Shraddha Pareek

7/29/2019 Shraddha Pareek

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REPORT ON SUMMER TRAINING

RECRUITMENT POLICY

AT BAJAJ ALLIANZ LIC ltd.

Submitted to :

Punjab Technical University, Jalandhar

In partial fulfillment of the

Requirements for the award of Degree of

Master of Business Administration

Batch 2011 2013

Submitted by:

Shraddha Pareek

Univ. Roll No.1174353

KHASLA INSTITUTE OF MANAGEMENT AND TECHNOLOGY FOR WOMEN,CIVIL LINES, LUDHIANA


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Acknowledgement

OUR civilization is the result of ever since co-operation & I am no exception of it because it

was very difficult to give this project report a final shape without the co-operation extended

directly by several persons.

First & foremost I AM GREATFUL TO Mr. Inderesh Kumar, Senior HR for providing me

opportunity for practical training. He kindly permitted me to carry up for training assignment

in BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED.

I wish to extend my thanks to all the employees who always supported & encourage me in

the project work. Mr. Surender Kumar, Executive HR who was my project guide &

provided me requisite information & helped in completion of my project work.

I sincerely thankMr. Siddharth Thakur, Executive HR without whose help & guidance I

would not have prepared the report in the way I did.

My overriding debt continues to my family & friends for their encouragement, inspiration,

motivation & moral support in accomplishing the project.

With a deep sense of gratitude and humble submission I would like to express my

heartiest gratefulness to Ms. Gaganpreet, Faculty Guide whose help, stimulating

suggestions and encouragement helped me in all the times of research for and writing

of this thesis.


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TABLE OF CONTENTS

CERTIFICATE ACKNOWLEDGEMENT EXECUTIVE SUMMARY

Sr .no. NAME PAGE NO.

EXECUTIVE SUMMARY 1

1 INTRODUCTION TO SUBJECT 3

2 INTRODUCTION OF COMPANY 6

3 overview of the industry 10

4 life insurance statistics 14

5 role of insurance in India 16

6 profile of bajaj allianz life insurance company 17

7 company history 21

8 product range of company 22

9 financial performance 23

11 bajaj distribution network 26

12 vision and culture 27

13 Bajaj allianz way 28

14 Different department hierarchy 30

15 SWOT analysis 31

16 HR DEPARTMENT OF BALIC. 33

17

DIFFERENT PROJECTS:

Performance appraisal 39

18 Talent mapping at BALIC 43

19 ESIC status. 46

20 E- learning at BALIC 48

21 RECURITMENT POLICY 51

22 RECURITMENT Process 53

23 Recruitment process at BALIC. 54

24 INDUCTION.25 For a new Joinee 69

26 Benefits given 71

27 Exit. 72

28 OBJECTIVE OF STUDY &RESEARCH METHODOLOGY 74

29 DATA ANALYSIS&INTERPRETATION 77

30 RECOMMENDATION&SUGGESTION 87

31 CONCLUSION 90

32 ANNEXURE 92

33 BIBLIOGRAPHY 96


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EXECUTIVE SUMMARY

I did my summer internship at Bajaj Allianz Life Insurance Company Limited, Chandigarh.

The company is one of the leading insurance companies of India. I did my summers at the

Regional Office located at Chandigarh. The HR department located at this office was looking

after the areas of Haryana, Himachal Pradesh and Chandigarh. I was assigned various

projects during the course of my 2-month internship with the organisation. The projects given

to me was RECRUITMENT POLICY.

The report deals with the details of my work in the organisation. This project required an

understanding of the processes established in the organisation, as well as using people skills

to get the various tasks done. Persistence and patience were extremely important to ensure

completion of the tasks assigned to me.

Under this project I had to benchmark the process of Recruitment of my company and to do

comparative analysis of different insurance companies regarding recruitment policy.

Apart from the assigned Project, I also was given different internal projects to handle. As I

was the part of the Chandigarh branch, my observations about the organization are limited

only to that branch. My discussions with the HR executives of the organisation have added to

my experience of organization processes.

I, like others, also had my share of learning and problems, which have been mentioned in the

report. In short, my learning was the vast addition to my knowledge base and honing of my

skills.


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OBJECTIVES OF THE STUDY:-

The objectives behind this project are:-

To gain experience of working in a professional setting, and develop an understandingof the various HR processes in an organization.

To study the different sources of Recruitment which are adopted in Bajaj Allianz. To study the different stages included in the Recruitment process which led to the

selection of a candidate till a joining letter is handed over to him.

To make comparative analysis of competitive insurance companies regarding theirrecruitment policies.

SCOPE OF THE STUDY:-

The scope of the study is to observe the recruitment process adopted by the company. Apart

from getting an idea of the techniques and methods in the recruitment process.

The scope of the project includes:-

Study of importance recruitment process for an enterprise. Study of recruitment process at Bajaj Allianz LIC Co. ltd.


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Introduction to the Subject:

In todays rapidly changing business environment, a well defined recruitment policy is

necessary for organizations to respond to its human resource requirements in time. Therefore,

it is important to have a clear and concise recruitment policy in place, which can be executed

effectively to recruit the best talent pool for the selection of the right candidate at the right

place quickly. Creating a suitable recruitment policy is the first step in the efficient hiring

process. A clear and concise recruitment policy helps ensure a sound recruitment process.

It specifies the objectives of recruitment and provides a framework for implementation of

recruitment programme. It may involve organizational system to be developed for

implementing recruitment programmes and procedures by filling up vacancies with best

qualified people.

COMPONENTS OF THE RECRUITMENT POLICY

The general recruitment policies and terms of the organization Recruitment services of consultants Recruitment of temporary employees Unique recruitment situations The selection process The job descriptions The terms and conditions of the employment

A recruitment policy of an organization should be such that:

It should focus on recruiting the best potential people. To ensure that every applicant and employee is treated equally with dignity and

respect.

Unbiased policy. To aid and encourage employees in realizing their full potential. Transparent, task oriented and merit based selection. Weightage during selection given to factors that suit organization needs. Optimization of manpower at the time of selection process. Defining the competent authority to approve each selection.


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Abides by relevant public policy and legislation on hiring and employmentrelationship.

Integrates employee needs with the organizational needs.

FACTORS AFFECTING RECRUITMENT POLICY

Organizational objectives Personnel policies of the organization and its competitors. Government policies on reservations. Preferred sources of recruitment. Need of the organization.

Recruitment costs and financial implications.

In most of the students institutes there are a number of people who become involved in the

placement process, from the initial stages when a vacancy arises, through the administrative

process of conducting pre-placement talks, holding various soft skills sessions and mock

interviews, through to the decisions about short listing and the best students. All or some of

the tasks can be undertaken by line managers or by a specialist HR team either employeddirectly by the authority or outsourced to an external organization. Line managers will

usually be involved in the selection process but may also undertake all or parts of the talent

acquisition process, such as organizing placement of the advertisement and inviting

prospective organizations and corporate to interview. Line managers will be the most familiar

with the jobs requirements and therefore be in a good position to ensure that the

advertisement is appropriate.

Alternatively, the Human Resources (HR) function may undertake the recruitment process.

