio -516% and Claim settlement Ratio NOP -92.7%
World wide 2nd by gross written premiums-Rs1,07,35,992cr for group business and
Rs.8,53,63,495 cr for individual business
3rdlargest Assets Under Management (AUM) and largest amongst insurance companies
11thlargest corporation in the world 50% of globe business from life insurance, close to 60
million lives insured globally Established in 1890, 110 years of insurance expertise
More then 70 countries and more then 2 lakhs employees worldwide. Insurance to almost
half of the fortune 500 companies
Bajaj auto One of the largest 2 and 3 wheeler manufacturers in the world
21 million + vehicles on the road across the globe
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Managing fund of over Rs5200crs
Bajaj auto finance one of the largest companies in India
Rs5934cr turnover and profits after tax of 732cr in 2004-05
Bajaj Allianz life insurance is the fastest growing private life insurance company in India,
with a higher growth rate
Have sold over 15,43,503 policies to satisfied customers
Is back by a network of 1044 offices spanning the country
Ranked first among private life insurance companies in India
Assets under management Rs39,32,99,764 cr
Shareholder capital base of Rs267cr
Product tailored to suit your needs
Decentralized organization structure for faster response
Wide reach to serve you better-a national wide network of 1144 branches
Specialized departments for banc assurance, corporate agency and group business
Well networked customer care centers (CCCs) with state of art IT systems
Highest standard of customer service and simplified claims process in the industry
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INSURANCE
INTRODUCTION TO INSURANCE:
Insurance is an instrument, which protect the financial loss arising out of an
uncertain event contingent to human beings and is mechanism to share thefinancial loss of an individual or group of people due to an unforeseen event
between the individual or group of people who are exposed to the same kind
of risk.
PRODUCT:
Bajaj Life Insurance Company Limited offers the product as follows:
1. Invest Gain
2. Cash gain
3. Lifetime Gain
4. Child Care
5. Risk Care
6. Term Care
7. Save Care Economy Single Premium
8. Swarana Vishranti
9. Unit Gain
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BENEFITS:
1. Insurance protection to dependent, Thrift saving, tax Benefits.
2. A husband, for instance, may buy an insurance policy to ensure his wife andchildren are taken care of should anything happen to him.
3. Parents buy insurance for the future saving of their children education and
social obligation.
4. Motor Insurance ensures the money back to CURE UR CAR.
5. Protects the financial loss of household articles by theft or natural calamities.
6. Protects the financial loss of buildings and other valuables by fire.
7. protects against medical bill for hospitalization due to unexpected diseases or
accident
8. Accidental Insurance with hospital benefits eases with bill of medica
expenses.
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INTRODUCTION
OF
NATIONAL NETWORK
AND
DISTRIBUTION
CHANNELS
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NATIONAL NETWORK
Bajaj Allianz Life Insurance Co.Ltd is a large and diversified organization. Bajaj
Allianz Life Insurance Co has a national network. Bajaj Allianz has 1144 branches all
over India. The Head Office is located in PUNE.
DISTRIBUTION CHANNELS
The Distribution Channels of Bajaj Allianz is done all over India. The Channels is the
vital process of the company. The Channels Description is as follows:
Channel Description
Individual Channel Individual Agencies
Corporate Agency Channel Through corporate, large
partnerships/private limited companies
Bancassurance Through Banks
Sales Network Of Bajaj Allianz
1. Agency Channel: Currently the company has 300 office made up of 68 branches and about 239
satellite office.
The no of STMs a branch or a satellite can have will be between 2 and 8.
2. Banc assurance : The company has 6 business tie up. This will managed by the banc assurance
team
Syndicate Bank, Standard Chartered Bank
Centurian Bank, Indus land Bank
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INTRODUCTION
TO
ORGANISATION
GRADING STRUCTURE
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GRADING STRUCTURE
Bajaj Allianz Life Insurance Co.Ltd
The internal grading structure in the organization is done by Management & HR
head. This grading system is followed by all 55 branches of Baja Allianz and
Head office also. The grading system consists of following:
Description Level
Department headsleadership role L4
Department heads/ regional heads/ sales
heads
L5
Managers/ Functional heads L3
Assistant ManagerSupervisory role L2
Support staff L1
A
B
A
B
B
A
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Organization Structure (Sales Agency)
CFO
HOD SALES
REGIONAL MANAGER
CEO
INSURANCE CONSULTANT
DIVISONAL MANAGER
ZONAL MANAGER
SALES MANAGER
ASTT. SALES MANAGER
BRANCH MANAGER
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INTRODUCTION
TO
HUMAN RESOURCES
DEPARTMENT
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HUMAN RESOURCE DEPARTMENT IN
BAJAJ ALLIANZ.
Policies:
In Multinational Company like Alliaz Bajaj HR planning and policies plays a major
role in the growth of the organization.
HR planning foreseen the man power requirement. The need like food, sanitation
is the basic function of the HR planning.
