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Mngesh birla1f
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Mngesh birla1f
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Mngesh birla1f
Mngesh birla1f
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  • 1. A REPORT ON ORGANIZATIONAL STUDY INBirla Sun Life Insurance Limited Submitted in partial fulfillment of the requirements of the M.B.A Degree Course of Bangalore University By Mr. Rama Krishna Raju T Register Number: 06XQCM6101 Under the Guidance and Supervision Of Mr. Rudra Murthy Professor M.P.BIRLA INSTITUTE OF MANAGEMENT Associate Bharatiya Vidya Bhavan # 43, Race Course Road Bangalore-560001 July - August 2007M P BIRLA INSTITUTE OF MANAGEMENT 1
  • 2. PRINCIPAL’S CERTIFICATEThis is to certify that the organization study on Birla Sun Life Insurance,Bangalore has been prepared by Mr. Rama Krishna Raju T bearing theregistration no. 06XQCM6101 under the guidance and supervision of Mr.Rudra Murthy, Professor, MPBIM, Bangalore.PLACE: Bangalore Dr. N S MallavaliDATE: (Principal)M P BIRLA INSTITUTE OF MANAGEMENT 2
  • 3. GUIDE’S CERTIFICATEThis is to certify that the organization study on Birla Sun Life Insurance,Bangalore, prepared by Mr. Rama Krishna Raju T bearing theregistration no.06XQCM6101 is a bonafide work done, carried under myguidance and supervision during the academic year 2006-08 in partialrequirement for the award of MBA degree by Bangalore University. To thebest of my knowledge this report has not formed the basis for the award ofany other degree or diploma.PLACE: Bangalore Mr. Rudra MurthyDATE: (Professor)M P BIRLA INSTITUTE OF MANAGEMENT 3
  • 4. COMPANY CERTIFICATE Birla Sun Life Insurance LimitedThis is to certify that Mr. Rama Krishna Raju T has completed hisproject, under my guidance during Jul& Aug 2007on the topic titled “Organization study”His Conduct was Good during this period.Place: BANGALOREDate: Signature Name Designation of the guide Office SealM P BIRLA INSTITUTE OF MANAGEMENT 4
  • 5. DECLARATIONI hereby, declare that this internship report entitled. An Organization Studyat Birla Sun Life Insurance Limited, Bangalore submitted in partialfulfillment for the award of Master of Business Administration ofBangalore University is a record of independent work carried out by meunder the guidance of Prof. Rudra Murthy faculty member, M. P. BirlaInstitute of Management Studies, Bangalore.I also declare that this report is a result of my own effort and has not beensubmitted earlier for the award of any degree or diploma of BangaloreUniversity or any other University.Place: Bangalore Rama Krishna Raju TDate: REGD.NO: 06XQCM6101M P BIRLA INSTITUTE OF MANAGEMENT 5
  • 6. AcknowledgementAt the outset, I would like to express my deep sense of gratitude and sincerethanks to Dr. Mallavali, Principal, M.P.BIRLA INSTITUTE OF MANAGEMENT,Bangalore, for providing an opportunity to discover the corporate world, from aclose perspective.Prof. Rudra Murthy, my professor and internal guide for this project to whom Iam deeply grateful for his constant support and guidance without which it wouldnot have been possible for me to complete this project in time.I take this opportunity to extend my sincere gratitude to Mr. Ranjan Anand,Agency Manager, BSLI for giving me an opportunity to undertake internshiptraining and the project on the topic .Competency Mapping. in the esteemedorganization.I would also like to express my heartfelt wishes to BSLI, for making these 2months a stepping-stone for my career.I convey my gratitude to all the staff members of Marketing Division for theirkind cooperation through out my project.Finally, I thank my dearest Parents for their continued support.M P BIRLA INSTITUTE OF MANAGEMENT 6
  • 7. Executive SummaryBirla Sun Life Insurance pioneered the unique Unit Linked Life InsuranceSolutions in India. BSLI has cemented its position as a leading player in theprivate life insurance industry within 4 years of its inception. Its main focuson investment linked insurance products supported its leadership in productinnovation. Its multi-dimensional channels offered convenient channels forsale of the products to customers. It had been maintaining corporategovernance and a high degree of transparency in all business practices andprocedures. It had a strong fundamentals based on Aditya Birla Group’slocal insight and sun life financials global expertise.The company chosen was Birla Sun Life Insurance ( BSLI) . The reasonbehind this was to understand the expertise it has developed and skills it hasowned, especially in the field of marketing its products as it is the boomingindustries in India.Learning really takes place outside the classroom. I stand a witness to thisstatement. The in sight of knowledge that I acquired in the two months ofinternship with BSLI was quite impressive. The opportunity I received toapply my knowledge and skills in the organization gave me a practical viewpoint to the whole system of learning.M P BIRLA INSTITUTE OF MANAGEMENT 7
  • 8. The main objective of the internship was to imbibe a practical approach inthe students towards the knowledge gained at the classroom level. Theinternship at BSLI has given me the right perception and has had a positiveeffect on the kind of learning that I got at the M.P. Birla Institute ofManagement, Bangalore.It was a very good experience for me to work during this tenure. I am gladthat I have learnt so much in such little time. It has boosted my confidenceand has raised my spirits. I can confidently say that my knowledge hasimproved in a very short time I would like to thank the entire Marketingdepartment at the BSLI for their constant support.M P BIRLA INSTITUTE OF MANAGEMENT 8
  • 9. ContentsCHAPTER-1 THEORYTICAL SETTINGCHAPTER-2 ORGANISATION STRUCTURECHAPTER-3 OPERATIONAL FUNCTIONAL DEPAREMENTS AND PERFORMANCE EVALUATIONCHAPTER-4 AWARDS AND ACHIVEMENTSCHAPTER-5 RECOMMENDATIONS AND SUGGESTIONSCHAPTER-6 CONCLUSIONSM P BIRLA INSTITUTE OF MANAGEMENT 9
  • 10. Chapter 1INTRODUCTIONOrganization structure involves formal and recognizedstructure where in each and every individual and grouphave a definite relationship with each other, have aspecified area to exist, function to perform, authority tomobilize resources, obligation to act, responsibility forachieving the objective and accountability for theirperformance. It is arrangement of activities andassignment of personal to their activities in order toachieve the organizational goal.Organization structure encompasses sixMajor areas with in organization. These areWork specializationDepartmentalizationChain of commandSpan of controlCentralization and decentralizationObjectives of the study:1) To understand the organization structure/hierarchy ofthe company2) To identify various departments in the organizationand the functioning of the same.3) To understand the various responsibilities and dutiescarried out by each department.M P BIRLA INSTITUTE OF MANAGEMENT 10
  • 11. 4) The study is aimed at understanding how anorganization practically works in the real situation.5) To undertake a small assignment in order to knowthe perception and attitudes of the people towards Birlasun Life Insurance policies.6) To offer suggestions based upon the findings.Scope of the study:The study is limited to Birla Sun Life InsuranceCompany Limited Bangalore branch.Source of data:Primary data: One to one interviews with departmentalheads and few subordinates.Secondary data: Secondary data are collected from thecompany’s website, newspaper articles and magazines.LIFE INSURANCELife insurance is a contract providing for a payment of asum of money to the person assured or failing him tothe person entitled to receive the same on thehappening of certain event. Uncertainty of death isherent in human life. It is this risk, high gives rise to thenecessity for some form of protection against thefinancial loss arising from death. Insurance substitutesthis uncertainty by certainty. The objective of insuranceis normally to provide: a. Family protection and b. Provision for old age.M P BIRLA INSTITUTE OF MANAGEMENT 11
  • 12. THERE ARE 3 TYPES OF LIFE INSURANCE POLICIES:i) Term insurance plans:Pure life covers where policy holder pays for the riskcover and do not expect to receive anything else inreturn. Term insurance is now available in India. Optingfor such policy will improve the efficiency of the policypremium and enable policy holder for a bigger riskcover for the same cost. These are term insuranceplans without interest.ii) Whole life insurance plans:Whole life policies require the policy holder to paypremium throughout his/her life and cover risk for thewhole life. The policies without profits are cheaper.iii) Endowment insurance plan:Endowment policies are costliest and among this group,money back policies involve paying highest premium.They give customers maturity benefits (normally, sumassured) and additional profits by way of bonus,guaranteed additions, loyalty bonus, etcM P BIRLA INSTITUTE OF MANAGEMENT 12
  • 13. D E F I N I T I O N O F S O M E T Y P E S O F P O L I C I E S:1) AnnuityAn annuity is a steady stream of equal payments thatone receives every year, or every month either for lifeor a fixed number of years, as return after making aninvestment either as a lump-sum or through installmentspaid over a certain number of years, specific sum Uponthe death of the annuitant, or at the expiry of the periodfixed for annuity payments, the invested annuity fund isrefunded usually along with a small bonus. Annuitiesdiffer from all other forms of life insurance in onefundamental way. They do not provide any insurancecover but offer a guaranteed income for a certain periodor for life.Typically annuities are bought to generate incomeduring one’s retired life, which is why they are alsocalled Pension Plans. Annuities provide a solution tothe biggest financial insecurity of old age after oneretires and the income from salary ceases.2) Endowment:Endowment policies cover the risk for a specified periodat the end of which the sum assured is paid back to thepolicyholder along with the bonus accumulated duringM P BIRLA INSTITUTE OF MANAGEMENT 13
  • 14. the term of the policy. The payment of the endowmentto the policy holder depends upon the completion of thepolicy’s term which rightly accounts for the popularity ofendowment policies. Typically, one’s responsibility forthe financial protection of the family reducessignificantly once the children are grown up andindependently settled. The focus then shifts tomanaging a smaller family perhaps only oneself andone’s spouse after retirement. This is where theendowment. The original sum assured and theaccumulated bonus, received back comes handy.3) Money back:Unlike endowment plans, in money back policies, thepolicyholder gets periodic survival benefits during theterm of the policy and a lump sum amount on survivingits term. In the event of death during the term of thepolicy, the beneficiary gets the full sum assured,without any deductions for the amounts paid till date,and no further premiums are required to be paid.M P BIRLA INSTITUTE OF MANAGEMENT 14