The service could be provided by: -

A directorate-based HR team, provided as part of an overall HR service; A corporate HR team, provided as part of an overall HR service; A specialist team, whose sole responsibility is taking care of the placements;

A directorate-based HR team may have a greater understanding of the requirements of thejob, particularly if it is of a specialist nature, specific to that directorate. However, there may


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be concerns regarding consistency of practice across the authority, unless clear standards are

in place, and this may not help to promote the authoritys employer brand. In addition there

may be duplication of tasks between different directorates and confusion for potential

candidates, particularly if there are different contact points for different jobs. A corporate HR

team may help to ensure consistency, provide a central point for enquiries and achieve some

economics of scale. A specialist recruitment team within the organizations can provide

economies of scale, particularly for larger organizations and ensure consistency, a central

contact for potential candidates and centralized promotion of the employer brand.

The RECRUITMENT process is the first step towards creating the competitive strength and

the strategic advantage for the organizations. It involves a systematic procedure from

sourcing the candidates to arranging and conducting the interviews and requires many

resources and time. A general recruitment process is as follows: -

1. Identify vacancy2. Prepare job description and person specification3. Advertising the vacancy

4.

Managing the response

5. Short-listing6. Arrange the interviews7. Conducting the interview and decision making


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INTRODUCTION

TO THE INDUSTRY


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INTRODUCTION:

Insurance is a contract between two parties whereby one party called insurer

undertakes in exchange for a fixed amount of money on the happening of a certain

event.

Future is always uncertain and full of risk. It is not certain that what is going to happen

tomorrow. Therefore a man is always worried about security of property and life. Insurance is

a means of meeting out loss caused by future risks and uncertainties.

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

exchange for a fixed sum called premiums, to pay the other party called insured a fixed

amount of money on the happening of a certain event.

According to Patterson Insurance is an agreement between two parties under which one party

undertakes specified future risk of another party and compensates the loss from that risk on

payment of some consideration known as premium payable by the later

Insurance may be described as a social device to reduce or eliminate risk of life and property.

Under the plan of insurance, a large number of people associate themselves by sharing risk,

attached to individual.

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

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

due to accidental events, are made good.

Insurance is a tool by which losses of a small number are compensated out of funds collected

from plenteous. Gradually as competition increased benefits given by industry to its

customers increased by leaps and bounds. Insurance is a basic form of risk management

which provides protection against possible loss to life or physical assets. Person who seeks

protection against such loss is termed as insured, and company that promises to honor claim,

incase such loss is actually incurred by insured, is termed as Insurer. In order to get

insurance, insured is required to pay to insurance company a certain amount called premium.

Premium is collected by insurance companies which acts as trustee to pool created through

contributions made by persons seeking to protect themselves from common risk. Any loss to

the insured incase of happening of an un certain event is paid out of this pool. .


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Insurance provides:

Protection to investor. Accumulation of savings. Channeling these savings into sectors needing huge long term investment

INDUSTRY OVERVIEW:

LIC (Life Insurance Corporation of India) still remains the largest life insurance company

accounting for 64% market share. ICICI Prudential Life Insurance Co Ltd is the biggest

private life insurance company in India. It experienced growth of 58% in new business

premium. Bajaj Allianz Life Insurance Co Ltd has ranked second (after LIC) in number of

policies sold in 2007-08. SBI Life Insurance Co Ltd in terms of new number of policies sold,

the company ranked 6th

in 2007-083.

The Insurance industry comprises of the following most prominent companies apart from

Bajaj Allianz Life Insurance:

1. Birla Sun Life Insurance Co Ltd: It moved to the 7th

position in 2007-08.

Birla Sun Life offers extensive and thoughtfully devised financial services to its large

base of customers across the globe to help them manage their finance in the most

effective way. You can benefit a lot from its wide array of financial services in the

areas of wealth management, mutual funds and insurance plans. The life insurance

business is taken care of by the Birla Sun Life Insurance Company Limited (BSLI).

The tie-up between Aditya Birla Group and Canada-based Sun Life Financial Inc

resulted in the existence of this one of the top-notch insurance companies in India.2. Max New York Life Insurance Co Ltd: It was pushed down to the 8 th position from

7th

in 2007-08.Max Life Insurance Company is one name in the field of insurance in

India that offers a diverse range of products for a wide ranging variety of customers.

The company Max New York Life Insurance is a joint business enterprise between

Indias leading Multi-business Corporation Max India Limited and New York Life, a

Fortune 100 Company. The company aims to become the most admired life insurance

company in India and has developed a strong corporate governance model based on

the central value of excellence, honesty, knowledge, integrity and teamwork. Max


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offers a suite of products covering the sectors of both life insurance and health

insurance sectors. Merged in 2000, the company started its commercial operations in

India one year later in 2001. Max Life Insurance Company has around 87,688 agent

advisors at 712 offices across 389 cities in the country. Besides this, the company also

has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing

relationships. The company has put in place a unique model of distribution to deepen

our rural penetration and has 137 offices dedicated to rural areas. Currently the

company has more than eleven thousand employees in India working in the various

insurance divisions.

3. Aviva Life Insurance Company India Ltd: Its ranking dropped to 10th in 2007-08

from 9th

last year.Aviva Life Insurance India is a private insurance company formed

from collaboration between the Aviva insurance group of UK and the Dabur group,

one of Indias oldest and top producers of traditional health care products. Avivas

products are meant to provide customers flexibility, transparency and value for

money.

4. Reliance Life Insurance Co Ltd: It ranks 5th in new business premium and 4th in

number of new policies sold in 2007-08.Reliance Life Insurance provides a number

of investment plans for individuals as well as group. Some of these plans include:

a. Protection Plans- with these plans one can protect his/her family. One can

choose between a limited period plan and a lifetime protection plan.

b. Savings & Investment Plans- these plans help one to save some money for

the specific future purposes. Now, one can provide for the familys daily needs

and also not worry about expenditures.

c. Retirement Plans- as the name suggests, these plans help one to save money

even after retirement. Now enjoy the freedom of being independent even after

your retirement.

d. Child Plans- if one is planning to secure ones childs future and then she can

invest in Reliance Child Plans


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Life Insurance Statistics

Indian population 1 bn

GDP as on 2000 (Rs bn) 20000 bn

Gross domestic savings as a % of GDP 23%

NCAER estimate of insurable population 240 mn

Estimated market by 2005 650 mn

Source: Indiainfoline.com and NCAER

India has an enormous middle-class that can afford to buy life, health, and disability and

pension plan products. The low level of penetration of life insurance in India compared to

other developed nations can be judged by a comparison of per capita life premium.

Country Life Premium Per Capita US $ in 1994

Japan 3,817

UK 1,280

USA 964

India 4

Source: Various Newspapers

Clearly, there is considerable scope to raise per capita life premium if the market is

effectively tapped.

India has traditionally been a high savings oriented countryoften described as being on par

with the thrifty Japan. Insurance sector in the US of A is as big in size as the banking industry

there. This gives us an idea of how important the sector is. Insurance sector _anquet_ed_ the

savings of the people to long-term investments. In India where infrastructure is said to be of

critical importance, this sector will bring the nations own money for the nation.


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In 3 years time we would expect the 10% of the population to be under some sort of an

insurance cover. This assuming a premium of Rs. 5000 on an average, amounts to 100

million x Rs.5000 = Rs. 500 bn.

This has made the sector the hottest one in India after IT. With social security and security to

the public at large being the agenda for opening the sector, the role of the regulator becomes

all the more serious and one that would be carefully watched at every step.

