Who is Financial Consultants

8/10/2019 Who is Financial Consultants

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TRAINING AND DEVELOPMENT OFINSURANCE ADVISOR AT

BY

PIYALI ROY

MBA-2013-15

ENROLMENT NO-130360500885

INTERNAL GUIDE- MRS.PUSHPA KATARIA

DOON BUSINESS SCHOOL

122,MI SELAQUI,BEHIND PHARMA CITY, DEHRADUN-248001,

UTTARAKHAND


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TRAINING AND DEVELOPMENT OF INSURANCE ADVISOR

INDUSTRY

PROFILE


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WHAT IS INSURANCE

The business of insurance is related to the protection of the ECONOMIC VALUES OF ASSETS.

Every asset has a value. The asset would have been created through the efforts of the owner. The

asset would have been created through the efforts of the owner. The asset is valuable to the owner,

because he expects to get some benefits form it. It is a benefit because it meets some of his needs.

The benefit may be an income or in some other form. In the case of a factory or a cow, the product

generated by it is sold and income is generated. In the case of a motor car, it provides comfort and

convenience in transportation. There is no direct income. Both are assets and provide benefits.

Every asset is expected to last for a certain period of time during which it will provide the benefits.

After that, the benefit may not be available.

There is a life-time for a machine in factory or a cow or a motor car. None of them will last forever.

The owner is aware of this and he can so manage his affairs 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 of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and

those enjoying the benefits therefore, would be deprived of the benefits. The planned substitute

would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism

that helps to reduce the effects of such adverse situations. It promises to pay to the owner or

beneficiary of the asset, a certain sum if the loss occurs.


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HISTORY OF INSURANCE

Insurance has been known to exist in some form or other since 3000 BC. The Chinesetraders, 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. TheBabylonian traders would agree to pay additional sums to lenders, as the price for writing offthe loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted theprinciple of general average of general average, whereby, if goods are shipped together, theowners would bear the losses in proportion, if loss occurs, due to jettisoning during distress.

{Captains of ships caught in storms, would throw away some of the cargo to reduce theweight and restore balance. Such throwing away is called jettisoning} The Greeks had startedbenevolent societies in the late 7 th century AD, to take care of the funeral and families ofmembers who died. The great fire of London in 1666,in which more than 13000 house werelost, gave a boost to insurance and the first fire insurance company, called the fire office, wasstarted in 1680.

The origins of insurance business as in vogue at present, is traced to the Lloyds Coffee

House in London. Traders, who used to gather in the Lloyds coffee house in London, agreedto share the losses to their goods while being carried by ships. The losses used to occurbecause of pirates who robbed on the high seas of because of bad weather spoiling the goodsor sinking the ship. In India, insurance began in 1818 with life insurance being transacted byan English company, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followedby the Bharat Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, TheUnited India in Chennai, the National, the National Indian and Hindustan Cooperative inKolkata.

Later, were established the cooperative Assurance in Lahore, the Bombay Life (originallycalled the swadeshi life), the India Mercantile, the new India and the Jupiter in Mumbai andthe Lakshmi in New Delhi. These were all Indian companies started as a result of theswadeshi movement in the early 1900s. By the year 1956, when life insurance business wasnationalized and the life Insurance Corporation of India (LIC) was formed on1st September1956, there were 170 companies and 75 provident fund societies transacting life business inIndia. After the amendments to the relevant laws in 1999, the L.I.C. did not have the


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exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen new lifeinsurers had been registered and were transacting life insurance business in India.

The History of Insurance in India

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

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

life insurance business. S

1928 - The Indian Insurance Companies Act enacted to enable the government to collectstatistical information about both life and non-life insurance businesses.

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

objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by the centralgovernment and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, witha capital contribution of Rs. 5 crore from the govt of India.

The General insurance business in India, on the other hand, can trace its roots to the TritonInsurance Company Ltd., the first general insurance company established in the year 1850 inCalcutta by the British.

Life Insurance a Basic Need

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


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intervals by the bread winner of the family. So long as the he lives and the income is received

steadily, that family is secure; 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

substitutes this uncertainty by certainty.

Few Advantages of Life Insurance

1. It is superior to an ordinary savings 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 beconsiderably less than the sum assured, if death occurs during early years.

2. Insurance encourages and forces thrift:

A savings 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.

3.Easy settlement and protection against creditors:


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The life assured can name a person or persons to whom the policy moneys would be payable in the

event of his death. The proceeds of a life insurance policy can be protected against. The claims of the

creditors of the life are assured by effecting a valid assignment of the policy. A married womens

property act policy constitutes a trust in favor of the wife and 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 a provision which a husband or father has made through insurance is quickly

lost through speculative or unwise investment or by unnecessary expenditure on luxuries. These

contingencies can be provided against in the case of insurance. The policyholder can arrange that in

the in the event of his 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 end thereof.

5.Ready marketability and suitability for quick borrowings:

After an initial period, if the policy holder finds him unable to continue payment of premiums he can

surrender the policy for a cash sum. Alternatively he can tide over a temporary difficulty by taking

loan on the sole security of the policy without delay. Further a life insurance policy is sometimes

acceptable as security for a commercial loan.

6.Tax relief:

For computing income tax (especially in India the Indian income tax act) follows deduction from

income tax payable, a certain percentage of a portion of the taxable income of individuals which is

diverted to payment of insurance premiums. When this tax relief is taken into account it will be

found that the assured is n effect paying a lower premium for his insurance.


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How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the same risks come together

and agree that, if any one of the members suffers a loss, the others 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, piracy, etc. those owning 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 risks can be identified and separate groups, made including those

exposed to such risks. By this method, the risk is spread among the community and the likely big

impact on one is reduced to smaller manageable impacts on all.

If a Jumbo Jet with more than 350 passengers crashes, the loss would run into several crores 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.

Role of Insurance in Economic Development

For economic development, 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 channeled into

investments for economic growth.


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An insurance companys strength lies in the fact that huge amounts come by way of

premiums. Every premium represents a risk that is covered by that premium. In effect,therefore, these vast amounts represent pooling of risks. The funds are collected and held in

trust for the benefit of the policyholders.

The management of insurance companies is required to keep this aspect in mind and make all

its decisions in ways that benefit the community. This applies also to its investments. This is

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

Their investments benefit the society at large.

The system of insurance provides numerous direct and indirect benefits 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 individuals 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.

The very existence of risk that is, uncertainty concerning the future, is a severe handicaps in

economic activities. Insurance removes the fear, worry and anxiety associated with this

future uncertainty and thus encourages 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 increased national productivity.


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Present day organization of industry, commerce and trade depend entirely on insurance for

their operation, banks and financial institutions lend money to industrial and commercialundertakings only on the basis of the collateral security of insurance. No bank or financial

institution would advance loans on property unless it is insured against loss or damage by

insurable perils.

Insurers are closely associated with several agencies and institutions engaged in fire loss

prevention, cargo 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.