  • 15. Industry ProfileA b r i e f h i s t o r y o f t h e i n s u r a n c e i n d u s t r y: The insurance sector in India has become a fullcircle from being an open competitive market tonationalization and back to a liberalized market again.Tracing, the developments in Indian insurance sectorreveals the 360-degree turn witnessed over a period ofalmost two centuries.Life insurance industry: The business of life insurance in India in itsexisting form started in the year 1818 with theestablishment of the Oriental life insurance company inCalcutta.Important milestones in the life insurance businessin India:1912: The Indian life assurance companies’ act enactedas the first statute to regulate the life insurancebusiness.1928: the Indian insurance companies act enacted toenable the government to collect statistical informationabout both life and non life insurance businessesM P BIRLA INSTITUTE OF MANAGEMENT 15
  • 16. 1938: Earlier legislation consolidated and amended toby the insurance act with the objective of protecting theinterest of the insuring public.1956: 245 Indian and foreign insurers and providentsocieties taken over by the central government and arenationalized. LIC formed by an act of parliament, whichis LIC Act, 1956, with a capital contribution of Rs. 5crore from the government of India.Insurance Sector Reforms: In 1993, Malhotra committee, headed by formerFinance secretary and RBI governor Mr. R.N. Malhotra,was formed to evaluate Indian insurance industry andrecommend its future direction. The Malhotra committee was setup with theobjective of complementing the reforms initiated in thefinancial sector, the reforms were aimed at “creating amore efficient and competitive financial system suitablefor the requirements of the economy keeping in mindthe structural changes currently underway andrecognizing that insurance is an important part of theoverall financial system were it was necessary toaddress the need for similar reforms…”M P BIRLA INSTITUTE OF MANAGEMENT 16
  • 17. V) Customer service: 1. LIC should pay interest on delays in payments beyond 30 days. 2. Insurance companies must be encouraged to set up unit linked pension plans. 3. Computerization of operation and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improvethe customer services and increase the coverage of theinsurance industry should be opened up to completion.But at the same time, the committee felt the need toexercise caution as any failure on the part of newplayers could ruin the public confidence I the industry. Hence, I was decided to allow competition in alimited way by stipulating the minimum capitalrequirement of Rs. 100 cores, The committee felt theneed to provide greater autonomy to insurancecompanies in order to improve their performance andenable them to act as independent companies witheconomic motives .For this purpose, it had proposedsetting up an independent regulatory body.M P BIRLA INSTITUTE OF MANAGEMENT 17
  • 18. Life Insurance Industry: Present context : The life insurance industry has rebound,demonstrating a growth rate of 51% in new businesspremium in the third year of privatization. Life insurance premiums rose to Rs 18,710 core(Rs 187.10 million) in fiscal 2006 from Rs 12,300 core(Rs 123 billion) in 2004-05. The massive growth comes chiefly on the back ofsales of unit-linked plans, group polices and pensionplans. The Indian insurance sector has witnessed newpremium income of Rs 34,828 core (Rs 348.28 billion) infiscal 2006. This reflects a growth rate of 33% overfiscal 2005’s aggregate figure of Rs 26,203.8 core (Rs262.03 billion). Against a growth rate of 51% for lifeinsurance business, non-life insurance premiums roseby 16% to Rs 16,118 core (Rs161.18 billion) in fiscal2006. A significant share of the new business has comeon the back on sale of group policies. The Life Insurance Corporation of India, LIC, alonemopped up Rs 2,332.85 crore (Rs 23,32 billion) as itinsured over 30 lakh lives under the various groupschemes. LIC’ s group business reached new heightsduring the year, recording a 119% growth in newM P BIRLA INSTITUTE OF MANAGEMENT 18
  • 19. premium income and 50% increase in the number oflives covered. Today, the total foreign direct investment in theIndian insurance sector is pegged at Rs 1,021 crore (Rs10.21 billion) while the paid-up capital of the insurancesector stands at Rs 5,518 crore (Rs 55.18 billion). Presently there are 13 Life Insurance companies inthe Indian market, out of which, only LIC and SBI LifeInsurance are government organizations and theremaining are private players. The following is the list of life insurance companiesin the Indian market:1) Life insurance Corporation of India2) Allianz Bajaj Life Insurance3) HDFC Standard Life Insurance4) TATA AIG Insurance5) ING Vysya Life Insurance6) ICICI Prudential Life Insurance7) Birla Sun Life Insurance8) Met Life India Insurance9) AMP Sanmar10) SBI Life Insurance11) Aviva Life Insurance12) Max New York Life13) OM Kotak Mahindra life InsuranceM P BIRLA INSTITUTE OF MANAGEMENT 19
  • 20. The Insurance Regulatory and DevelopmentA u t h o r i t y: Reforms in the insurance sector were initiated withthe passage of the IRDA Bill in Parliament in December1999. The IRDA since its incorporation as a statutorybody in April 2000 has fastidiously stuck to its scheduleof framing regulations and registering the private sectorinsurance companies. The other decisions take simultaneously to providethe supporting systems to the insurance sector and inparticular the life insurance companies were the launchof the IRDA’s online service for issue and renewal oflicenses to agents. The approval of institutions for imparting training toagents has also assured that the insurance companieswould have a trained workforce of insurance agents inplace to sell their products, which were expected to beintroduced by early 2001. Since being set up as an independent statutorybody the IRDA has put in a framework of globallycompatible regulations. In the private sector 12 lifeinsurance and 7 general insurance companies havebeen registered.M P BIRLA INSTITUTE OF MANAGEMENT 20
  • 21. Company Profile: Birla Sun life Insurance Company is head quarteredat Mumbai and has established a strong presence in thecities of Ahmedabad ,Baroda, Bangalore Chandigarh,Chenni, Gurgaon, Hyderabad, Indore, Jaipur,Kanchipuram, Kanpur, Kolkata, Lucknow, Meerut,Mysore, New Delhi, Noida, Patna, Pune, Rajkot, Surat,Varanasi and Visakhapatnam.Background and inception of company:Sun Life Financial Sun Life Financial is a leading internationalfinancial services organization. With a history that datesback to 1871, Sun Life Financial has evolved from asingle mutual life insurance to one of the most highlyrated insurance and wealth management institutions inthe world, Sun Life Financial knows its value lies inmore than assets and history, It also lies in the cultureof integrity and the pursuit of excellence that havemarked all of the organization’s endeavors. Today, thesun life financial Group of companies and partners arerepresented globally in Canada, the United States, thePhilippines, Japan, Indonesia, India and Bermuda.M P BIRLA INSTITUTE OF MANAGEMENT 21
  • 22. Sun Life in India: Sun life’s Indian insurance operations with the theA.V. Birla group may be just four years young, but itwas more than100 years ago---110years to be precise—that sun life insurance appointed its first agent inMumbai (then of course known as Bombay), agentlemen by the name of Ira B. Thayer. In May 1892,Sun Life issued its first policy, therein the policynumber 23200, and soon opened its first office onEsplanade Road. The Canadian Company has neverlooked back ever since. The foundation of the aesthetic Canada Buildingwas laid in May 1902, when the board of Directorsapproved the purchase of a building to house Sun Life’soperation in the subcontinent. A year later, Lot 71 onHorns by Road was purchased to build the structures. Apopular architectural firm, Gostling, chambers andFritchely, was pressed in to action and Canada Buildingwith its awe-inspiring yellow and white stone façadecame into being in 1905.intricacies like the maple leaf,beaver and rising sun logo couples with the chariot ofthe Sun logo added to the beauty of this grandstructure.M P BIRLA INSTITUTE OF MANAGEMENT 22
  • 23. Expansion Times : When the Prince of Wales visited in 1921 it was theCanada Building that greeted the royalty in regalsplendor – the officials had illuminated the building at acost of Rs.1000. In 1925, Sun Life expanded operationsby setting up district offices in Calcutta and Madras, inaddition to the Bombay branch. Two years later, theLahore office into being, following which operations atDacca were kicked off.1929 saw an office in Luck now,followed by Colombo a year later. It was only in 1952that the New Delhi office was established.Aditya Birla Group – The Indian MNC: Aditya Birla Group is India’s second largestbusiness house. It enjoys a dominant position in all thesectors in which operates. The Aditya Birla Group is - The worlds largest producer of viscose staple fiber - The largest single location refiner of palm oil, - The world’s largest producer of carbon black.In India the group is the single largest producer of - Viscose filament yarn - Aluminum - Grey cementM P BIRLA INSTITUTE OF MANAGEMENT 23
  • 24. - White cement and - Rayon grade pulp - Petroleum (HINDALCO)The group is also - The only producer of linen in the textile industry in India. - The leader in the ready-to-wear branded apparel. For several decades now, the Aditya Birla Grouphas won the trust and respect of its 72,000 employeesand 8 lakh investors. The group’s turnover exceedsRs.260 billion and has an asset base, which is inexcess of Rs.257 billion. The Aditya Birla group has over 75 business unitsin India and overseas. It has operations in Canada,U.S.A; U.K, Thailand, Philippines, Malaysia and Egypt.Its international operations contribute greatly to India’sgrowth and to that of South East Asia, making it India’sfirst truly multinational conglomerate. The flagship companies of the Aditya Birla Groupinclude some of the largest and well known companiesin India such as Grasim Industries Ltd;Hindalco Industries Ltd; Indian Aluminum CompanyLtd; Indian Rayon Industries Ltd, Indo Gulf CorporationM P BIRLA INSTITUTE OF MANAGEMENT 24
  • 25. Ltd, Global Finance Ltd. The group has forged powerrelationships with large corporations like HindustanPetroleum, Tata and powergen PC and AT & T.Growing Financial Services Clout: Birla Sun Life joint venture partner, Sun LifeFinancial is one of the largest global insurance andwealth management organizations. Sun Life has beenoffering life insurance in Canada since 1871, while MFSits subsidiary created the first US mutual fund in 1924.Sun Life has operations around the world in UnitedStates, United Kingdom, Canada, Philippines, HongKong, Bermuda and Indonesia and offices in 21 keymarkets throughout the world.It has total assets under management CDN$328 billionas on December 31, 2002. It has employees world wideand global distribution network of over 1,00,000distributors. Sun Life has a global reputation as topinsurers with high profitability, persistency Andproductivity ratios, which in turn reflect the underwritingexpertise of the company. The turnover of the group is growing at a steadyrate and is currently estimated to be in excess ofM P BIRLA INSTITUTE OF MANAGEMENT 25