In the now open sector on insurance, the following factors will determine the success of the

company in particular and the industry in general:

A change in the attitude of the population

Indians have always been wary of employing their hard-earned money in a venture that will

pay them on their death. Insurance has always been used as a Tax saving tool. It is up to the

insurers to educate the people to secure/insure their future against any unknown calamity and

make a shield around their families and businesses. Insurance should now be looked at as an

investment option rather than death benefit.

An open and transparent environment created under the IRDA.

Insurance as a sector requires players who are strong financially and are willing to wait for

returns. Their confidence can be bolstered only if there is an open and a transparent policy

guidelines. This will also help the consumers feel safe that the regulatory is an active one and

cares to do everything possible to keep things under control and help the insurance

environment grow maturely.

A well-established distribution network.

To cater to the largest democracy in the world is by no means a cakewalk. Insurance profits

are directly related to number of insured and this is in turn related to the reach. The joint

ventures announced have a flavour of network being a critical decider. This is so because as

per the guidelines 15% of the policies written by the 5th

financial year will have to come from

the rural area. The banks are the only ones who have that reach.


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Trained professionals to build and sell the product.

It is said that the insurance agent is the best salesman in the world. Thus the players will

require an excellent sales team to sell their products in the now competitive environment. The

importance can be seen from the fact that a lot of LIC/GIC personal is being poached by thenew players.

A more rationale approach to the investment criteria.

This is a very critical area as far as the government and the players are concerned. The

government has fixed up the investment pattern for the players to meet its social obligations.

The players feel that the compulsion is unjust and will affect their return on investments. One

may wonder then why it has been listed as a success factor. The reason is that it is in the

larger interests of the society. The more the people insured, the better the revenues, followed

by better security, followed by better morale and productivity. On a national level the criteria

ensure that the money does not go out of the nation. We also need to bear in mind that the

insurers are here not for charity but for profits.

A level playing field at all stages of development in the sector for all the players.

An unbiased environment is where the best comes out of the players. Their real strength

shines through. This is the beauty of capitalism that we are trying to achieve in our

customized manner. This will only help the industry grow and so will the society.


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ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

For economic developments, investments are necessary. Investments are made out of savings.

A life insurance company is a major instrument for the mobilization of savings of people,

particularly from the middle and lower income groups. These savings are _anquet_ed into

investments for economic growth.

As on 31.3.2000, the total investments of the LIC exceeded 147,000 cores, of which more

than Rs. 84000 cores were directly in Government (both State and Centre) related securities,

nearly Rs. 12,000 cores in the State Electricity Boards, Rs. 16,000 cores in housing loans and

Rs. 3,000 cores in water supply and sewerage systems. Other investments included road

transport, setting up of industrial estates and directly financing industry. Investments in the

corporate sector (shares, debentures and term loans) exceeded Rs. 28000 cores. These were

areas which directly affect the lives of the people and their economic well being. The L.I.C.,

like any other good life insurance company, has huge funds, accumulated through the small

payments of premium of individuals, and is a powerful contributor for the economic

development of the country.

A life insurance companys strength lies in the fact that huge amounts are collected and

pooled together. These 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 life 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. That is

why successful insurance companies would not be found in vesting in speculative ventures.

Their investments, as in the case of the L.I.C. benefit the society at large.


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Profile of Bajaj Alianz Life Insurance Co. Ltd.


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BAJAJ ALLIANZ LIC

Is the fastest growing private life insurance company in India.

Currently have over 300000 satisfied customers.Have Customer care centers

in 156 cities with 28000 Insurance Consultant providing the finest customer

service.One of Indias leading private life insurance companies.

Allianz Group Worldwide

Allianz is one of the leading global insurance companies Headquartered in Munich, Germany, established in 1890. With over 700 subsidiaries and approximately 181,635 employees worldwide Allianz global network extends to over 70 countries Allianz has the highest commitment & has never exited a market once the company

has set up operations there.

One of Europes most highly valued stock corporations Net income in excess of Rs 5844 crores Provides insurance to almost half of fortune 500 companies

BAJAJ Finserv

An associate company of Bajaj Auto Ltd. Incorporated on 30April 2007 Currently engaged in life insurance, general insurance, consumer finance business,

distribution of financial products & services and wind-energy generation.


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Indian Operation

Growing at a breakneck pace with a strong pan Indian presence, Bajaj Allianz has emerged as

a strong player in India. Bajaj Allianz Life Insurance Company Limited is a joint venture

between two leading conglomerates Allianz AG and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by customer orientation to

establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd.

Was incorporated on 12th

March 2001. The company received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd

August 2001

to conduct Life Insurance business in India.

ALLIANZ SE is:

1. Worlds largest Insurance company by revenue- Rs 5, 20,353 cr.

2. World wide 2nd

by gross written premium- Rs 4, 77,980cr.

3. 3rd

largest asset under (AUM) largest amongst insurance COS AUM of rest, 95,94,200 cr

4. 11th

largest corporation in the world.

5. 50% of global business from life insurance. Close to 60 million lives insured globally.

6. Established in 1890 , 110 years insurance more than 70 countries , 173,750 employees

world wide, insurance to almost half of the fortune 500COS.

Bajaj Allianz Life Insurance Company Limited is a union between Allianz SE, one of the

worlds largest Insurance Company and Bajaj Auto, one of the biggest 2&3-wheeler

manufactures in the world. Allianz SE is a leading insurance conglomerate globally and one

of the largest asset managers in the world, managing assets worth over a trillion Euros (over

Rs. 55, 00, 000 crores). Allianz SE has over 115 years of financial experience and a strong

presence in over 70 countries. Bajaj Auto is one of the most trusted names in the Indian

market for over 55 years. At Bajaj Allianz Life Insurance, customer delight is our guiding

principle. Our business philosophy is to ensure excellent insurance and investment solutions

by offering customized products, supported by the best technology.


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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 with 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 Berkeley

University in California, if he would undertake a larger research project on Allianzs past

involvement with the Third Reich. Feldman started the research in 1998 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.

Both organizations took care of payments for the victims. Feldman published thecomprehensive results of his research in September 2001. Based on these results Allianz

established an exhibition in the Archive for Corporate History and on 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.Allianz

managers held senior positions in the administration of national socialist Germany. Kurt

Schmitt, director general of Allianz until 1933, was Hitlers 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 companies had to cover.


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COMPANYS HISTORY

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

States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a

stake in Riunione Adriatica di Scurita (RAS), Milan, strengthened its presence in Western

and Southern Europe in the 1980s. Recently, on 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

acquiredFiremans fund, an insurer in the United States, which was followed by the purchase

ofAssurances Generales 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

cross-border merger with RAS, Allianz converted into a European Company (SESocietas

Europaea) on October 13, 2006.

On 31, August 2008, Allianz announced that it would sell its loss making unit Dresdner Bank

to Commerz bankfor a total of 8.8 Bn Euro. Targeted date for the full sale was 2nd

term 2009.