The object of these surveys is not only to assess the risk for rating purposes but also to

suggest and recommend to the insured, various improvements in the risk, which will attract

lower rates of premium and what is more important , reduce the loss potential. For example,

burglary surveyors make recommendation in regard to security measures such as better

locking system, appointment of Watchman, etc. Engineering surveys play a most useful part

in accident prevention as valuable technical advice is provided in respect of plant and

machinery.

Insurance ranks with export trade, shipping and banking services 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 Years

List of Life Insurance Companies

13 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited

14 103 23.10.2000 Reliance General Insurance Company Limited.

15 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

16 108 22.01.2001 TATA AIG General Insurance Company Ltd.

17 113 02.05.2001 Bajaj Allianz General Insurance Company Limited

S.No. RegistrationNumber

Date of Reg. Name of the Company

1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited .

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

10 117 06.08.2001 Metlife India Insurance Company Ltd.(now pnbmetlife)

11 133 04.09.2007 Future Generali India Life Insurance Company Limited

12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.
http://www.irdaindia.org/www.royalsundaram.comhttp://www.reliancegeneral.co.in/http://www.itgi.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.bajajallianz.co.in/http://www.hdfcinsurance.com/http://www.maxnewyorklife.com/http://www.iciciprulife.com/http://www.omkotakmahindra.com/http://www.birlasunlife.com/http://www.tata-aig-life.com/http://www.sbilife.co.in/http://www.ingvysyalife.com/http://www.allianzbajaj.co.in/http://www.metlife.co.in/http://www.fg-life.in/http://www.idbifortis.com/http://www.idbifortis.com/http://www.fg-life.in/http://www.metlife.co.in/http://www.allianzbajaj.co.in/http://www.ingvysyalife.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.birlasunlife.com/http://www.omkotakmahindra.com/http://www.iciciprulife.com/http://www.maxnewyorklife.com/http://www.hdfcinsurance.com/http://www.bajajallianz.co.in/http://www.irdaindia.org/www.tata-aiggeneral.comhttp://www.itgi.co.in/http://www.reliancegeneral.co.in/http://www.irdaindia.org/www.royalsundaram.com


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18 115 03.08.2001 ICICI Lombard General Insurance Company Limited.

19 131 03.08.2007 Apollo DKV Insurance Company Limited

20 132 04.09.2007 Future Generali India Insurance Company Limited

21 134 16.11.2007 Universal Sompo General Insurance Company Ltd.

22 121 03.01.2002 Reliance Life Insurance company Ltd.

23 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

24 127 06.02.2004 Sahara India Insurance Company Ltd.

25 128 17.11.2005 Shriram Life Insurance Company Ltd.

26 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.

27 133 04.09.2007 Future general Indai life Insurance Co.Ltd

28 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

29 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life

Insurance Company Ltd.

30 138 27.06.2008 AegonReligare Life Insurance Company Ltd.

31 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
http://www.icicilombard.com/http://www.apollodkv.co.in/http://www.irdaindia.org/www.fg-general.inhttp://www.universalsompo.com/http://www.avivaindia.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.bharti-axalife.com/http://www.idbifortis.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.dlfpramericalife.com/http://www.dlfpramericalife.com/http://www.aegonreligare.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.idbifortis.com/http://www.bharti-axalife.com/http://www.shriramlife.com/http://www.saharalife.com/http://www.avivaindia.com/http://www.universalsompo.com/http://www.irdaindia.org/www.fg-general.inhttp://www.apollodkv.co.in/http://www.icicilombard.com/


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List of General Insurance Companies

1 123 15.07.2002 Cholamandalam General Insurance Company Ltd.

2. 124 27.08.2002 Export Credit Guarantee Corporation Ltd.

3. 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

1 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

2 141 15.12.2008 Raheja QBE General Insurance Co. Ltd
http://www.cholainsurance.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.hdfcchubbindia.com/http://www.irdaindia.org/www.bharti-axagi.co.inhttp://www.irdaindia.org/www.bharti-axagi.co.inhttp://www.hdfcchubbindia.com/http://www.irdaindia.org/http;/www.ecgcindia.comhttp://www.cholainsurance.com/


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COMPANY

PROFILE


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COMPANY PROFILE

BACKGROUND OF THE COMPANY

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between MetLifeInternational Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir BankLimited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHIand PNB being the majority shareholders. PNB MetLife was previously known as MetLife IndiaInsurance Company Limited (MetLife India) and has been present in India since 2001.

PNB MetLife brings together the financial strength of a leading global life insurance provider,MetLife, Inc., and the credibility and reliability of PNB, one of India's oldest and leadingnationalised banks. The vast distribution reach of PNB together with the global insurance expertise

and product range of MetLife makes PNB MetLife a strong and trusted insurance provider.

PNB MetLife is present in over 150 locations across the country and serves customers in more than7,000 locations through its bank partnerships with PNB, JKB and Karnataka Bank Limited.

PNB MetLife provides a wide range of protection and retirement products through its Agency salesof over 10,000 financial advisors and multiple bank partners, and provides access to EmployeeBenefit plans for over 800 corporate clients in India. With its headquarters in Bangalore and


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Corporate Office in Gurgaon, PNB MetLife is one of the fastest growing life insurance companies inthe country. The company continues to be consistently profitable and has declared profits for last

four Financial Years.

ABOUT METLIFE

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest

life insurance companies in the world. Founded in 1868, MetLife is a global provider of life

insurance, annuities, employee benefits and asset management. Serving approximately 100 million

customers, MetLife has operations in nearly 50 countries and holds leading market positions in

Japan, Latin America, Asia, Europe and the Middle East.

For 140 years, MetLife has been insuring the lives of the people who depend on us. Our success is

based on our long history of social responsibility, strong leadership, sound investments, and

innovative products and services.

METLIFE TODAY

MetLifes vision of being the leading global life insurance and employee benefits company guides

the companys response to peoples growing need for first-rate financial products and services

through various life stages and economic cycles. MetLifes trusted brand, capital strength, and

existing relationships with millions of individual and institutional customers around the globe

uniquely position MetLife among its competitors.

On November 1, 2010, MetLife added significant scale and reach to its international footprint by

acquiring American Life Insurance Company (Alico) from American International Group, Inc.

(AIG) for $16.4 billion. Starting in 1921, Alico grew to become one of the largest and most

diversified international insurance companies in the worldand the first foreign life insurance

company licensed to sell in Japan. The acquisition of Alico transformed MetLife into a global life

insurance and employee benefits powerhouse, with 90 million customers in more than 60 countries

around the globe.

Today, a time when consumers are feeling a greater financial burden than ever before, MetLife is

helping millions of customers create their own personal safety net. At no time in the companys


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history has MetLife been as well positioned to capitalize on its history, its reputation for security and

stability, and its innovative products and services as it is today.

In the future, MetLife will continue to grow its business with focus, innovation and profitability.

This will be accomplished by drawing on the reservoir of history that has produced an enduring set

of corporate values based on more than 140 years of integrity, social responsibility, strong leadership

and financial strength.

