Who is Financial Consultants

TRAINING AND DEVELOPMENT OF
INSURANCE 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

INDUSTRY
PROFILE

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TRAINING AND DEVELOPMENT OF INSURANCE ADVISOR

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 lifetime, 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 Chinese
traders, traveling treacherous river rapids would distribute their goods among several vessels,
so that the loss from any one vessel being lost, would be partial and shared, and not total. The
Babylonian traders would agree to pay additional sums to lenders, as the price for writing off
the loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted the
principle of general average of ‗general average‘, whereby, if goods are shipped together, the
owners 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 the
weight and restore balance. Such throwing away is called jettisoning} The Greeks had started
benevolent societies in the late 7 th century AD, to take care of the funeral and families of
members who died. The great fire of London in 1666,in which more than 13000 house were
lost, gave a boost to insurance and the first fire insurance company, called the fire office, was
started in 1680.

 The origins of insurance business as in vogue at present, is traced to the Lloyd‘s Coffee
House in London. Traders, who used to gather in the Lloyd‘s coffee house in London, agreed
to share the losses to their goods while being carried by ships. The losses used to occur
because of pirates who robbed on the high seas of because of bad weather spoiling the goods
or sinking the ship. In India, insurance began in 1818 with life insurance being transacted by
an English company, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followed
by the Bharat Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, The
United India in Chennai, the National, the National Indian and Hindustan Cooperative in
Kolkata.

 Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally
called the swadeshi life), the India Mercantile, the new India and the Jupiter in Mumbai and
the Lakshmi in New Delhi. These were all Indian companies started as a result of the
swadeshi movement in the early 1900s. By the year 1956, when life insurance business was
nationalized and the life Insurance Corporation of India (LIC) was formed on1st September
1956, there were 170 companies and 75 provident fund societies transacting life business in
India. 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 life
insurers 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 collect
statistical information about both life and non-life insurance businesses.

 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.

 1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with
a
capital
contribution
of
Rs.
5
crore
from
the
govt
of
India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.

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 be
considerably 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 women‘s
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 passenger‘s 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 company‘s strength lies in the fact that huge amounts come by way of
premiums. Every premium represents a risk that is covered by that premium. In effect,
therefore, these vast amounts represent pooling of risks. The funds are collected and held in
trust for the benefit of the policyholders.

 The management of insurance companies is required to keep this aspect in mind and make all
its decisions in ways that benefit the community. This applies also to its investments. This is
why successful insurance companies would not be found investing in speculative ventures.
Their investments benefit the society at large.

 The system of insurance provides numerous direct 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 commercial
undertakings 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
S.No.

Registration
Number

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.

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

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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.

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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

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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 MetLife
International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank
Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHI
and PNB being the majority shareholders. PNB MetLife was previously known as MetLife India
Insurance 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 leading
nationalised 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 than
7,000 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 sales
of over 10,000 financial advisors and multiple bank partners, and provides access to Employee
Benefit 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 in
the 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

MetLife‘s vision of being the leading global life insurance and employee benefits company guides
the company‘s response to people‘s growing need for first-rate financial products and services
through various life stages and economic cycles. MetLife‘s 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 world—and 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 company‘s
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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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VISION AND MISSION
Value


Professionalism



Innovation



Team Spirit



Pragmatism



Integrity

Mission
To be the top growing life insurance company in india, main objective of
Pnbmetlife is financial protection and wealth management in India. .
 Customer service of the highest order
 Value for money for customers,
 Professionalism in carrying out business
 Innovative products to cater to different needs of different customers
 Use of technology to improve service standards
 Increase market share

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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 Plan – 10 Pay

Monthly Income Plans


Met Monthly Income Plan – 10 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

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SERVICES BY PNBMETLIFE
RISK
COVER
PEACE OF
MIND

PRE AND
POST
SALES
SERVVICE

SAFETY

SERVICES BY
PNBMETLIFE

FORCED
SAVINGS

RETURN

LIQUIDITY
TAX
BENEFITS

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

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OWNERSHIP PATTERN
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture
between MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited
(PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private
Limited and other private investors.