After renegotiations it was announced in November 2008 that Commerz bankwould acquire

the 100% ownership ofDresdner Bankearlier (12 January 2009). The sale price was lowered

to 5.5 Bn Euro. Shortly after this transaction completed, Commerz bankhad to be partially be

nationalized by the German government to prevent it from bankruptcy. Allianz is currently

keeping around 14% of Commerz bank Shares. The venture into the German banking space is

said to have cost the insurance giant about 30-35 Euro. Bajaj Allianz life Insurance co. is ajoint venture between Allianz SE and Bajaj Auto India ltd.
http://en.wikipedia.org/wiki/Berlinhttp://en.wikipedia.org/wiki/Munichhttp://en.wikipedia.org/wiki/1949http://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/Parishttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/Great_Britainhttp://en.wikipedia.org/wiki/Netherlandshttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/w/index.php?title=Cornhill_Insurance&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Riunione_Adriatica_di_Sicurit%C3%A0&action=edit&redlink=1http://en.wikipedia.org/wiki/Milanhttp://en.wikipedia.org/wiki/Hungaryhttp://en.wikipedia.org/wiki/Fireman%E2%80%99s_Fundhttp://en.wikipedia.org/wiki/Fireman%E2%80%99s_Fundhttp://en.wikipedia.org/wiki/Fireman%E2%80%99s_Fundhttp://en.wikipedia.org/wiki/Assurances_Generales_de_Francehttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Joint_ventureshttp://en.wikipedia.org/wiki/Acquisitionshttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Asset_managementhttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/Allianz_Global_Investorshttp://en.wikipedia.org/w/index.php?title=Michael_Diekmann&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Henning_Schulte-Noelle&action=edit&redlink=1http://en.wikipedia.org/wiki/European_Companyhttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Commerzbankhttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/European_Companyhttp://en.wikipedia.org/w/index.php?title=Henning_Schulte-Noelle&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Michael_Diekmann&action=edit&redlink=1http://en.wikipedia.org/wiki/Allianz_Global_Investorshttp://en.wikipedia.org/wiki/Dresdner_Bankhttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/Asset_managementhttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Acquisitionshttp://en.wikipedia.org/wiki/Joint_ventureshttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Assurances_Generales_de_Francehttp://en.wikipedia.org/wiki/Fireman%E2%80%99s_Fundhttp://en.wikipedia.org/wiki/Hungaryhttp://en.wikipedia.org/wiki/Milanhttp://en.wikipedia.org/w/index.php?title=Riunione_Adriatica_di_Sicurit%C3%A0&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Cornhill_Insurance&action=edit&redlink=1http://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Netherlandshttp://en.wikipedia.org/wiki/Great_Britainhttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/Parishttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/1949http://en.wikipedia.org/wiki/Munichhttp://en.wikipedia.org/wiki/Berlin


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Company Products

Bajaj Allianz Life Insurance Company was the no. 1 private sector life insurance company

for the financial year 2005-06. With a pan India presence and over 900 + offices, Bajaj

Allianz Life Insurance already has a customer base of close to 2 million customers. Bajaj

Allianz Life Insurance has developed insurance solutions that cater to every segment and age-

income profiles. For companies it provides comprehensive Employee Benefit Solutions

(Group Term Life, EDLI, Gratuity, Super-annotation, Key man Insurance and more); for the

individual Invest Gain (a unique life insurance plan where sustenance of income is combined

in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain

(Childrens plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with

return of premium), Saran Visitant (Retirement Plan), Protector (Mortgage term insurance

Plan), New Unit Gain Super, New Family Gain, New Unit Gain Plus, New Unit Gain, New

Unit Gain Premier, New Unit Gain Easy Pension Plus, New Unit Gain Easy Pension

Plus single premium. Currently Bajaj Allianz has a product portfolio of 30 products and

more need-based products are in the pipeline. It has followed Bancassurance Model which is

the term used to describe the sale of insurance products in a Bank. The word is a combination

of _anquet or bank and assurance signifying that both banking and insurance are

provided by the same corporate entity. The usage of the word picked up as banks and

insurance companies merged and banks sought to provide insurance, especially in markets

that have been liberalized recently. It is a controversial idea, and many feel it gives banks too

great a control over the financial industry.

Group Life Plans:

Group Credit Shield

Group Term Life

Group Term Life Scheme in lieu of

EDLI

Group Gratuity Care

Group Superannuation Care

Individual Plans:

Unit Linked insurance plans

Traditional insurance plans

Pension plans

Term plans

PRODUCTS:


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FINANCIAL STATUS OF THE COMPANY

Bajaj Allianz- The Present

Over 3,00,000 satisfied customers Leading private sector insurance company in India One of the fastest growing private sector life insurer in India Accelerated Growth Pan India network Wide range of product to suit your needs. Decentralized organizational structure for increased response and service levels

Accelerated Growth

Fiscal Year No. of policies sold New Business in FY

2001-2002(6 mths) 21,37 Rs. 7 cr.

2002-2003 1,15,965 Rs. 63.3 cr.

2003-2004 1,86,443 Rs. 180 cr.

2004-2005 2,88,189 Rs. 857 cr.

2005-2006 7,81,685 Rs. 2,717 cr.

2006-2007 20,79,217 Rs. 4,302 cr.

2007-2008 37,44,742 Rs. 6,674 cr.

2008-2009 25,90,765 Rs. 4,491 cr.

2009-2010 22,30,686 Rs. 4,451 cr.

2010-2011 26,41,010 Rs. 4,552 cr.


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Tie Ups with Banks

Bajaj Allainz Life Insurance Company was amongst the pioneers of Bancassurance in India.

Having pioneered the phenomenon, Bancassurance is one the core business strategies. Three

of the strong Bancassurance tie-ups are:

Standard Chartered Bank Axis Bank ICICI Bank

They have developed a range of life insurance products exclusively for their Bancassurance

partners. Also, the products are customized to suit specific needs of banks.

Bajaj Allianz- A force to reckon with

Bajaj Auto Limited owns 74%, Allianz AG owns 26% Paid up share capital Rs 110 crs Directors- Mr Rahul Bajaj (Chairman); Mr Sanjiv Bajaj; Mr PS Palande, Mr. Ranjit

Gupta, Dr. Werner Zedelius; Mr. Heinz Dollberg & Mr. Dietmar Raich

The fastest growing Private life insurer in India. 21 Cities and 30 Customer Care Centre (CCC) More than 8000 recruited and trained Insurance Care Consultants. All CCCs networked with state of art IT systems. Highest standard of customer service & simplified claims process in the industry


25/100

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 3,00,000+ Insurance Consultants

170+ Bancassurance partners across countryStrong alternate channel with 2000+ Franchisees, 200+ corporate agents, 70+ brokers and

100+ Direct Marketing Branches


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Bajaj Allianz Distribution Network

Bajaj Allianz has a wide distribution network, and it sells insurance policies through various

channels. Each of these channels has independent office locations and staff, and all the HR

activities of all these office are looked after by the local HR staff.

The main distribution channels of the Company are the agency channel and the alternate

channel. In the agency channel, the insurance advisors target individuals and they may even

be in the rural area. The company has realized that there is a lot of potential in the rural

market and is trying to explore that opportunity. The other main distribution channel is

alternate channel, which includes bancassurance and corporate channels. Bancassurance is a

French term referring to the selling of insurance through a banks established distribution

channels. The result is that bank encompasses banking, insurance and investment products for

the banks customers. The company has tie up with Standard Chartered for bancassurance.

There are people from Standard Chartered who are trained to sell the companys products.

The other alternate channel is corporate wherein the company approaches an organization to

get the policies for all the employees working in the organization.