  • 26. Rs.260 Billion. The group has a strong asset basevalued at Rs.180 billion. The group is well respected inthe financial markets and all the group stocks commanda healthy market valuation – the total marketcapitalization being nearly Rs.150 billion.Nature of business carried: While the Aditya Birla Group contributes itsknowledge of the Indian market, Sun Life Financialsoffers its global expertise in the areas of protection ofwealth management services. Both the partners arealready engaged in the business of asset management,retail distribution and stock broking. This partnershiphas been now extended to Life Insurance afterPrivatization of this sector. A joint venture between the Aditya Birla Group andSun Life financial, Birla’s sun life insurance forayed intothe life insurance and retirement planning business bypioneering the unique unit-linked solutions in India. Injust 2 years of its launch the company has catapulted tosecond position in new business premium in the highlycompetitive private life insurance industry based on itsstrategy of unit-linked plans.M P BIRLA INSTITUTE OF MANAGEMENT 26
  • 27. V i s i o n , M i s s i o n , Q u a l i t y P o l i c y:Vision:“To be provider of financial security to individuals andcorporate”.Mission:To be the first preference of our customers as a leadingintegrated insurance provider of Insurance solutionssuperior value creation and technology.Quality Policy:Birla Sun Life has put in carefully designed strategies tomove to the leading position in the life insuranceindustry through product innovation, customer focus,and cutting edge technology.M P BIRLA INSTITUTE OF MANAGEMENT 27
  • 28. Product Profile:Birla Sun Life insurance was the first in India tointroduce Unit –Linked Life Insurance plans.INDIVIDUAL LIFE PLANS1) Flexi Life Line Plan2) Flexi Save plus Endowment Plan3) Flexi Cash Flow Money Back Plan4) Birla Sun Life Term Plan5) Classic Life Premier1) Flexi Life Line Plan:Unique Features:a) The plan is a unit linked non-participating plan which gives efficient earnings in the long term.b) Lifelong Insurance cover till age 100 years in addition to other durations available.c) A choice of three Investment Fund Options: Protector, Builder and enhancer, with the freedom to switch between the Investment Fund options anytime during the policy tenure.d) Flexibility to make additional lump sum investments (top ups) to increase the savings portion of policy.M P BIRLA INSTITUTE OF MANAGEMENT 28
  • 29. e) Minimum Guaranteed returns of 3% p.a. on premium and any top up amounts, net of all Policy Charges. More importantly the entire upside in the performance of the Investment Fund is passed on to customer.f) Options to make tax free Partial Withdrawal from fund Value anytime after three years.g) Surrender the policy without penalty any time after 4 policy years.h) Increase the Sum Assured during the premium-paying period depending on life insurance requirements.i) Convenient premium payment options: Short or Regular paying period.2) Flexi Save Plus Endowment Plan:Unique Features:a) The plan is a unit linked non participating plan givingefficient earnings in the long term.b) A choice of three Investment Fund Options:Protector, Builder and Enhancer, with the freedom toM P BIRLA INSTITUTE OF MANAGEMENT 29
  • 30. switch between the Investment Fund Options anytimeduring the policy tenure.c) Flexibility to make additional lump sum investments(top ups) to increase the savings portion of policy.d) Minimum Guaranteed returns of 3% p.a. on premiumand any top up amounts, net of all Policy Charges. Moreimportantly the entire upside in the performance of theInvestment Fund is passed on to customer.e) Options to make tax free Partial Withdrawals fromfund Value, any time after three years.f) Surrender the policy without penalty any time after 4policy years.g) Increase the Sum Assured during the premium payingperiod depending on your requirements.3) Flexi Cash Flow Money Back Plan:Unique Features:a) The plan is a unit linked non-participating plan to give efficient returns.b) Tax free lump sum pay-outs, to take care of recurringneeds.M P BIRLA INSTITUTE OF MANAGEMENT 30
  • 31. c) A choice of three Investment Fund Options:Protector, Builder and Enhancer, with the freedom toswitch between the Investment Fund Options anytimeduring the policy tenure.d) Flexibility to make additional lump sum investments(top ups) to increase the savings portion of policy.e) Minimum Guaranteed returns of 3% p.a. on premiumand any top up amounts, net of all Policy Charges. Moreimportantly the entire upside in the performance of theInvestment Fund is passed on to customer.f) Options to make tax-free Partial Withdrawals fundValue anytime after three years.g) Surrender the policy without penalty after 4 policyyears) Increase the Sum Assured during the premiumpaying period any time depending on needs.4) Birla Sun Life Term Plan:Unique Features:a) The plan has been designed for people who want toavail of the benefits of life insurance at low cost. It is alow premium, pure risk coverage plan which takes careM P BIRLA INSTITUTE OF MANAGEMENT 31
  • 32. of financial commitments towards family or dependants,should anything unfortunate happen to customer.b) Riders - Accidental Death & Dismemberment Rider,Critical Illness Rider, Waiver Of Premium Ridersavailable along with the plan, one can avail of riderseven in the case of Single Premium Policy.c) Favorable Term - Favorable Premium Rates forFemale Clientsd) Age Benefit - Maximum age formaturity is 70 years5) Classic Life premier:Unique Features:a) The plan is a unit linked non participating planb) One has the choice of six Investment Fund Options with the flexibility to allocate the premiums in varying proportions into the different Fund Options or even switch from one or more Investment Fund(s) to other Investment Fund(s).c) One can top up Fund Value whenever one has additional savings. The minimum amount of top ups will be Rs. 10,000d) The plan offers further benefits in the form of additional units, which will be added to the FundM P BIRLA INSTITUTE OF MANAGEMENT 32
  • 33. Value at the end of the 10th policy year and at the ed of every 5th year thereaftere) There is high liquidity in the form of PartialWithdrawals and surrender benefits. f)Death benefits, which will be higher of the Fund Valueor Sum Assured, reduced by the applicable partialwithdrawalsAreas of Operation: Birla Sun life Insurance is present in India andspread across 1000 towns in India. Apart from this it’sdoing business even in the rural segment.Ownership pattern: The Aditya Birla group holds 74% of the equity inBirla Sun Life Insurance while the Sun Life group holdsthe balance 26%. Both the companies are committed toenhance the capital of the plan projections.Competitors’ information: The company faces two types of competitors: • Direct Competitors • Indirect CompetitorsM P BIRLA INSTITUTE OF MANAGEMENT 33
  • 34. Directly the company shall have to face theonslaught of LIC, the large customer base, accumulatedfunds, well-established marketing machinery etc. This is just one half of the story; there would bethe recently “off – the- block insurers” who would becoming out with a variety of product variations andmany of them with parallel financial activities andsimilar products. Just to name few: ICICI – Prudential,HDFC-Standard Life, TATA-AIG, OM-Kotak, Max-NewYork, SBI Life, etc. These newer competitors are likely to beaggressive and innovative. This direct competition, onthe flip side, could result in market expansion. TheCompany shall also be facing competition is moredamaging. Indirect competition shows up in terms ofother financial instruments like Bank FSs, PPF, NSCs,ULIP, Stocks land other similar savings instruments. In view of the changing scenario as well as thenature of the market we operate in, the task ofestablishing a dynamic, progressive and a successfulcompany is both quite daunting and challenging. Someof the challenges currently faced and to be faced infuture are:1. Finding a suitable, motivated team2. Tailoring an innovative product mix3. Identifying a potential market niche’M P BIRLA INSTITUTE OF MANAGEMENT 34
  • 35. 4. Servicing the client to the client’s complete satisfaction5. Designing a highly efficient system of controls, analysis and trouble-shooting6. Managing the funds better to consistently outperform the marketInfrastructure Facilities :1. All branches are computerized and linked in a widearea network2. There is inter branch connectivity a well asconnectivity with the head office3. The main back and policy administration is aRs.6000 based COBOL-java system running on AIX withDB2 database and a HTML front end4. The sales illustration system is an interface systemwith Java classes. The accounting system used is SunAccounting system, which interfaces with the Rs.60005. Birla Sun Life would provide Sales IllustrationSystems to every distributor and it can be loaded onlaptops also.6. BSLI would be harnessing the IT advantage forimproving the effectiveness and efficiency of itsdistribution channels.M P BIRLA INSTITUTE OF MANAGEMENT 35
  • 36. Chapter 2 Organizational structure: ORGANISATION CHART CEOVP VP VP CHANNELMKT DSF CFO GROUP SALES REGIONA L MANAGE BRANCH BRANCH BRANCH R MANAGER MANAGER MANAGER MARKETING MARKETING MARKETING MANAGER MANAGER MANAGER AGENCY AGENCY AGENCY MANAGER MANAGER MANAGER M P BIRLA INSTITUTE OF MANAGEMENT 36
  • 37. Work Flow Model: APPLICATION ADDITION OF RIDERS REQUIREMENT ADDITION OF RIDERS CHEQUE DISHONOUR DISPATCH REFUND CLIENT SERVICES ID COMMUNICATION CELLM P BIRLA INSTITUTE OF MANAGEMENT 37
  • 38. 1) Application: It contains all the information of proposer.2) Addition of riders: The customer if needed can take additionalinsurance cover by taking a term rider, if he wants extracoverage for accidents he could take accidental riderand if he wants to be covered for critical medicaloperations he could take critical illness rider. This istermed as addition of rider.3) Requirement: It is the job of the underwriter that whenever a newapplication is received by him, he evaluates thecustomer based on the information provided by himthrough the application and decides whether he couldbe given insurance coverage or not. The informationwhich he would closely observe is sum assured andpremium proposes medical history, his habits, kind oforganization he is working etc .If the underwriter is notsatisfied with the available information he could demandfor additional information before issuing the policy.M P BIRLA INSTITUTE OF MANAGEMENT 38