Partners of pnbmetlife

j& K Grameen Bank
Birdres Technologies Pvt. Ltd.
American Express Banking Corp

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 COMPETITOR‟S 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 substantially
to meet its vision of becoming a ‗Top-tier Life Insurance
Company‘ in the country. As a company, we are financially
strong, have a well balanced product portfolio and our
distribution is well poised to deliver substantial growth.
We continued to remain profitable in 2011 and continue to
grow our sales month on month. Our AUM has consistently
increased and today stands at a strong 7772 Crores. Our new
partnership with PNB has had a resounding start and we have
done a record-breaking business with Punjab National Bank
within 40 days of launch.
All these achievements were against a backdrop of an overall decline in the industry
where 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 establish Punjab National Bank
Grow, transform and improve productivity of our Agency business
Protect and grow Existing Bank Partners
Acquire new distribution partners
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Leverage global and acquire domestic partnerships to grow Employee Benefits
business
Maintain 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 now
acquired with PNB.
To be a top tier Life insurance company, particularly in the scenario of reduced growth
rates, 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 for
the company. Recent surveys showed that 84% of our employees are extremely proud to
work for PNB MetLife. I too am proud to be a part of this organization and lead a team
that has delivered all the above and together we will take this company to even greater
heights. I look forward to your commitment to establish PNB MetLife as a „Top tier Life
Insurance Company‟ in 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. they‘ll 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 meet
the 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 CSR
initiative. 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 of
underprivileged children.”Approach

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SWOT ANALYSIS

STRENGTHS

1.
2.
3.
4.

STRONG TIE UP
BRAND EQUITY
STRONG NETWORK
HUGE CUSTOMER DATA BASE

OPPORTUNITIES

1. UNINSURED POPULATION
2. NETWORK BUILDING
3. CHANGING ENVIRONMENT

WEAKNESSES

1. LOW CUSTTOMER
AWARENESS
2. LESS ADVERTISING AND
PROMOTION

THREATS

1. LIC
2. AGGRESSIVE NEW
ENTRANTS

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McKinsey 7S Framework

The McKinsey 7S Framework is a management model developed by well-known business
consultants Robert H. Waterman, Jr. and Tom Peters in the 1980s. This was a strategic vision for
groups, to include businesses, 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 an
organization.
The model is based on the theory that, for an organization to perform well, these seven elements
need to be aligned and mutually reinforcing. So, the model can be used to help identify what needs
to be realigned to improve performance, or to maintain alignment (and performance) during other
types of change.
Whatever the type of change – restructuring, new processes, organizational merger, new systems,
change of leadership, and so on – the model can be used to understand how the organizational
elements are interrelated, and so ensure that the wider impact of changes made in one area is taken
into consideration.

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1. STRATEGY
PUT CUSTOMERS FIRST
Caring for and respecting customers is core to everything they do.
It defines their work and shapes the culture for their people,
radiating out to their shareholders and communities.

BE THE BEST
They are relentless in their search for new and better ways of doing
things. As a leader in our industry, they constantly raise the bar,
take calculated risks and learn quickly from their mistakes.

MAKE THINGS EASIER
Products aren't always easy to understand. That's why they are
always looking for simpler ways to connect customers to the best
solutions. By doing this,they aim to exceed their expectations and
build trust.

SUCCEED TOGETHER
United by their purpose, we live by a collective commitment to honesty, integrity and diversity.
They are open and inclusive, proudly taking and applying the best ideas from every part of their
company.