BAJAJ ALLIANZ LIFE INSURANCE: Distribution

BancAgency

Alternate Corporate Direct

Area

Offices

Branch

Offices

Over 2 lacs

+ Sales

Standard

Chartered

Syndicate

Bank

GE Money

Urban Co-Op

Banks

Dist. Co-Op

Bank

Corporate

Agents

Franchises

Brokers

Brokers Branches

Corporate

Sales

Direct

Business

ISOs

BDMs


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Vision and Culture

Vision

To be the BEST Life Insurance Company in India

To Buy From,

Work For &

Invest In

Culture @ Bajaj Allianz

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 humour.


28/100

The Bajaj Allianz Way

Invest in peoplePay / develop / career planning Dominate your marketbe decisive / communicate clear goals Never sit stillchange continually / revolutionize Think service; service; servicecontinuous improvement Learn and leadbe prepared to listen Tell the facts as they areclear communication Kill bureaucracy boundary less / ideas not management layers / informality /

speed 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 Onlineo Any of the BALIC officeso Bill-Junction and Bill Desko Credit cards or direct debit for Standard Chartered customers

Efficient systems, process & speed of response has ensured lowest number ofcomplaints from customers to IRDA


29/100

Code of Conduct

1. Principle: Fair and Regulator Conduct of Business2. Professional Development: based upon Performance and Potential3. No Insider Trading or Recommendation4. Communication, Professional Independence of Journalists and Media5. Customer Information and Advice6. Potential Conflicts of Interest with Clients and Business Partners7. Complaints Management8. Financial Reporting9. No Corruption or Bribery10.

. Acceptance of Gifts and other Benefits

12. Gratuities to Representatives of Public Institutions

13. Political and Charitable Contributions/ Sponsorship

14. Granting of Gifts and other Benefits/ Invitations to Entertainment

15. Potential Conflicts between Private Interests of Employees and Allianz Group/ OE

Interests

16. Licenses and Registration

17. Acceptance and Handling of Clients Funds and Valuables

18. Protection of Group Property and of Natural Resources

19. Prevention of Money Laundering and Financing of Terrorism, no Illegal Activities

20.Ethical Conduct of Business

21. Consequences of Non-Compliance

22. Protection of Employees in Case of Communication about Illegal or Questionable

Activities


30/100

DifferentDepartment Hierarchy of BALIC

Sales & Marketing (agency)

Banc assurance

Corporate Business

Strategic initiative

SALES Department NON-SALES Department

Business Procurement

Direct Marketing

Human Resource

Operations

Finance

Renewals

Actuarial

Administrative

Sales- Administration

Training

Alternate channel

Departments:


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SWOT Analysis

Strengths

1. Strong Brand Image

2. Dedicated sales team

3. Value added services

4. The first large private sector life insurance company with a pan India network and strong

retail focus to declare substantial profits for the financial year

5. Most profitable private life insurer for 06-07

6. Largest distribution network to reach the customers across the country with 2, 13,000

agents, 900 offices in 840 towns, 200 corporate agents & Bancassurance partners

7. Announced a healthy profit of Rs 45 crore for the financial year 2008-09 as per the audited

results.

8. Building on number one position in previous financial year 08-09 in new business the

company is now no.1 in the private sector in issuing largest number of policies and becoming

a truly mass retail company.

Weaknesses

1. Have to compete with the Government Companies like LIC and UTI who have been very

established in this field. So they will have to attain the same trust of the public as it is in the

case of LIC and UTI.

2. Weak Customer Relations Management

3. Centralized Structure


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Opportunities

1. Large Untapped Market

2. Distinguishable product (like Parivar Account).

Threats

1. Presence of very strong competitors

2. Aggressive marketing by competitors.

3. Various investment schemes with high returns.


33/100

HUMAN

RESOURCEDEPARTMENT OF

THEORGANISATION

HR Hierarchy of BALIC:


34/100

Policies of HR Department of the company:

In Multinational Company like Allianz Bajaj HR planning and policies plays a major role in

the growth of the organization.

HR planning foresees the man power requirement. The need like food, sanitation is the basic

function of the HR planning.

Motivation is the inseparable part of Allianz Bajajs 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 all 55

branches. Even they take decision regarding Day to Day activity.

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.


35/100

Objectives Of Human Resource:

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.

Necessary Conditions

Successful SHRM efforts begin with identification of strategic needs Employee participation is critical to linking strategy and HR practices Strategic HR depends on systematic and analytical mindset Corporate HR departments can have impact on organizations efforts to launch

strategic initiatives


36/100

HR OPERATIONS

It deals with areas of payroll, MIS, employee database, HR audit, internal movements, HRIS,

full and final settlement and employee benefits.

Payroll

The employees mark their attendance online through HR4U, which record the time atwhich attendance was marked, which ensures the transparency in the system. This site

is maintained by the HR department at Pune.

Employees have to update their PAN and Bank details (for salary) on HR4U within45 days of joining failing to which their salary will be put on hold.

Employees can get maximum 21 earned leave and 5 sick leave earned leave in a year.

Employee Benefit Schemes

Employees are given various benefit schemes like Employees Provident Fund,Gratuity, Group Term Life Insurance & Additional Death Benefits, Employee

Deposit Linked Insurance, Medicare Benefits etc.

Bajaj Allianz offer Group Gratuity Scheme to employees as per Payment of

Gratuity Act (subject to the condition of 5 yrs of continuous service).

Group Term Life Insurance & Additional Death Benefits, Employee DepositLinked Insurance offers insurance in case of the employee meet any accidental

death.

Employee State Insurance Corporation gives benefits to the employees under anyMedical Sickness, dependents maternity, rehabilitation allowance etc.

Under Medicare Benefits the employee can enroll himself and his familymembers. The company pays the bills or the employee can reimburse the bills

paid in case of any medical mishap.

Group Personal Accident Scheme gives benefits to the employees in case ofdisability arising from accident.


37/100

Full and Final SettlementFull and Final (F&F) department take care of any kind of payment

left from the side of employee as well as company after the employee has resigned Internal

Movements (Transfer/Promotions)

HR Systems

Bajaj Allianz has:-

A Management style which is participative and consensus based. A Work culture which is open, informal & collaborative.

A Communication style, which is open and not bound by traditional hierarchies. A Compensation & Benefits package which rewards and recognizes the best.

Importance of HR Department in Insurance Companies

People are the heart and soul of any business and the insurance industry relies on thededication, creativity and commitment of its people to enable it to thrive and grow.

HR teams provide organizations with the expertise they need to recruit and retain thevery best people, dealing with matters such as salaries, pensions and benefits; training

and development; industrial and staff relations; counselling and welfare; and health

and safety.

Increasing emphasis on diversity, performance management, learning anddevelopment and organizational change make this a challenging and intellectually

stimulating area of work


38/100

HR Guidelines at BALIC:

o Formalities to be completed within first 15 days of joiningo HR4U Portalo HR Catalyst (HR I Track)o Salary Processing Formalitieso Service Conditionso Period of Probationo Salary and Attendance related factso Salary Componentso Important Policieso Provident Fundo Employees Benefitso Policies for Resignation/ Terminationo Company Expectations from Youo Performance Managemento Employee Development


39/100

DIFFERENT PROJECTS:

I. PERFORMANCE APPRAISAL at BALIC

Performance Appraisal is a process in which employees receive feedback on their

performance from their immediate Supervisors / Managers. The process helps them to

recognize their strengths and areas of improvement, to utilize their talents and to overcome

recognized shortcomings. The intention is to help them improve their performance

Performance Appraisal at Bajaj Allianz Life Insurance Company was an online process.

