Bajaj Allianz Recuritment Report

A

                         SUMMER TRAINING  REPORT

On

RECRUITMENT AT BAJAJ ALLIANZ LIFE INSURANCE COMPANY

   Submitted For the Partial Fulfillment towards the Award of the Degree in Master Administration of G.B. Technical University, Lucknow

Submitted to Mr. Amit Gupta

Submitted By Shivani Gupta

HOD MBA Department

MBA 2nd semester

Roll no 1275970102

1

DR. OM PRAKASH GUPTA INSTITUTE OF MANAGEMENT & TECHNOLOGY, FARRUKHABAD

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ACKNOWLEDGEMENT                       At the outset, I wish to express my sincere gratitude to Mr. Chandrasekhar, Zonal Manager of Human Resource Department, BAJAJ ALLIANZ LIFE INSURANCE COMPANY Lucknow, for giving me an opportunity to undergo summer internship

at

BAJAJ

ALLIANZ

LIFE

INSURANCE COMPANY. Mr. Chandrasekhar’s constant encouragement and guidance was the key motivating factor in doing and completing this project. I would like to express my profound appreciation to my guides

Mr. Amit Gupta

for helping me complete my research report

successfully in all respect. They deserve a special thanks for their guidance and suggestions on subject matter with, whom I explored ideations, organization requirements and development of my project. Finally my thanks to all of the team members of BAJAJ ALLIANZ LIFE INSURANCE COMPANY, Luck now, and my family and friends who helped me directly or indirectly in completing my research project.

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PREFACE People are a company’s most important assets. They can make or break the fortunes of a business. In today’s highly competitive business environment placing the right people in the right position is very critical for the success of any organization. The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the best possible person-to-job fit that will, contribute significantly towards the Company's effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that new recruits show a willingness to learn, adaptability and ability to work as part of a team. The Recruitment & Selection procedure ensures that these criteria are addressed In this project I have studied Recruitment and Selection process of Bajaj Allianz Life Insurance Company and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee. I am privileged to be one of the students who got an opportunity to do my training with Bajaj Allianz Life Insurance Company. My involvement in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way. Bajaj Allianz Life Insurance Company is one of India's leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time, BALIC has set an example by having a steady and confident journey to growth an

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CONTEXT S.N

TOPIC

PAGE NO

O 1

List of Table and Graphs

1

2

Executive Summary

2-3

3

Introduction of the Insurance Industry

4-10

4

Company Profile

11-27

5

Company Background

28-34

6

Financial Report

35-38

7

Product Range

44-46

8

Project Profile

47-48

9

Recruitment(Process & Method)

49-58

10

Methodology

59-66

11

Analysis

67-77

12

SWOT Analysis

78-89

13

Finding

80-82

14

Conclusion

83-84

15

Recommendation & Suggestion

85-88

16

Questionnaire & Analysis of survey

89-95

17

Bibliography

100

LIST OF TABLES AND GRAPH 6

TOPIC

PAGE NO

Product Range Table

-

36-39

Bajaj Allianz Distribution Network

-

42

Internal Grading Structure

-

43

Flow Chart

-

46

Generic Overview Chart

-

50

Factor Affecting Recruitment

-

52

Pie Chart

-

57-58

Analysis Pyramid

-

Location Chart

-

61 63

Industry Pie chart

-

64

Organization Pie chart

-

65

Experience Histogram

-

67

CTC Histogram

-

68

List of selected candidates

-

7

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EXECUTIVE SUMMARY In today’s rapidly changing business environment, organizations have to respond quickly to requirements for people. The Financial market has been witnessing growth which is manifold for last few years. Many private players have entered the economy thereby increasing the level of competition. In the competitive scenario it has become a challenge for each company to adopt practices that would help the organization stand out in the market. The competitiveness of a company of an organization is measured through the quality of products and services offered to customers that are unique from others. Thus the best services offered to the consumers are result of the genius brains working behind them. Human Resource in this regard has become an important function in any organization. All practices of marketing and finances can be easily emulated but the capability, the skills and talent of a person cannot be emulated. Hence, it is important to have a well-defined recruitment policy in place, which can be executed effectively to get the best fits for the vacant positions. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower. Coverage –The extent and limitation with largest number of life insurance policies in force in the world, insurance happens to be a mega opportunity in India. Its business is growing at 15-20% annually and presently is of the order of Rs. 450m. Together with banking sector it adds about 7% to the GDP.

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Data Used There were mainly two sources of data collection Ø

Primary data:

Ø

Personal interview with candidates

Ø

In depth conversation with the placement agency

Ø

Secondary data:

Ø

Study of recruitment policy

Ø

Websites

Research methodology used  Study of recruitment and selection at Bajaj AllinzLife Insurance by the manual provided by the HR department;  Web sites  Journals  Books Findings  Recruitment is done throughout the year more during the months of May-June and Oct-Nov;  Huge investment of time  Huge recruitment cost;

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Thus the whole research would be done under the guidance of external guide. It will also involve recruitment and selection processes, reading the material provide internally by the organization

Introduction of the Insurance Industry Overview The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. Some of the important milestones in the life insurance business in India are:

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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 Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies 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 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.

Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing

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foreign players to enter the market with some limits on direct foreign ownership. And deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the The opening up of the sector is likely to lead to greater spread private sector 14 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.. The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection.

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Evolution of Insurance In the days of yore insurance was in its crude form and was cooperative and voluntary in nature. When, where and how it originated is still a matter of research in one way or the other was prevalent in olden days. We can trace its history from the evolution society from hunting stage to the modern industrial age. A word “YAGCHHEM” occurs in the world’s most ancient Hindu Scripture Rig Veda. The word “YAGCHHEM” means insurance. It clearly indicated that about four thousand years ago insurance was prevalent in its crude form. It was cooperative and voluntary in nature. People formed different groups of organizations to share the loss among themselves incase of a particular risk. Each member contributed some amount to a common fund to meet the unforeseen losses. Sometimes they also contributed equally to compensate person as and when he suffered a loss. Traces of

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insurance in the ancient world are also found in the form of marino trade loans or carriers contracts which included an element of insurance. Evidence is on records that arrangements embodying the idea of insurance were made in Babylonia and India at quite an early period. References were made to the concept of insurance in Manu’s code “Manu Smrity”. It was akin to “Yagakshemo” of Rigveda in which the well being and security of the community was aimed at. However, there is no evidence that insurance in its present farm was practiced prior to twelfth century.

Nature of Insurance The insurance has the following characteristics which are observed in cases of life, marine, fire and general insurance. 1. Sharing of risks: Insurance is a cooperative device to share the financial losses which might befall on an individual or his facility on the occurrence of specified event such as sudden death of the bread winner, marine perils in marine insurance, fire in the fire insurance and theft insurance etc. in the case of general insurance. 2. Cooperative device: A large number of persons agree to share the loss arising sue to a particular risk. Thus, insurance is a cooperative device.

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3. Value of risk: The risk is evaluated before insuring to charge the amount of share called premium. 4. Payment made at contingency: The payment is made at a certain contingency insured. The Contingency may be death, fire, marine perils etc. 5. Amount of payment: The amount of payment depends upon policy insured.

Functions of Insurance A)Primary Functions1) Insurance provides certainty: Insurance provides certainty of payments at the uncertainty of losses. The element of uncertainty is reduced by better planning and administration. 2) Insurance provides protection: The risk will occur or not, when will occur and how much loss will be there. There are uncertainties of happening of time and amount of losses. The main function of the insurance is to provide protection against the losses. 3) Risk sharing: Risk is uncertain and therefore, the loss arising from the risk is also uncertain. All business concern faces the problem of the risk and if the concern is big enough the handling of risk becomes a specialized function. Insurance, as a device is the outcome of the existence of various risks in our day to day life. It spreads the whole losses over a large number of persons who are exposed by a particular risk.