NATURE OF THE BUSINESS CARRIED

Insurance

Other financial services


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PRODUCTS BY PNBMETLIFE

1. INDUVIDUAL PLANS

2. GROUP PLANS

Monthly Income Protection Plans

Met Family Income Protector Plus

Retirement Plans

Met Monthly Income Plan10 Pay

Monthly Income Plans

Met Monthly Income Plan10 Pay

Money Back Plans

Met Money Back Plan

Investment Plans

Met Smart Platinum Met Easy Super Met DhanSamriddhi Met Smart One

Child Plan Plans

Met Smart Child

Saving PlansMet Endowment Savings Plan

Rural Plans

Met GrameenAshray Plan
http://www.pnbmetlife.com/MetLifeIndPlans_MFIPP.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Savings_MonyBack.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetSmartPlatinum.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetEasySuper.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_invest_Met_DhanSamriddhi.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetSmartOne.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Child_MetSmartChild.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Savings_EndowmentPlan.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Savings_EndowmentPlan.aspxhttp://www.pnbmetlife.com/MetLifeCorp_MetGrameenAshray.aspxhttp://www.pnbmetlife.com/MetLifeCorp_MetGrameenAshray.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Savings_EndowmentPlan.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Child_MetSmartChild.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetSmartOne.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_invest_Met_DhanSamriddhi.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetEasySuper.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Inv_MetSmartPlatinum.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Savings_MonyBack.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_Monthly_MMIP_10Pay.aspxhttp://www.pnbmetlife.com/MetLifeIndPlans_MFIPP.aspx


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SERVICES BY PNBMETLIFE

AREA OF OPERATION

METLIFE is international brand. And pnb is a national brand. The joint

venture between metlife and Punjab national bank gives metlife the opportunity to

understand the Indian market and run their business successfully . Now PNB

METLIFE has almost 250 branches all over the india. Head office is in

Bangalore.

Major area of operations are,

Life insurance

Other financial services

SERVICES BYPNBMETLIFE

RISK

COVER

SAFETY

RETURN

LIQUIDITY

TAX

BENEFITS

FORCED

SAVINGS

PRE AND

POSTSALESSERVVICE

PEACE OF

MIND


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OWNERSHIP PATTERN

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venturebetween MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited(PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company PrivateLimited and other private investors.

Partners of pnbmetlife

& K Grameen Bank

Birdres Technologies Pvt. Ltd.

American Express Banking Corp


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COMPETITORS INFORMATION

LIC

HDFC LIFE TATA AIG SBI LIFE

OTHER NEW ENTRANTS IN INSURANCE INDUSTR

INFRASTRUCTURAL FACILITIES

GOOD WORKING ENVIRONMENT

MEDICAL FACILITY CANTEEN FACILITY


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ACHIEVEMENTS AND FUTURE FORCAST BY THE VOICE OF

MD OF PNB METLIFE

The year 2012 will be the inflexion point for PNB MetLife

India to be able to grow and increase its profits substantiallyto meet its vision of becoming a Top-tier Life InsuranceCompany in the country. As a company, we are financially

strong, have a well balanced product portfolio and ourdistribution is well poised to deliver substantial growth.

We continued to remain profitable in 2011 and continue togrow our sales month on month. Our AUM has consistentlyincreased and today stands at a strong 7772 Crores. Our newpartnership with PNB has had a resounding start and we havedone a record-breaking business with Punjab National Bankwithin 40 days of launch.

All these achievements were against a backdrop of an overall decline in the industrywhere all large insurance players have witnessed a significant decline in premium income.However, PNB MetLife India moved forward undeterred and produced solid results. We

should take these as mere milestones and it should become the way we do business.

Going forward, we have identified the following drivers of success for 2012:

Launch and establishPunjab National BankGrow, transform and improve productivityof our Agency businessProtect and growExisting Bank Partners

Acquire new distribution partners
http://metlifeindia.com/MetLifeAboutUs_MD_Speak.aspxhttp://metlifeindia.com/MetLifeAboutUs_MD_Speak.aspx


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Leverage global and acquire domestic partnerships to grow Employee Benefits

businessMaintain Persistency levels to build long term value in the company

Manage expense ratio

The environment in 2011 is likely to continue in 2012 and we should take it as Business

as usual. We are in a much stronger position and we should be able to overcome any

challenges, given our multichannel distribution and a national footprint that we have nowacquired with PNB.

To be a top tier Life insurance company, particularly in the scenario of reduced growthrates, we will have to push ourselves, as we have the required resources and experience to

build a solid base for our business in this year.

We have the best talent in the industry all of whom are highly motivated to do the best forthe company. Recent surveys showed that 84% of our employees are extremely proud towork for PNB MetLife. I too am proud to be a part of this organization and lead a teamthat has delivered all the above and together we will take this company to even greaterheights. I look forward to your commitment to establish PNB MetLife as a Top tier LifeInsurance Companyin India.

The best is yet to come!

Regards,Rajesh Relan

Managing Director & Country Manager

PNB MetLife India Insurance Co. Ltd.


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FUTURE GROWTH AND PROSPECTS

What PNBMETLIFE do?

PNB MetLife India is in the most exciting phase of its evolution in India today. They are

among the three fastest growing insurance companies and this translates into amazing

opportunities for our associates.

their ultimate goal at PNB MetLife India, simple in concept and impressive in breadth, is to

build financial freedom for their customers. For their customers that means providing

products and services that allow them to enjoy life and trust in the fact that they will be there

for them.

Where PNBMETLIFE is going?

PNB MetLife India are committed to continued growth. theyll get there through the power

of their relationships, by expanding their already wide array of innovative products and

services, and by making the most of an enormously diverse and talented workforce to meetthe challenges of an ever-changing marketplace. This means an array of career opportunities


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WORK FLOW MODEL

NEED ANALYSIS INSURANCE SELLING

PROVIDING FINANCIAL SERVICES

CSR ACTIVITY

Corporate Social Responsibility at PNB MetLife

PNB MetLife has taken the first step in giving back to the local communities and launched its CSRinitiative. The company has joined hands with bank partners, Jammu & Kashmir Bank Limited(JKB) and Karnataka Bank Limited (KBL) to support the cause of education and development ofunderprivileged children.Approach


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SWOT ANALYSIS

STRENGTHS WEAKNESSES

1. STRONG TIE UP

2. BRAND EQUITY

3. STRONG NETWORK

4. HUGE CUSTOMER DATA BASE

1. LOW CUSTTOMER

AWARENESS

2. LESS ADVERTISING AND

PROMOTION

OPPORTUNITIES THREATS

1.

UNINSURED POPULATION

2.

NETWORK BUILDING

3. CHANGING ENVIRONMENT

1.

LIC

2.

AGGRESSIVE NEW

ENTRANTS


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McKinsey 7S Framework

The McKinsey 7S Frameworkis amanagement model developed by well-known businessconsultantsRobert H. Waterman, Jr. andTom Peters in the 1980s. This was a strategic vision forgroups, to includebusinesses,business units,and teams. The 7S are structure, strategy, systems,skills, style, staff and shared values.

The model is most often used as a tool to assess and monitor changes in the internal situation of anorganization.

