Final Report HR

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ACKNOWLEDGEMENT 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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DECLARATION I hereby declare that the project work entitled RECRUITMENT AND SELECTION submitted to the INSTITUTE OF CO-OPERATIVE AND CORPORATE MANAGEMENT, RESEARCH AND TRAINING, is a record of an original work done by me under the guidance of Mr. Hitendera Kumar of Bajaj Allianz and Ms. Sushma Singh, Asst. Prof.(M.B.A. Department) and this project work has not performed the basis for the award of any Degree or diploma and similar project if any.

ASHISH KUMAR Roll No. -1112470025

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TABLE OF CONTENTS Cheapter-1 1.1

Executive Summary ……………………………………..6

1.2

Industry Profile……………………………………………7-20

1.3



Introduction and History of Insurance sector



Role of Insurance in Economic Development



List of Life & General Insurance company

Company Profile……………………………………………21-40 

Introduction of Bajaj Allianz……………………………………..



Introduction of Insurance Product and Benefits……………………..



National Network and Distribution Channel……………………..



Organization structure ……………………………………….

Cheapter-2 2.1

Introduction of Human Resource Department ……………………41-44

2.2

Introduction of Recruitment and Selection……………………….45-66

Cheapter-3 3.1 Introduction of Objective of Project……………………………….67-68 3.2 Research Methodology……………………………………………69-75.

Cheapter-4 4.1 Analysis and Interpretation of Data……………………………76-91.

Cheapter-5 5.1 Observation and Findings………………………………………92-94 4

Cheapter-6 6.1 Conclusions………………………………………………………….95-96

Cheapter-7 7.1 Suggestion and Recommendation…………………………………97-99.

Cheapter-8 8.1 Limitations…………………………………………………………100

Cheapter-9 9.1 Annexure…………………………………………………………101-103 9.2 Bibliography………………………………………………………104

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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 collection used 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 employee‟s settlement 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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INDUSTRY PROFILE

7

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 get some 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 7th country 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

Lloyd‟s Coffee House in London. Traders, who used to gather in the Lloyd‟s 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 9

Insurance Corporation of India (LIC)was formed on 1st September 1956,there were 170 companies and 75 provident funds societies transacting life business in India. After the amendment to the relevant laws in 1999,the LIC did not have the exclusive privilege of doing life insurance business in India, By 31.08.2007,sixteen new life insurance transacting life insurance business in India.

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had been registered and were

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 person assured 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 women‟s 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.

13

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 passenger‟s 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 company‟s 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.

15

 The every existence of risk that is uncertainty concerning the future, is a sever handicaps in economic activities. Insurance

removes the fear, worry and anxiety associated with this future uncertainty and thus encourage free investment of capital in business enterprises and promotes efficient use of existing resources.  Thus insurance encourages commercial and industrial development and there by contributes to a vigorous economy and national productivity.  Insurers are closely associated with several agencies and institutions engaged in fire loss prevention, cargo loss prevention, industrial safety and road safety. Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts.

 Insurance ranks with export trade, shipping and banking service as earner of foreign exchange to the country. It helps to earn foreign exchange and represent invisible exports.

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List of Insurance Companies Listed in Different Year List of Life and General Insurance companies

S.No.

1

Reg.

Date of

No.

Reg.

101

23.10.2000

Name of the Company

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

Life

Insurance

Company Ltd. 10

110

12.02.2001

TATA

AIG

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 17

Bajaj Allianz Life Insurance

Company Ltd. 16

117

06.08.2001

Met

Life

India

Insurance

Company Ltd. 17

121

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

Life

Insurance

Company Ltd. 24

130

17.07.2006

Bharti

AXA

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

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AEGON Religare Life Insurance

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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COMPANY’S PROFILE

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Introduction Of Bajaj…. The financial services and wind energy businesses were transferred to Bajaj FinServ Limited (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 Allianz

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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CORE VALUE OF BAJAJ ALLIANZ LIFE INSURANCE AND WHAT IT STANDS FOR

Core value of Bajaj Allianz  Understanding the customer s needs.  Meeting the customer s requirement.  Ensuring optimal performance at lowest cost.  Commitment to excellence.