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B) Secondary Functions1) Prevention of loss: Prevention is always better than cure. Prevention is by far the best solution to the problem of risk. It is more effective and cheapest method to avoid the unfortunate consequence. But sometimes prevention is not always possible and Effective. 2) Provides capital: It provides the capital to the society. For plan development of country there is a great need for huge amount of capital. Now days, the insurance companies are rendering positive help in the development of trade, commerce and industry of the country.

Improves efficiency: Achievement of goals, it improves not only his efficiency of the masses is also advanced. The insurance eliminates worries and miseries of losses as death and destruction of property care free person can devote his energies for better. 3) Ensures the welfare of society: “Insurance is a saga of service and security” to thee society. Security of the life and property given by insurance bring peace of mind to the insured. The investment in LIC in welfare schemes like electricity, housing, water supply, agro industry estates are able to solve many problems in India. 4) Helps in economic progress: Insurance provides an initiative to work hard for the betterment of the masses. Life insurance involves the element of saving investment through small savings. And which has been growing in recent years at an annual rate of about Rs. 400 crs. Life insurance is not a mere 16

business organization; it has nobler welfare responsibilities in the development of the eco

Major Insurance Players Licenses have been issued for the following companies Ø

ICICI Prudential Life Insurance Limited

Ø

ICICI Prudential Life Insurance Company Limited

Ø

HDFC Standard Life Insurance Company Limited

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Ø

Birla Sun Life Insurance Company Limited

Ø

TATA AIG Life Insurance Company Limited

Ø

Max New York Life Insurance Company Limited

Ø

SBI – Cardiff Life Insurance Company Limited

Ø

ING Vysya Life Insurance Company Limited

Ø

Bajaj Allianz Life Insurance Company Limited

Ø

MetLife Life Insurance Company Limited

Ø

Aviva Life Insurance Company Limited

Ø

AMP Sanmar Life Insurance Company Limited

Ø

Sahara India Life Insurance Limited

Ø

Sri Ram Life Insurance Limited

COMPANY’S PROFILE BAJAJ ALLIANZ LIFE INSURANCE COMPANY

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INTRODUCTION Bajaj Allianz Life Insurance Company is a joint venture between Allianz SE of Germany and India based Bajaj Auto Limited. BALIC came into being on 12th March 2001. It is characterized by global presence with a local focus and is driven by customer Orientation to establish high earning potential and financial strength. The Company received IRDA (Insurance Regulatory & Development Authority) Certificate of Registration (R3) No. 116 on 3rd August 2001 to conduct Life Insurance Business in India. Mr. Rahul Bajaj is the owner of the Company. And Mr. Kamesh Goyal is the CEO of the company.

BAJAJ ALLIANZ TOP MANAGEMENT TEAM

Mr. Kamesh Goyal Chief Executive Officer Mr. Anil Kumar Singh Appointed Actuary & Head Product Development

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Mr. ECJ Augustine Head Sales & Strategic Initiatives Mr. G B Laddha Investment Consultant Mr. Neeraj Kumar Head - Alternate Channel & Zonal Head Agency (West) Mr. Rajesh Vishwanathan Chief Financial Officer Mr. Sashi Krishnan Chief Investments Officer Mr. V Philip Head – Operations & Customer Services Mr. Akshay Mehrotra Head – Marketing Mr. A S Narayanan Head – Bancassurance & NRI Business Mr. Jaydeep Chaure Head – Human Resources Mr. J K Bhagat Head – Corporate Business Mr. Manish Dwivedi Head –Direct Marketing Mr. Samir Bakshi Company Secretary & Head Legal Compliances Mr. V Sriram Head – Internal Audit Mr. Yogesh Gupta Head –Business Procurement

BOARD MEMBERS

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1. Mr. Rahul Bajaj - Chairman of the Company, an Honours Graduate in Economics & Law and MBA from Harvard Business School. He is a member of Rajya Sabha and Chairman of Bajaj Auto Ltd.

2. Dr. Werner Zedelius - Director of the Company, has a doctorate Lw and is a member on the Board of Management of Allianz SE.

3. Mr. Sanjiv Bajaj - Director of the Company, he is BE from Pune University and MBA from Harvard Business School presently and is an Executive Director – Head of Finance and Control of Bajaj Auto Ltd.

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4. Mr. Heinz Dollberg - Director of the Company, has a University Degree of Law and is Executive Vice President - Asia Pacific Division of Allianz SE.

5.

Mr. Ranjit Gupta - Director of the Company, is MIME, AMIPE

& FIEEand is Vice President – Insurance of Bajaj Auto Ltd.

6.

Mr. Craig Ellis - Director of the Company is a Bachelor of

Commerceand Chartered Accountant. He is presently Director of Allianz Insurance Management Asia Pacific PTE Ltd.

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6. Mr. Suraj Lal Mehta - Director of the Company, has Honours in Economics and is ex-CEO of Nabil Bank.

8.

Mr. Sanjay Asher - Director of the Company, is Chartered

Accountantand Graduate in Law and is a Partner in M/s Crawford Bayley & Co, Mumbai.

9. Mr. S. H. Khan - Director of the Company, has a Masters Degree in Commerce and is the Former Chairman and Managing Director of IDBI.

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10.

Mr. Manu Tandon - Director of the Company, is a Chartered

Accountant and presently Managing Director of Beck India Ltd.

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NATIONAL NETWORK BALIC has a Pan India presence with  The Head Office located at Pune  1200+ branches  5 Zonal Offices located at Kolkata, Lucknow, New Delhi, Ahmedabad, Bangalore  28 Regional/ state Offices  Over 10,000 Sales Managers  Over 3,00,000 Insurance Consultants  More than 170 Bancassurance partners across country  Strong alternate channel with over 2000 Franchisees, over 200 corporate agents, more than 70 brokers and over 100 Direct Marketing Branches to be launched this year.

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CULTURE • Bajaj Allianz will be:  Be a winning team.  Have a passion for excellence and hate bureaucracy.  Be empowered, have the confidence to take decisions quickly and be accountable.  Be driven to achieve results, to deliver.  Be professional and socially committed.  Be open to ideas, sharing, transparent & trusting  Focus everything we do on our customers.  Make BALIC a “great place to work”.  Have a sense of humor.

• The Bajaj Allianz Way  Invest in people – Pay / develop / career planning  Dominate your market – be decisive / communicate clear goals  Never sit still – change continually / revolutionize  Think service; service; service – continuous improvement  Learn and lead – be prepared to listen  Tell the facts as they are – clear communication  Kill bureaucracy – boundary less / ideas not management layers / Informality / speed

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Manage the business like a corner shop – customer satisfaction / employee satisfaction / cash flow

BALIC: Salient Features  Decentralized operations to ensure faster and smoother customer Service  Customers receive service from any BALIC office, irrespective of their

own location

 Renewal premium possible through: o Online o Any of the BALIC offices o Bill-Junction and Bill Desk o Credit cards or direct debit for Standard Chartered customers  Efficient systems, process’ & speed of response has ensured lowest number of complaints from customers to IRDA

Vision • • •

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

Mission As a responsible, customer focused market leader, we will strive to

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understand the insurance needs of the consumers and translate it into affordable

products

that

deliver

A Partnership Based on Synergy

value

for

money.

.

Bajaj Allianz General Insurance

offers technical excellence in all areas of General and

Health Insurance

as well as Risk Management. This partnership successfully combines Bajaj

Finserv's in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of general insurance business including health insuran

Our Achievements Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's Investors Services, for Claims Paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position. Bajaj Allianz

General

Insurance has received the prestigious

“Business Leader in General Insurance”, awarded by NDTV Profit Business Leadership Awards 2008. The

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company was

one of the

top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year award by Asia

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.