The model is based on the theory that, for an organization to perform well, these seven elementsneed to be aligned and mutually reinforcing. So, the model can be used to help identify what needsto be realigned to improve performance, or to maintain alignment (and performance) during othertypes of change.

Whatever the type of changerestructuring, new processes, organizational merger, new systems,change of leadership, and so onthe model can be used to understand how the organizationalelements are interrelated, and so ensure that the wider impact of changes made in one area is takeninto consideration.
http://en.wikipedia.org/wiki/Managementhttp://en.wikipedia.org/wiki/Robert_H._Waterman,_Jr.http://en.wikipedia.org/wiki/Tom_Petershttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Business_unithttp://en.wikipedia.org/wiki/Business_unithttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Tom_Petershttp://en.wikipedia.org/wiki/Robert_H._Waterman,_Jr.http://en.wikipedia.org/wiki/Management


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2. STRUCTURE

CORPORATE

STRUCTURE

TIED AGENCY

VICE PRESIDENT

REGIONAL

MANAGER

BRANCH SALES

MANAGER

SALES MANAGER

UNITMANAGER

ASSI.SALES

MANAGER

ALTERNATE

DISTRIBUTION

COUNTRY HEAD

RELATIONSHIP

MANAGER

SALES MANAGER

BANK

ASSURANCE

TEAM LEADERFINANCIAL

SERVICE

TRAINEES

CUSTOMER

SERVICE

REPRASENTATIVE

CORPORATE

AGENCY


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3. SYSTEMS

Technological advancement.

Consumer database

Innovative protection plans for the consumer

4. STAFF

Regional Manager

Branch Sales Manager

Territory Manager

Sales Manager

Asst. Sales Manager

Senior Manager

Unit Manager

Advisors


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5. STYLE

PNB MetLife is a joint venture of above described two companies, i.e. Punjab National Bankand MetLife Inc. These two companies are holding majority of shares of PNB MetLife IndiaInsurance Company Limited. With the bonding of these two leading companies, a newstrength, bond and reliability is available for the investors in insurance sector. It offers a hugenumber of insurance plans like retirement plans, protection plans, heath plans, investmentplans, child plans, plans for saving, etc.

6.

SKILLS

Professionalism

Innovation

Team Spirit

Pragmatism

Integrity

7. SUPERORDINATE GOALS (SHARED VALUES)

To be a leader and the preferred company for financial protection and wealth management in

India by fulfilling the short term as well as long term objectives.


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FINANCIAL STATEMENT OF THE YR-2013-14 OF PNBMRTLIFE

Private sector life insurer PNB MetLife India Insurance has reported a 77 per cent increase in net

profit atRs. 192 crore in FY 2013-14 againstRs. 108 crore in FY 2012-13.

TarunChugh, MD & CEO, PNB MetLife, said: The profitability has been as a result of operational

efficiencies and higher sales from long-term regular premium products (close to 90 per cent of our

portfolio). We have a profitable growth agenda with the customer at the centre.''

He added: The company has also defined a CSR budget for FY 2014-15 based on an average of last

three years profit aligned to the requirements of the CSR Bill. Our CSR strategy is focused on

community development through financial inclusion, health and education initiatives in the country.


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LEARNING EXPERIENCE

An opportunity to apply the concepts learning t in reallife situations.

It sensitizes me about nuances of work place by the time-bound projects assigned by thecompany.

It creates awareness about the strengths & weaknesses in the work environment

It provides a platform to develop a network while OJT (On-the-job-Training), which wouldbe useful in enhancing career prospectus.

Know the day-to-day functions of the company.

It provides a unique opportunity to get exposed to corporate culture, professional experience& professional behavior & putting the theoretical concepts learnt in the classroom fordeveloping managerial skills.

To gain a deeper understanding of the work culture, deadlines, pressure etc. of anorganization.

It gives a flavor of teamwork, organization culture, team dynamics, result orientation,organizational pressures, complexities in achieving the desired results etc.

It provides direct exposure to the execution & support functions of the departments.

It provides a good scope for developing necessary managerial skills & positive attitude


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MEANING OF TRAINING AND DEVELOPMENT:

In simple terms, training and development refer to imparting specific skills, abilities and knowledge

to an employee.

A formal definition of training and development is:-

It is any attempt to improve current or future employee performance

by increasing an employees ability to perform through learning, usually

by changing the employees attitude or increasing his skills and

knowledge.

The need of training and development is determined by employees performance

deficiency, compute as follows:-

Training is an organised activity for increasing the knowledge and skills of people for a definite

purpose. It involves systematic procedure for transferring technical know-how to employees so as to

increase their knowledge and skills for doing specific jobs with proficiency.

According to Edwin B. Flippo, Training is the act of increasing the knowledge And skills of an

employee for doing a particular job.

Training involves the development of skills that are usually necessary to perform a specific job. Its

purpose is to achieve a change in the behavior of those trained and to enable them to do their jobsbetter. It makes newly appointed workers fully productive in the minimum of time. It is equally

important for the old employees due to frequent changes in technology.

Training and development need = Standard performance Actual

performance.


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PROCESS OF TRAINING AND DEVELOPMENT

Process of training and development is a well planned process. The following graph represents this

in a graphical manner:-

TRAINING AND DEVELOPMENT PROCESS

ORGANISATIONAL

OBJECTIVES AND

STRATEGIES

ESTABLISHMENT OF

TRAINING AND

DEVELOPMENT GOALS

DEVISING TRAINING AND

DEVELOPMENT PROGRAMME

IMPLEMENTATION OF

TRAINING AND

DEVELOPMENT PROGRAMME

EVALUATION OF RESULTS

ASSESSMENT OF TRAINING

NEEDS


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NEED OF TRAINING AND DEVELOPMENT

Training is important not only from the point of view of organization ; but also for the employees.

Training is valuable to the employees because it will give them greater job security and opportunity

for advancement.

The need of training arises in an enterprise due to following reasons:-

CHANGING TECHNOLOGY: Technology is changing at a fast pace. The workers must learn new

techniques to make use of advanced technology. Thus, training should be treated as a continuous

process to update the employees in new methods and procedures.

QUAL ITY CONSCIOUS CUSTOMERS: Customers have become quality conscious and their

requirements keep on changing. To satisfy the customers, quality of products must be continuouslyimproved through training of workers.

GREATER PRODUCTIVITY: It is essential to increase productivity and Reduce cost of production

for meeting competition in the market. Effective training can help increase productivity of workers.

STABLE WORKPLACE: Training creates a feeling of confidence in the minds of the workers. It

gives them a security at the work-place. As a result, labor turnover and absenteeism rates are

reduced.


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TRAINING AND DEVELOPMENT OBJECTIVES

Training objectives are formed keeping in view companys goals and objectives.

To prepare the employee [both new and old] to meet the present as well as changing

requirements of job and organization.

To impart to the new entrants the basic knowledge and skill needed for the performance of a

definite job.

To assist employees to function more effectively in their present positions by exposing them

to latest concepts, information and techniques and developing the skill sets that may need

further.

To develop the potentialities of people for the next level of job.