BALIC employees have an online HR portal, called HR4u. This portal is a very useful

platform for communication as well for various HR related transactions. Each employee has a

unique username and password to access their HR4u portal. Employees are required to mark

their daily attendance by logging on to this online portal. All communication from the top

management and other important information like salary slips, forms for provident fund etc

were also uploaded in the various sections of this portal.

Performance Appraisal process was preceded by a target-setting exercise within the

organization. This exercise was carried out six months before the process of performance

appraisal was initiated. The employees were required to log-in to the web portal and set up

their targets that they planned to work on and achieve in the following six months. These

targets were decided upon by the employee himself, in consultation with his peers and his

superiors. The online portal had a comprehensive detail list, which required the employee to

break down his targets into small, achievable parts and mention them in the required format.

During the month of April (six months after the target-setting activity), the target sheets were

uploaded on the HR4u account of each employee under the Performance Management head.

These uploaded forms consisted of the targets set by the employee for himself/herself. The

employees were required to rate themselves on a scale of 0-115, on the basis of how much,

and how efficiently had the target been achieved by them. Any rating of above 100 given by

the employee was followed by a compulsory question asking what made the employee

believe that he had exceeded his expectations from himself.


40/100

Performance appraisal is a layered process at this organization. The appraisal of an employee

depends on the ratings given by himself, his superior and his superiors superior (reviewer) to

the employee. Once the employee was satisfied with the ratings he had given himself, he was

required to forward the form to his superior. Once the employee clicked on the option of

forwarding his completed ratings to his superior, he could not make any changes in the

ratings or explanations that he had furnished. The superior was then required to judge the

employee on the basis of the targets set by him and the level to which those targets were

achieved. The superior could also see the ratings given by the employee to himself. After

having assessed the employee to his satisfaction, the superior was required to forward the

performance management form of the employee to the reviewer of the employee i.e.

superiors superior. The reviewer was also required to give his ratings to the employee on the

basis of the level of targets achieved. After the reviewer filled and submitted the form, the

performance appraisal of the employee was considered complete. The employee could, at any

time, log on to his HR4u account and look at the ratings given to him by his superior and his

reviewer.


41/100

My Contribution

The work done under this project can be classified into the following major heads:-

Building a databaseThe first step towards starting this project required me to build a comprehensive database

about the employees who were scheduled to undergo performance assessment and

appraisal. The database consisted information about the name of the employee, his

department, his designation, the name of his superior and his reviewer and their

designations, the job location of the employee, his contact number and his e-mail address.

Explaining the importance of the processThe employees of BALIC needed to be informed about the importance of the entire

process. There was a wide-spread ignorance within the organization about the importance

of the performance assessment of the employee. Most of the employees looked at it as an

unnecessary activity, and hence, were unwilling to initiate the process. The employees

also had to be informed about the entire process. They needed to be informed about what

exactly were they supposed to do, and how.

Sending remindersAnother important task was to send reminders to the employees, regarding the process.

This activity highly complimented the process of explaining them the process of

performance appraisal and its importance. The reminders were aimed at encouraging the

employees to start rating themselves, so that the process could be smoothly carried out.

Handling queriesA very important part of the process, and one that required a lot of effort was the part of

handling queries of the employees. Once the employee sat down to start giving ratings to

himself, he had queries about how much rating he could give himself, what effect would

giving a low rating have, how did he calculate what rating to give himself etc. All these

queries were to be handled by me. I was responsible to respond to the employee with

reasonable and acceptable answers to their queries.


42/100

Resolving error complaintsOccasionally, there arose complaints of technical errors in the HR4u portal. The errors

were as serious as wrong target sheet had been uploaded or the employee was unable to

save the ratings he gave himself, to as trifle as the employee was unable to log-on to his

HR4u account as his password was not being accepted. My role was to get all these errors

resolved. The performance appraisal process was highly centralized and most of these

errors could only be resolved by people sitting in the head office, Pune. I was required to

inform the concerned person about the error details, and act as a communication bridge

between the employee and the concerned person.

Constant follow-upsI was required to have constant follow-ups on the status of performance assessment. This

required me to know how many employees had completed their ratings and forwarded it

to their superiors, and how many employees were still pending. The employees, who were

still pending, required to be reminded, requested and at times, reprimanded by their

superiors, in order to get them to rate themselves.

Data maintenanceThe most time-consuming activity was maintaining a database of the entire process. I was

required to maintain a database of the calls I made to the employees to remind them to

rate themselves, the number and nature of queries handled by me, the number and status

of errors reported, and was required to furnish the expected number of employees to

complete the first level of the process.

Preparing status reportsTwice in a day, then head office would send status update on how many employees were

still pending to complete their ratings. I was also expected to maintain a record of all

these status update reports in a single excel worksheet in order to be sure of how many

employees were still pending to their ratings, or how many employees were pending

because of their superiors and/or their reviewers.


43/100

II. Talent Mapping at BALIC

Talent mapping programs provide individuals in an organization with the benefit of a regular

review of their contributions, developmental needs and succession potential. They are viewedas a sign of the organization's investment in and commitment to ensuring the highest levels of

professional growth for all members of the organization.

Having gone through the definitions of talent mapping, I dont think the project I was handed

over at Bajaj Allianz Life Insurance Company by the Head Office was not really talent

mapping, as they called it. But since I couldnt find any other name for that project, I will

continue with that name.

Under this project, I was required to find information about the qualification, hierarchical

structure, payment structure etc. of the competitor companies. The organization identified its

major competitor companies, who were working in the same field, and targeting the same

customer base. The interns were required to contact the employees of the competitor

companies and gather information about them and their organization.

This information was then to be used to make a database of the potential resource pool for the

organization. The employees of the competitor organization could be lured into joining

BALIC by providing them a better pay package, or a better incentive structure.

We, the interns, were required to create a database consisting o the list of employees of the

competitor organizations, along with any information that they might be willing to share,

with our project guides at the end of the internship to aid them in the future. The major

competitor companies recognised were:-

Birla Sun Life Insurance ICICI Prudential Life Insurance Tata AIG Life Insurance Aviva Life Insurance Kotak Life Insurance Max New York Life Insurance Bharti AXA Life Insurance ING Vysya Life Insurance


44/100

HDFC Standard Life Insurance Met Life India Insurance Company Ltd. SBI Life Insurance Co. Ltd

My Contribution


Acquiring contact numbers of the employeesThe foremost requirement of this project was to have contact details of the people

working with the competitor companies. This was done by surfing at Naukri.com and

finding contact details of people presently working in those organizations.

Contacting the employeesThese people were then contacted and a rapport was established. This was mostly done

by initially talking about having a job opening in the organization. Scanty details about

the job profile and salary were revealed to maintain the interest of the candidate. He was

asked about his educational qualifications, work experience, present job etc.

Gathering informationOnce the employee got talking, details about the salary structure, incentive structure,

amount of business drawn by the employee for the organization, the hierarchical structure

of the organization etc. were extracted from him.