  • 39. 4) Cheque Dishonor: If due to insufficient funds or due to signaturemistake or due to difference between words andfigures ,if the cheque given by the customer bouncesthen organization can not proceed with issue of policy.Then in that case a new cheque needs to be issued bycustomer along with certificate of insurability.5) Dispatch: When the underwriter is fully satisfied with thecustomer, he decides that he could be given insurancecover. Then the policy document stating that client isinsured by Sun Life is sent to the clients mailingaddress. This is termed as dispatch.6) Refund: Once the client receives the policy document he isgiven 15 days of time called “Free look period” ,duringwhich he could give a second thought for his decisionand if he thinks that he doesn’t require the policy ,hecould return back the policy document .Then his entiremoney that he ahs paid to the company would bereturned to him .This is termed as refund.M P BIRLA INSTITUTE OF MANAGEMENT 39
  • 40. 7) Client Services ID : If the customer doesn’t return the policy documentwithin the free look period, then it means that he hasaccepted the policy and therefore his login ID andpassword required to access his policy details online issent to his mailing address.8) Communication Cell: Birla Sun Life has a call center which the customercan call anytime to get any information regarding hispolicy.Future Growth and Prospects: The Birla Sun Life Company is expanding itself allover India through its branches. Its already present inmore than 1000 towns in India. It has a hugerecruitment plan to meet its growing demand formanpower. Through the kind of business that thecompany has done till now, it is becoming the firstinsurance company in India to achieve break even point.M P BIRLA INSTITUTE OF MANAGEMENT 40
  • 41. Chapter 3 Operational Departments & Performance EvaluationPerformance evolution of concerned departmentsFUNDAMENTAL DEPARTMENTS OF THEORGANISATION:ACTUARY: An efficient and successful life insurance businessis dependent on key functions of risk management. Ourteam of professional actuaries is among the best in theindustry and is dedicated to create sound riskassessment and pricing structure.MARKETING AND COMMUNICATION: Its objective is to bring the latent need of lifeinsurance into the conscious awareness of the IndianDiaspora and building a brand that people of India cantrust and invest in.M P BIRLA INSTITUTE OF MANAGEMENT 41
  • 42. UNDERWRITING: The underwriting team performs the key function ofassessing the risk on world class underwritingstandards. The team along with a nationwide panel ofMedical Evidence Providers acts as the backbone of thecompany.CLIENT SERVICING: It services an existing base of over 1 lakhpolicyholders which is constantly growing at acompounding rate. The team is continuously evolvingefficiency levels n order to meet its committedstandards.PRODUCT DEVELOPMENT: A team dedicated to conceptualizing, productfeatures, set up the implementation and lead it to theproduct launch with the active support of the other corefunctions.HUMAN RESOURCE: In an ever growing and expanding company the keyrole of recruiting and retaining the right talent andefficient performance management system is a crucialdifferentiator between a leader and any other company.M P BIRLA INSTITUTE OF MANAGEMENT 42
  • 43. IMPLEMENTATION ADMINISTRATION & CONTROL: BSLI is the first company in the insurance industryto implement “BCP – Business Continuity Plan” to takecare of any disaster which can strike the organization.Under this plan, all the critical business data is mappedoff-site to another Birla Sun Life Insurance location inanother city. In case of any disaster, the BSLI team canbe up and running in less than 12 hours.INFORMATION TECHNOLOGY: BSLI boasts of the most advanced softwaretechnology in the Life Insurance industry. Being a unitlinked product offering with customization, thetechnology and back- end processing is done on theuniversal platform on the world class ingenious system.With this technology, customers can even track theirpolicy and fund details on the internet.INVESTMENT: The unit linked products offer the flexibility ofchoosing from various investment options. An efficientinvestment strategy within the frame work of the IRDAguidelines is a crucial factor contributing to the successof unit linked products in the market place.M P BIRLA INSTITUTE OF MANAGEMENT 43
  • 44. LEGAL AND COMPLIANCE: Being a good corporate citizen and being complaintis a work standard at BSLI. The compliance Process isembedded in the work flow across the company.FINANCE AND PLANNING: A team dedicated to handle the day to day Finance& Accounts operations of BSLI, in addition to the crucialfunction of MIS and strategic planning enabled by thetop three private life insurance companies in India.Skill:Off the job training: In Insurance industry it’s the customer who issupreme and company’s revenue would directly dependon it. So it requires the Direct Sales force of thecompany to have good communication skills, since theydirectly interact with the customer. To cater to this needthe organization provides for exclusive communicationskill improvement training from reputed organizations sothat their Direct Sales Force would interact in a betterway with the customers and emerge successful ingetting business from him.BSLI would be harnessing the IT advantage forimproving the effectiveness and efficiency of itsM P BIRLA INSTITUTE OF MANAGEMENT 44
  • 45. distribution channels. At the same time it uses ITtechnology to meet the people. This requires its directsales force to be well versed in usage of computer andMicrosoft office products .Hence a complete trainingcatering to the IT needs of Direct Sales force isprovided by the organization.On the job training: After completion of off the job training, theadvisors would accompany agency managers for a fewmeetings with the customer, so that the advisor couldunderstand the way he needs to put forth the product tothe customer. In the same way the new agencymanagers would accompany the senior managers intheir client meetings to know how best they could sellthe product.Style:Top down Participative Decision Making: In Birla Sun Life the decision regarding products,company policies etc. is taken by the top levelmanagement which will have to be followed by the lowlevel management namely branch mangers, agencymanagers and advisors in all the branches. Thedecision could be taken at the start of every financialM P BIRLA INSTITUTE OF MANAGEMENT 45
  • 46. year and also whenever a crisis arises in anydepartment. In Birla Sun Life the top level management, beforetaking the decision would conduct a lot of meetingsinvolving employees from all departments which wouldbe affected by the decision. From all these meetingsthey would gather as much information as possible andlater only top level management would come up with afinal decision.Strategies: Birla Sun Life has put in carefully designedstrategies to move to the leading position in the lifeinsurance industry through continuous productinnovation, customer focus, cutting edge technology andpricing strategy. A. Product Innovation: a) New product to be launched: Birla Sun Life is planning to Launch a product which as 100% equity exposure. b) Customization of products: Birla Sun Life has undertaken Customization of products to meet the varying needs of diverse customers.M P BIRLA INSTITUTE OF MANAGEMENT 46
  • 47. B. Customer Focus: a) Medical underwriting: It comes under the basis of sum assured, premium, age, habit, medical history of the customer. Company may ask customers to go for medical check up. b) Automatic premium loan: Before 1st July, 2006 automatic premium loan was there. But now according to new IRDA guidelines this feature has been removed. c) Anytime premium: During the first 3 years of the policy period the customer has to pay premiums regularly. But after 3 years he could pay premiums for every 2 years to keep the policy in force. d) Web based services: Birla Sun Life has its own website namely www.Birla Sun Life.com which contains all the information regarding its insurance products, the norms in the insurance industry, daily unit values of its various funds etc. Every customer is provided with a login id and password through which he could get to know his policy status any time any where in the world.M P BIRLA INSTITUTE OF MANAGEMENT 47
  • 48. e) Call center based services: Birla Sun Life has their own call center known “TRANS WORKS” which handles all types of queries which could come from customer or office administration. This call center could be reached by dialing 1800227000. f) Free look period: Birla Sun Life was the first company in India to introduce the concept of free look period in which the customer upon receiving the policy document is given time of 15 days, during which he could return the policy to Birla Sun Life, if he changes his mind .In that case the entire money what the customer had paid to company will be paid back to him. g) Sales process safeguarding against wrong selling: Whenever an advisor from Birla Sun Life would meet the customer, he is expected to reveal all the information to the customer regarding the product, its charges, medical norms etc. He is also expected to show the policy illustration to the customer Later, the Agency Manager ,would check up with the customer to know whether his advisor has revealed him all the details or not. This is the measure taken to prevent wrong selling from the advisor.M P BIRLA INSTITUTE OF MANAGEMENT 48
  • 49. C. The technology edge: a) All branches are computerized and linked in a wide area network b) There is inter branch connectivity a well as connectivity with the head office c) Birla Sun Life would provide Sales Illustration Systems to every distributor and it can be loaded on laptops also. d) BSLI would be harnessing the IT advantage for improving the effectiveness and efficiency of its distribution channels. D . P r i c i n g s t r a t e g y: a) Birla Sun life has introduced a new product called “Classic Life Premier” which has the least policy charges among all its competitors and hence the return from this product is very good. b) Birla Sun life products have the least mortality charges in the market.M P BIRLA INSTITUTE OF MANAGEMENT 49
  • 50. c) Birla Sun life has the least Fund Management charges in the market.Systems in BSLI:Inventory control System in BSLI: From the head quarters situated at Mumbai, toevery branch in India, inventory like product brochures,applications, etc., are dispatched. At the local level acount of all these is maintained to minimize wastage.Merit Rating System in BSLI: For each individual in the organization there is aparticular team in Human Resource Department whichmonitors every individual performance on certainparameters. Based on that the individual is promoted ordemoted.Underwriting System in BSLI:Introduction: To underwrite means to assess and approve anapplication for coverage thus accepting liability shoulda loss occur? The first stage of Underwriting begins with classselection, which means the insurance company decidesto whom it is prepared to sell its products or how itM P BIRLA INSTITUTE OF MANAGEMENT 50