Bajaj Allianz Distribution Network BAJAJ ALLIANZ LIFE INSURANCE: Distribution Network

BAJAJ ALLIANZ LIFE INSURANCE : Distribution Network

Agency

Area Offices

Bancassurance

Standard Chartered Bank

Branch Offices

Over 2 lacs + Sales force

Syndicate Bank

Corporate Agents

Franchises

GE Money

• • •

Alternate

Brokers

Urban Co-op Banks Dist. Co-Op Bank Regional Rural Banks catering to mass & rural markets

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Corporat e Divison

Brokers

Direct Marketing

Branches

Corporate Sales Associates

BDMs

Direct Business

ISOs

Internal Grading Structure GRADE

DESCRIPTION

L5

Department Heads

L4

Department Heads/Regional Heads/ Sales Heads L3A

L3

L3 B

Functional Heads/Sr. Managers

L2A L2

L2B

Managers/Supervisory Roles

L1 A

L1

L1 B

Executives/Customer Support Executives

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Business HR Hierarchy

Jaydeep Chaure Head - HR Thomas Augustine AVP – Business HR Zonal HR Managers

State HR Managers Sr Exe/Exe – State wise

CSR – State wise

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HR Guideline

 HR4U Portal  Salary Processing Formalities  Service Conditions  Period of Probation  Performance Management  Important Policies  Provident Fund  Employee Development  Company Expectations from You

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ROLE OF BUSINESS HR  Compliments the HO HR team as representation at the ground level catering to the HR needs of the vast spread of offices.  Extended arm of the various HR product teams from HO  One stop for all HR needs across the country across all channels  Implementation and feedback of all initiatives undertaken by HR  Undertakes Branch visits, HR Induction, Attendance processing, employee grievance management, Policy awareness, Talent Acquisition, Talent Management, Performance management among a host of other HR activities

HR Operations – Key Areas  Payroll  Employee Benefits  Compliance  Full & Final Settlement  Internal Movements (Transfer/Promotions)  HRIS  HR Audit  HR MIS  Employee Relation Hub  Single Employee Database 34

Dear Colleagues, Welcome to the E-Page of BALIC- Corporate Training and Development . This is a comprehensive solution to all your developmental need

This is for new joinees to know more

Company introduction

about the organization

Caliber Test

This is a recruitment test for CSRs

Sales Caliber Exam

This is a recruitment test for STMs

Personality Test

This is a personality test

Employee Satisfaction Survey

ESS for 2006 is closed

Mantra 2008

CSR to CSE Test

Training Feedback Portal

Feedback corner for all employees and for all channels.

Service Conditions Office Timings 35

Monday to Friday: 9 am to 6 pm

Saturday: 9 am to 1 pm Or Alternate Saturday: 9 am to 6 pm Lunch Timings: 1 pm to 2 pm

Holidays Weekly Offs: Sunday Paid Holidays: 10 per annum Earned Leaves: 21 per annum Sick Leaves: 5 per annum

Attendance Attendance is recorded through HR4U. Each employee has a Login ID and password through which he/she can access HR4U and regularly update his attendance records. This is applicable for all employees. A Muster Attendance Register is available in branches, in which Non-HO employees can mark their attendance.

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Probation Period The Probation Period is 6 months for all employees and can be extended at Management’s discretion. On completion of the probation period, the Company will inform you whether or not you have been confirmed in your appointment. The probation period is deemed to be a part of your total period of service.

Important Policies Leave All Team Members are eligible for 1 Earned Leave per 12 working days, and 5 days of Sick Leaves in the year. You can accumulate up to a maximum of 65 days of leave and 10 Sick Leaves, at any point of time. On separation from the company, 65 Earned Leaves can be encashed, however Sick Leaves are not encashable. Sundays and paid holidays are not included.

Local Conveyance

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Team members can claim Rs. 5.50 per km as reimbursement of petrol expenses for a four - wheeler used for official purposes. The rate for two wheelers used for official purposes is Rs. 2 per km. The same may be claimed in the prescribed format.

Visiting Cards & Employee Identity Cards All Team members are eligible for visiting cards. After a member joins, the visiting card requisition must be filled up in the prescribed template and given to Admin for printing. Employee ID Card Format is also available with ADMIN. After getting the Emp code, this form needs to be filled up and the Emp ID card is made available in the next 2 weeks.

Advance against Salary Team members shifting from an outside location are eligible to claim Advance for house deposit. This amount will be recovered as per the term of the Leave and License agreement subject to a maximum of 36 installments (depending upon the Lease Agreement signed). Submission of a copy of the Leave and License agreement is a pre requisite to avail of this benefit.

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Brokerage Reimbursement The company will pay the House Brokerage fees for Team Members. This is a one time payment and subject to a maximum of one and a half months'Rental.

Provident Fund All Team Members are eligible for Provident Fund as per statutory provision. The Team Member contributes 12% of his / her basic salary, every month, to this fund, and the company makes an equivalent contribution. The Provident Fund is regulated by the RPFC, Pune. For more details, you can log onto http://epfindia.nic.in/

Gratuity All team members are eligible for gratuity as per provisions under the Payment of Gratuity act, 1972 (@ 15 days last drawn basic salary for every completed year of service). Gratuity payable to the limit of 3.5 lacs is exempted from tax deduction.

Notice of Termination On Probation 39

During the probation period, the company may terminate the services of the employee at any time by giving 7days notice with or without assigning any reason whatsoever. Similarly the employee would also be at liberty to leave the services of the company at any time upon giving 7days prescribed notice. On Confirmation During the confirmed period, the company may terminate the services of the employee at any time by giving one-month notice with or without assigning any reason whatsoever. Similarly the employee would also be at liberty to leave. The services of the company at any time giving one month's prescribed notice.

Full and Final Settlement In case employee decides to leave the organization he will have to submit his letter of resignation to the Departmental head / reporting manager. Once accepted he will fill in a clearance form & get it signed from his departmental head. The-relieving letter would be issued. Only after the acceptance of his resignation & when the clearance form reaches the HRP & personnel dept. The full & final settlement of dues would be initiated as soon as the relieving letter is issued.

Life Insurance All Team Members are covered for a sum assured of 60 times their

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monthly basic salary. This cover remains only as long as they remain in the service of the Company, subject to the minimum limit of Rs 5 lacs and the maximum of Rs 30 lacs.

Employee Depository Linked Insurance (EDLI) This is an additional Life Insurance Coverage extended on behalf of the company in lieu of Insurance covered under Employees Provident Fund Act 1952. This is to the maximum limit of 1.5 lacs, payable only incase of employee’s death, to the legal heir. The premium for this policy is borne by the company.

Medicare •

All Team Members are eligible to join the Medicare Hospitalization policy entered into with Medicare Services Ltd. Please update your personal and family details through HR4U. HR4U> My Profile> Personal Profile> Family Details> Enter Family Details

•

Employees have an option to select a Family Floater Cover for self, spouse, 2 children and parents for a floater amount of Rs 3, 5, 7.5, 10 or 15 lacs.

• Enrollment into this scheme is done only through Hr4U. Incase an employee fails to do his enrollment within 10 days from the date of creation of his HR4U id, the company gives him default coverage of 41

Rs. 3 Lacs for himself only. • The coverage amount once selected or given by default cannot be changed during the policy period (1st September to 31st August). However, members can be added at any time. • There is a company subsidy of Rs.5,000/- towards Medicare premium. Any premium amount exceeding Rs.5,000/- is recovered from the employee's salary. This is a one-time deduction. Details are uploaded on Hr4U on the following path: Hr4U> Medicare>Medicare Details.