Motivation is the inseparable part of Allianz Bajaj`s HR policies, Cricket match
between Allianz Bajaj recently proved the truth. The HR department should update
the manual of the company. As these manual contains Govt. made rules and
regulation. The management can also make changes in the manual. The manual
contains the rules & policies of the company.
The manual is the internal document of the company. The other policies for HR
department are that the company shall have Manpower planning for one-year period,
based on the business plan for the year. There shall be no recruitment outside the
manpower plan without prior approval of head HR and CEO. There is Joining
Formalities, Internal grading structure, salary processing formalities, service
condition, Additional HR policies, policies for Resignation/Termination. Apart from
the work the individual view is taken into consideration. Any problem in the
organization to an of their team member personal consul ling is done & tries to satisfy
their need i.e. (sociological & psychological needs). In this organization all decision
are taken by Head office HR for al 1144 branches. Even they take decision regarding
Day to Day activity.
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The ultimate objective of the co. is in the growth of organization. If policies
are not made and implemented and proper care is not taken of human assets i.e.
employees than there is no progress to the employees and organization. So
policies are important as well their employees who are key person who follows
policies.
Objectives:
The Human Resource objective consists of the following:
1. Manpower planning.
2. Recruitment and selection.
3. Employee Development.
4. Performance Appraisal.
5. Develop belongingness for work.
6. Excellence performance award every month.
7. To build organization with integration, honesty & Quality of work.
8. Planning future goals for career development.
9. Teamwork & cooperation with people in the organization.
10. To provide security for work.
11. Promotion.
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STRUCTURE OF HUMAN RESOURCE DEPARTMENT
Head- HR
National Mgr.
Corporate
Jr. Exce. -
HR
Jr.Exce-
HR
Sr. Exce-
HR
Asst. Mgr. -
HR
Sr. Exce-
HR
Mgt.
Trainee
Dy. Mgr. -HR
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achievement .this is preferred method with companies that have a finders fee
program for their employee.
Advertising is the toss of dice if it goes well, it can help you find ideal candidates in a
regional, national or international pool. if not, its a costly investment yielding few
result. Make sure to factor in the time it taken to go through a large no of resumes.
Employment agencies cost is costly but generally provide a good range of candidates.
The employment advisors looks your needs, screen a number of candidates and only
send you the application that meet your requirement. Bear in mind that the larger
employment agencies do not necessary offer the best choice of candidates. There are
numerous agencies that specialize in recruitment in specific sector.
Recruiting online such as monister.com, sarkarinakuri.com, jobboom.com. These can
provide inexpensive, worldwide access to employees. In fact 65% of job seekers now
have access to these types of services.
Using the internet for recruiting usually involves visits to specialized recruitment
sites, joining newsgroups and posting your job opening on recruitment sites,
electronic publication and your own Website.
MANPOWER PLAN AND REQUISITION:
Every position to be recruited shall be on the basis of an approved Manpower budget,
which shall be sanctioned by the CEO of the company. Recruited against budgeted
position will be required to be raised by the Department manager using the Manpower
Requisition Form, the manpower requisition form has to be approved by the
functional head and CEO of the Company in consultation with Head HR. The
approved manpower requisition form shall form the basis for the commencement of
the recruitment process.
OBJECTIVE:
The objective of recruitment process helps the organization to identify whether the
selected employee working capabilities are satisfying the companies targets.
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FACTOR AFFECTING RECRUITMENT:
1. The size of organization
2. The employment conditions in the community where the organization is located.
3. The effect of past recruiting efforts which shows the organization ability to locate
and keep good performing people.
4. The working condition, salary and benefits package offered by the organization.
5. The rate of growth of organization.
6. The level of seasonality of operation and future expansion and production
programmes and the culture, economic and legal factors, etc.
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DIFFERENCE BETWEEN RECRUITMENT AND SELECTION
Recruitment is the process of searching for prospective employees and stimulating
them to apply for job in the organization. It s often term positive in that its objective is
to increase the selection ratio, that is, the number of applicant per job opening.
Maintains that hiring through selection. Selection is a process to eliminate applicants,
leaving only the best to be placed in the organization.
Source of Recrui tment
I. Internal Source i.e., present employees.
II. External Source i.e.,outsider.
I nternal Sources
There are two way by which any organization hire the people,
(a)TransferTransfer means the shifting of an employee from one job to another, or one
department to another, one city to another city in the same type of organization. At the
time of transfer it is ensured that the employee to be transferred to new job is capable
of performing it. We can say that transfer does not involve any drastic change in the
responsibility and status of the employee or salary of the employees.
(b)PromotionPromotion is also leads to shifting an employee but with a higher position carrying
responsibility ,facilities, status and pay. If a higher vacant position is given to an
employee who deserves it, it stimulates all other employees of the organization. A
promotion involves reassignment of an employee to a position having higher pay,
increased responsibilities, more privileges, increased benefits and greater potential.
External Sources
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(a)AdvertisingAdvertisement in national or local newspapers and trade and professional journals is
generally used when qualified or experienced personnel are not available from other
sources. Most of the senior position are filled by this method when they can not be
filled from within. The advantage of advertising is that more information about the
organization, job description and job specification can be given in the advertisement
to allow self screening by the candidates. Advertisement given the large range of
candidates from whom to choose.