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2. STRUCTURE
CORPORATE
STRUCTURE

TIED AGENCY

ALTERNATE
DISTRIBUTION

VICE PRESIDENT

COUNTRY HEAD

REGIONAL
MANAGER

RELATIONSHIP
MANAGER

BRANCH SALES
MANAGER

SALES MANAGER

SALES MANAGER

UNITMANAGER

ASSI.SALES
MANAGER

CORPORATE

BANK
ASSURANCE

AGENCY

FINANCIAL
SERVICE

TEAM LEADER

TRAINEES

CUSTOMER
SERVICE
REPRASENTATIVE

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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 Bank
and MetLife Inc. These two companies are holding majority of shares of PNB MetLife India
Insurance Company Limited. With the bonding of these two leading companies, a new
strength, bond and reliability is available for the investors in insurance sector. It offers a huge
number of insurance plans like retirement plans, protection plans, heath plans, investment
plans, 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 real –life situations.



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



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 would
be 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 for
developing managerial skills.



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



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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TRAINING
&
DEVELOPMENT
(PART-B)

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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 employee‘s ability to perform through learning, usually
by changing the employee‘s attitude or increasing his skills and
knowledge.‖
The need of training and development is determined by employee‘s performance
deficiency, compute as follows:-

Training and development need = Standard performance – Actual
performance.
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 jobs
better. 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.

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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

ASSESSMENT OF TRAINING
NEEDS

ESTABLISHMENT OF
TRAINING AND
DEVELOPMENT GOALS

DEVISING TRAINING AND
DEVELOPMENT PROGRAMME

IMPLEMENTATION OF
TRAINING AND
DEVELOPMENT PROGRAMME
EVALUATION OF RESULTS

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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.

QUALITY CONSCIOUS CUSTOMERS: Customers have become quality conscious and their
requirements keep on changing. To satisfy the customers, quality of products must be continuously
improved 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 company‘s 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,
useful and productive for 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 work –life.

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:

INDUCTION 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 TRAINING:
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.

INTERNSHIP 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
practical work experience and

to big industrial enterprises for gaining

medical students are sent to hospitals to get practical knowledge.

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

REFRESHER TRAINING:
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.

TRAINING 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 TRAINING:
-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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superior‘s 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-round workers. 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 TRAINING:
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 learning rather 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-thejob 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 associated with
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 12th pass to operate in
urban area and 10th pass 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 12th pass 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

COMPANY‟S 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


COMPANY‟S 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 training and induction
 IRDA Training
To protect the interests of the policyholders, to regulate, promote & ensure orderly growth of the
insurance industry & for matters connected therewith or incidental thereto.‖
After liberalization of the insurance sector in 1999, private players have entered both life & nonlife 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 Calling:
Cold calling means to approach the customers with out taking prior appointments. I have done
lots of cold calling as I visited different shops and malls I got a great experience as I interacted
with 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 peoples
and that is even in rural areas where people don‘t understand the face to face interaction or any
another explanation. Role play is done basically in local language and we are planning to do the
same 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 data
collection the advisors have visited different colleges and even to different banks to get the data
of retired people. I went to colleges to get the data of the graduate students who would the good
prospect 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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RESEARCH
METHODOLOGY

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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 observed
phenomenon and identify the general principles, structures, or processes underlying the phenomenon
observed; deductive methods verify the hypothesized principles through observations. The purposes
are 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 on
statistics, but the thinking behind the research. How we really want to find out, how we build
arguments about ideas and concepts, and what evidence that we can support to persuade people to
accept our arguments.
Gall, Borg and Gall (1996) proposed four types of knowledge that research contributed to education
as 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 descriptive
function of research relies on instrumentation for measurement and observations. The
descriptive research results in our understanding of what happened. It sometimes produces
statistical information about aspects of education.
2. Prediction: Prediction research is intended to predict a phenomenon that will occur at time Y
from information at an earlier time X. In educational research, researchers have been
engaged in:
o Acquiring knowledge about factors that predict students' success in school and in the
world of work
o Identifying students who are likely to be unsuccessful so that prevention programs
can be instituted.
3. Improvement: This type of research is mainly concerned with the effectiveness of
intervention. The research approach include experimental design and evaluation research.
4. Explanation: This type research subsumes the other three: if the researchers are able to
explain an educational phenomenon, it means that they can describe, can predict its
consequences, and know how to intervene to change those consequences.