Provident Fund All Team Members are eligible for Provident Fund as per statutory provision. The Team Member contributes 12% of his / her basic salary, every month, to this fund, and the company makes an equivalent contribution. The Provident Fund is regulated by the RPFC, Pune. For more details, you can log onto http://epfindia.ni

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COMPANY BACKGROUND Allianz AG was founded in Berlin in 1890 and shifted its headquarters to Munich in 1949. The first step to become an international company started with the opening of a branch office in London in the late 19th century. After World War II, global business activities were gradually resumed. Allianz opened an office in Paris in the late 1950s, and a management office for Italy in the 1960s. These expansions were followed in the 1970s by the establishment of business in Great Britain, the Netherlands, Spain, Brazil and the United

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States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a stake in Reunion Adriatic di Sicurità (RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s. Recently, in February 8, 2006, RAS Shareholders approved the mergers with Allianz. In 1990, Allianz started an expansion into eight Eastern European countries with establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman’s Fund, an insurer in the United States, which was followed by the purchase of Assurances Generals de France (AGF), Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea. Around this time Allianz expanded its asset management business as well by purchasing for example asset management companies in California. In 2001, Allianz acquired Dresdner Bank, a large German bank. Allianz Group and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002 Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. The Allianz Group was reincorporated under a

European Company Statute and, as a result of the crossborder merger with RAS, Allianz converted into a European Company (SE – Society as European) in October 13, 2006.

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Allianz is now present in more than 70 countries with over 180,000 employees. At the top of the international group is the holding company, Allianz SE, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of •

property and casualty insurance,

•

life

and

health

insurance,

asset

management and banking Henning Schulte-Noelle was the first CEO of Allianz who took up the history in the Third Reich when he commissioned an Archive for Corporate History in 1993, which was opened in 1996. In 1997 Schulte-Noelle asked Gerald D. Feldman, historian from the Berkeley University in California, if he would undertake a larger research project on Allianz past in the Third Reich. Feldman started the research in 1998 together with a team of young historians. A few month later Jewish World War II survivors and their descendants took Allianz and other European insurance companies to court, accusing them of unpaid insurance policies. Allianz and four other insurers supported the creation of the "International Commission on Holocaust era Insurance Claims" (ICHEIC), furthermore Allianz became a founding member of the German Foundation "Remembrance,

Responsibility

and

Future".

organizations took care of payments for the victims

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Both

Feldman published the comprehensive results of his research in September 2001. Based on this result Allianz established

an

exhibition

in

the

Archive

for

Corporate History and in the internet. The

research

concluded

that

Allianz,

as

an

organization and through its corporate officers, was forced to comply with the Nazi Regime and the Third Reich, starting as early as the early 1930s and continuing all the way through to the collapse of the Third Reich in 1945.

Among the more notable examples: Allianz

managers

held

senior

positions

in

the

administration of national socialist Germany. Kurt Schmitt, director general of Allianz until 1933, was Hitler’s Reich Economics Minister from June 1933 until January 1935. He became a member of both the Nazi Party and the SS in 1933. Eduard Hilgard, member of the board of Allianz, became head of the "Reich Group for Insurance" in 1934. He represented the insurance industry in a conference summoned by Hermann Goring after the November Pogrom of 1938. Hilgard reported on the material damages caused during the Crystal Night Pogrom and the estimated amounts of money insurance

46

companies had to cover. Subsequently the Nazi Administration drafted principles for the settlement of claims. According to these guidelines all claims of nonJewish claimants and Jewish policyholders with foreign citizenship had to be satisfied, all claims of Jewish claimants with German citizenship were abolished by ministerial order. After long-lasting negotiations Hilgard and the Nazi ministries agreed upon a lump sum payment of 1.3 million marks to the state. [5] Research showed that Allianz insured buildings owned by the SS and staff of Auschwitz extermination camp, as well as of the Dachau concentration camp. Prior to issuing the insurance policies, inspectors of Allianz’s local branch visited the camps. Professor Gerald Feldman’s study on the corporate history of Allianz confirmed that the company offered casualty insurance to engineers working at the Auschwitz plant of IG Farben Company. (Degesch, a subsidiary of IG Farben, manufactured Zyklon B in factories in Dessau and Kolin. The pesticide was used at Auschwitz and other camps to execute captives.). Feldman summarized his findings stating: „It was just one more piece of business in the Third Reich, but is demonstrated that such pieces on any large scale made contact at some point with all that is represented by the name “Auschwitz” – from slave labor to extermination – virtually inescapable.“ [5] [5] Source: Gerald D. Feldman: "Allianz and the German Insurance Business, 1933-1945", Cambridge University Press,

47

Recent management CEOs to date: • •

2003 -- : Michael Diekmann 1991—2003: Henning Schulte-Noelle

Australia

Allianz around the world Allianz Australia Limited (ABN 21 000 006 226) operates throughout Australia and New Zealand and through its subsidiaries offers a range of insurance and risk management products and services. Subsidiaries of Allianz Australia include Club Marine, Allianz Life and Hunter Premium Funding

Belgium Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-

48

branded to Allianz Belgium on the 29 November 2007..

Canada Allianz put a sudden halt to its Canadian P&C operation Allianz Canada (market share 2%) in 2004 after several years of unfavorable business results. Allianz originally entered the Canadian market in the early 1990s through an acquisition of several North American insurers, namely the American Firemans Fund and the Canadian Surety. Upon the market exit the personal and commercial lines unit was sold off to the market leader ING Canada, whereas its industrial underwriting branch was bought by Allianz US, which has retained the Toronto office.

India In India Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE.

49

Slovakia

50

Allianz - Slovenska poistovna headquarters, Bratislava Allianz started its life and Property & Casualty (P&C) operation in Slovakia in 1993 but the local subsidiary was never able to achieve a relevant market share. In 2001 Allianz AG bought the majority ownership in then stateowned Slovenska poistovna (Slovak Insurance Company), at the time suffering from political mismanagement, asset-stripping and deep underreserving. Slovenska however held a market share of privatization target, where Allianz had to compete with such insurers as AXA or Aegon. Upon the purchase the local Allianz operation was merged with Slovenska creating a new company Allianz - Slovenska poistovna. Its combined market share (life and P&C) presently stands at just below 40% (about 50% in P&C business), still making it by far the market leader.

United Kingdom

51

Allianz

owns

British

insurance

company

Cornhill Insurance plc, subsequently renamed Allianz Cornhill Insurance plc. This then simply became Allianz Insurance plc on 30 April 2007 to directly reflect its continental parentage. Their IT captive unit in India Allianz Cornhill Information

Services

plc

is

located

at

Technopark, Kerala. Allianz owned Kleinwort Benson which it inherited when it bought Dresdner Bank. The investment bank has subsequently been merged with the corporate bank of Dresdner Bank and rebranded as Dresdner Kleinwort . It also owns the High Net Worth insurance broker Home and Legacy.

Sports Allianz provided naming rights for the Allianz Arena, a football stadium in the north of Munich, Germany, which is sponsored by Allianz. The two professional Munich football clubs Bayern Munich and TSV 1860 München have played their home games at Allianz Arena since the start of the 2005–06 season. Both clubs had previously played their home games at the Munich Olympic Stadium; Bayern Munich since 1972 and 1860 München since the 1990s. 52

Allianz owns the Polish football team Gornik Zabrze. Allianz had been in negotiations with the New York Jets and the Giants to buy naming rights to

the

Meadowlands

Stadium

in

East

Rutherford, NJ , but those talks ended due to opposition from Jewish groups and holocaust survivors. [4]

Allianz has been a sponsor of the AT&T WilliamsF1 Team since 2000.

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj

53

Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance

Regulatory

and

Development

Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE. As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the industry by achieving growth as well as profitability. The company garnered a premium income of Rs. 2724 crore. Bajaj Allianz has made a profit before tax of Rs. 180 crore, an increase of 21% over the previous year and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last four years. The profit after tax was Rs. 121 crores, 27% higher than the previous year, which is one of the highest by any private insurer. Bajaj Allianz today has a countrywide network connected through the latest technology for

54

quick communication and response in over 200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

Our Achievements Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's Investors Services, for Claims Paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position. Bajaj Allianz General Insurance has received the prestigious “Business Leader in General Insurance”, awarded by NDTV Profit Business Leadership Awards 2008. The company was one of the top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year award by Asia .