Asking for referencesBefore disconnecting the call, the candidate was asked if he had any references, names

and contact numbers of people who might be interested in working with BALIC. He was

encouraged to give names of his colleagues, or his friends working with some other life

insurance company. The references were also called for similar information.
http://www.iloveindia.com/finance/insurance/companies/metlife-india-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/sbi-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/sbi-life-insurance.htmlhttp://www.iloveindia.com/finance/insurance/companies/metlife-india-insurance.html


45/100

Asking about their future plansInterest was also shown in knowing about the future plans of these people. Their

interested field and area of work, willingness to work with Bajaj Allianz Life Insurance

Company, or any other company under the Bajaj Group was inquired about. Any such

preference mentioned was noted down.

Maintaining a databaseThe most essential part of this project was maintaining a detailed database about the calls

made and information gathered. Another database was maintained consisting of

information about the name of the employee, his contact number, his educational

qualification, work-experience and details about the present employment. His salary and

incentive structure, standing in the hierarchical structure of the organization, the

difference in the salary of his superiors and his subordinates with respect to his salary etc.

were listed down. Details about his future plans, interested areas of work, willingness to

work with Bajaj Allianz Life Insurance Company were also recorded.


46/100

III. ESIC in BALIC

The promulgation of Employees State Insurance Act, 1948 envisaged an integrated need

based social insurance scheme that would protect the interest of workers in contingenciessuch as sickness, maternity, temporary or permanent physical disablement, and death due to

employment injury resulting in loss of wages or earning capacity. The Act also guarantees

reasonably good medical care to workers and their immediate dependants. Following the

promulgation of the ESI Act the Central Govt. set up the ESI Corporation to administer the

Scheme

E.S.I. Scheme being contributory in nature, all the employees in the factories or

establishments to which the Act applies shall be insured in a manner provided by the Act.

The contribution payable to the Corporation in respect of an employee shall comprise of

employers contribution and employees contribution at a specified rate. The rates are revised

from time to time. Currently, the employees contribution rate (w.e.f. 1.1.97) is 1.75% of the

wages and that of employers is 4.75% of the wages paid/payable in respect of the employees

in every wage period. Employees in receipt of a daily average wage up to Rs.50/- are

exempted from payment of contribution. Employers will however contribute their own share

in respect of these employees.

This project was handed over to me in last 1-2 weeks of my internship period with the

organization. The Employee State Insurance Company enforces the act which states that the

employed organisation should provide an insurance cover to his employees, and their

dependent family members. The employees whose monthly salaries were less than ten

thousand were covered under this insurance scheme.

To avail the benefit of this scheme, the employees were required to submit a form along with

their full length photograph, and a full length photograph of the dependent family members

with them.


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My Contribution


Building a databaseThe first task was to build a database consisting of information about the name of the

employees who were to be covered under this scheme. The database also consisted of

information about their present job location, their designation and department and their

contact number.

Providing the forms and the instructionsThe forms had to be provided to the employees. This was done by e-mailing a soft copy

of the form to the employees. The instructions were mailed to the employees, along with

the soft copy of the form. The instructions were also narrated to each employee, over the

phone.

Checking the formsThe completed forms that were sent to the regional office were checked. Any forms not

filled according to the instructions, or otherwise incomplete in any way, were sent back.

The remaining forms were dispatched to the Head Office so that they could be processed.

Follow upsThe forms that were found incomplete were sent back to the respective employees. And

then again began the cycle of explaining them every minute detail in order to ensure that

the form was filled properly and could be sent for further processing.


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IV. E Learning at BALIC

E Learning comprises all forms of electronically supported learning and teaching.

E learning is an initiative taken by the BALIC around about one year back. Electronic

learning was started for improvement of employees of its organization. Employee has to open

mylearning site of BALIC and enter with his/her employee code i.e. username and password

assigned. Then a number of tasks get opened. There are many visuals and audios. All are

made by the companys own employee & thats the most positive thing about it. Tasks are

related to day to day use at organization. For e.g.

Employee Orientation:

Induction

HR Policies

Behavioral training:

Workplace etiquettes

Corporate etiquettes

Working in teams

Time management

Problem solving

Proactive thinking

Presentation skills

Negotiation at workplace

Identifying internal customer and managing their expectations

Handling customer problems

Building relationship with customers

Being assertive


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Compliance Training:

Anti Money Laundering

Anti-corruption & Anti-fraud Training

Language Training:

Advance English Lab

Intermediate English Lab

Basic English Lab

Technical Training


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My Contribution:

I did one full e-learning task which was given by my supervisor to me for completion.

It was really a good experience. I learnt a lot from these tasks which will help me infuture period.

I made PowerPoint presentation of the things I learnt as asked by my trainingsupervisor.

I had to make calls from the database of employees of whole north region to tell themto complete their E-learning tasks as soon as possible. This database consisted of

employee details and their status about each and every task i.e. their percentage of

completion of a task.


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RECRUITMENT

POLICY


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RECRUITMENT

Recruitment is a linking function joining together those with jobs to fillandthose seeking jobs.

It is the process of finding and attracting capable applicants for employment The process begins when new recruits are sought and ends when their

applications are submitted

The result is a pool of applicants from which new employees are selected.

PURPOSE OF RECRUITMENT:

1. Determine the present and future requirements of the organization2. Increase the pool of hob candidates at minimum cost.3. Help increase the success rate of the selection process4. Increase organizational and individual effectiveness in the short term and

long term.

5. Help reduce the probability that hob applicants, once recruited and selected,will leave the organization only after a short period of time.

6. Begin identifying and preparing potential hob applicants who will beappropriate candidates.

7. Meet the organizations legal and social obligations regarding thecomposition of its work force.


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RECRUITMENT- A BROAD PERSPECTIVE

Job Analysis

Nature & requirement of

specific jobs

Personnel Planning

No. of specific jobs to be

filled

Recruitment

Constraints

Poor Image

Unattractive job

Government policy

Inducements

Compensation

Career Opportunities

Image

Pool of Qualified

applicants

Selection


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Recruitment and Selection ProcessAn Overview

The recruitment and selection decision is of prime importance as it is the vehicle for

obtaining the best possible person-to-job fit, which will, contribute significantly towards the

organizations effectiveness. It is also becoming increasingly important that as the

organization evolves and changes, 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.

An ideal recruitment and selection policy should be:

Fair and consistent Non-discriminatory on the grounds of age, race, gender, religion or disability Confirm to statutory regulations and agreed best practice.

The ultimate aim of any recruitment process is to bring in good-quality new employees by the

most objective, cost-effective and swift means possible. The appropriate use of IT along with

the traditional recruitment methods can help a company to achieve this goal giving due

importance to the human role in selection decisions.

When choosing which selection methods to use, it is important for a company to strike a

balance between gaining a rounded view of the candidate and not using any more procedures

than are strictly necessary. The organizations these days adopt a variety of selection tools,

with many placing an increasing emphasis on the initial screening of applicants to filter out

unsuitable candidates as early as possible. Thereafter, the face-to-face interview - now

increasingly structured and competency-based - remains at the heart of most employers'

recruitment processes, supplemented where necessary by psychometric tests and a full

assessment centre approach.