  • 51. sells. For example the company may decide that itwould canvass business from high net worth individualsor employees of corporate bodies. The second stage iswhen the agent approaches a potential client andcompletes the application for coverage which wouldinclude personal details of the proposed client, plan andamount applied for; details of occupation, avocation,income beneficiary, plus medical information such asbuild family history and medical history. The third stageis when the insurance company actually receives theapplication forms. The company may obtain detailedinformation about the life to be insured, his age, familyhistory of illness to find any hereditary disorders,personal health history and financial information tocheck the appropriateness of the chosen life coveramount and other benefit cover sought.Based on the information, the insurance company maytake the following decisions – 1. Accept the proposal at the company’s published rates for the plan and term OR 2. Accept on modified terms subject to additional financial or more detailed medical examination ORM P BIRLA INSTITUTE OF MANAGEMENT 51
  • 52. 3. Postpone the consideration of the insurance proposal OR 4. Decline the case.Staff in BSLI:ACTUARY: An efficient and successful life insurance businessis dependent on key functions of risk management. Out team of professional actuaries is among thebest in the industry and is dedicated to create soundrisk assessment and pricing structure.UNDERWRITING: The underwriting team performs the key function ofassessing the risk on world class underwritingstandards. The team along with a nationwide panel ofMedical Evidence Providers acts as the backbone of thecompany.CLIENT SERVICING: It services an existing base of over 10 lakhpolicyholders which is constantly growing at acompounding rate.PRODUCT DEVELOPMENT: A team dedicated to conceptualizing, productfeatures, set up the implementation and lead it to theM P BIRLA INSTITUTE OF MANAGEMENT 52
  • 53. product launch with the active support of the other corefunctions.HUMAN RESOURCE: In an ever growing and expanding company the keyrole of recruiting and retaining the right talent andefficient performance management system is a crucialdifferentiator between a leader and any other company.IMPLEMENTATION ADMINISTRATION & CONTROL: BSLI is the first company in the insurance industryto implement “BCP – Business Continuity Plan” to takecare of any disaster which can strike the organization.Under this plan, all the critical business data is mappedoff-site to another Birla Sun Life Insurance location inanother city. In case of any disaster, the BSLI team canbe up and running in less than 12 hours.INFORMATION TECHNOLOGY: BSLI boasts of the most advanced softwaretechnology in the Life Insurance industry. Being a unitlinked product offering with customization, the technology and back- end processing is doneon the universal platform on the world class ingenioussystem. With this technology, customers can even tracktheir policy and fund details on the internet.M P BIRLA INSTITUTE OF MANAGEMENT 53
  • 54. INVESTMENT: The unit linked products offer the flexibility ofchoosing from various investment options. An efficientinvestment strategy within the frame work of the IRDAguidelines is a crucial factor contributing to the successof unit linked products in the market place.LEGAL AND COMPLIANCE: Being a good corporate citizen and being complaintis a work standard at BSLI. The compliance Process isembedded in the work flow across the company.FINANCE AND PLANNING: A team dedicated to handle the day to day Finance& Accounts operations of BSLI, in addition to the crucialfunction of MIS and strategic planning to enable BSLI inthe top 3 private life insurance in India.Shared Value: Birla Sun Life Insurance was the first private lifeinsurer in India to introduce Unit-Linked life insuranceplans. A Unit-Linked plan is an auspicious comingtogether of security from life insurance and earningsfrom investments. Which means, apart from securingone’s future, it offers efficient returns.M P BIRLA INSTITUTE OF MANAGEMENT 54
  • 55. 4) Swot Analysis:Strengths:1) Birla Sun Life Insurance is the only company to give3% guarantee on investments in ULIPS.2) The large product line of BSLI catering to the needsof customers of different age and risk appetite has beenstrength of BSLI For example, a) People who are looking for more returns can invest maximum percentage in equities. b) People who are looking for safe returns can invest into govt. securities and nominal percentage of equities. c) As BSLI invest their fund in diversified portfolio so the risk is low.3) Birla Sun Life is the only company to give ULIPpolicy for term of 100 years.4) Birla Sun Life Insurance is the only one company inINDIA to ask CRISIL to rate its funds.M P BIRLA INSTITUTE OF MANAGEMENT 55
  • 56. 5) The name “BIRLA” is a house hold name in India andhence people have trust over here.6) BSLI would be harnessing the IT advantage forimproving the Effectiveness and efficiency of itsdistribution channels. All branches are computerizedand linked in a wide area network.There is inter branch connectivity a well as connectivitywith the head office. This gives the company an addedadvantage to service its large customer base.Weaknesses:1) In this industry customer is supreme and revenuesare directly dependent on the number of customers BSLIcan get insured. This requires BSLI to have veryeffective advertising strategy so as to popularize theirproducts among the masses. BSLI is found lacking inthis domain where even though their policies are aspowerful as any other competitors, their advertisingstrategy is not at all effective.2) The company should extend their services tocorporate employees where it is found to be lacking.3) Birla Sun Life doesn’t have a fund that invests 100percent into equities. So a customer who would like toM P BIRLA INSTITUTE OF MANAGEMENT 56
  • 57. take maximum advantage of equities would find it hardto invest here.Opportunities:1) Only 7% of Indian population is insured till now. Thismeans that there is a great opportunity for the companyin coming years to capture the market.2) The growing IT sector of INDIA would provide for anexcellent opportunity for BSLI to increase its sales3) The growing knowledge about ULIPS among peoplewould only mean that BSLI has grater opportunities togrow in coming years.Threats:1) Directly the company shall have to face the onslaughtof LIC.The large customer base, accumulated funds,well-established marketing machinery etc.2) This is just half of the story; there would be therecently “off – the- block insurers” who would be comingout with a variety of product variations. Many of themwith parallel financial activities and similar products.Just to name few: ICICI – Prudential, HDFC-StandardLife, TATA-AIG OM-Kotak, Max-New York, SBI Life, etc.M P BIRLA INSTITUTE OF MANAGEMENT 57
  • 58. These newer competitors are likely to be aggressiveand innovative. This direct competition, on the flip side,could result in market expansion. The Company shallalso be facing competition is more damaging. Indirectcompetition shows up in terms of other financialinstruments like Bank FSs, PPF, NSCs, ULIP, Stocksland other similar savings instrumentsM P BIRLA INSTITUTE OF MANAGEMENT 58
  • 59. Learning Experience: The in plant training gave me an opportunity toknow about money saving instruments in INDIA,especially INSURANCE INDUSTRY.I could learn aboutformation of LIC, its hold on Indian market till year2000.I came to know about the formation of IRDA andsubsequently the advent of private players into India in2001.In particular I came to know much about Sun LifeFinancial Inc., it’s operations around the world etc. Icould also learn much about Birla Group, the variousfields into which they have entered and become marketleaders in those fields etc. In particular I could developa very good understanding of Birla Sun Life Insurance,its emergence in Indian market and also came to knowthat it was the first company to introduce ULIPS intoIndian market. I could have a thorough understanding ofhow ULIPS operate and how they give better returnsthan traditional policies by taking the advantage ofshare market. I could gather a lot of information aboutthe various products offered by Birla Sun Life to itscustomers, the features of those products. I came toknow that many of the features introduced by Birla SunLife to its products like:M P BIRLA INSTITUTE OF MANAGEMENT 59
  • 60. Chapter 4Achievements: 1) Best Private Sector Life Insurer-outlook money awards 2) Among Tops 5 Contenders for Life Insurance Company of the year’ of 8 Asia Insurance Industry awards 3) Ranked 23rd in the best employer’s survey by Hewitt Associates among top 25 best places to w o r k f o r 2 n d ye a r . 4) Among top 3 Contenders for `Strategy to Execution’ of the 5th Aditya Birla Awards for outstanding achievements, 2006.M P BIRLA INSTITUTE OF MANAGEMENT 60
  • 61. Microscopic Study Of Human Resource DepartmentM P BIRLA INSTITUTE OF MANAGEMENT 61
  • 62. HUMAN RESOURCEHuman Resource Department has multiple goals. Theseinclude employee competency and employee motivationand organizational climate development. Employeesrequire a variety of competencies to perform differenttasks or functions required by their jobs. The nature ofjobs is constantly changing due to changes in theenvironment, changes in organizational priorities, goalsands strategies, changes in the profiles of fellowemployees, changes in technology, new opportunities,new challenges, new knowledge base etc., suchchanges in the nature of jobs require continuousdevelopment of employee competencies to perform thejob well.Human Resources Department also aims at preparingpeople for performing roles, jobs, tasks, functions whichthey may be required to perform in the future as they goup on the organization hierarchy or as the organizationtakes up new tasks through diversification, expansion,modernization, economization etc.Human Resource Department tries to develop potentialof employees for future likely jobs in the organization.M P BIRLA INSTITUTE OF MANAGEMENT 62
  • 63. The success of any organization in the long rundepends very much on the quality of its humanresources. Human Resources comprise the aggregate ofemployee attributes including knowledge, skill,experience and health, which are presently andpotentially available to an organization for theachievement of its goal. Of all the prime resources of anorganization, men, materials, money and machine thehuman resources is recognized as the most vital andthe most valuable .For it is the quality of manpower thatultimately determines the success of an organization.HRD provides the platform for superior performance inorganization since the success of organization dependsupon its employees and its relation with its internal andexternal customers, So HRD must keep all such factorsinsight before formulating any strategy.Human Resource Department is one of the coredepartments of an organization and it also plays a vitalrole in the development of the organization ICICIPrudential considers its human resource as the mostvaluable asset of its organization.Human resource policies:Policy is a course of action or statement of intentioncommitting the management to general course of actionwhen the management drafts a policy statement toM P BIRLA INSTITUTE OF MANAGEMENT 63