(b)University or Campus PlacementDirect recruitment from educational institutes for jobs which require technical or
professional qualification, has become a common practice. A close liaison between
the employee and the educational institute helps in getting suitable candidates to man
various positions. This called the Campus Recruitment. Recruitment from
educational institutes is a well-established practice of thousand of business and other
organizations. Reputed industrial houses which require management trainees send
their officials to campus of various management institute for picking up talented
candidates doing MBA.
(c)Management consul tantsManagement consultants firms helps the organization to recruit technical, professional
nad managerial personnel. They specialize in middle level and top level executives
placements. They maintain data banks of persons with dofferent qualification and
skills and even advertise the jobs on the behalf of their client to recruit right type of
personnel. These days, the professional bodies of accountants, engineers, etc., also
help their members to get suitable placements in industrial organizations.
(d)PoachingExperienced employees can be recruited by offering better pay and perquisite to the
people working in competitive organizations. Newly established organizations of well
known business houses often lure experienced executives and technical experts from
other organizations. Multinational corporation also attract employees working in other
organization in the host countries.
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(e)E-RecruitmentIn today the internet also helping the organization in recruiting the employee. The
organization can advertise the job vacancies through the world wide network
(w.w.w.). the job seeker send their application through the e-mail using the internet.
Alternatively, job seeker place their CVs in the world wide web, which can be drawn
by the prospective employers depending upon their requirement.
There are some advantage of e-recruitment which are given below-
i. Low cost of recruitment per candidates.
ii. Reduction in time for recruitment.iii. Increase in the selection ration.
iv. Increase in the efficiency of recruitment.
(f )Employee Referr alsThe existing employees known both the companies and the candidate being
recommended. Hence some companies encourage their existing employees to assist
them in getting applications from persons who are known to them. In certain cases,
rewards may also br given if candidates recommended by them are actually selected
by the company. In addition, the applicant introduce by friends and relatives may also
be used as a source of recruitment.
(g)Casual callersMany qualified personnel apply for employment to reputed companies on their own
initiative. Such applications are known as unsolicited applications. They serve as a
good source of manpower. A file may be kept of such applications and the candidate
may be called for interview. Whenever the need for manpower arises. This also a
cheaper method of recruitment.
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Methods of Recrui tment
Recruitment sources tell us about the places where human resources may be procued.
But recruitment methods or techniques deals with the question of how to tap these
sources, i.e. what are the ways to procure required candidates from the given sources.
As soon as the permanent manager has decided about the possible sources of
recruitment, the next step will be to make contact with such candidates. For this
purpose, the following three methods or may be used.-
1) Direct Method
2) Indirect Method
3) Third party Method
Di rect Recrui tment
An employer can tap the candidates directly through the following ways;
I . Campus Recru itmentUnder this method the recruiter visits schools, colleges, universities, vocational-
technical institute and management institutes looking for meritorious degree holders,
engineers, technicians, etc. generally, field recruiting is performed in cooperation with
the placement bureau or section of educational institutes which provide necessary
assistance in attracting students, arranging interviews, and making available space and
synopsis of the students. During the campus interview, the travelling recruiter tells the
students what the company can offer and screens potential applicants. Sometime the
company may arrange for proper notice regarding the campus interview on the student
notice board. If the recruiter as a creditable representative of the company or if
companies line executives are involved, effective results are achieved through this
method. In addition to managerial and supervisory vacancies, some firm use travelling
recruiter to recruit skilled and semi-skilled employees from vocational schools and
industrial training institutes.
I I . Internships
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Internship offered by many industrial enterprises constitute an effective recruiting
technique. Internship usually involves employment during the summer before
graduation from college specially in some technical courses. This is known as
summer training placement which requires a prior selection process. internship means
a courses of training in an establishment undergone in pursuance of a contact of
internship under the prescribed terms and condition which may be different for
different categories of internees. The matter relating to training of internship are
regulated and controlled by the Apprentices Act, 1961. During the period of
internship training, the employer has to pay to the internee a stipulated amount called
stipend. Apprenticeship gives the student (internee) a unique opportunity to
experience a company first hand, at the same time, it also provides managers with an
excellent opportunity further assess the student capabilities and potential. The
promising students may be offered regular jobs on completion of internship.
III. Walk in i nterviewThis is a method of recruitment which offers quick response. The employer can insert
a walk in or talk in advertisement in a daily newspaper to avoid lengthy selection
procedures. Those who walk in or talk in or write in are asked to give necessarydetails to the recruiter . however during the walk in interview the candidate may be
asked to submit a formal application for the vacant post in the firm. After the
interview, the candidate may be informed the selection or rejection decision of the
employer.
IV. Dir ect MailUsing lists from the above sources, letters are sent directly sent to the potential
candidates to know if they are willing to offer themselves as candidates themselves.