55

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58

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Project Profile

Eligibility For Recruitment of an Insurance Agent Every person who has cleared higher secondary examination can become an agent other than a minor or the person who is convicted in any court for crime or any legal proceedings. Men and women both can work as an Agent. A single person can be associated with other life insurance companies. A training program is there to train a person who wants to become an Agent. There is 100 Hrs. training program which can be done either with the physical appearance in the class room or the interest basis. In the classroom training the trainee has to be physically present in the training session. There are difference sessions of training program. A trainee can attend any session according to his comfort. The training period is of 25 days approx. If the

60

trainee does not have enough time to devote in the classroom training, then there is another option left that is training on Internet. On the basis of Internet the trainee has provided a login number along with the password through which he operated his login and completed his training as convenient. Each and every hour pass on the net under his login head will be count on his account. The test for the training program is also on line. This is only procedure to be an Insurance Agent.

Scope of Insurance Agent In the present scenario the living standard is becoming higher and higher every day. Every person who has a family to survive wants to provide his family each and every possible comfortable thing. He wants his children to be a well dressed, to be higher qualified in a well recognized school, colleges, institutes and wants his children to go abroad for higher education. He wants to live a luxury life full of pleasure. To fulfill all of his needs he has to earn more and more. Any person can be on a job at a 61

time or can be on a business can’t fulfill his pleasure requirement. There is a source through which he can make money in a legal way that is insurance sector. Becoming an insurance Agent provides him the legal source by which he can earn money with his current status. It is the business in which you deal with you personal contacts and can gain extra income. This business needs low investment and not of much effort. It’s all depending on your social contacts and your skills to convince people by helping them to suggest the product which suited them the most. As due to critical diseases, growing percentage of accident and fear of financial crisis everyone wants to secure his or her future. Insurance sector plays a vital role in assuring people about their future. As the scope of insurance enhancing, the need of an insurance Agent who can guide the potential customers is growing. Being an insurance agent of Bajaj Allianz Life Insurance provides a legal mean to earn money which protects a person from earning through an illegal source which is harmful for society as well as him.

62

For the youngsters it provides great platform to prove them. On the basis of their performance they can be recruited as unit manager.

WHAT IS RECRUITM ENT? Recruitment refers to the process of attracting, screening, and selecting qualified people for a job at an organization or firm. For some components of the recruitment process, mid- and large-size organizations often retain professional recruiters or outsource some of the process to recruitment agencies.

63

The

recruitment

procedure

of

life

insurance is very easy. A person with high educating and well experience can be recruited after a personal interview and group discussion. After the training program is completed the Insurance Agent has to appear for the preexamination conducted by IRDA. As he clear the exam he provides a license, which is the 64

proof of a legalized insurance Agent, which permits him to deal in his insurance business.

Steps

in

recruitment

of

Insurance Agents • Approach to the likely person • Appointment as per condition • Discuss the topic • Give the documents which includes:1. Prospectus of the company 2. Brochure 3. Company’s plan 4. Questionnaire • Collect the document after its completion • Forward it to project manager • Feed it in the computer as the database • Follow up as per conditions

Modes of Contact • Personal Contacts • References • Phone Calls • Guidance as per Unit Manager

65

• E-Recruitment Many big life insurance organizations use Internet

as

a

source

of

recruitment.

E-

Recruitment is the use of technology to assist the recruitment

process.

They

advertise

job

vacancies through worldwide web. The job seekers send their applications or curriculum vitae i.e. CV through e mail using the Internet. Alternatively job seekers place their CV’s in worldwide web, which can be drawn by prospective employees depending upon their requirements. Advantages of e-recruitment are: • Low cost. • No intermediaries • Reduction in time for recruitment. • Recruitment of right type of people. • Efficiency of recruitment process. The buzzword and the latest trends in recruitment is the “E-Recruitment”. Also known as “Online recruitment”, it is the use of technology or the web based tools to assist the recruitment process. The tool can be either a job 66

website like naukri.com, the organization’s corporate web site or its own intranet. Many big and small organizations are using Internet as a source of recruitment. They advertise job vacancies through worldwide web. The job seekers send their applications or curriculum vitae (CV) through an e-mail using the Internet. Alternatively job seekers place their CV’s in worldwide web, which can be drawn by prospective employees depending upon their requirements. The two kinds of e- recruitment that an organization can use is – • Job portals – i.e. posting the position with the

job

description

and

the

job

specification on the job portal and also searching for the suitable resumes posted on the site corresponding to the opening in the organization. • Creating

a

complete

online

recruitment/application section in the company’s own website. Companies have added an application system to its website, where the ‘passive’ job seekers can submit their resumes into the database of the organization for consideration in future, as and when the roles become available.

67

• Resume Scanners: Resume scanner is one major benefit provided by the job portals to the organizations. It enables the employees to screen and filter the resumes through

pre-defined

requirements

(skills,

criteria’s

and

qualifications,

experience, payroll etc.) of the job. Job sites provide a 24*7 access to the database of the resumes to the employees facilitating the just-in-time hiring by the organizations. Also, the jobs can be posted on the site almost immediately and is also cheaper than advertising in the employment newspapers. Sometimes

companies

can

get

valuable

references through the “passers-by” applicants. Online recruitment helps the organizations to automate the recruitment process, save their time and costs on recruitments.

Online recruitment techniques • Giving a detailed job description and job specifications in the job postings to attract

68

candidates with the right skill sets and qualifications at the first stage. • E-recruitment should be incorporated into the overall recruitment strategy of the organization. • A well defined and structured applicant tracking system should be integrated and the system should have a back-end support. • Along with the back-office support a comprehensive website to receive and process job applications (through direct or online advertising) should be developed.

69

70

METHODS OF RECRUITMENT

Internal recruitment

is when the

business looks to fill the vacancy from within its existing workforce.

Advantages:  Cheaper and quicker to recruit  People already familiar with the business and how it operates  Provides opportunities for promotion with in the business – can be motivating

Disadvantages:  Limits the number of potential applicants  May cause resentment amongst candidates not appointed  No new ideas can be introduced from outside the business

71

External recruitment

is when the

business looks to fill the vacancy from any suitable applicant outside the business.

Advantages:  Outside people bring in new ideas  Larger pool of workers from which to find the best candidate  People have a wider range of experience.

Disadvantages: Longer process more expensive process due to advertisements and interviews require. Selection process may not be effective enough to reveal the best can candiate

Factors Affecting Recruitment

72

SHAPE \* MERGEFORMAT

73

Need for New Recruitment Strategies Considering the above realities, there is a dire need for a completely new recruiting strategy to ensure that that the industry’s aggressive growth targets are not choked by these challenges. This recruiting strategy must take into account the following realities. 1.

Aggressive growth plans. The entire

oil and gas industry is poised for major growth, particularly in the Middle East/North Africa region, Russia/CIS countries, and the Asia Pacific region. This calls for aggressive peopleplanning strategies for both the short- and long term. 2.

Retention.

The oil and gas industry is

bleeding from high attrition. In the service sector, the average attrition rate for 2006 was 23%. There are several problems which crop up if attrition is not addressed properly.

74

3.

Recruitment costs.

It is estimated that

the cost for an oilfield services company to replace an employee is USD 60,000. For an organization with 25,000 employees and a 20% attrition rate that would come to the astronomical figure of USD 300 million. Recruitment costs are not always apparent but, if not curtailed, can have a huge impact on a company’s bottom line.