  • 64. cover some features of its personal programme’s of thestatement may often contain an expression ofphilosophy and principle asWell ICICI has several policies regarding the fulfillmentof goals set by the management such as:1) Recruitment policies:The recruitment is carried out from both external &internal are:1. Present employees2. Employee referrals3. Former employees.External Sources:The following external sources are:1. Campus recruitment2. Print media3. Electronic media2) SelectionSelection is carried out in three major stages:1. Preliminary interview2. Selection test3. HR InterviewM P BIRLA INSTITUTE OF MANAGEMENT 64
  • 65. 3) REMUNERATION AND INCENTIVESThe organization offers attractive remuneration andincentives to attract the budding youngsters and tomaintain its present employees.4) SALARYAttractive salaries and other extra incentives based ontheir performance.5) Reimbursement policyReimbursing the telephone and , electricity bills etc.6) Leave policyGiving leaves in certain occasions and even tour offersto employees to foster interest in them for organization.OTHER HUMAN RESOURCE POLICIESGoal settingMedi claim policyCompany accommodation policyMobile Phone policyCredit card policyTravel policyM P BIRLA INSTITUTE OF MANAGEMENT 65
  • 66. Human Resource PlanningHuman Resource Planning includes the estimation ofhow many qualified people to carry out the assignedtask, how many people will be available, and what ifanything ,must be done to ensure that personnel supplyequals personnel demand at the appropriate point infuture. Specifically Human Resource Planning is theprocess by which an organization ensures that it hasthe right no. and kind of people, at the right place, atthe right time, capable of effectively and efficientlycompleting those tasks that will help the organization toachieve its overall objectives. Human ResourcePlanning translates the organizational objectives andplans into the number of workersNeeded to meet those objectives .Without a clear-cutplanning and estimation of organization’s humanresource need is reduced to more guessworkRecruitment processRight people at the right place at the right time plays amajor role in the recruitment process in anyorganization. Because of extreme competition in today’sworld, organizations need to have a very efficient andeffective recruitment process, which saves time and inturn results in reducing the cost of recruitment process.M P BIRLA INSTITUTE OF MANAGEMENT 66
  • 67. Many Internal and External Factors govern therecruitment process.Five stages of recruitment process: are1 Planning2 Strategy Developments3 Searching4 Screening5 Evaluations and ControlMethods of recruitment process like Web recruitment,Applicant Tracking system and Outsourcing can be usedto cut down the cost and time involved.According to the review of literature successfulrecruiting involves three steps:1 Defining the needs2 Spreading the word3 Using the Internet.It is possible to improve the current status of therecruitment cycle time by1. Conducting all the interview rounds in two or threerounds2. Making candidates to join early.3. Improving the various steps in the process.4. removing the non- value adding activities.M P BIRLA INSTITUTE OF MANAGEMENT 67
  • 68. Type of recruitment:How to look How to look refers to the methods orsources of recruitment. These are several sources andthey may be broadly categorized into1) Internal2) ExternalInternal recruitmentInternal recruitment seeks, applicants for the positionsthose who are currently employed. Internal sourcesinclude present employees, employee referrals, formeremployees and former applicants.There are three major advantages of internalrecruitment.1 Firstly, it is less costly that external recruitment.2 Secondly, organizations typically have a betterknowledge of the internal candidate’s .skills andabilities than the ones acquired through externalrecruiting.3 Thirdly, an organization policy of promoting fromwithin can enhance employee’s morale, organizationalcommitment and job satisfaction. Good performance isrewardedThere are few disadvantages of internal recruitment.M P BIRLA INSTITUTE OF MANAGEMENT 68
  • 69. 1 One theory is that the method simply perpetuates theold concept of doing things that creative problemsolving may be hindered by the lack of new talents.2 Some organizations complain of unit raiding in whichdivisions compete for the same people.3 Thirdly, politics probably has a greater impact oninternal recruiting and selection than does externalrecruiting.4 Candidate’s current work may be affected.External recruitmentExternal sources far outnumber the internal methods.Specifically sources external to an organization areprofessional or trade associations, ads, employmentexchanges, college/university/institute placementservices, walk ins and write ins, consultants,contractors, displaced persons, radio and television,acquisitions and mergers and competitors.There are three advantages of external recruitment:1 Benefits of new skills and new talents and newexperiences to organizations2 Compliance with reservation policy becomes easy3 Scope for resentment, jealousies and heart bum areavoidedThere are few disadvantages also of externalrecruitment as:M P BIRLA INSTITUTE OF MANAGEMENT 69
  • 70. 4 Better morale and motivation associated with internalrecruiting is denied to the organization5 It is costly6 Chances of creeping in false positive and falsenegative errors. Adjustment of new employees to theorganizational culture takes longer time.OrientationOrientation is also called induction, is designed toprovide a new employee with the information he or sheneeds to function comfortably and efficiently in theorganization.Purpose of orientationOrganizations are often known to spend few weeks oreven months on orientation programme the idea is tomake the employee feel at home. In the newenvironment it is well known fact that employees feelanxious on entering in organization, induction is amethod to reduce this anxiety.Training and developmentIt will be company’s endeavor to recognize the value ofits human resources for their growth. The company iscommitted to provide adequate opportunity toemployees to neigh their knowledge skills attitudes,contributing to steady growth of the company andM P BIRLA INSTITUTE OF MANAGEMENT 70
  • 71. feeling proud of working for the company. Methodicallyidentifying needs for employees to upgrade theirknowledge sharpen skills and improve attitude forimproving performance at their present and futurefunction.Imparting such training to employees after assessingtheir capabilities and potentials, various types oftraining techniques are employedFEEDBACK is one significant method for evaluation.Training may be undertaken on the basis of careerdevelopment plans. Training can be part of Quality ofWork Life programmers and organization Development.Training can be used as a reward.Inputs in training and development are1 Skill2 Educations3 Developments4 Business Ethics5 Attitude change6 Enhancement of decision-making and problem -solving skills.Methods of training: 1. Lecture 2. Audio-visuals 3. On-the-job trainingM P BIRLA INSTITUTE OF MANAGEMENT 71
  • 72. 4. Programmed instruction 5. Computer assisted instruction simulation 6. Case study 7. Role playing 8. Vestibule training 9. Sensitive training, etc.Human Resource Development:Human Resource Development is said to be the core ofa larger system known as Human Resource System(HRS), wherein Human Resource Development is mainlyconcerned with providing learning experience for thepeople associated with an organization through abehavioral approach adopting various processes. In abroader sense, the term Human Resource Developmentmeans those learning experiences, which are organizedfor a specific time and designed to bring about thepossibility off behavioral change.Human Resource Development goals include1) Develop the individual to realize his potential as an individual to the maximum extent;2) Develop the individual’s capabilities to perform his present job better;3) Develop the capabilities to handle future likely roles;M P BIRLA INSTITUTE OF MANAGEMENT 72
  • 73. 4) Develop and maintain a high motivation level of the employees; strengthen superior. Subordinate relationships;5) Strengthen team spirit among different teams;6) Promote inter team collaboration: and promote climate development and organizational health development.7) Human resource management views people as an important source or asset to be used for the benefit of organizations, employees and society. It is emerging as a distinct philosophy of management aiming at policies that promote mutuality, mutual goals, mutual respect, mutual rewards and mutual responsibility. The belief is that policies of mutuality will elicit commitment, which in turn will yield both better economic performance and greater human resource development. Though a distinct philosophy, human resource management cannot be treated is isolation. It is being integrated into the overall strategic management of business.HRD Instruments, Processes and OutcomesThere are many instruments that can be used tofacilitate Human Resource Development. Theseinstruments may be called sub-systems or methods orM P BIRLA INSTITUTE OF MANAGEMENT 73
  • 74. techniques or aids. Each instrument or sub-systemfocuses on some aspects of human ResourceDevelopment. To have a comprehensive HRD many ofthese instruments may needed to be usedsimultaneously. Human Resource Development in theorganization context refers to the process whereby theemployees are continuously helped in a planned way to:Acquire or sharpen capabilities required to performvarious tasks and functions associated with theirpresent or future expected roles; Develop their general enabling capabilities asindividuals so that they are able to discover and exploittheir own inner potential for their own and ororganizational development purposes; Develop an organizational culture where superior.Subordinate relationships teamwork and collaborationamong different sub-units are strong and contribute tothe professional well being, motivation and pride ofemployees.Human Resources Information SystemHuman resources information or ManagementInformation systems (MIS) helps in determiningorganization’s major human resources needs strategiesand philosophies.M P BIRLA INSTITUTE OF MANAGEMENT 74