I ndir ect Recrui tment
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It involves dissemination of recruitment message through public media i.e. newspaper
and magazines and T.V. and radio. The choice of media, place format, and timing of
the advertisement effectiveness can be increased further by an improved layout and
design, phrasing, location of advertisement in the paper.
The advertisement copy needs to cover information derived from the job description
and job specification in the following broad areas.
i. The organization. Companys history, business and location.
ii. The job. Its little, main duties, and location
iii. Qualification and Experience(both are necessary and desirable ). Educational
requirement, professional qualification, technical skills, experience, aptitude.
iv. Rewards and Opportunity. Basic salary, fringe benefits or perquisites.
v. Conditions. Any special factors affecting the performance of job.
Form of application, closing date, address for sending application, etc. may also be
included in the situation vacant advertisement.
Recrui tment through Third Party
There are some jobs which handed over the third parties such as;
a) Employment agencies and exchange
b) Management consultants or professional search firms known as head hunters.
c) Professional associates.d) Placement officers of educational and technical institutes.
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SELECTION PROCESS:
The selection process is essentially a series of method of securing pertinent
information about the applicant. At each stage, facts may come to light and more is
learned about the applicant. The information obtained can be compared within the job
specification, the standard of personnel. If the applicant qualifies, he advances to the
next step; otherwise he is rejected. Thus, the job specification and the job applicant
are present at each step in the selection procedure. Each step constitutes the means by
which the applicant s Qualification can be compared with the minim requirement
established in the job specification. The procedure may be compared to a series of
successive hurdles or barriers which an applicant must cross. These are intended as
screens, and they are designed to eliminate an unqualified applicant at any point in the
process.
Definition:
Having identified the potential applicant, the next step is to evaluate their experience
and qualification and make a selection. It refers to the process of offering job to one
or more applicant from the application. Great attention has to be paid to selection
because it means establishing the best fit between Job requirements on the one hand,
and the candidate Qualification on the other.
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Af ter recruitment the next part is selection of best candidates:
Make the interview deliver
Since the purpose of an interview is to identify and verify the candidates potential, it
should be structured to bring out all the desired competencies and aptitudes.
Remember that you have to decide between the candidates: you could create a point
and analysis grid for comparing their strength and weaknesses.
Here are a few point to consider when structuring an interview:
Make a list in advance of the points for discussion and corresponding
questions.
Present the candidates with a situation they could face on the job and ask them
how they would react. This will enable evaluate the candidates knowledge,
skills and work method.
Ask the candidates to describe some difficult situation encountered in previous
job and explain the way in which they were resolved. This will give you the
chance to gauge the candidates self confidence, creativity and problem solving
skills.
Ask the candidates to describe a difficult situation involving colleagues and
how it was resolved. This will enable you to test their aptitude for teamwork.
Ask the candidates about their ambitions and plans to ensure they fit your
company profile.
Beware of asking question about personal interests. They can get the interview
off track or annoy people people who want to keep their work and private lives
separate.
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Defi ni tion of Agent
According to section 182 of Indian contract act an agent is a person
employed to do any act for another or to represent another in dealing with a
third party/person. In the insurance industry, the term Agent is ordinarily
applied to a person engaged by the insurer to procure new business. The
Insurance Act defines an insurance agent as one who is licensed under section
42 of the act and is paid by way of commission or otherwise, in consideration
of his soliciting of procuring insurance business, including business relating to
the continuance, renewal or revival of policies of insurance. He is, for all
purpose , an authorized salesman for insurance and needs a license.
An agent is one who acts an behalf of another. The another on whose behalf
the agent acts is called principal in this case. The insurance company is the
principal in this case. The lawyer is the agent of a client , when he argues the
case in the court. An ambassador is an agent of the country. The agent
represents the principal and acts on his behalf. Some insurers designate their
agent as advisers/insurance consultant etc. as if they are independent
advisor or consultant would not be appointed by an insurance company. He
would be knowledgeable enough as a person to be approached for device or
consultation. Some insurance agent may acquire that status. All insurance
agents should strive to attain that status.
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Procedure for becoming an Agent
The I nsurance Act, 1938 lays down that an insurance agent must possess a
license under Section 42 of that Act. The license is to be issued by the IRDA.The IRDA has authorized designated person, in each insurance company, to
issue the licenses on behalf of the IRDA.
In terms of the Insurance Act, licenses will not be given if the person is
(a) minor,
(b) found to be unsound mind,
(c) Found guilty of criminal misappropriation or criminal
misappropriation or criminal breach of trust or cheating or
forgery or an abetment of or attempt to commit any such
offence.
(d) Found guilty of or knowingly participation in or conniving at
any fraud, dishonesty or misappropriation against an insurer
or an insured,
(e) not possessing the requisite qualifications and specified
training.
(f) Found violating the code of conduct as specified in the
regulation.
(g) The fee for a license is Rs.825 for individual. A license is
granted for 3 years. It may be renewed after 3 years and
again valid for 3 years.
A license issued by the IRDA may be to act as an agent for a life insurer, for a
general insurer as a composite insure or as a composite insurance agent
working for a life insurer as sell as a general insurer. No agent is allowed to
work for more than one life insurer or more than one general insurer.