What Bajaj Allianz Stands For  Dynamic and successful organization.  A socially valued enterprise.  Business integrity

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VISION AND MISSION

Bajaj Allianz Life Insurance co. Ltd. Shared Value: To be the Best Life Insurance company in India “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, let‟s 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 beyond what 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 lakh agents



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 2011‟ for the financial inclusion initiatives, through life insurance across the country



Bajaj Allianz General Insurance has received the highest rating‟iAAA‟ from ICRA Limited 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 is worth 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 revenue –Rs520353cr (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



3rd largest Assets Under Management (AUM) and largest amongst insurance companies



11th largest 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

30



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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INTRODUCTION OF INSURANCE, PRODUCT AND BENIFITS

32

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 the financial 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 33

BENEFITS: 1. Insurance protection to dependent, Thrift saving, tax Benefits.

2. A husband, for instance, may buy an insurance policy to ensure his wife and children 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.

34

INTRODUCTION OF NATIONAL NETWORK AND DISTRIBUTION CHANNELS

35

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 STM‟s 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

36

INTRODUCTION TO ORGANISATION GRADING STRUCTURE

37

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 heads – leadership role

L4

Department heads/ regional heads/ sales

L5

heads

Managers/ Functional heads

L3

A B

Assistant Manager – Supervisory role

L2

A B

Support staff

L1

A B

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Organization Structure (Sales Agency)

CFO

CEO

HOD SALES

ZONAL MANAGER

REGIONAL MANAGER

DIVISONAL MANAGER

BRANCH MANAGER

SALES MANAGER

ASTT. SALES MANAGER

INSURANCE CONSULTANT

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Alternative sales network

CFO

CEO

HOD SALES

AREA MANAGER

DEPUTY MANAGER

PLANNING CONSULTANT

40

INTRODUCTION TO HUMAN RESOURCES DEPARTMENT

41

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.

42

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

Asst. Mgr. HR

Dy. Mgr. -HR

Jr. Exce. HR Jr.ExceHR

44

Sr. ExceHR

Sr. ExceHR

Mgt. Trainee

RECRUITMENT AND SELECTION

45

Meaning of Recruitment “Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organization.” “Recruitment is the discovering of potential applicants for actual or anticipated organizational vacancies.”

Recruitment applies to the process of attracting potential employees to the organization or company.

It is the process of recruiting the top talent for a job takes time and you have to attract quality candidates who have the knowledge and skills needed to help your company grow. The fact is, your success with recruitment depends on how well you prepare your job ad, and use source of recruitment, and your interviewing skills. Prepare a job ad that works to start, you want to be sure that your potential candidates truly understandable the job. The clearer you are with the task description, working condition and advantages, the less time you will examining and rejecting applications. The essential of any job description are:  A brief description of your company  Detailed outline of the tasks involved  Qualification and experience required  Equipment and recourses used to do the work  Skills required using them.

Find the right recruitment vehicle choose the vehicle best works for your company, depending on your budget and recourse Word of mouth, or simply telling your employees, friends and colleagues about a job opening, is a less expensive strategy but generate fewer candidates. An advantage is that you already know something about your recruiter and their skills, knowledge and 46

achievement .this is preferred method with companies that have a finder‟s 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, it‟s 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. 47

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 Recruitment I. II.

Internal Source i.e., present employees. External Source i.e.,outsider.

Internal Sources There are two way by which any organization hire the people, (a) Transfer Transfer 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) Promotion Promotion 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) Advertising Advertisement 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 Placement

Direct 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 consultants

Management 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) Poaching

Experienced 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-Recruitment

In 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 CV‟s 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 belowi.

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 Referrals

The 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 callers Many 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 Recruitment 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

Direct Recruitment An employer can tap the candidates directly through the following ways;

I.

Campus Recruitment

Under this method the recruiter visits schools, colleges, universities, vocationaltechnical 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.

II.

Internships 52

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 interview

This 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 necessary details 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.

Direct Mail

Using 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.

Indirect Recruitment

53

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. Company‟s 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.

Recruitment 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.

54

Recruitment process in BALIC Man Power Plan

Position Description

Man Power Requisition

Blank Application

Preliminary Interview

Application Form

Personal Test: Intelligence Test Aptitude Test Employment Interview

Selection

Medical Examination

Appointment Letter

55

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.

56

After 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 candidate‟s 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.

57

Definition 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.