To ensure smooth and efficient working of department.

To bridge the gap between existing performance ability and desired performance.

To improve organizational climate since an endless chain of positive reactions

can result from a well planned training programme.


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IMPORTANCE OF TRAINING AND DEVELOPMENT

Training plays an important role in human resource department. It is necessary,

usefulandproductivefor all categories of workers and supervisory staff.

The importance of training and development in an enterprise are:-

OPTIMUM UTILIZATION OF RESOURCES: Training and development helps in

optimizing the utilization of human resources that further helps the employees to achieve the

organizational as well as their individual goals.

DEVELOPMENT OF SKILLS OF EMPLOYEES:- Training and development

helps in increasing the job knowledge and skills of employees at each level.

It helps to expand the horizons of human intellect and an overall personality of the

employees.

PRODUCTIVITY:-Training and development helps in increasing productivity of

the employees that helps organization to achieve its long-term goals.

TEAM SPIRIT:-Training and development helps in inculcating the sense of

team-work, team spirit, and inter-team collaborations.


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QUALITY:-Training and development helps in improving upon quality of work and worklife.

TYPES OF TRAINING

On the basis of purpose, several types of training programs are offered to employees. The

important types of training programs are as follows:

I NDUCTION TRAINING:

Induction is concerned with introducing a new employee to the organization and its procedures,

rules and regulations. When a new employee reports for work, he must be helped to get acquainted

with the work environment and fellow employees.It is better to give him a friendly welcome when

he joins the organization, get him introduced to the organization and help him to get a general idea

about rules and regulations, working conditions, etc of the organization.

JOB TRAINING:

Job training relates to specific job which workers has to handle. It gives information about

machines, process of production, instructions to be followed, methods to be used and so on. It

develops skills and confidence among the workers and enables them to perform the job efficiently.

It is the most common of formal in-plant training programs.It helps in creating interest of the

employees in their jobs.

APPRENTICESHIP TRAINI NG:

Apprenticeship training programs tend more towards education than merely on vocational training.

Under this, both skills and knowledge in doing a job or a series of related jobs are involved. The

government of various countries have passed laws which make it obligatory on certain classes of


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employers to provide apprenticeship training to young people. The usual apprenticeship programs

combine on the job training and experience with class room instructions in particular subjects.Thistraining is desirable in industries which requires a constant flow of new employees expected to

become all round craftsmen. It is very much prevalent in printing trades, building and construction

and crafts like mechanics, electricians, welders, etc.

I NTERNSHI P TRAINING:

Under this method, the educational and vocational institute enters into arrangement with an

industrial enterprise for providing practical knowledge to its students. This training is usually meant

for such vocations where advanced theoretical knowledge is to be backed up by practical experience

on the job. For instance, engineering students are sent to big industrial enterprises for gaining

practical work experience and medical students are sent to hospitals to get practical knowledge.

The period of such training varies from six months to two years.

REFRESHER TRAINI NG:

As the name implies, the refresher training is meant for the old employees of the enterprise. The

basic purpose of this training is to acquaint the existing work-force with the latest methods of

performing their jobs and improve their efficiency further. In the words of Dale Yoder, Retraining

programs are designed to avoid personnel obsolescence. The skills with the existing employees

become obsolete because of technological changes and of the human tendency to forget.

TRAIN ING FOR PROMOTION:

The talented employees may be given adequate training to make them eligible for promotion to

higher jobs in the organization. Promotion means a significant change in the Responsibilities and

duties. Therefore, it is essential that employees are provided sufficient training to learn new skills to

perform their jobs more efficiently. The purpose of training for promotion is to develop the existing


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employees to make them fit for undertaking higher job responsibilities. This serves as a motivating

force to the employees.

METHODS OF TRAINING

The various methods of training may be classified into the following categories:

On-the-job training

Vestibule training

Off-the-job training

ON-THE-JOB TRAINI NG:

-On-the-job training is considered to be the most effective method of training the operative

personnel.Under this method, the worker is given training at the work place by his immediate

supervisor. In other words, the worker learns in the actual work environment.It is based on the

principle of learning by doing.

There are four methods of on-the-job training described below:-

COACHING:-

Under this method, the supervisor imparts job knowledge and skills to his subordinate .The

emphasis in coaching the subordinate is on learning. By doing this method is very effective if the

superior has sufficient time to provide coaching to his subordinates.

UNDERSTUDY:-

The superior gives training to a subordinate as his assistant. The subordinate learns through

experience and observation. It prepares the subordinate to assume the responsibilities of the


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superiors job in case the superior leaves the organization. The purpose of understudy is to prepare

someone to fill the vacancy caused by death, retirement, transfer, or promotion of the superior.

POSITION ROTATION:

The purpose of position rotation is to broaden the background of the trainee in various positions. The

trainee is periodically rotated from job to job instead of sticking to one job so that he acquires a

general background of different jobs. However, rotation of an employee from one job to another

should not be done frequently. He should be allowed to stay on a job for sufficient period so that he

may acquire the full knowledge of the job.

JOB ROTATION:

Job rotation is used by many firms to develop all-roundworkers. The employees learn new skills

and gain experience in handling different kinds of jobs. They also come to know interrelationship

between different jobs. It is also used to place workers on the right jobs and prepare them to handle

other jobs in case of need.

VESTIBULE TRAINI NG:

The term vestibule training is used to designate training in a class-room for semi-skilled workers. It

is more suitable where a large number of employees must be trained at the same time for the same

kind of work. Where this method is used, there should be well qualified instructors in charge of

training programs .Here the emphasis tends to be on learningrather than production. It is frequently

used to train clerks, machine operators, typists, etc.

Vestibule training is adapted to the general type of training problem that is faced by on-the-job

training. An attempt is made to duplicate, as nearly as possible, the materials, equipments and

conditions found in real work place. The human resources department makes arrangements for

vestibule training when the training work exceeds the capacity of the line supervisors. Thus, in


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vestibule training, the workers are trained on specific jobs as they would be expected to perform at

their work place.

Vestibule training has certain demerits also. The artificial training atmosphere may create

adjustment problem for the trainees when they are sent to their actual work place. It is relatively

expensive as there is duplication of materials, equipments and conditions found in the real work

place.

OFF-THE-JOB TRAINING:

It requires the workers to undergo training for a specific period away from the work place. Off-the-

job methods are concerned with both knowledge and skills in doing certain jobs. The workers are

free of tension of work when they are learning.

There are several off-the-job methods of training as described below:-

SPECIAL LECTURE CUM DISCUSSION:-

Training through special lectures is also known as class-room training. It is more associatedwith

imparting knowledge than skills. The special lectures may be delivered by some executives of the

organization or specialists from vocational and professional institutes. Many firms also follow the

practice of inviting experts for special lectures for the staff on matters like health, safety,

productivity, quality, etc.

CONFERENCE TRAINING:-

A conference is a group meeting conducted According to an organised plan in which the members

seek to develop Knowledge and understanding by oral participation. It is an effective training device

for persons in the positions of both conference member and conference leader. As a member, a

person can learn from others by comparing his opinions with those of others. He learns to respect the


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viewpoints of others and also realizes that there is more than one workable approach to any

problem.