4. Time factor. Attrition results in huge expenditures

of

time

for

management,

supervisory, and administrative personnel, not to mention lost productivity.

“A UNIVERSE OF KNOWLEDGE IS JUST WAITING TO BE EXPLORED”

75

METHODOLOGY

Title of the Study “Recruitment

Process

in

Insurance

Company”. The study is showing recruitment

76

process of any candidate in insurance company. This study also shows why people join insurance sector.

Duration of the Project In June20 to July 25, I have been assigned a project on recruiting process in insurance company with special reference to Bajaj Allinz Life Insurance as a part of our course curriculum. The duration of the research is approx 35 days.

Objective of Study The objective of the recruitment process is to obtain the number and quality of employees that can be selected in order to help the organization to achieve its goals and objectives. Following are other objectives of recruitment process1. Support the organization ability to acquire, retain and develop the best talent and skills. 2. Increase the effectiveness of various recruiting techniques

77

Types of Research I used a descriptive type of research. It is one which includes surveys and fact finding, enquiries of different kinds. The major purpose of such research is description of the state of affairs, as it exists at present. Methodology or process involving in the research followed during the course of summer training is as follows –

Collection of data: This is an important aspect in formulating the objective of research process where the data is collected via two process: (i) Primary Sources and (ii) Secondary sources i.

Primary sources- Where the data is collected primarily by interviewing and personal observation and is original in nature and accurate to the considerable extent.

ii.

Secondary sources- Where the data is obtained from some published and

printed 78

sources

such

as

newspaper,

magazines,

and

websites and so on. The study started with the attempt to know and get quenched with knowledge of the entire organization and its structure through a thorough Induction Program provided by the organization. Next was the step to get the idea of the Hierarchy followed in the organization, which would also be followed during the final selection of the candidate via Interviews. Moving with this approach and getting streamlined with our objective of recruiting the sales managers we went through a detailed document of Job Description in order to know the various task, duties and responsibilities that a sales manager is required to hold and also that would help us in our process of sourcing and short listing the candidates more effectively The methodology adopted during the recruitment activity included following steps • Sourcing • Screening • Short listing • Final Interview

•

SOURCING 79

The initial step for the process was Sourcing or collecting data as per the requirements of a TASM. Sourcing, in case of recruitment of sales managers,

specifically

means

randomly

gathering data (CVs and Resumes of candidates) from various sources, which suit the job description of a TASM in any manner.

SOURCING STRATEGIES The strategies adopted by us during the activity had its major focus on exploring the various sourcing areas and assessing the relevance of each. The various sourcing areas explored were:

80

• Job Portal (www.naukri.com) • Walk-ins • Referrals • Job Fair The exact distribution of the various sourcing areas in order of relevance is as under: • Job Portal - 6408 • Mailing - 5628 • Calling - 780 • Walk Ins - 5 • Referrals - 7 • Job Fair - 33

12% 88%

Mail Cailing

SCREENING

81

The next step is of screening that would crystallize the process of recruitment via the actual examination of the candidates and their resumes and aligning the whole process of examination with our requirement. During the process we thoroughly analyzed the resumes of candidates (ifit came via mails) or did a preliminary round of telephonic interview with the candidate in order to get abreast with their capabilities in regard of meeting our objectives. The overall screening was done on 1025CVs and the breakup was: • Mail Responses- 200 • Calls- 780 • Walk Ins and Referrals-12 • Job Fair- 33

82

Mail Calls 1%

walk Ins and Referrals

3%

Job Fair

20% 76%

SHORTLISTING

The next step of short listing incorporates m it the selectivity in the recruitment process with respect to two factors, the interest level of the candidate and their suited knowledge and expertise. The short listed candidates distributed in each category are as under: • MaiI Responses-82 • Calls-49

83

• Job Fair-IS • Walk-Ins and Referrals-I2

9%

8%

Mail Responses 52% 31%

FINAL INTERVIEW The last yet the most important step of the recruitment process is that of the Final Interview. It is after the completion of this round of selection that the candidate is finally selected

84

Calls

or rejected based on the judgmental analysis of the selection panel. In Bajaj A1lianz the final round of interview is done in various stages that are usually in the hierarchical manner i.e. to say the first round is done by the respective Branch Managers (BM's) of that particular location followed by the second round at the level of Divisional Managers (DM's). The final round is done by the Regional Manager who confirms the selection of the candidate. After this the candidate is deemed to go through the assessment process done at the level of HR Managers in order to verify the documents and the concerned details as provided by the candidate till the time of interview. If the candidate is passed through this process he/she is required to submit some more documents as prescribed in the checklist provided by the HR department. As soon as all these formalities are done the candidate is offered its Appointment Letter (APL) and is allotted its Date of Joining and the Employee code as specified by the norms of the organization. The analysis done after the completion of the study can be bifurcated into two categories

85

GENERAL QUESTIONS WHICH ARE ASKED AT THE TIME OF INTERVIEW 1. Tell me something about yourself.

2 You left your previous job/want to leave your current job because?

3. What are your best skills?

4 What is your major weakness?

5. Do you prefer to work by yourself or with others?

6. Career Aspirations? 7. What are your interests other than work??

8. Salary Expectation?

86

9. Why should we hire you rather than other candidates? " 10 .How fast can you type? 11. Have Forgotten To Ask You?"

ANALYSIS

13

SELECT ION

76

FINAL INTERVIEW 8

SHORTING

LISTING

SCREENING

980

87

SOURCING

6048

• Yield Ratios • Analytical Factors



YIELD RATIOS

In order to calculate and conceptually analyze effectively

each

step

of

the

process

of

recruitment, we need to apply some ratios that are called Yield ratios that provide us the filtering frequencies in form of figures of the latter stage in accordance with the earller one. Some of the ratios calculated are as under: -

1

Sourcing / Screening Ratio- This will provide us the ratio of the total

88

numbers of CV'S screened to the total number of Sourced CV'S. Total No. Of Sourced CV'S- 6048 Total No. Of Screened CV'S- 980 Ratio- 980/6048 = 6: 1 i.e. 16.2%

2.

Screened / Short listed RatioThis ratio gives us the filtration done during the Short listing of candidates from the Screened CV'S. Total No. Of Screened CV'S- 980 Total No. Of Short listed Candidates- 158 Ratio- 158/980 =6: 1 i.e. 16.12%

3.

Shortlisted/Finally Interviewed- This ratio represents the extent to which the shortlist candidates meet all criteria in order to get into the process of final interview.

ANALYTICAL FACTORS While doing the process of analysis there were certain factors that had their relevance in long 89

term basis i.e to say that these factors can be targeted for future reference while doing the process of recruitment at later point of time. This is with reference to the fact that the outcome or result generated out of the analysis of these factors can be of greater help in the Talent Acquisition process as a whole. The factors in picture are discussed as under:-

LOCATION

90

This factor takes into account various locations in order of relevance pertaining to the fact that which location carne up with maximum number of responses and also in our process of recruitment which location was targeted most of the times. The chart represents the exact distribution of the major location that did capture most of the portion of the recruitment activity

13% Banda

42% 33% 12%

the major portion of the candidates and responses were from Lucknow followed by Banda and then Kanpur. The category Others includes a random blend of many locations like Sitapur , Raibareily , Faizabad, Gonda, Mahoba, Manipuri

, Agra, Hathras,

Lakhimpur, Behraich , Shahjahanpur etc.

91

Kanpur Others

In the chart it can be clearly observed that

Orai,

Lucknow

Tundla,

EDUCATION

The Education factor takes into account the educational qualification of the short listed candidates and also the relevance of the major qualification degree among the short listed candidates. This was done on two rounds , firstly we bifurcated the Under graduates from the Post graduates and then did the distribution on both the levels so as to get the clear idea of the major degree that the candidates acquired hold. The distribution of the Under Graduates and Post graduates is given in the chart below where we can see that the major portion of the candidates short listed were Post Graduates.