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RESEARCH METHODOLOGY
The process used to collect information and data for the purpose of making business decisions. The
methodology may include publication research, interviews, surveys and other research techniques,
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 the
researcher is carrying out his or her research. In order to plan in a right point of time and to advance
the research work methodology makes the right platform to the researcher to mapping out the
research 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 drives
the researcher in the right track. The entire research plan is based on the concept of right
methodology.
More over through methodology the external environment constitutes the research by giving a depth
idea on setting the right research objective, followed by literature point of view, based on that chosen
analysis through interviews or questionnaires findings will be obtained and finally concluded
message by this research.
On the other hand from the methodology the internal environment constitutes by understanding and
identifying the right type of research, strategy, philosophy, time horizon, approaches, followed by
right procedures and techniques based on his or her research work. In other hand the research
methodology acts as the nerve center because the entire research is bounded by it and to perform a
good research work, the internal and external environment has to follow the right methodology
process.

RESEARCH DESIGN
A research deign is a type of blue print prepared depending on the various types of blueprint
available 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.

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RESEARCH PROBLEM
Organization has to depend on various policies for the training and development of its workers.
Pnbmetlife today is focusing on the way to spend the funds effectively on T&D PROGRAMMES ,
with the aim that training enables the employee to become more productive.

RESEARCH OBJECTIVES
1.
2.
3.
4.

To know about the existing system of training and development at pnbmetlife.
To evaluate the effectiveness of training and development system.
To know the satisfaction level of the employee with the training and development system.
To study the awareness of the employee regarding the training and development system.

PROBLEM FORMULATION
To study on ―TRAINING AND DEVELOPMENT” system for financial advisor at
PNBMETLIFE.

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RESEARCH METHODOLOGY ADOPTED
Research design


Descriptive research

Research instrument


Structured & closed questions

Sampling



Sampling method: Probability Sampling
Sample size: 20

Sampling 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
IN FIGURE
%

CAN’T SAY

16

2

80%

10%

UNAWARE
2
10%

AWARENESS

aware
cann't say
unaware

FINDINGS
During the survey it was seen that 80% of the respondents were aware of the training program
where 10% were not.

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2. Have you ever attended training inpnbmetlife?

IN FIGURE
%

YES

NO

18

2

90%

10%

ATTENDED TRAINING OR NOT

YES
NO

FINDINGS
During the survey it was seen that 90% of the respondents have attended training whereas
10% have never attended one.

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

KNOWLEDGEABLE
IN FIGURE

13

%

65%

AVERAGE

BELOW

4
20%

3
15%

KNOWLEDGE OF THE TRAINER

KNOWLEDGEABLE
AVERAGE
BELOW

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.

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4. Training helps in building competency?
Strongly agree

Agree

Can’t say

Disagree

3

1

IN FIGURE

11

5

%

55%

25%

15%

Strongly
disagree
0

5%

0%

TRAINING HELPS IN BUILDING COMPETENCY

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

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.

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5. Training programme is being conducted keeping in consideration
with pnbmetlife’s objective?

Strongly agree

agree

Can’t say

disagree

Strongly
disagree

IN FIGURE

14

2

0

3

1

%

70%

10%

0%

15%

5%

COPMANY OBJECTIVE AND TRAINING
PROGRAMME
STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

FINDINGS
During the survey it was seen that 70% of the sample strongly agreed that training was carried
on keeping in consideration with pnbmetlife’s objectives whereas 5% strongly disagreed with
it.

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

IN FIGURE
%

STRONGLY
AGREE

AGREE

15

2
75%

CAN’T SAY

DISAGREE

3

10%

STRONGLY
DISAGREE

0
15%

0

0
0

GAMES AND SIMULATION IN TRAINING
PROCESS

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

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.