The qualification necessary before a license can be given are that the person
must be
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a) Not a minor
b) Have a passed at least the 12thstandard or equivalent examination, if he is to
be appointed in a place with a population of 5000 or more.(10th passed
otherwise)
c) Have undergone practical training for at least 50 hrs in life or general life
insurance business, as the case may be an institution, approved and notified by
the IRDA. In the case of a person wanting to be a composite agent, the
applicant should have completed at least 75 hrs practical training in a life or
general insurance business, which may be spread over six to eight weeks.
d) Have passed the pre-recruitment examination conducted by the insurance
institute of India or any other examination body by the IRDA.
The license once issued, can be cancelled whenever the person acquire a
disqualification. Application for renewal have to make at least 30 days before the
expiry of the license, along either the renewal fee of Rs.250. if the application is not
made at least thirty days before the expiry, but is made before the date of expiry, it
would be normally being refused.
Prior to renewal of the license, the agent should have completed at least 25hours partial training in life and general insurance business or at least 50 hours
practical training in life and in general insurance in case of the composite agent .
Insures who select agent for appointment, make arrangement for training, for
appearing in the prescribed examinations, and obtaining the license.
NOTE:
The insurance Act provides, in sec.44, for payment of commission on renewal
premium even after termination of the agency. The commission will be limited to a
rate not exceeding 4% to be eligible for this, the agent should have been an agent with
that insurer for at least
Five year and police for at least Rs50,000 are in force one year before
termination of agency or
10 year
This commission will be payable to the hire of the agent after the agents
death.
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Point to be noted whi le recruitment the Agents
Mature and responsible family person.
Ambitious, hungry for recognition, challenges.
Occupation .
Experience and current designation.
For how many years he is living in the city.
Greedy person.
Occupation of parent.
Family income.
Any experience in life insurance sector.
Leadership qualities.
Social and amiable.
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Step 1. Document Required
Age proof.
Address proof. Photo -8.
Education proof.
Agency application
Form VA.
Fill NAAF.
Step 2. Interview section
During the interview the senior manager/MOA asked following question to the
candidate to judge his ability and knowledge.
Qualification.
Present occupation.
Knowledge or experience in insurance sector.
Tenor of stay in the town.
Number of family member.
Household income.
Occupation of parent.
If selected then the senior manager approve the application.
The manager take the help of scoring mechanism. Scoring mechanism was filled at
the time of apply.
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Age Below 25 year Between 25-40 More than 40 Score
Scoring
mechanism
0 2 1
Marital status Unmarried Married1 2
Education 10t or 12t
Standard
Graduate Post graduate
1 2 2
Tenor of stay in
city
Less than 3
year
3-5 year More than 5
year
0 1 2
Household
income
Lass than 2
lakhs
2-5 lakhs More than 5
lakhs
Total score
Q score:
Acceptable range of score greater than or equal to 7
Additional approvals 5 or 6
Rejected application if 4 or less
If the Q score is less than 7 then BSM/ARSM comments and signatures are required.
Step 3. Training
50 hours training and also provide a text book (IC-33 life insurance )for pre-
recruitment examination for Life insurance Agents, which is based on syllabus
prescribed by Insurance Regulatory & Development Authority.
IRDA for short, has laid down that those who become wish to become insurance
agent will be given license only after they complete a course of study, training and
pass an examination prescribed but it.
During this training the knowledge about the entire essential concept related to life
insurance is provided to agent. Insurer will have different practice and offer different
benefits in their plans. All of them will be based on these concepts. The details of the
practice and the plans of each insurer will have to be learnt from respective insures
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Step 4. Dur ing training following things wil l be teaches.
What is insurance. Principles if life Assurance.
Premiums and bonuses.
Life Insurance products.
Underwriting.
Insurance Documents.
Policy conditions.
Claims.
Linked life insurance products.
Insurance Agency.
Laws and Regulation.
IRDA regulation 2000.
IRDA Regulation 2002.
Step 5. Examination and code
Examination is the second last part of the recruitment and selection process.
It include one hours test under, which contain 50 objective questions, one marks each.
Pass mark are 25.
There are two method of examination
Online
Offline
In case of online result the result is declared on the spot and in case of manual result is
declared within the one month.
After clearing the exam, ULIP training of two days will be given to the advisor about
the product of company and then agency code is generated.
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Function of an Agent
Understanding the prospects needs and persuade him to buy a plan of life
insurance that suits his interests best
.
Complete the formalities: paper work, medical examination, which are
necessary to get the policy expeditiously.
Keep in touch to ensure that changing circumstances are reflected in the
arrangements relating to premium payments, nomination and other necessary
alternatives.
Facilities quick settlement of claim.
Be totally honest with the prospect and the insurer.
Not to induce prospects to submit wrong information
Process of recruiting the Sales Manager
According to The Insurance Act, 1938-The guidelines which laid down by the IRDA
for recruiting the Sales Manager which are given below-
Qualification-10+2+3
ExperienceFresher or may be any experience person
The are four phase of interview which are necessary to qualify for become a
sales manager
First phase with Branch Manager, Second phase with Divisional Manager,
third phase with Regional Manager and last phase with HR Manager.