92

INDUSTRY

The industry factor includes the exposure in terms of industry that the short listed candidates had with them. The analysis of this factor did help us in understanding the significance of industries other than Insurance that can be the basis of our recruitment process and from where the candidates can be targeted.

93

The distribution of the various Industries III order of relevance is shown with the help of a pie chart as under

5%

17%

7%

Banking/F

Insurance NA 36%

Telecom Others

35%

The study of the chart above can show that besides Insurance that tops the hiring list, among the other industries Telecom and Finance sector do have a decent share and so can be an area of targeting candidates from there. The category NA depicts the lot of candidates that either have not applied in the industry criteria or do not actually have the experience of any industry as such

ORGANIZATIONS The factor incorporates in it the study of various organizations from where the candidates can be

94

directed

towards

our

organization.

The

knowledge of this factor would be of help in future in respect of the sourcing of candidates in a way that through the result of this factor we would come to know the organizations from where the maximum number of candidates have responded and showed interest. In future these organizations can be targeted specifically In order to gather more streamlined and focused candidates for hiring.

5%

6% 11%

Reliance life ICICI Prudential Other Insurance Co. Others

78%

95

EXPERIENCE

This factor will analyze upon the amount of experience the short listed candidates have in terms of their working period in their current or previous organization. We also got to know the average experience every short listed candidate holds, which would again be of help for formulating the exact specifications for the post aft ASM (in terms of experience) in future. The average experience analyzed was 3.4 years. In all around 96 candidates were having experience in any organization and the rest were either not currently employed anywhere or were fresher. The exact distribution is depicted through the following chart which shows that the maximum number of candidates lie in the range of 2-4 years of experience. Tn the category 5 years and above, there was no consistency found in any particular range of years rather a random distribution of the number of years at various levels was noticed and maximum experience being of 15 years.

96

EXPERIENCE 30

25

25

19

Frequency

20 12

15 10

22

10

8

5 0 0-1 Yr

1-2 Yrs

2-3 Yrs

3-4Yrs

Number of Years

97

4-5Yrs 5 and above yrs

CTC The Last factor includes the range of CTC that the short listed candidates were getting in their previous organization. This factor would be of help in terms of formulating and fixing the CTC in our organization with respect to the current Market scenario for the post of TASM. The CTC at any point should be such that for the candidates it acts as a drive to be associated with the organization and should not have a negative impact on them, if they compare it with the current market situation. The average CTC that was calculated was of 1 .26 lakh per annum that the major portions of the short listed candidates were getting with one outlier of 3.25 lakh per annum as well. The actual segregation of the CTC in various ranges or salaries is given under:-

CTC 30

25

25

Frequency

20 15 10

6

5

1

0 0-1 lakhs

1-2 lakhs

2 and above lakhs

Rupees in lakhs

Scope of Study Every research is conducted to fulfill certain objectives and this objective in turn fulfill some purpose and is of significance for one or more then one party. This research is significant for:

To the student• This study provides the student a practical insight of various activities and functions of the company. • The will also be able to develop in depth knowledge of Human Research sector. • The study is also required for the partial fulfillment of the requirement for the degree of M.B.A. as per the curriculum.

To the company • The study would help SBI to know the Employee`s attitude towards the company. • To know the latest trend of the company.

Limitation of Study • The research area was restricted only within the Sikar city. This may not reflect the exact position of the total market. • Sample size was also so less, limitation of time means and resource forced for small size. •

Questionnaire includes 16 questions, which affects the mentality of respondents that is time consuming.

SWOT Strengths: Bajaj Allianz Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group Corporate. Bajaj Life extensively leverages the State Bank Group as a platform for cross-selling insurance products. At present Bajaj Life has over 400 branch offices in India. We take pride in our track record of growth, financial solidity, ethical practices, domain expertise and meritocratic culture. Join us for a rewarding and an enriching career.

Weakness:

1. LIC is prevalent and sustains even today a major source of

population. 2. Low number of offices and network and number of life insurance

agents.

3. Lack of knowledge and expertise.

Opportunities: 1. Life insurance has captured its mere15 – 20% growth therefore a wide open untapped market is open to the company to develop, grow and measure its success. 2. Still the numbers of companies are few and company has every capability to grow and forward its performance areas to the widest.

Threats: 1. People are hesitant to invest and put their hard earned money to the private life insurance company with the fear of getting lost. 2. Belief towards LIC as it is a government corporation phobia is continue to surmount the people of India despite lots of flaws and development and liberalization of life insurance.

3. Alternative financial services such as mutual fund, banking services, share and securities also pose problems and threats to the working of the life insurance sector. 4. Illiteracy and unemployment also pose threat.

5. Rising real estate industry also pose threat as people are investing a bulk of their money over to that industry.

FINDINGS The answers of the following questions represent the results of the findings:  How does the recruitment process work at Allianz Group? Some of our Allianz companies are managed globally and others locally. For this reason, the recruitment process may vary according to

the Allianz company. There are two main steps: The application process and the assessment process. The exact details of the process may differ slightly depending upon the Allianz company offering the job and any local, regional or national considerations.  Does Allianz follow ‘green recruitment’ principles? As global risk managers, we care about climate change. We believe in and practice ‘green recruitment’ policies. This means that we make every effort to encourage a paper-free recruitment process with a minimal environmental impact. Your application is invited through online mediums like e-mail, online application forms or the Global Talent Pool. If possible, telephone or video-based interviews are conducted to minimize any travel-related environmental impact.  How does Allianz assess candidates within recruiting? At Allianz Group, we have defined ten core competencies (Results Orientation, Entrepreneurial Orientation, Strategic Orientation, Market Insight, Driving Change and Innovation, Customer Focus, Driving Diversity, Fostering Relationships, Leading People, Developing Capability) as the essential building blocks for success. Each position, function and level requires different specifications. During the assessment phase, you will be asked questions about your functional skills and past experiences that relate directly to the essential competencies required for the specific position.

Thus the Major Findings of the whole study can be summarized as under: The major targeting zone or location for recruitment was Lucknow and Banda with respect to the interested candidates and the extent of responses gathered from each place.  Pertaining to the Educational background the major portion of the candidates were Post Graduates with MBA/PGDM as their highest qualification.  Coming to the Industry apart from Insurance, Telecom and Financial sector can be targeted for recruitment as many responses have come up from candidates from these sectors.  The major Organization that can be focused upon for the recruitment of sales manager in future are Reliance Life and ICICI prudential as the majority of candidates were from these organizations.  The Job description of the Sales Managers can include the Experience of the candidates ranging from 2 to 5 yrs as observed from the analysis of the short listed candidates in terms of their experience.

CONCLUSION The Process of Recruitment as discussed in the report incorporated some major steps that if done in adequate manner ends with the expected outcome, in this case with the actual acquisition of the TASMs. The Recruitment process ended with either of the following status of the interviewed candidates:  Selected  Rejected  Withdrawn Out of the 158 short listed candidates the distribution of all in the above categories is as under

9% 27%

Selected Rejected Withdrawn

64%

The Figure wise description is given below • Selected

-

13

• Rejected

-

41

• Withdrawn -

97

Detailed List of the Selected Candidates S.

Name

Contact No.