  • 75. The instruments of Human Resources Development aremany. Human Resource Development instrumentsshould lead to the generation of Human ResourceDevelopment processes like role clarity, performanceplanning, and development climate, risk-taking anddynamism in employees. Such a Human ResourceDevelopment process should result in more competentsatisfied and committed people who, by theircontributions, would make the organization grow. Amodel explaining the linkages between Human Resourcedevelopment instruments, processes outcomes andorganizational effectiveness is presented.HR PRINCIPLESThe organization believes that development of employeeis in its own interest. The organization will provideopportunities and conditions for the development andoptimization of human resources.1. The management is willing to invest adequate timeand resources for the development of the employeesand personally participate in the development.2. Managers have concern for growth of subordinates.3. Employees are willing to avail of given opportunitiesfor growth and receive such help from the managers asmay be necessary for this development and improvingperformance.M P BIRLA INSTITUTE OF MANAGEMENT 75
  • 76. The main objective of the HRD department is to create alearning environment and development climate in theorganization. By learning environment is meant aculture where employees continuously learn from theirown experience and the various learning opportunitiesthe organization provides. The HRD department shouldcreate an .enabling Culture called Appolo Culture wherethe employees are able to make things happen and inthe process discover and utilize their potential.The most frequently used instruments are the following:Performance AppraisalPerformance Appraisal data forms basis for decisionsfor developing the potential employee for higher. Leveljobs and is basis for feedback and counseling.Performance Appraisal data indicates the job trainingneeds of each individual the main appraisal methodused by Birla Sun Life is 360 degreeThere are two major ways of performance appraisal1) Past-oriented methods2) Future-oriented methodsEach group has several techniques. Some of them areexplained in the following Section.The term used to describe a performance rating thatfocuses on specific behaviors or sets as indicators ofeffective or ineffective performance, rather than onM P BIRLA INSTITUTE OF MANAGEMENT 76
  • 77. broadly stated adjectives such as "average, aboveaverage, or below average". Other variations are:1) Behavioral observation scales2) Behavioral expectations scales3) Numerically anchored rating scalesSystem of appraisalIn 360 degree system of appraisal, rating is done by theemployee’s immediate supervisor, his or her immediatesubordinates etc., Arthur Anderson survey reveals that20% of the organizations use the 360 degree system toassess the talents, behavioral aspects, values, ethicalstandards, temper, loyalty by the people who are thebest placed to do it.Employee benefits:Employee benefits and services include any benefitsthat an employee receives in addition to directremuneration. Employee benefits embrace a broadrange of benefits and services that employees receiveas a part of their local compensation package. Pay anddirectly compensations it is based on critical job factorsand performance. Benefits and services, however, areindirect compensation because they are usuallyintended as a condition of employment and or notM P BIRLA INSTITUTE OF MANAGEMENT 77
  • 78. directly related to performances. Few benefits are asfollows:1) Leally required payments as unemployment payment and worker’s compensation2) Continent and deferred benefits as pension plans, group life insurance, prepaid legal plans, and military leave and pay..Potential Appraisal Development (PAD)Potential Appraisal Development is based on careerplans and career plans are prepared by using PotentialAppraisal Development data.Training may be provided to develop candidates withpotential.Feedback Performance Coaching (FPC)Feedback and Performance Data can be used to monitorindividual development and the data can be used foridentifying training. Career counseling and verbalrewards can be part of feedback.Career Planning (CP)Career Planning data are used for human resourcesaudits and career planning and help in conductingresearch on promotion patterns for OrganizationDevelopment programmers.M P BIRLA INSTITUTE OF MANAGEMENT 78
  • 79. Employee Welfare and Quality of Work LifeGroup efforts can be rewarded through quality of worklife measurers. Quality of work life improvements can bepart of organization Development activities.RewardsPerformance Data is used for rewards and reward dataare entered for developmentGrievanceGrievance procedure is one of the techniques ofresolving disputes. All labor agreements contain someform of grievance procedure. And if people follow itstrictly any dispute can be resolved very easily. Termswhich give rise to grievances is:1) Violation of law2) Violation of company rules3) Violation of health and safety measures4) A change in working condition or past company practices5) Violation of the intent of the parties as stipulated during contract negotiations.There are few other techniques available as collectivebargaining and code of discipline.M P BIRLA INSTITUTE OF MANAGEMENT 79
  • 80. Challenges faced by Human ResourceIn and organization like Birla Sun Life; it is a very bigchallenge to handle all the HR related issues. Here therole of a HR manger and his personal insight to tacklesituation comes into picture. There are few challengesfaced by the HR manger in Birla Sun Life1) Department outsourcing HR activities2) BPO and call centers3) To balance workers work-life4) To make HR activities ethical5) To manage diversity6) Attitude towards different work groups7) Globalization8) Organizational restructuring9) Changing demographics of work-force10) Changed employee’s expectations11) challengesPERFORMANCE APPRAISALPerformance appraisal may be defined as a structuredformal interaction between a subordinate andsupervisor, that usually takes the form of a periodicinterview (annual or semi-annual), in which the workperformance of the subordinate is examined anddiscussed, with a view to identifying weaknesses andstrengths as well as opportunities for improvement andM P BIRLA INSTITUTE OF MANAGEMENT 80
  • 81. skills development. In many organizations - but not all -appraisal results are used, either directly or indirectlyto help determine reward outcomes. That is, theappraisal results are used to identify the betterperforming employees who should get the majority ofavailable merit pay increases, bonuses, and promotions.By the same token, appraisal results are used toidentify the poorer performers who may require someform of counseling, or in extreme cases, demotion,dismissal or decreases in pay. Whether this is anappropriate use of performance appraisal - theassignment and justification of rewards and penalties -is a very uncertain and contentious matter.Basic PurposesEffective performance appraisal systems contain twobasic systems operating in conjunction: an evaluationsystem and a feedback system.The main aim of the evaluation system is to identify theperformance gap (if any).This gap is the shortfall that occurs when performancedoes not meet the standard set by the organization asacceptable. The main aim of the feedback system is toinform the employee about the quality of his or herperformance.M P BIRLA INSTITUTE OF MANAGEMENT 81
  • 82. (However, the information flow is not exclusively oneway. The appraisers also receive feedback from theemployee about job problems, etc.)One of the best ways to appreciate the purposes ofperformance appraisal is to look at it from the differentviewpoints of the main stakeholders: the employee andthe organization.Employee Viewpoint:From the employee viewpoint, the purpose ofperformance appraisal is four-fold:(1) Tell me what you want me to do(2) Tell me how well I have done it(3) Help me improve my performance(4) Reward me for doing well.Organizational Viewpoint:From the organizations viewpoint, one of the mostimportant reasons for having a system of performanceappraisal is to establish and uphold the principle ofaccountability.For decades it has been known to researchers that oneof the chief causes of organizational failure is "non-alignment of responsibility and accountability."Nonalignment occurs where employees are givenresponsibilities and duties, but are not held accountableM P BIRLA INSTITUTE OF MANAGEMENT 82
  • 83. for the way in which those responsibilities and dutiesare performed. What typically happens is that severalindividuals or work units appear to have overlappingroles. The overlap allows - indeed actively encourages -each individual or business unit to "pass the buck" tothe others.Ultimately, in the severely non-aligned system, no oneis accountable for anything. In this event, the principleof accountability breaks down completely. Rganizationalfailure is the only possible outcome.Formal versus Informal appraisalFormal appraisals usually occur at specified timeperiods-once or twice a year. Ormal appraisals are mostoften required by the organization for the purpose ofemployee evaluation. Informal performance appraisalcan occur whenever the supervisor feels the needs forcommunication. Many organizations encourage a fixtureof both formal and informal appraisals. The formalappraisal is most often seed as primary evaluation.However, the informal appraisal is very helpful for moreperformance feedback. Informal appraisals should nottake place of formal Performance evaluationM P BIRLA INSTITUTE OF MANAGEMENT 83
  • 84. Whose performance should be rated?To the question as to whose performance should berated, the answer is obvious employees. When we sayemployees, is it individuals or teams? Specifically, theteam may be defined as the individual, work group,division, or organization. It is also possible to definethe rate at multiple levels. For example, under someconditions, it may be desirable to appraise performanceboth at the work-group level for merit-pay increases andat the individual level to assess training needs.Who are raters?Raters can be immediate supervisors, specialists fromthe HR department, department, subordinates, peers,committees, clients, self .appraisals, or a combinationof several.Problems of ratingPerformance appraisals are subject to a wide variety ofinaccuracies and biases referred to as .rating errors..These errors occur in the rater’s observations,judgments, and information processing, and canseriously affect assessmentResults: The most common rating errors are1) Leniency or severity2) Central tendencyM P BIRLA INSTITUTE OF MANAGEMENT 84