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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

TRAINER WAS CO-OPERATIVE OR NOT?

AGREE
SLIGHTLY AGREE
DISAGREE
NO IDEA

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.

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

agree

Can’t say

disagree

Strongly
disagree

IN FIGURE

9

6

3

2

0

%

45%

30%

15%

10%

0

USEFULNESS OF AUDIO-VISUALS IN
TRAINING PROCESS

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

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

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9. The training program is cost effective?
Strongly
agree
IN FIGURE
%

8
40%

Agree

Can’t
say

Disagree

Strongly
disagree

4

1

2

0

20%

5%

10%

0

COST EFFECTIVENESS

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGRE
STRONGLY DISAGRE

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.

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10. Training helps in improving interpersonal relationship?
Strongly
agree

Agree

13
65%

IN FIGURE
%

Strongly
disagree

Can’t say

Disagree

4

1

2

0

20%

5%

10%

0

TRAINING HELPS IN IMPROVEING INTER
PERSONAL REALATIONSHIP

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

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.

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11. Rewards increase the participation of the trainees.
Strongly
agree
IN FIGURE
%

Agree

Can’t say

11

7

0

55%

35%

0%

Disagree
2
10%

Strongly
Disagree
0
0

REWARDS INCREASE THE PARTICIPATION OF
THE TRAINEES

STRONGLY AGREE
AGREE
CAN'T SAY
ADISAGREE
STRONGLY DISAGREE

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

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12. Is the training is free from bias?
Strongly
agree
IN FIGURE

9

%

45%

Agree

Can’t say

Disagree

5

2

3

25%

10%

Strongly
disagree
1

15%

5%

TRAINING IS FREE FROM BIAS OR NOT

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

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.

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

Agree

Can’t say

Disagree

Strongly
disagree

IN FIGURE

4

3

2

1

0

%

70%

15%

10%

5%

0

TRAINING SHOULD BE REGULAR AND
CONTINUOUS PROCESS

STRONGLY AGREE
AGREE
CAN'T SAY
DIAGREE
STRONGLY DISAGREE

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.

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

Agree

Can’t say

Disagree

Strongly
disagree

IN FIGURE

8

4

2

3

3

%

40%

20%

10%

15%

15%

IMPORTANCE OF FEEDBACK PROCEES IN
TRAINING

STRONGLY AGREE
AGREE
CAN'T SAY
DISAGREE
STRONGLY DISAGREE

FINDINGS
During the survey it was seen that 40% of the sample strongly agree and 20% agree
that 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.

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INTERPRETATION
TRAINING 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 training 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-7 prepare participant evaluation form(s)
Step-8determine follow up activities for the event.

 Designing training 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 training 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 four
model.

Krikpatrick four level model of evaluation of training:
Donald kirkpatrick‘s 4 level of evaluating training
LEVELS
LEVEL
1.

DESCRIPTION

COMMENTS

1. Does the trainee aware about In most of the cases we found
the course?
that almost 80% of the
REACTION
respondent are aware of the
2. How training process is
course as well as they prefer
being effective with the help of games and simulation, audiogames and simulation?
visual aids and reward to
increase the effectiveness of
3. More audio-visual aids
the training process..
should use in the training
process or not?
4. is rewards increase the
participation of the trainees?

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LEVEL
2.

1.Is the program conducted in
keeping in consideration
LEARNING companies objective?
2. Is training helps in building
competency?

LEVEL
3.

BEHAVIOR

Here we measure both trainer
and trainee‘s behavior.
1. Is the trainer knowledgeable
enough to provide right kind of
training?
2. Is the trainer cooperative
and helpful.?

In both the cases 80% agreed
that training should be keeping
in consideration companies
objectives and its helps in
building competency of the
trainees.