After clearing all the phase of interview then 15 days induction training is
given to the candidate.
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Career with Bajaj Allianz LIC
Bajaj Allianz offers exciting opportunities to learn contribute and build careers. As a
leading name in the fast-paced insurance sector, we are constantly growing and are
always in search of talent across all levels.
If you want a chance to shine, grow, work on challenging assignments & make a
long-term career with a leader in the private insurance sector, check out the career
opportunities we offer.
We are the market leaders in the private insurance sector. At Bajaj Allianz Insurance
we believe in investing in people and offer them opportunities to grow with the
organization thus leading to their accelerated career growth.
People who work with us are from diverse fields & carry rich experience with them.
This drives us to encourage an entrepreneurial environment, an environment to create
& experiment new ideas to see them at work.
What makes us unique is the work culture that we offer which is open to sharing
ideas, dynamic, non bureaucratic and gives down the line empowerment. The highly
decentralized organization structure enables faster decision making thus leading to a
better customer service
Opportunity to earn unlimited income.
Career Growth.
Be your own Boss.
High quality training & Support to improve productivity.
Compensation amongst the best.
Club member benefits viz. Promising, Silver, Gold, Platinum, MDRT
(International club).
Payout structured to facilitate your cash flows better.
Best in class & competitive products.
Pension of Life.
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OBJECTIVE
OF
PROJECT
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RESEARCH
METHODOLOGY
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Research Methodology
1. Research Methodology.
2. Research Design.
3. Data Source.
4. Data Collection Method.
5. Sampling Design.
6. Sampling Unit.
7. Sampling Size.
Research Methodology
Research Methodology is the systematic approach to solve the research
problem with some logi c behind it . Research design is the plan to be
followed to answer the research objectives and the structure or frame
work to solve a specific problem. But there is always a tradeoff
between research sot and the quality of decision making information
provided
The research comprises of defining and redefining problems, formulating hypothesis
or suggested solutions; collecting, organizing and evaluating data, making
deductions and reaching conclusion; and at last carefully testing the conclusions to
determine whether they fit formulating hypothesis.
The paper tries to answer the main research questions:
why people are not willing to join private insurance company
How these different can be remove between the LIC and private insurance
company?
The data used in this study were collected through a survey of Indian people. The
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model of data collection was a survey method. The final sample was composed of
100 individuals. The detail profile of the respondents is given in Table 1.
The questionnaire was composed of two main sections. In the first section, data
were collected about the demographic characteristics of respondents (gender, age,
income, educational level and job / occupation). The second section examined the
technological dimension (services, personal attachment, knowledge, behaviors
towards company, information search, social influence, privacy and trust).
The data obtained were submitted to a Multivariate Statistical Analysis, which
included factor analysis and cluster analysis. After this, characteristics of different
segments are found
The research process is carried out to a series of step, which are required to be taken
in chorological order. The major marketing research steps are as follows:
Problem identification.
Research design.
Fieldwork.
Data analysis & interpretation.
Report Presentation.
Problem Identification
The first and foremost step in this research is to identify the problem chosen for
investigation. The step has very significance, once it is said A Problem well
identified is half way to solution.
On the other hand if the problem identified vaguely, a wrong problem is identified, or
research is not clarified, then the research result may be completely useless for the
management, and the research effort of the investigation will be a futile exercise.
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Research Design
A research design is a master plan or model for the formal investigation. Once the
formal investigation is decided, the researcher must formulate the formal plan of
investigation.
A research design id the specification of methods & procedure for acquiring the
information needed for solving the problem.
The formal investigation plan will concentrate on the selection of sources of
information and the selection of methods and procedures for gathering the data. Data
gathering forms are prepared. Questionnaires are tested, samples for investigations are
planned.
Research designs are concerned with turning the research question into
a testing project. The best design depends on your research questions.
Every design has its positive and negative ides. The research design
has been considered as a "blueprint" for research, dealing with at least
four problems: what questions to study, what data are relevant, what
data to collect, and how to analyze the results
.
A research design lays the base for conducting the project and ensures that the
research plan is conducted efficiently and effectively. This research has been
undertaken to explore the process of recruitment and selection in various insurance
sector. For this as discussed earlier Quantitative research is adopted in which
certain statistical techniques are utilized.Our research is Descriptive in nature as the banking industry is well-developed in
India and lot of research has already been done in this area.
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Data Collection M ethod
As a data collection method I have used the Questionnaire Method.
Why a Questionnaire Method has been adopted?
Questionnaire had been prepared to get the response of the people as per guided by
the organizational guide. To provide the best end results without any kind of biasness,
which can give a brief idea about sampling and would be beneficial for making
inferences for tabulations and calculations with research instruments? I made a survey
through questionnaire as prepared by me.
Sampling Design
Sampling plan consists of sampling unit, sampling size and sampling procedure
therefore it is necessary to find out sampling plan if population is 100.