Location

19-Apr-10

9792938354

Lucknow I Interviewed

Selected

19-Apr-10

9307417128

Kanpur I

Interviewed

Selected

26-Apr-10

9918902248

Chowk

Interviewed

Selected

3-May-10

8004241436

Banda

Interviewed

Selected

27-Apr-10

8081977172

Lucknow I Interviewed

Selected

27-Apr-10

Lucknow I Interviewed

Selected

7

Abhishek Rai 28-Apr-10

Lucknow I Interviewed

Selected

8

Ashish Gupta 1-May-10

9389179008

Kanpur 3

Interviewed

Selected

9

Sushil Kumar 6-May-10

9336210595

Kanpur I

Interviewed

Selected

10

Puneet Gaur

10-May-10 9839100602

Kanpur I

Interviewed

Selected

11

Anil

11-May-10 9335055448

Raibareily

Interviewed

Selected

12

Mohit Kumar 12-May-10 9310345507

Lucknow I Interviewed

Selected

13

Rohit

Agra I

Selected

No. 1

Date of

Status

Status I

Interview Sanjeev Singh

2

Rahul Singh Senger

3

Durgendra Bahadur

4

Shailendra Singh

5

Imtiyaz Ahmed

6

Manish K Shukla

Bharadwaj

17-May-10 8006683114

Interviewed

RECOMMENDATIONS The Recommendations are done and given with the purpose of eliminating any loopholes that existed in the process that In some manner deteriorated the end results. This also incorporates in it the various authorities and all the people that in any manner are involved in the process of Recruitment. With due respect to the Organization and its people there are some set of Recommendations put forth with the earnest attempt of benefiting the organization: Prior Information to the concerned authority (Trainees or the HR department) regarding the validity of the interview date and also which dates are not applicable for the Interviews. This would reduce the withdrawn ratio that mostly arises due to this phenomenon.  Clear Implementation of Guidelines. (It is clearly specified In the guidelines that Any interviewing authority does not enjoy the right of giving any tasks to the interviewee before the final confirmation of selection, still majority of the authorities do not abide by this guideline and the result is that the interviewee does not turn up again and in some manner gets a negative image about the Organization.)  Inactive participation from the Concerned Interviewing Authorities of Certain locales.( There is a need to make the BMs, DMs and RMs aware of the fact that this process of recruitment is done for the benefit of the organization and so it is required of the people of the organization to work in a coordinated manner in order to achieve the end results more effectively)

Lack of Interaction among the concerned HR authority for ecruitment purpose and the Selection Authority. ( This can be made better in order toactually align the goals of the organization and the description formulated by the HR department as perfectly as possible)  Clear Guidelines in terms of actual figure and facts should be formulated with respect to the expectation of the organization from the candidate in terms of Education, Experience etc. If in future these points can be taken into consideration then the ratio of the Withdrawn Candidates that occurred mostly due to some of these factors would surely get reduced and the organization would only get benefited out of this. Process and the way in which it is done in Bajaj Allianz Life Insurance Co (BALIC). However the report specifically focuses on the recruitment of Trainee Assistant Sales Managers (TASM) for the regions UP l , UP3, and Uttaranchal with major orientations towards the former two regions. The major steps in the  Sourcing  Screening  Short listing  Final Interview

SUGGESTIONS Following are suggestions made for the benefits and augmentation of the sound working of the company –Bajaj Allianz life insurance: 1. Need to train and develop life insurance agents with more comprehensive knowledge and skills to counter every queries of the customer. 2. It is suggested that company should not left any stone unturned towards sound advertisement and promotional measures on every section whether it is printed, media or air via radio. 3. The advisors should be made aware and educated so that they can extend their services not only in terms of collection of premium checks from the customer but also to educate them about the insurance and the latest nontraditional plans. 4. All the company should come out of a unit link product that should aid every selection of the society. 5. It is also suggested that skilled management graduates need to be places on sales and marketing of financial services who

can render their best ideas for the accomplishment of the company goals and objectives to the best extent. 6. Also, care need to be taken that every customer’s grievance should be met with delight whether before purchase or after sales. 7. There should be an expansion measure for more offices and location of more centers for offices of the company be established sop that company may grow its network. 8. Life insurance Products should be made flexible so as to suit every section of society.

List of Places visited for conducting survey • Bajaj Allianz Hazratganj office. • Other Branches of Bajaj Allianz(Lucknow) • Market survey • Other company office

QUESTIONNAIRE Q.1. What do you mean by life insurance? a) Protection of human asset value against uncertainty



b) A sum received after death



c) Both



Q.2. Do you think life insurance is essential for every one? a) Yes



b) No



Q.3. What is your qualification? a) Post graduate



b) Graduate



c) Senior secondary



Q.4. Do you come under: a) 18-25 age group



b) 25 – 35 age group



c) 35 – 45 age group



d) Above 45 age group



Q.5. Would you like to know about a career in life insurance advisor ship where you can fulfill every desire of your life? a) Yes



b) No



Q.6. Do you perceive that life insurance business is a noble service oriented business? a) Yes



b) No



Q.7. Would you like to become or opt for life insurance advisor under esteemed and prospering organization SBI Life insurance? a) Yes



b) No



Q.8. Do you agree that the life insurance business is a growing industry and will grow and rapid pace in future? a) Yes



b) No



Q.9. Do you favor the privatization of life insurance by the Government where a significant number of companies now in the market for life insurance to the customers with the alliance of multinationals? a) Yes



b) No



SUGGESTION: 1.

……………………………………………………………

2.

……………………………………………………………

3.

……………………………………………………………

PERSONAL INFORMATION: Name: - ………………………………………………………………

Location: - ………………………………………………………… Occupation: - …………………………………………………………

ANALYSIS OF SURVEY

Analyzing of collected data:The data collected through market survey and published sources are then processed to obtained necessary inferences and findings for the purpose of achieving the objective as well as to derive necessary conclusion. A considerable skill and knowledge is involved in analyzing the data for the purpose of interpreting thereof.

Interpreting of data:It is the significant step where the data collected and analyzed is interpreted in the forms of graphs and figures is depicted in the report called project report.

Summarizing of data:-

Thereby necessary summary is prepared which is essential in the project report of the summer training being done under an organization

Market Survey Report  Category of life insurance

Protection of human asset value against uncertainty Tax benefit device Both

51 38 16

From the survey it was drawn that life insurance is more a protection of human asset value against uncertainty (conferred by 51 respondents) where it is a tax saving option (being accepted by 38 respondents). Life insurance is a service involving both these prerequisites as depicted by remaining 16 respondents.

 Essentiality of life insurance

Yes No

78 27

It has been observed and applied as a Life insurance is an essential service and should be applicable to every one, as favored by considerable 78 respondents where it is not essential to an extent by 27 respondents from the summer training project survey by putting forth the set questionnaire.

 Qualification for life insurance

Post graduate Graduate Senior secondary

35 59 11

When further enquired about the qualification of respondents, it was found that 57% of the respondents were graduates, 33% were post graduates and remaining 10% were of higher secondary out of total 105 respondents.

 Age qualification for life insurance

18-25 age group 25 – 35 age group 35 – 45 age group

41 37 21

Above 45 age group

6

Further, the age qualification for agency recruitment, it was found that 39% respondents were belonging to 18 – 25 age group, 35% were belonging to 25 – 35 age group where as 20% to 35 - 45 age group and remaining 6% to above 45 age group.  Causes of dissatisfaction Respondents had different views about the dissatisfaction from the present status of working or occupation. Dissatisfaction has been depicted in a table below and graphically above-

Low employment Low status

Low earning

3

24 18 All of the above

6 1

Huge capital investment

17

0

 Career in life insurance?

Yes No

59 46

When asked about whether they would like to know about a glorified career in life insurance agency where they can fulfill any and every desire of their life, 59 respondents agreed while 46 respondents said No and will see later sometime in future. It has been depicted that life insurance sector should be promoted at the wide extent as it contribute to the economy as a useful source beneficial for both nation as well as its citizens.  Life insurance is noble service or not?

Yes No

86 19

                 

BIBLIOGRAPHY

   

BOOKS  Managing Human Resources: TN Chabra  Human Resource and Personnel Management: Ashwathapa

MAGAZINES: • India Today • Business World • Business Economics

REFERENCE • Bajajallianz.co.in(web site) • www.google.co.in