CASE STUDY:-

The case method is a means of stimulating experience in the classroom. Under this method, the

trainee are given a problem or case which is more or less related to the concepts and principles

already taught. They analyze the problem and suggest solutions which are discussed in the class.

The instructor helps them reach a common solution to the problem. This method gives the trainee an

opportunity to apply his knowledge to the solution of realistic problems.

ROLE PLAY:

under this method, the participants in acts a number of roles to

understand the problem. For example, a sales manager can appreciate the

problems of the customer, if he himself enacts the role.

SENSITIVITY TRAINING:

Under this method, a training group consisting of five or

ten person is formed. the members of the group freely express their ideas, beliefs

and attitudes. Such an open discussion enables a trainee to appreciate the

problems of others and adjust accordingly.


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WHO IS FINANCIAL ADVISOR?

An agent is the representative of an insurance company who sells different policies or product to its

client s. another term used for insurance agents is financial advisor.

Today in life insurance companies financial advisor are known to be the backbone of the whole

system financial advisor does not work on monthly payroll basis; they receive a certain commission

on the policies they sell to the clients.

The eligibility required to become an financial advisor is that he/she should be 12 thpass to operate in

urban area and 10thpass for rural areas .before a person becomes a financial advisor he/she has to

undergo 100hrs training according to Irda norms which is compulsory.

70-75% of profits gained in life insurance business are through financial advisors.

WHO CAN BECOME FINANCIAL ADVISOR?

Any person who is 12thpass and having a minimum age of 18 years can become financial advisor

but an insurance company wants such persons who are having a very high zeal to earn more and

more and should have a very good communication skill which can satisfy the customer. Relationship

skill is must in a financial advisor.

Pnb met life company wants mainly five things in financial advisor:

Confidence

Self motivation

Persuation

Urge to be financially independent

Relationship skill


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ROLE OF FINANCIAL ADVISOR

To provide ongoing financial advice for his/her clients:

Identify advice for his/her clients

Making appointments

Conduct financial review meeting with prospects /clients

Close sell

Get referrals

Provide service to clients

COMPANYS SUPPORT TO FINANCIAL ADVISOR

Field visits

Training on product and selling skill

Regular business review

Be a coach and mentor

Recognize high performers

Help you to become financially independent

COMPANYS EXPECTATIONS TO THEIR FINANCIAL ADVISOR

Achieve sales target

Participate in all meetings

Attend all training programs

Weekly reviews at the office

Follow the sales process

Follow weekly reporting process


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TRAINING AT PNBMETLIFE

At pnbmetlife , training is an inherent element of support system .training is provided at no extra

cost for the new financial consultants. Training of the financial consultants is important as these are

the only advisors who generate maximum business for the company. Some of the training, guidance

and support initiatives undertaken by pnmmetlife are

Basic train ing and induction

I RDA Training

To protect the interests of the policyholders, to regulate, promote & ensure orderly growth of theinsurance industry & for matters connected therewith or incidental thereto.

After liberalization of the insurance sector in 1999, private players have entered both life & non-

life business in India. The Insurance Regulatory & Development Authority (IRDA) was

constituted in April 2000, as an autonomous body to regulate & develop the business of

insurance & reinsurance in the country in terms of the IRDA Act 1999.

Advanced training

Cold Call ing:Cold calling means to approach the customers with out taking prior appointments. I have donelots of cold calling as I visited different shops and malls I got a great experience as I interactedwith different kind of peoples. Even I learned lots of things regarding convincing the customers.

Role Plays:

Role play is a kind of play or say drama which is been presented in front of a group of peoplesand that is even in rural areas where people dont understand the face to face interaction or anyanother explanation. Role play is done basically in local language and we are planning to do thesame as our role play is all set to do.


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Data Collection:

Third strategy is to collect data as many as possible from different sources. So for this datacollection the advisors have visited different colleges and even to different banks to get the dataof retired people. I went to colleges to get the data of the graduate students who would the goodprospect for our company.

Canopy:

Canopy is the kind of activity in which we do arrange a small Business Opportunity Presentation.

We select particular area and in this area we give invitations to the people residing in this area

and than we arrange the presentation.


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RESEARCHMETHODOLOGY


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INTRODUCTION TO RESEARCH

Research is a systematic inquiry to describe, explain, predict and control the observed phenomenon.Research involves inductive and deductive methods . Inductive methods analyze the observedphenomenon and identify the general principles, structures, or processes underlying the phenomenonobserved; deductive methods verify the hypothesized principles through observations. The purposesare different: one is to develop explanations, and the other is to test the validity of the explanations.

One thing that we have to pay attention to research is that the heart of the research is not onstatistics, but the thinking behind the research. How we really want to find out, how we buildarguments about ideas and concepts, and what evidence that we can support to persuade people toaccept our arguments.

Gall, Borg and Gall (1996) proposed four types of knowledge that research contributed to educationas follows:

1. Description: Results of research can describe natural or social phenomenon, such as its form,structure, activity, change over time, relationship to other phenomena. The descriptivefunction of research relies on instrumentation for measurement and observations. Thedescriptive research results in our understanding of what happened. It sometimes producesstatistical information about aspects of education.

2. Prediction: Prediction research is intended to predict a phenomenon that will occur at time Yfrom information at an earlier time X. In educational research, researchers have beenengaged in:

o Acquiring knowledge about factors that predict students' success in school and in theworld of work

o Identifying students who are likely to be unsuccessful so that prevention programscan be instituted.

3. Improvement: This type of research is mainly concerned with the effectiveness ofintervention. The research approach include experimental design and evaluation research.

4. Explanation: This type research subsumes the other three: if the researchers are able toexplain an educational phenomenon, it means that they can describe, can predict itsconsequences, and know how to intervene to change those consequences.


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RESEARCH METHODOLOGY

Theprocess used to collectinformation anddata for the purpose ofmakingbusinessdecisions.The

methodology may includepublicationresearch,interviews,surveys and other researchtechniques,

and could include both present and historical information.

In simple terms methodology can be defined as, it is used to give a clear cut idea on what theresearcher is carrying out his or her research. In order to plan in a right point of time and to advancethe research work methodology makes the right platform to the researcher to mapping out theresearch work in relevance to make solid plans.

More over methodology guides the researcher to involve and to be active in his or her particular field

of enquiry.

Right from selecting the topic and carrying out till recommendations research methodology drivesthe researcher in the right track. The entire research plan is based on the concept of rightmethodology.

More over through methodology the external environment constitutes the research by giving a depthidea on setting the right research objective, followed by literature point of view, based on that chosenanalysis through interviews or questionnaires findings will be obtained and finally concludedmessage by this research.

On the other hand from the methodology the internal environment constitutes by understanding andidentifying the right type of research, strategy, philosophy, time horizon, approaches, followed byright procedures and techniques based on his or her research work. In other hand the researchmethodology acts as the nerve center because the entire research is bounded by it and to perform agood research work, the internal and external environment has to follow the right methodologyprocess.