  • 85. 3) Halo effect4) Rater effect5) Primacy and Regency effects6) Perceptual set7) Performance dimension behaviors8) Spill over effect9) Status effectSolving raters problemsThe best way to overcome these problems is toproviding training to the raters. From a practical point ofview, several factors, including the extent to which payis related to performance ratings, union pressure,turnover rates, time constraints and the need to justifyratings may be more important than training, influencingthe ratings that raters actually give. This means thatimproving rating systems involves not just training theraters but rectifying outside factors such as unionpressure. And it means that a rater training, to beeffective, should also address real-life problems suchas the fact that union representatives will try toinfluence supervisors to rate everyone high. Traininghelps to improve the appraisal system by overcomingdistortion that occurs due to the raters, errors such ashalo, leniency, central tendency and bias. Training ofraters must help strengthen the factors that tend toM P BIRLA INSTITUTE OF MANAGEMENT 85
  • 86. improve accuracy of ratings and weaken those thatlower the accuracy of the performance measurement.W h a t s h o u l d b e r a t e d?One of the steps in designing an appraisal programmeis to determine the evaluation criteria. It is obvious thatthe criteria should be related to the job. The six criteriafor assessing performance are:1) Quality2) Quantity3) Timeliness4) Cost effectiveness5) Need for supervision6) Interpersonal impactMethods of AppraisalsThe last to be addressed in the process of designing anappraisal programme is to determine method(s) ofevaluation. Numerous methods have been devised tomeasure the quantity and quality of employee’s jobperformance.Each of the methods discussed could be effective forsome purposes, for some organizations. None should bedismissed or accepted as appropriate except as theyM P BIRLA INSTITUTE OF MANAGEMENT 86
  • 87. relate to particular type of employees. Broadly allapproaches can be classified into:1) Past-oriented methods2) Future-oriented methodsEach group has several techniques. Some of them areexplained in the following section.Behavioral Anchored Rating ScalesThe term used to describe a performance rating thatfocuses on specific behaviors or sets as indicators ofeffective or ineffective performance, rather than onbroadly stated adjectives such as "average, aboveaverage, or below average". Other variations are: 1. Behavioral observation scales 2. Behavioral expectations scales 3. Numerically anchored rating scalesChecklistsThe term used to define a set of adjectives ordescriptive statements. If the rater believes theemployee possessed a trait listed, the rater checks theitem; if not, the rater leaves him item blank. Ratingscore from the checklist equals the number of checks.Critical Incident TechniqueThe term used to describe a method of performanceappraisal that makes lists of statements of veryM P BIRLA INSTITUTE OF MANAGEMENT 87
  • 88. effective and very ineffective behavior for employees.The lists are combined into categories, which vary withthe job. Once the categories are developed andstatements of effective and ineffective behaviorprovided, the evaluator prepares a log for eachemployee. During the evaluation period, the evaluatorrecords examples of critical behaviors in each of thecategories, and the log is used to evaluate theemployee year end.Forced Choice MethodThis appraisal method has been developed to preventevaluators from rating employees to high. Using thismethod, the evaluator has to select from a set ofdescriptive statements, statements that apply to theemployee. The statements are weighted and summed toat, effectiveness index.Forced DistributionThe term used to describe an appraisal system similarto grading on a curve.The evaluators are asked to rate employees in somefixed distribution of categories. One way to do this is totype the name of each employee on a card and ask theevaluators to sort the cards into piles corresponding torating.M P BIRLA INSTITUTE OF MANAGEMENT 88
  • 89. Graphic Rating ScaleThe term used to define the oldest and most widelyused performance appraisal method. The evaluators aregiven a graph and asked to rate the employees on eachof the characteristics. The number of characteristicscan vary from one to one hundred. The rating can be amatrix of boxes for the evaluator to check off or a bargraph where the evaluator checks off a location relativeto the evaluators rating.Narrative or Essay EvaluationThis appraisal method asks the evaluator to describestrengths and weaknesses of an employees behavior.Some companies still use this s method exclusively,whereas in others, the method has been combined withthe graphic rating scale.Management by ObjectivesThe management by objectives performance appraisalmethod has the supervisor and employee get together toset objectives in quantifiable terms. The appraisalmethod is worked to eliminate communication problemsby the establishment of regular meetings, emphasizingresults, and by being an ongoing process where newobjectives have been established and old objectives aremodified as necessary in light of changed conditions.M P BIRLA INSTITUTE OF MANAGEMENT 89
  • 90. Paired ComparisonThe term used to describe an appraisal method forranking employees. First, the names of the employeesto be evaluated are placed on separate sheets in apredetermined order, so that each person is comparedwith all other employees to be evaluated. The evaluatorthen checks the person he or she feels has been thebetter of the two on the criterion for each comparison.Typically the criterion is the employees over all abilityto do the present job.RankingThe term ranking has been used to describe analternative method of performance appraisal where thesupervisor has been asked to order his or heremployees in terms of performance from highest tolowest.Weighted ChecklistThe term used to describe a performance appraisalmethod where supervisors or personnel specialistsfamiliar with the jobs being evaluated prepared a largelist of descriptive statements about effective andineffective behavior on jobs.M P BIRLA INSTITUTE OF MANAGEMENT 90
  • 91. Performance InterviewPerformance Interview is another step in the appraisalprocess. Once the Appraisal has been made ofemployees, the raters should discuss and review theperformance with the rates, so that they will receivefeedback about where they stand in the eyes of thesuperiors. Feedback is necessary to effect improvementin performance, especially when it is adequate.Specifically Performance Interview has three goals1) To change behavior of employees. Whose performance does not meet Organizational requirements or their own personal goals?2) To maintain the behavior of employees who perform in an acceptable manner,3) To recognize superior performance behavior so that they will be continued.Use of appraisal dataThe final step in the evaluation process is the use ofevaluation data. The HR department must use the dataand information generated through performanceevaluation. In one way or the other, data andinformation outputs of a performance appraisalprogramme can critically influence employer-employeereward opportunities.M P BIRLA INSTITUTE OF MANAGEMENT 91
  • 92. Specifically the data and information will be useful inthe1) Following areas of HRM2) Remuneration administration3) Validation of selection programs4) Employee training and development programs5) Promotion, transfer and lay-off decisions6) Grievance and discipline programs7) HR planningPerformance Management verses PerformanceAppraisalThe shift from performance appraisal to performancemanagement requires a shift in focus from a singleevent to a continuous process. The process providesemployees with direction and support via a detailedperformance plan composed of goals, action steps,measurements, and coaching throughout the yearlongcycle. Performance management is different from thesingle appraisal because it:1) Begins with planning at the beginning of the year to clarify job expectations and accountabilities between employee and manager2) Eliminates current employee concerns that expectations are vague or not articulatedM P BIRLA INSTITUTE OF MANAGEMENT 92
  • 93. 3) Turns the appraisal document and appraisal meeting into the year-end feedback summary and previous meetings on performance Findings of the Study1) It can be inferred by the study that the employees are aware of the present Performance appraisal System followed in the company.2) Most of the executives are satisfied with the performance appraisal system followed in the company. This shows that the present performance appraisal system is satisfactory3) Further improvement in the system can be made in order to attain full satisfaction of the employees/executives of the company.4) Greater part agrees that the performance standards set are clear and achievable..5) Majority of the employees favored training for the appraisers to carry appraisal programme..6) In response to the company spending of considerable time and attention for the performance appraisal system, most of the employees felt that the company spends the necessary time and attention in following the Performance appraisal System,M P BIRLA INSTITUTE OF MANAGEMENT 93
  • 94. 7) Most of the executives surveyed are satisfied with the Self-Appraisal process being followed in the company.8) It can be said that the present system of performance appraisal is effective in bringing out the performance feed back by the reviewing and reporting officers.9) Most of the employees agree that the help and guidance provided is sufficient indicating that the management spends considerable time on providing employees with help and guidance.M P BIRLA INSTITUTE OF MANAGEMENT 94
  • 95. Chapter 5Recommendations & Suggestions: IRDA use traditional mode of training and marketing which should be replaced with the use of latest emerging technologies. Regular feedback is recommended to know the like & dislike and also expectations of the Customers. Proper weightage should be given to improve the communication skill of the advisors so as to improve customer relations. During training to advisors importance should be given to provide the most important information to them like making well aware about the products of their organization. Marketing materials received before the advisor reaches the customer should add value to the product preparing more awareness in customers.M P BIRLA INSTITUTE OF MANAGEMENT 95
  • 96. Chapter 6 ConclusionIn present scenario, there is a cut-throat competitionamong the companies to get more and more prospectsto buy their various products. The only way to achievethe target is train the insurance advisors in the bestpossible way. Birla Sun Life Insurance uses all those possibletools and latest techniques like software for calculatingpremiums, etc which helps their insurance advisors tosell more of their products. They have shown a lot ofcreativity and innovation in their training programs andhave succeeded in achieving the desired outcome.M P BIRLA INSTITUTE OF MANAGEMENT 96
  • 97. BIBLIOGRAPHY 1. COMPANY BROUCHURES AND PAMPHLETS 2. COMPANY ANNUAL RECORDS 3. www.birlasunlife.com 4. www.google.comM P BIRLA INSTITUTE OF MANAGEMENT 97

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