Sample Design Consists of:
Exploratory Research design
Sampli ng Unit
Sampling/Unit is the total number of samples differed in different locality.
S.No. Designation No. of Employee
1. Sales Manager 10
2. Asst. Sales Manager 20
3. Insurance Consultant 70
Total 100
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Data have been collected through the survey method while surveys have been
conducted in one city:
i) Hapur
All the data are primary in the nature as they had been collected first and
personally. All the area had segmented according the population of this area. I
have considered 100 as sample size.
Research Plan
Research Design : Exploratory ResearchData Source : Primary Data
Research Instrument : Questionnaire
Sampl e Si zeSample size means how many samples to be interviewed. The sample
size of my study will be 100 respondents.
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DATAINTERPRETATION
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ANALYSIS AND I NTERPRETATION OF DATA
Effectiveness of Recruitment.
Q.1. Are you satisfied with Recruitment system in Bajaj Allianz?
a) Not satisfied b) Partially satisfied c) Totally Satisfied
d) Excellent.
Options A B C D Total
Response 11 29 40 15 100
Interpretation:
From the above response it is seen that most of the employees are overall totally
satisfied by the recruitment system in the company. They have clarity of the process
11
29
40
15
Response(in %)
a
b
c
d
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Q.3. Whether the Recruitment process is documented if YES than the substances level
of its knowledge to others is:
a) Clear b) Vague.
Options A B Total
Response 80 20 100
Interpretation:
From the above response it is seen that 80% employees are having only clear and
under stable knowledge of the documented process of the recruitment. The other
employees are finding it vague.
80
20
Response(in %)
a
b
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Q.4. Whether the Recruitment system is transparent at all level?
a) Not at all b) To some extent c) To great extent.
Options A B C Total
Response 10 15 75 100
Interpretation:
From the above response it is seen that employees of the company has some doubts
about the transparency of the Recruitment system. The company should investigate
further.
1015
75
Response(in %)
a
b
c
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Q.5. Is the Recruitment process uniform at all level?
a) Yes b) No c) varies as per department.
Options A B C Total
Response 50 20 30 100
Interpretation:
From the above responses it is seen that recruitment process varies many of the times
from department to department so it helps the department heads to select the right
person for the job as per his requirement and needs.
50
20
30
Response(in %)
a
b
c
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Q.6. Whether the other department head is constitutes in the interview of the
recruitment process?
a) Totally linked b) partially linked c) Not atall.
Options A B C Total
Response 30 40 30 100
Interpretation:
From the above responses it is seen that only few department head s are considered
during the interview process and majority of the time they are partially linked i.e. they
only have to set paper and decided the package
30
40
30
Response(in %)
a
b
c
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Q.8. Whether the written test design gives real advantage or satisfaction?
a) Not at all b) Partially satisfaction c) Total Satisfaction
d) Excellent
Options A B C D Total
Response 10 15 45 30 100
Interpretation:
From the above response it is seen that majority of the employees find the written test
are not at all beneficial or advantage as it is time consuming. Only few agree to the
test design
1015
45
30
Response(in %)
a
b
c
d
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Q.9. Whether the duration of the written is?
a) Too long b) Long c)Too short d) Short.
Options A B C D Total
Response 50 25 10 15 100
Interpretation:From the above response it is seen that many times the duration of the test is long and
the employees find it time consuming. The instant like Insurance test for junior and
new entry finds it long and time consuming.
50
25
10 15
Response(in %)
a
b
c
d
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Q.10. How is the test evaluation of the recruitment process?
a) Fair b) Justified c)Not justified.
Options A B C Total
Response 20 65 15 100
Interpretation:From the above response it is seen that the test evaluation is not done properly. There
is bias is opinion while evaluating the paper.
20
65
15
Response
a
b
c
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Q.11. Whether the middle level i.e. executive is aware of the recruitment Process?
a) Not at all b) To some extent c) Thoroughly known
Options A B C Total
Response 40 30 30 100
Interpretation:
From the above response it is seen that information of standard Recruitment process is
not communicated to middle level executive.
40
30
30
Response(in %)
a
b
c
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Q.13. Which is the most powerful method of the interviewing the candidate and
selecting the candidate in Bajaj Allianz?
a) Telephonic Interview b) Personal interview c) Video conference
interview.
Options A B C Total
Response 25 60 15 100
Interpretation:
From the above response it is seen that the most powerful method of selection is
personal interview and than telephonic interview and video conference interview
beneficial in case of long distance.
25
60
15
Response(in %)
a
b
c
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Q.14. Whether the selection in Bajaj Allianz is done on the basis of the merit?
a) Yes b) No c) Cant say
Options A B C Total
Response 60 10 30 100
Interpretation:
From the above response it is clear that majority of the selection are based on
merit.
60
10
30
Response(in %)
a
b
c
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OBSERVATION
AND
FINDINGS
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OBSERVATION AND FINDINGS
Bajaj Allianz Life Insurance Co. Ltd and Bajaj Allianz General Insurance is leading
Company in the marker today. The HR department is having very strong base
and while doing project in the company the observation and findings found by me
are as follows.