RESEARCH DESIGN

A research deign is a type of blue print prepared depending on the various types of blueprintavailable for the collection, measurement and analysis of data. A research design calls for

developing of most efficient plan for gathering the needed information. The design of a research is a

based on the purpose of the study. A research design is the specification of the methods of

procedures for acquiring the information needed. It is overall operational pattern or framework of the

project that stipulates what information is to be collected from which source and by what procedures.
http://www.businessdictionary.com/definition/process.htmlhttp://www.businessdictionary.com/definition/information.htmlhttp://www.businessdictionary.com/definition/data.htmlhttp://www.businessdictionary.com/definition/maker.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/decision.htmlhttp://www.businessdictionary.com/definition/decision.htmlhttp://www.businessdictionary.com/definition/methodology.htmlhttp://www.businessdictionary.com/definition/publication.htmlhttp://www.businessdictionary.com/definition/research.htmlhttp://www.businessdictionary.com/definition/research.htmlhttp://www.businessdictionary.com/definition/interview.htmlhttp://www.businessdictionary.com/definition/survey.htmlhttp://www.businessdictionary.com/definition/technique.htmlhttp://www.businessdictionary.com/definition/technique.htmlhttp://www.businessdictionary.com/definition/survey.htmlhttp://www.businessdictionary.com/definition/interview.htmlhttp://www.businessdictionary.com/definition/research.htmlhttp://www.businessdictionary.com/definition/publication.htmlhttp://www.businessdictionary.com/definition/methodology.htmlhttp://www.businessdictionary.com/definition/decision.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/maker.htmlhttp://www.businessdictionary.com/definition/data.htmlhttp://www.businessdictionary.com/definition/information.htmlhttp://www.businessdictionary.com/definition/process.html


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RESEARCH METHODOLOGY ADOPTED

Research design

Descriptive research

Research instrument

Structured & closed questions

Sampling

Sampling method:Probability Sampling

Sample size: 20

Sampl ing design

Random sampling

Sources of data

Primary data : structured , closed questionnaire & references.

Secondary data:journals, booklets etc.

Sampling area

Dehradun


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DATA ANAYSIS

1.Are you aware of training & development program in pnbmetlife?

AWARE CANT SAY UNAWARE

IN FIGURE 16 2 2

% 80% 10% 10%

FINDINGS

During the survey it was seen that 80% of the respondents were aware of the training program

where 10% were not.

AWARENESS

aware

cann't say

unaware


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2. Have you ever attended training inpnbmetlife?

YES NO

IN FIGURE 18 2

% 90% 10%

FINDINGS

During the survey it was seen that 90% of the respondents have attended training whereas

10% have never attended one.

ATTENDED TRAINING OR NOT

YES

NO


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3. Is the trainer knowledgeable enough to provide you the right kind

of training?

KNOWLEDGEABLE AVERAGE BELOW

IN FIGURE 13 4 3

% 65% 20% 15%

FINDINGS

During the survey it was seen that 65% of the sample strongly agree that the trainer was

knowledgeable whereas 20% found him average and 15% thought that the trainer did not

possess the required knowledge.

KNOWLEDGE OF THE TRAINER

KNOWLEDGEABLE

AVERAGE

BELOW


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4. Training helps in building competency?

Strongly agree Agree Cant say Disagree Strongly

disagree

IN FIGURE 11 5 3 1 0

% 55% 25% 15% 5% 0%

FINDINGS

During the survey it was seen that 55% of the respondents strongly agreed that training helps

in building competency whereas only 5% of the sample disagreed to it.

TRAINING HELPS IN BUILDING COMPETENCY

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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5. Training programme is being conducted keeping in consideration

with pnbmetlifes objective?

Strongly agree agree Cant say disagree Strongly

disagree


% 70% 10% 0% 15% 5%

FINDINGS

During the survey it was seen that 70% of the sample strongly agreed that training was carried

on keeping in consideration with pnbmetlifes objectives whereas 5% strongly disagreed with

it.

COPMANY OBJECTIVE AND TRAINING

PROGRAMME

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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6. Games and simulation should be one of the methods of training

and development process?

STRONGLY

AGREE

AGREE CANT SAY DISAGREE STRONGLY

DISAGREE


% 75% 10% 15% 0 0

FINDINGS

During the survey it was seen that 70% of the sample strongly agree that games and

simulation should be one of the methods of training to make it much more interesting whereas

there was no one who disagreed with it.

GAMES AND SIMULATION IN TRAINING

PROCESS

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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7. The trainer was cooperative and helpful?

Agree Slightly agree Disagree No idea

IN FIGURE 12 3 5 0

% 60% 15% 25% 0

FINDINGS

During the survey it was seen that 60% of the people thought that the trainer was co-operative

whereas 25% of the people did not find the trainer co-operative at all.

TRAINER WAS CO-OPERATIVE OR NOT?

AGREE

SLIGHTLY AGREE

DISAGREE

NO IDEA


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8. More audio-visuals should used while providing training.

Strongly

agree

agree Cant say disagree Strongly

disagree

IN FIGURE 9 6 3 2 0

% 45% 30% 15% 10% 0

FINDINGS

During the survey it was seen that 4% of the people strongly agree that more audio visualsshould be uses whereas 10% disagree to it.

USEFULNESS OF AUDIO-VISUALS INTRAINING PROCESS

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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9. The training program is cost effective?

Strongly

agree

Agree Cant

say

Disagree Strongly

disagree

IN FIGURE 8 4 1 2 0

% 40% 20% 5% 10% 0

FINDINGS

During the survey it was seen that 40% of the people strongly agree

, 20% agree and 10% disagree that the training was cost effective.

COST EFFECTIVENESS

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGRE

STRONGLY DISAGRE


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10. Training helps in improving interpersonal relationship?

Strongly

agree

Agree Cant say Disagree Strongly

disagree


% 65% 20% 5% 10% 0

FINDINGS

During trhe survey it was seen that 65% of the sample strongly agree, 20% agree and

10% disagree that training helps in improving interpersonal skills.

TRAINING HELPS IN IMPROVEING INTER

PERSONAL REALATIONSHIP

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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11. Rewards increase the participation of the trainees.

Strongly

agree


Disagree


% 55% 35% 0% 10% 0

FINDINGS

During the survey it was seen that 55% strongly agree, 35% agree and 10% disagreethat rewards increase the participation of the employee.

REWARDS INCREASE THE PARTICIPATION OFTHE TRAINEES

STRONGLY AGREE

AGREE

CAN'T SAY

ADISAGREE

STRONGLY DISAGREE


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12. Is the training is free from bias?

Strongly

agree


disagree

IN FIGURE 9 5 2 3 1

% 45% 25% 10% 15% 5%

FINDINGS

During the survey it was seen that 45% of the sample strongly agree and 25% agree

that the training is free from bias whereas 15% disagree and 5% strongly disagree that

training is not free from bias.

TRAINING IS FREE FROM BIAS OR NOT

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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13. Training should be regular and continuous process in pnbmetlife.