3. Is the training helps in
building competency and
interpersonal relationship?

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?




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.

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 LIC
and compelled to face the competition. This cut-throat competition has been a boon for customer. He
has been more informed and getting better services. Negligence to the Insurance is decreasing day by
day.
Thus, total scenario of the Industry has changed from as it was in 1956 – a Monopoly Market. On
account 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 companies
are required to have best people, who can work for the efficiently and give best results. So, as a
result 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 the
training 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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SUGGESSION

 More and more financial advisors should be made aware by informing them before hand to
enable them to prepare themselves for the schedule
 Trainers should be courteous, competent and professional and should be able to solve the
queries to the satisfaction level. The course material provided by them shall be found useful
for future reference.

 Pnbmetlife‘s objective should be given priority while preparing the training programme as it
would lead to proper utilization of funds being invested in organizing the training
programme.
 Games and simulation should be one of the method s of conducting the training programme
to raise the inter level of the trainees.

 Training provided should be useful to the current work of the trainees, it should help them in
one or the other way in every walk of life.
 Training should be maid continuous and a regular process as it will be easier for the financial
consultants to retain the knowledge and skills (behavioral and technical) for a long period of
time.

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ANNEXURE

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QUESTIONNIRE
NAME OF THE RESPONDANT:
AGE:
ADDRESS:
CONTACT NO:
1. ARE YOU AWARE OF THE TRAINING & DEVELOPMENT PROGRAM OF
PNBMETLIFE?
 AWARE
 CAN‟T SAY
 UNAWARE
2. HAVE YOU EVER ATTENDED TRAINING AT PNBMETLIFE?
 YES
 NO
3. WAS THE TRAINER KNOWLEDGEABLE ENOUGH TO PROVIDE YOU RIGHT
KIND OF TRAINING?
 KNOLEDGABLE
 AVERAGE
 BELOW
4. DO YOU THINK TRAINING HELPS IN BUILDING COMPETENCY?
 STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
5. TRAINING PROGRAM IS BEING CONDUCTED KEEPING IN CONSIDERATION
WITH PNBMELIFE’S OBJECTIVE?
 STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
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

STRONGLY DISAGREE

6. GAMES AND SIMULATION SHOULD BE ONE OF THE METHODS OF TRAINING
AND DEVELOPMENT PROCESS?

STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
7. WAS THE TRAINER COOPERATIVE AND HELPFUL?
 YES
 SOMEWHAT YES
 NO
 NO IDEA
8. MORE AUDIO-VISUALS SHOULD BE USED WHILE PROVIDING TRAINING?
 STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
9. THE TRAINING PROGRAM IS COST EFFECTIVE?

STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
10. TRAINING HELPS IN BUILDING INTERPERSONAL RELATIONSHIP?

STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
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11. REWARDS INCREASE THE PARTICIPATION OF THE TRAINEES?
 STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE
12.DO YOU THINK TRAINING IS FROM BIAS?






STRONGLY AGREE
AGREE
CAN‟T SAY
DISAGREE
STRONGLY DISAGREE

13.TRAINING SHOULD BE A REGULAR AND CONTINUOUS PROCESS IN PNBMETLIFE?






STRONGLY AGREE
AGREE
CAN‟T SAY
DISAGREE
STRONGLY DISAGREE

14.IN PRESENT T&D SYSTEM , FEEDBACK IS GIVEN BY TRAINEEE TO TRAINER FOR
IMPROVENT IS IMPORTANT?
 STRONGLY AGREE
 AGREE
 CAN‟T SAY
 DISAGREE
 STRONGLY DISAGREE

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BIBLIOGRAPHY

1.
2.
3.
4.
5.
6.
7.

Aswathappa k, human resource and personal management
Craig l.robert training and development hand book
C.R. Kothari research methodology
Personal manual of pnbmetlife
Human resource management by insurance institute india.
www.pnbmetlife.com
Wikipedia

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