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Job Analysis

The first necessary step to an effective recruitment process is to have an in-depth

understanding of the requirements of the job. The main purpose of conducting job analysis is

to prepare job description and job specification which in turn helps to hire the right quality of

workforce into the organization. The general purpose of job analysis is to document the

requirements of a job and the work performed. Job and task analysis is performed as a basis

for later improvements, including: definition of a job domain; describing a job; developing

performance appraisals, selection systems, promotion criteria, training needs assessment, and

compensation plans.

In the fields of Human Resources (HR) and Industrial Psychology, job analysis is often used

to gather information for use in personnel selection, training, classification, and/orcompensation.

There are several ways to conduct a job analysis, including: interviews with incumbents and

supervisors, questionnaires (structured, open-ended, or both), observation, critical incident

investigations, and gathering background information such as duty statements or

classification specifications. In job analysis conducted by HR professionals, it is common to

use more than one of these methods.

For example, the job analysts may tour the job site and observe workers performing their

jobs. During the tour, the analyst may collect materials that directly or indirectly indicate

required skills (duty statements, instructions, safety manuals, quality charts, etc).

The analyst may then meet with a group of workers or incumbents. And finally, a survey may

be administered. In these cases, job analysts typically are industrial/organizational

psychologists or Human Resource Officers who have been trained by, and are acting under

the supervision of an industrial psychologist.

In the context of vocational rehabilitation, the primary method is direct observation and may

even include video recordings of incumbents involved in the work.

Questionnaires are the most common methodology employed by certification test developers,

although the content of the questionnaires (often lists of tasks that might be performed) are

gathered through interviews or focus groups. Job analysts can at times operate under the

supervision of a psychometrician.


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Screening Applications

Once completed applications have been received, the next step in the process is to screen

them in order to identify those most suitable for interview for the post. This process is usually

conducted by the hiring manager in conjunction with HR. The screening involves

crosschecking the applications against the job description and choosing the most suitable

candidates for interview.

Another intervention, which HR may take in order to ensure equity, would be to reformat

CVs, in order that they remove information, which could result in discriminatory selection

by those screening them. Some organizations have a practice of removing surnames,

addresses, marital status, date of birth, and any other details, which may lead to

discriminatory selection prior to passing them on to the managers selecting interviewees.

When it comes to the actual screening, the Job and Person specifications are, once again, an

invaluable tool in ensuring that this process is run in an equitable fashion. It is imperative that

applications are screened, and scored, against the criteria that were initially decided upon.

The reasoning behind the use of scoring sheets is threefold.

1. It ensures that applicants actually are screened against the correct requirements2. It provides a written record of this step of the recruitment process, making those screening

more accountable

3. It provides a shortlist from which interviewees can be selected

The Interview

The interview should always be viewed as a two way process. Not only is it an opportunityfor the candidate to present themselves in pursuit of the position, but it is also an opportunity

to ensure that the candidate has a positive experience of the organization. Part of this

experience should be that the organization presents itself as an equal opportunities employer.

Studies have shown that an unsuccessful applicant, who feels that they were treated fairly by

a company, is more likely to reapply should another position arise in the future.

The first step in ensuring that interviews are conducted within the law is in the selection of

the interviewer, or interview panel. Where an interview panel is used it is worth trying to


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form the panel in order that it reflects the diverse make up of the applicant pool, i.e. there

should be gender balance. As a minimum, organizations should attempt to have one woman

and one man on a panel to ensure that gender discrimination is avoided.

The next step is to ensure that the interviewers are trained in interview techniques. This helps

avoid them asking questions that could be deemed unnecessary, and potentially

discriminatory. A member of HR should always attend interviews, and where an interviewer

has not been trained in interviewing techniques, this becomes even more important. Agreeing

questions in advance of the meeting avoids any discriminatory questions being asked out of

the blue. The whole interview process should be transparent and interview notes should

reflect this.

As mentioned above, it is also worthwhile ensuring that those involved in the interview

process have attended an equality training session. This helps ensure that they are aware of

their responsibilities under the legislation, and also that they are aware of clauses in the act

promoting positive action, as will be discussed below.

Other points to note are that question areas should only relate to the job requirements, and

that the same question areas should be asked of all applicants. If it is necessary to assess

whether personal circumstances will affect performance of the job or not, (e.g. where the job

involves unsociable hours, extensive travel), relevant questions should be asked, equally of

all applicants, and the answers should be evaluated on the same basis for each.

Again, just as with the screening process, interviewers should be required to score candidates

on a points basis, which is based on the job requirements. Legal stipulations are that alldocumentation relating to scoring and interview notes are to be held for one year.


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EXISTING PROCESS OF BALIC:

SOURCING OF PROFILES:

A.REFERENCE

B. WALK IN INTERVIEWS

SCREENING

LEVEL OF INTERVIEWS:

FIRST, SECOND & THIRD LEVEL

SELECTION

APL GENERATION

MANPOWER BUDGETING

JOINING


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. The hierarchy for sales and marketing division is as follows:

The Sales Manager and Assistant Sales Manager both were to form a team of ICs through

which they conduct business. The ICs worked on pure commission basis whereas the SMs

and ASMs were recruited by the company on salary and incentives basis. The recruitment of

SMs and ASMs was done from outside sources whereas all the higher posts were promoted

from company staff only after meeting certain experience requirements and targets. Even

ICs can be promoted to ASMs through proper procedure.

Insurance Consultants

Sales Manager

Assistant Sales Manager

Branch Manager

Divisional Manager

Senior Sales Manager

Business Development Manager

Executive Sales Manager


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RECRUITMENT PROCESS AT BALIC:

The Recruitment process at Bajaj Allianz Life Insurance Company is handled by Talent

acquisition team. Most of the recruitment was carried on for the sales and marketing team.

This was mainly because the attrition rate in this department was extremely high. Each

division is given certain target regarding the number of Sales Managers and Assistant Sales

Manager. But that was also difficult to achieve due to high attrition rate.

Since the agency gives around 70% of business to company so its recruitment process

and maintaining the strength of this department is very important for the company

I. Manpower budgeting:

A human resource plan need not be highly complicated. A straightforward plan will help

organizations to:

assess future recruitment needs formulate training programmes develop promotion and career development policies anticipate and, where possible, avoid redundancies develop a flexible workforce to meet changing requirements control staff costs whilst ensuring salaries remain competitive assess future requirements for capital equipment, technology and premises.

Management is responsible for producing the human resource plan, senior management for

supporting it. Implementation is likely to be most effective if it carries the support of the

workforce, normally achieved through consultation with trade union or other employee

representatives.

Producing a human resource plan involves:

forecasting staffing requirements against business objectives assessing the available supply of people to meet those requirements matching available supply against forecast demand


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II. Sources:

The main sources for talent acquisition are:

Callings by having data from online portals Bajaj Allianz was highly dependent ononline portals to find suitable resumes. The resumes were obtained by surfing throughNaukri.com. The search criterion was filled up and the top 500 resumes were saved in

order to be contacted. The resumes available at Naukri.com consisted of information

about the name, educational qualifications, work-experience, present salary and their

contact number. I was required to call up the candidate, inform him or her about the

requirement of the organization and verify if he or she was interested in appearing for

the interview.

Referrals from company employees

The Companys staff itself refers employees tothe company. It is the second largest source from which the employees are recruited.

Walk inThe candidates might walk in on their own for any vacancy in the company.

111. Screening:

Once completed applications have been re

Documents

Shraddha Pareek