1. A Reliance Capital company
Presentation
on
Organizational Structure
Directing and Communication
Motivation
Communication
&
Controlling
in
Reliance Life Insurance Company Ltd
2. Company background
Reliance Life Insurance co. Ltd is a part of reliance capital Ltd. Of the Dhirubhai
Ambani Group. Reliance capital is one of India’s leading private sector
companies, and ranks among the top 3 private sector financial service and
banks in terms of net worth. Reliance capital has interest in asset management
and mutual funds, stock broking, life and general insurance, proprietary
investments, private equity and other financial services.
Reliance capital Limited (RCL) is a non-banking financial company (NBFC)
registered under Reserve Bank of India under section 45-IA of the reserve bank
of India Act, 1934.
Reliance capital seems immense potential in the rapidly growing financial
services to become a dominant player in this industry.
Reliance Life Insurance is another step forward for Reliance Capital Limited to
offer Life Insurance solutions to individual and corporate. Reliance life
Insurance also has presence in communications, natural resources, media
entertainment, health care and infrastructure.
A Reliance Capital company
3. A Reliance Capital company
Vision and Mission:
Vision:
Empowering everyone live their dreams.
Mission:
Create unmatched value for everyone through dependence, effective
transparent and profitable life insurance and pension plans.
Goals:
Reliance Life Insurance would strive to achieve the 3 goals mentioned below:
Emerge as a transparent Life insurer of global scale and standard.
Create best values for customers, shareholders and stake holders.
Achieve impeccable reputation and credentials through business practices.
4. A Reliance Capital company
Organizational Structure
SSM SM PSM JSM ASM ESM BDM
Associate
Sr Partner Sr BDM partners Partner
Advisor/Agent
6. Directing & Communication
Directing: Directing is one of the basic function of management
and is very essential for the success of any organization. Directing
is also practices in Reliance Life Insurance Co. Ltd. In reliance
Life Insurance Co. Ltd the lower level managers are directed by
their immediate superior. For example the advisors are directed by
their sales managers, sales managers are directed by branch
managers or territory managers; branch or territory managers are
directed by regional managers and Regional mangers are directed
by Zonal business Managers and ZBM’s are directed by National
heads and so the National heads are directed by Group President
and CEO. Each manager is responsible for its subordinates.
A Reliance Capital company
7. Communication:
Effective communication is very essential for any
organization, so reliance Life Insurance also focuses on
having an effective communication in their company.
Reliance Life Insurance has both formal and informal
type of communication, which is mostly in downward
direction, but sometimes they even follow upward
communication depending upon the situation, which may
be written and verbal, but mostly they follow written
communication. Superiors generally contact with their
subordinates through their immediate boss or through
emails over telephone.
A Reliance Capital company
8. A Reliance Capital company
4. Motivation
Commission: all the advisors in Reliance Life Insurance Co. Ltd are given
commission on all the policies they bring to the company, at a fixed rate.
Contest Payouts: They run contests through out the year among the
advisors to motivate them to work hard to get the benefits of commission.
Foreign trips: the company also gives foreign trips to the advisors with
outstanding performance, with the motive to motivate the advisors.
Career: The Company also provides the advisors with a scope of career
advancement, if he/she gives a business of 3 lakh with 30 policies within a
financial year, given that the person is a graduate. Then he/she will be
promoted as a sales manager in the company.
Club Membership: the company also runs a another type of contest known
as club membership, in which if a advisor fulfills the criterion, he or she will be
rewarded as a club member of the company. He following are the criterion to
become the club member of Reliance life insurance co. Ltd:
10. A Reliance Capital company
MDRT/COT/TOT
The Premier Association of
Financial Professionals.
An exclusive honor achieved
only by a small percentage of all
life .
Insurance and financial services
advisors worldwide.
the highest recognition in
insurance internationally.
how to get there..?
12. Controlling
Controlling is very important process through which managers ensure
that actual activities conform to planned activities. Reliance Life
Insurance co Ltd also follows control techniques to ensure that their
plans are best achieved. Since Reliance Life Insurance Co. Ltd is a sales
oriented company its basic aim to maximize its sales. So control is
Reliance Life Insurance Co. Ltd is basically carried out to ensure that the
sales are at their peak. Controlling in Reliance Life Insurance Co. Ltd is
done in many ways. Each manager‘s activity is observed by his/her
immediate boss. Each manager have been given some specific set of
routine which he or she has to follow and if any manager does not
follows it the senior manager has to report it immediately to his
immediate boss and take necessary action against the person.
A Reliance Capital company
13. Conclusion:
Reliance Life Insurance is among the top ranked insurance company in the
private sector. The company is running successfully because of good selection
procedure, training programs, motivational tools, directing and communications
and efficient and effective controlling. Reliance Life Insurance is successful with
ethics. They require business but never misled public. They claim to follow all
the rules and regulations issued by the company. They are amongst the top
players in India to be certified with ISO 9000:2001 for all its processes
From the study conducted it can be concluded that Reliance life insurance
successfully carries out all the functions like directing, communication,
controlling, and motivation. The organizational structure of Reliance Life
Insurance Co. Ltd is of Agency type and is a vertical and hierarchical and
formal in nature; which consists of the top level managers; middle-level
manager and the lower level managers.. In case of directing the lower level
managers are directed by their immediate superior. And they communicate both
in formal and informal type of communication, which is mostly in downward
direction, but sometimes they even follow upward communication depending
upon the situation, which may be written and verbal, but mostly they follow
written communication.
A Reliance Capital company
14. Reliance Life Insurance also uses various motivational tools to
motivate sales personnel and sales force. It motivates its sales
force mainly through financial and non-financial tools like money
or money’s worth, like wages and salaries, bonus, medical
benefits, commission, incentives like praise, knowledge of results,
participation in management opportunity for growth, conductive
work environment, challenging job rewards and recognition
facilitation and internal competition . The company takes special
care to motivate its sales manager, apart from salary, the
company also gives its employees incentive, promotion, rewards
and recognition, foreign trips and the most important is the
company’s share. It execute control over its sales force by giving
them targets, sales quota, and giving them a routine, which every
manager should follow.
A Reliance Capital company
15. A Reliance Capital company
Bibliography
1.Beri G.C, “ Marketing Research”3rd edition (new delhi:Tata
Megraw –hill publishing company limited)
2.Khanka S.S, “Organizational Behavior” (New Delhi: S.Chand &
Company Ltd.)
3.Koontz Harold and Weihrich Heinz,” Essentials of Management”
sixth edition (new delhi:Tata Megraw –hill publishing company
limited).
4.Internet(www.reliancelifeinsurance.com)
5.Triphati P.C, “Principlas of Management