The company has clarity of the recruitment process and they are doing well
and recruiting correct candidates.
The recruitment process is centralized in the company.
The test duration for the senior level officer and fresher is too long. Though is
beneficial but time consuming.
The tests provided are online test and the evaluation of the test is also done by
the Head office HR.
The evaluation takes time as they take print out of test paper and gives marks.
The department head are not considered most of the time during the interview.
The role of the head was to inform about vacancy to HR.
Most of the time the criteria of selection are on the basis of the Knowledge +
Experience. This is good for the company.
The company provides a good basis for the FRESHER. Which is a positive
side for the both the concern.
The middle level employees of the Head office and the other branches are not
aware of the recruitment process.
The personal interview is more beneficial than other method of the interview.
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The company concentrates more on recruitment firm for the need of man
power.
The video camera is used for the interview as the time is less for interviewing
the person.
Sometimes candidate selection is not as per the profile for the junior level
staff. E.g. A HR executive is given assistance who is doing CA or B.com But
not MBA or MPM students.
The other branches have to give 15 days notice for the place vacancy.
The candidate selected for the job from all over India are not given training at
there work place but at Head office and bare their expense.
The selection of the candidate in Bajaj Allianz is done up to the mark. There is
no bias s view for other.
The company is having only single authorized executive HR person to do the
Full and Final settlement employee s process since 3yrs for the 55 branches.
The left employees documents are to be send to the Head office from the other
branches in India.
The data provided by other branches in the form papers are slow in speed.
The sales department and finance department their clearances process is also
slow.
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CONCLUSION
CONCLUSION
The overall Recruitment process in Bajaj Allianz is satisfactory. There are certainorganization objectives both in short term and long term should be taken into
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consideration as a basic parameter for recruitment decision and need of the personnel
area which will be beneficial to everyone in organization.
There are minor modifications in the areas like documentation of recruitment process,
other department head participation in interview, written test, evaluation of return test
and use of latest equipment for interview etc to be made for which suggestions are
given in the following paragraphs.
As a matter of good HR practices leaving of employees should be prevented. But the
company should carry out exit interview and take correct action to retain the
employees in the organization. Once the employees leaves the organization process of
Full and Final Settlement of employees should be completed quickly. The company
should make the process of employee s settlement fast as the documents reach the
sales department and finance department.
In India, there is throat cut competition in the market of insurance that brand service
which adopt new strategic for sales. I concluding the whole story it can be said that
people are much more aware about the aspects of life insurance and also have
knowledge about the role and act of work with LIC because it is a semi government
corporation.
The overall Recruitment process in Bajaj Aliianz is satisfactory. There are certain
organization objectives both in short term and long term should be taken into
consideration as a basic parameter for recruitment decision and need of the personnel
area which will be beneficial to everyone in organization.
There are minor modifications in the areas like documentation of recruitment process,
other department head participation in interview, written test, evaluation of return test
and use of latest equipment for interview etc to be made for which suggestions are
given in the following paragraphs.
As a matter of good HR practices leaving of employees should be prevented. But the
company should carry out exit interview and take correct action to retain the
employees in the organization. Once the employees leaves the organization process of
Full and Final Settlement of employees should be completed quickly. The company
should make the process of employee s settlement fast as the documents reach the
sales department and finance department.
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to work with reputed companies, through proper advertisement it become easy to sell
the product.
An insurance company must work with honest to win the confident of its agent and
general public.
Duration of training must be reducing as in these days people have no extra time.
Fees charged by companies from candidates for IRDA exam and training should
reduce.
Many other extra facilities must be provided to the candidates to attract them such
local and foreign trips, special price on achieving a target, open bank account at free
of cost.
Bajaj Allianz Life insurance company must organize more seminars and also
participate in the job trade fairs to find out more candidates.
Increase of the commission of agent.
Company must relic to candidate or other people that they are doing a social service
for the welfare of society.
Better career opportunity must be provided to an advisor, such as on role job,
promotion etc.
A special function must organize time to time in which the special prizes distribute
among those agent who perform better.
The duration of the process of recruitment and selection is too long
(one or half month), during this process mostly candidates loss there interest, so there
is an urgent need to reduce the duration of this period.
Reduce the minimum premium amount it will help company to attract the agent of
other company, as it increase the scope of market of its agent.
SUGGESTIONS TO
RECRUITMENT PROCESS SYSTEM
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The recruitment process in Bajaj Allianz should be decentralized as per the 4
region. The branch manager and HR person of that region should have rights
to carry out the recruitment process and must inform the head office and
should get it approval.
The middle level employees should have knowledge of the recruitment
process and the non HR employees should be given a HR manual.
The other department head should be involved in the interview process as he
knows right person for the job of his department.
The selected candidates should be given training at their work place by the
trainer of the department.
The test duration should be kept short for the senior level employees so that
more time is not taken and they can concentrate on the work.
The company should develop or provide software which should provide a test
score as the test is over. So the time is saved in evaluation