58

Procedure for becoming an Agent  The Insurance 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

59

a) Not a minor b) Have a passed at least the 12th standard 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 25 hours 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 agent‟s death. 60

Point to be noted while 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

Scoring

0

2

Unmarried

Married

1

2

10th or 12th

Graduate

Post graduate

2

2

Score

1

mechanism Marital status

Education

Standard 1 Tenor of stay in Less city

than

3 3-5 year

year

year

0 Household

Lass

income

lakhs

More than 5

1 than

2

2 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 prerecruitment 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 63

Step 4. During training following things will 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 prospect‟s 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



Experience – Fresher 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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OBJECTIVES OF THE PROJECT Every project report is carried out with some specific OBJECTIVE in the mind. Objective is basically the purpose behind conducting a project and unless the objective is certain or specifically defined it is not understood what data has to be collected. Objectives of the project are nothing but what is to be learned out of this project report.

Specific objectives of this Project Report To understand:  Understand various HR tools used in handling Recruitment?  To have exposure to recruitment process?  To have exposure to employees dues settlement process?  Whether the recruitment process and settlement process are satisfactory?  To understand how effective the computer system or new technology is in the recruitment system& settlement process?  To understand the process of recruitment and selection of an agent in Bajaj Allianz Life Insurance.  How to recruits agent for Bajaj Allianz Life Insurance.  To know about the view of general public about the job.  Why people are not willing to work with as an agent, especially with private player.

So in this project report I have made every effort to understand the above specified objectives keeping in mind the present scenario of the Recruitment and Selection of employee s process and collect data.

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RESEARCH METHODOLOGY

69

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 appro ach to solve the research problem with some logic 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 qualit y 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 70

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 resea rch 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 anal yze 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 Source

There are two sources of data collection:  Primary data source  Secondary data source.

Source of Data

Primary Data: Primary data are those data, which are obtained for the first time by the investigator himself. In order words, by primary data we mean those data, which are originally, i.e., those in which little or no grouping has been made, the instance being recorded or itemized encountered. The source of primary data used in my project is the questionnaire. Primary are the raw data like raw material. Primary data are according to object of investigation and used without correction. The collection of primary data requires large sum, energy and time. Precautions are not necessary in the use of the primary data. Secondary Data: Secondary data means data that are already available i.e.; they refer to the data, which have already been collected and analyzed by some one else. When the researcher utilizes secondary data, then he has to look in to various sources from where he can obtain them. In this cause he is certainly not confronted with the problems that are usually associated with the collection of original data. Secondary data may either be published data or unpublished data.

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Data Collection Method 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

Sampling 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 Research

Data Source

:

Primary Data

Research Instrument

:

Questionnaire

Sample Size Sample size means how many samples to be interviewed. The s ample size of m y study will be 100 respondents.

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DATA INTERPRETATION

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ANALYSIS AND INTERPRETATION OF DATA Since Recruitment and Full and Final system is important activity in any organization. The emphasis was lead on findings of views of various employees about the Recruitment process and Full and Final settlement followed in Bajaj Allianz. Because in origination there are written and unwritten process related to Recruitment and Full and Final Settlement of Employees on which employees view are important as a good policy of HRM.

Accordingly, the survey which was carried out was an eye opener and details analyses of my survey are explained in forth coming Para. A Research was conducted in Head Branch Hapur of various departments including HR department. Sample sizes of 10 people were taken for effectiveness of Recruitment. Sample sizes of 10 people were taken for Full and Final Settlement Data was collected on the basis of Questionnaire and Informal discussion.

77

ANALYSIS AND INTERPRETATION 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

Response(in %) 15

11 29

40

a

b c d

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

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Q.2. Whether the Recruitment process is documented?

a) Yes

b) No

Options

A

B

Total

Response

70

30

100

Response(in %)

30 70

a b

Interpretation: From the above response it is seen that majority of the employees feel that Recruitment process is documented in the company. However they can access when ever they want. Only 30% of the people says that documention is not required

79

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

Response(in %)

20

80

a b

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

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

Response(in %)

10

15 a

75

b c

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.

81

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

Response(in %)

30 50 a 20

b c

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.

82

Q.6. Whether the other department head is constitutes in the interview of the recruitment process? a) Totally linked

b) partially linked

c) Not at all.

Options

A

B

C

Total

Response

30

40

30

100

Response(in %)

30

30 a

40

b c

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

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Q.7. Whether the response of HR department or person on vacancy is? a) Not slow

b) slow

c) Quick

d) Very responsive

e) Excellent.