Strongly

agree


disagree

IN FIGURE 4 3 2 1 0

% 70% 15% 10% 5% 0

FINDINGS

During the survey it was seen that 70% of the sample strongly agree ,15% agree that

training should be a continuous process whereas 5% disagree that training should not

be carried on a regular basis.

TRAINING SHOULD BE REGULAR AND

CONTINUOUS PROCESS

STRONGLY AGREE

AGREE

CAN'T SAY

DIAGREE

STRONGLY DISAGREE


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14. In present T&D system , feedback is given by trainee to trainer for

improvement.

Strongly

agree


disagree

IN FIGURE 8 4 2 3 3

% 40% 20% 10% 15% 15%

FINDINGS

During the survey it was seen that 40% of the sample strongly agree and 20% agreethat feedback helps the trainer to improve whereas 15% disagree and 15% strongly

disagree that the feedback does not lead to any improvement of the trainee.

IMPORTANCE OF FEEDBACK PROCEES IN

TRAINING

STRONGLY AGREE

AGREE

CAN'T SAY

DISAGREE

STRONGLY DISAGREE


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INTERPRETATION

TRAINI NG PROCESS

1.

Organizational objectives and strategies:

It means that what business we are in. at what level of quality do we wish to provide this

product or service. The organization must access the strength and weakness of its human

resources. To plan training that links to organizational performance improvement you must first

identify the organizational performance needs, gaps and priorities. These are examples of typical

training drivers which gives rise training needs.

Assessment of traini ng needs:

Four steps to conduct a need assessment

Step-1perform a GAP analysis.

Step -2 identify priorities and importance.

Step -3 identify causes of performance problems and /or opportunities.

Step-4identify possible solution and growth opportunities.

There are several basic need assessment techniques use.

A combination of some of these as appropriate:

Direct observation

Questionnaires

Consultation with persons in key positions and /or with specific knowledge.

Review of relevant literature.

Interviews

Focus group

Tests

Records and report studies.


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Establishment of training goal:

An eight step model for designing an effective training event that meets the needs of

participants and trainers .this model includes the following eight steps:

Step-1 define purpose of training and target audience.

Step-2 define participants needs.

Step-3define training goals and objectives.

Step-4outline training content.

Step-5develop instructional activities.

Step-6prepare the written training design.

Step-7prepare participant evaluation form(s)

Step-8determine follow up activities for the event.

Designing train ing program:

Conducting training program requires considerable effort and co-operation. Much of success

of training program depend on the program

co-ordinator , whose role is quite vital and some training program are:

the trainer

the trainee

the curriculum the training material

the methods and techniques

the timing and sequencing

location

the physical facilities and training equipment

Implementation of traini ng program:

Follow the training program properly with proper instruction and process.

Evaluation of result

The means used to determine the worth of value of a training program.

The processes to improve a training process or decide weather or not to continue it.


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The process of delineating collecting and providing information useful for judging

training decision alternatives.

Several techniques of evaluation are being use in organizations. It may be started that the

usefulness of the methods is inversely propositional to the ease with which the evaluation can

be done.

One approach towards evaluation is to use experimental and control groups. Each group is

randomly selected, one to receive training and the other not to receive training. The random

selection helps to assure the formation of group suite similar to each other. Measures are

taken of the relevant indicators of success before and after training for both groups .

Measurement of effectiveness of training program can be done by KIRKPATRICK fourmodel.

Krikpatrick four level model of evaluation of training:

Donald kirkpatricks 4 level of evaluating training

LEVELS DESCRIPTION COMMENTS

LEVEL

1. REACTION

1. Does the trainee aware about

the course?

2. How training process is

being effective with the help of

games and simulation?

3. More audio-visual aids

should use in the training

process or not?

4. is rewards increase the

participation of the trainees?

In most of the cases we found

that almost 80% of the

respondent are aware of thecourse as well as they prefer

games and simulation, audio-

visual aids and reward to

increase the effectiveness of

the training process..


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LEVEL

2. LEARNING

1.Is the program conducted in

keeping in consideration

companies objective?

2. Is training helps in building

competency?

In both the cases 80% agreed

that training should be keeping

in consideration companies

objectives and its helps in

building competency of the

trainees.

LEVEL

3. BEHAVIOR

Here we measure both trainer

and trainees behavior.

1. Is the trainer knowledgeable

enough to provide right kind of

training?

2. Is the trainer cooperative

and helpful.?

3. Is the training helps in

building competency and

interpersonal relationship?

65% found that the

trainer was

knowledgeable enough

to provide the right

kind of training

60% people agreed that

trainer was cooperative

and helpful.

Approx 80% people

response was given

positive response that

this process helps in

building competency

of the trainees.

LEVEL

4. RESULTS

1.Is the training program cost

effective?

2.Iis the training program fee

from bias?

3.Does the training process is

regular and continuous in

pnbmetlife?

4. How feedback is important

in the program?

According to the

response of respondent

70% of the people

found the program cost

effective and free from

bias.

85% agreed that the

program was regular. And 70% wants to give

feedback to the trainer

for the improvement of

the program


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PROJECT RATIONALE

The Project Rationale is the Reason statement explaining the problem, identifying the need, and

offering justifiable solutions. it can be said that the business case provides the focus for the project

which narrates the rationale and the justification. Moreover, the rationale describes the market

opportunity, offers business solutions and identifies the project context within the organizational

strategy.

According to my project these are the key area ,

1. How effective the existing system of training and development at pnbmetlife.

2. Effectiveness of training and development system within the organization. Is their any good

or bad effect among the trainees or not.

3. Satisfaction level of the employee with the training and development system and how it

could be improve.

4. How people are aware of the training and development system and how their awareness

should be increase.


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CONCLUSION

Entry of Private players in Insurance Industry has changed the entire scenario of the Industry.Industry has shown Revolution of 360* starting from 1956. Private players have challenged the LICand compelled to face the competition. This cut-throat competition has been a boon for customer. Hehas been more informed and getting better services. Negligence to the Insurance is decreasing day byday.

Thus, total scenario of the Industry has changed from as it was in 1956a Monopoly Market. Onaccount of increased competition, companies have to compete to grab the market. Tied channel is

perhaps the best alternative to reach maximum target customers. So to have best results companiesare required to have best people, who can work for the efficiently and give best results. So, as aresult now a day companies have become more choosy in recruiting advisors.PNBMETLIFE should strive to be be in learning and training plays a vital role in this regard. This

facilitates employees to learn new concepts and practices relevant to new situations. After the

survey,

it is evident that there are certain strengths and also the weaknesses is the present training system ,

which has to be overcome. The perception of employees regarding the present training system brings

out the fact that they are satisfied with the present training process that is being practiced in the

organization.it is noticed in the survey that majority of the advisors in pnbmetlife were aware of thetraining programs. Most of them were given training which make them more competent and

professional. Training includes interpersonal relationship. After analyzing it was found that

maximum respondents are at the level of satisfaction but few are dissatisfied .Therefore training and

development is the utmost importance and has to be carried out on a regular basis so as to improve

the performance of the employees.


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TRAINING AND DEVELOPMENT

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