Options

A

B

C

D

E

Total

Response

11

20

29

17

23

100

Response(in %)

11

23

20

a b

17 29

c d e

Interpretation: From the above response it is seen that more than 29% the employee fells that the response is quick. But in few cases it is slow.

84

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

Response(in %)

10

30

15 a

45

b c d

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

85

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

Response(in %)

10

15 50 25

a b c d

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.

86

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

Response

15

20 a

65

b c

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.

87

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

Response(in %)

30

40 a 30

b c

Interpretation: From the above response it is seen that information of standard Recruitment process is not communicated to middle level executive.

88

Q.12. The major Man power source in Bajaj Allianz of recruitment process is? a) Newspaper

b) Internal recruitment

c) Campus interview

d) Firm or Agencies on contract basis. Options

A

B

C

D

Total

Response

10

30

20

40

100

Response(in %)

10

40

30 20

a b c d

Interpretation: From the above response it is seen that majority of the employees are employed from the agencies and later from the internal process. The least preference is given to the campus and newspaper.

89

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

Response(in %)

15

25

a 60

b c

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.

90

Q.14. Whether the selection in Bajaj Allianz is done on the basis of the merit? a) Yes

c) Can‟t say

b) No

Options

A

B

C

Total

Response

60

10

30

100

Response(in %)

30 60

a b c

10

Interpretation: From the above response it is clear that majority of the selection are based on merit.

91

OBSERVATION AND FINDINGS

92

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. 93

 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.

94

CONCLUSION

CONCLUSION The overall Recruitment process in Bajaj Allianz is satisfactory. There are certain organization objectives both in short term and long term should be taken into 95

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. 96

RECOMANDATION OR SUGGESTIONS

Recommendations Bajaj Allianz life insurance company must give more advertisements on electronic media and print media, as it help in enhance its goodwill and more people are willing

97

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

98

 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.  The company should concentrate on the personal interview as video conference interview cost more money and the candidate is more nervous.

Limitation

99

 I didn‟t get complete feed from the people about the question as they are busy in their work and had less time to fill questioned.  Sincerity of answering the question cannot be judged.  Time was the major constraint for me to understand the long process of recruitment and selection.  Limited money available for project.

100

ANNEXURE

ANNEXURE

101

The Questionnaire of Recruitment Processes System

NAME: DEPARTMENT CODE: EMPLOYEE CODE: EMPLOYEE GRADE:

Q.1. Are you satisfied with Recruitment system in Bajaj Allianz? a) Not at all

b) satisfied

d) Totally Good

c) Totally Satisfied

e) Excellent

a)

Q.2. Whether the Recruitment process is documented? a) Yes

b) No

a) Q.3. Whether the Recruitment process is documented if YES than the substances level of its knowledge to others is: a) Clear

b) Vague.

Q.4. Whether the Recruitment system is transparent at all level? a) Not at all

b) To some extent

c) To great extent.

Q.5. Is the Recruitment process uniform at all level? a) Yes

b) No

c) varies as per department.

Q.6. Whether the department head is constitutes in the interview of the recruitment process? a) Totally linked

b) partially linked

c) Not at all.

Q.7. Whether the response of HR department or person on vacancy is?

102

a) Not slow

b) slow

c) Quick

d) Very responsive

d) Excellent

Q.8. Whether the written test design gives real advantage or satisfaction? a) Not at all

b) satisfaction

d) Totally good

e) Excellent.

c) Total Satisfaction

Q.9. Whether the duration of the written is? a) Too short

b) Not long

c) Long

d) Too long.

Q.10. How is the test evaluation of the recruitment process? a) Fair

b) Justified

c) Not justified.

Q.11. Whether the middle level i.e. executive are well know of the recruitment Process? a) Not at all

b) To some extent

c) Thoroughly known

Q.12. The major Man power source in Bajaj Allianz of recruitment process is? a) Newspaper

b) Internal recruitment

c) Campus interview

d) Firm or Agencies on contract basis.

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.

Q.14. Whether the selection in Bajaj Allianz is done on the basis of the merit? a) Yes

b) No

c) Can t say

BIBLIOGRAPHY 103

BIBLIOGRAPHY Books Human Resource Management

Manual HRD Manual of Bajaj Allianz.

Websites www.google.com www.bajaj allianz.com www.ibid.com www.irda.com

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