A STUDY ON EMPLOYEE'S TRAINING IN- 1. BAJAJ ALLIANZ LIFE INSURANCE 2. LIC 3. ORIENTAL INSURANCE COMPANY 4. ICICI Prudential Life Insurance Company

2. INTRODUCTION
Insurance in India refers to the market for insurance in
India which covers both the public and private sector
organisations. It is listed in the Constitution of India in
the Seventh Schedule as a Union List subject, meaning
it can only be legislated by the Central government.

3. AT PRESENT
•The insurance industry of India consists of 53
insurance companies of which 24 are in life insurance
business and 29 are non-life insurers.
•Out of 29 non-life insurance companies, five private
sector insurers are registered to underwrite policies
exclusively in health, personal accident and travel
insurance segments.
•They are Star Health and Allied Insurance Company
Ltd, Apollo Munich Health Insurance Company Ltd, Max
Bupa Health Insurance Company Ltd, Religare Health
Insurance Company Ltd and Cigna TTK Health Insurance
Company Ltd.

4. Market Size
•The number of lives covered under Health Insurance
policies during 2015-16 was 36 crore which is
approximately 30 per cent of India's total population.
•During April 2015 to March 2016 period, the life
insurance industry recorded a new premium income of
Rs 1.38 trillion (US$ 20.54 billion), indicating a growth
rate of 22.5 per cent.
• The life insurance industry reported 9 per cent
increase in overall annual premium equivalent in April-
November 2016.

5. PRESENT INVESTMENTS IN INSURANCE SECTOR
•Aviva Plc, the UK-based Insurance company, has acquired
an additional 23 per cent stake in Aviva Life Insurance
Company India from the joint venture (JV) partner Dabur
Invest Corporation for Rs 940 crore (US$ 141.3 million),
thereby increasing their stake to 49 per cent in the
company.
•Max Life Insurance Co Ltd and HDFC Life Insurance Co Ltd
have signed a merger agreement, which is expected to
create India's largest private sector life insurance company
once the transaction is completed.
•State Bank of India has announced that BNP Paribas Cardiff
is keen to increase its stake in SBI Life Insurance from 26 per
cent to 36 per cent. Once the foreign joint venture partner
increases its stake to 36 per cent, SBI’s stake in SBI Life will
get diluted to 64 per cent.

7. Life Insurance Corporation of India (LIC) is an
Indian state-owned insurance group and investment
company headquartered in Mumbai.
The Life Insurance Corporation of India was founded
in 1956 when the Parliament of India passed the Life
Insurance of India Act that nationalized the private
insurance industry in India. Over 245 insurance
companies and provident societies were merged to
create the state owned Life Insurance Corporation.

8. Awards and recognitions
The Economic Times Brand Equity Survey 2012 rated
LIC as the No. 6 Most Trusted Service Brand of India.
From the year 2006, LIC has been continuously winning
the Readers' Digest Trusted brand award.
Voted India's Most Trusted brand in the BFSI category
according to the Brand Trust Report for 4 continuous
years - 2011-2014 according to the Brand Trust Report.

9. Operations
Today LIC functions with 2048 fully computerized
branch offices, 8 zonal offices, around 113 divisional
offices, 2,048 branches and 1381 satellite offices and
corporate offices
it also has 54 customer zones and 25 metro-area
service hubs located in different cities and towns of
India. It also has a network of 1,337,064 individual
agents, 242 Corporate Agents, 89 Referral Agents, 98
Brokers and 42 Banks for soliciting life insurance
business from the public

10. Eligibility Conditions and Other Restriction
a) Minimum Sum Assured : Rs. 25,00,000 for Aggregate category Rs.
50,00,000 for Non-smoker category
b) Maximum Sum Assured :
No limit (The Sum Assured shall be in multiples of Rs. 1, 00,000/-)
c) Minimum age at entry :
18 years (completed)
d) Maximum age at entry :
60 years (nearest birthday)
e) Maximum cover ceasing age :
75 years (nearest birthday) f) Minimum policy term : 10 years
g) Maximum policy term : 35 years
h) Proposal on own life only will be considered.
Key Man Insurance (KMI)/Partnership/Employer-Employee Cover
will not be allowed.

11. Benefits:
Death Benefit:
In case of unfortunate death of the Life Assured during
the policy term Sum Assured shall be payable.
Maturity Benefit:
On survival to the end of the policy term, nothing shall
be payable.
Payment of Premiums:
Premiums are to be paid annually during the policy
term, by online under yearly mode only. A grace period of
one month but not less than 30 days from due date of
premium will be allowed for payment of premiums.

12. Training at LIC.
LIC has recently launched a training program called PROT (Post
Recruitment Orientation Training). This is advanced level
training for new agents and the agents are learning a lot of
practical things here. Such type of quality training is required for
new agents. Even during the period of its monopoly in the
industry LIC did have a good training set up for all categories of
employees and agents. However, due to its monopoly status, the
training facilities were not put to optimum use. When the opening
up of the insurance industry happened there was a dramatic
change. Existing facilities were enlarged and revamped. Training
and technology up gradation became a top priority; initially for
survival in the face of competition, and later for retaining and
improving market share. L.I.C even involved ISB and other top
IIMs to train senior management. The results achieved speak for
themselves. Apparently the competition has helped to bring out
the best from LIC.

13. Types of training
1) On the job training (OJT):
Training agents to learn the selling skills while working on the field.
2) Off the job training:
It is of following types:
a). Lectures:
It has several advantages. It is quick and simple way to provide
knowledge to large group of trainees.
b). Case study:
It is a development method in which the manager is presented with
a written description of an organizational problem to diagnose and
solve.
c). Role playing:
It is a development technique in which teams of agents compete by
taking decisions regarding realistic but stimulated situation.

15. Training at Bajaj Allianz Life Insurance
The agents training programme in Bajaj Allianz Life
Insurance is known as Certified Insurance Consultant
Programme (CICP).
The Certified Insurance Consultant Programme (CICP)
for the agents is for 5 days covering various topics from
company orientation, features and benefits of
products, need based selling skills, appointment and
sales presentation skills, prospecting techniques and
proposal form fill up. Broadly the modules may be
summarized as product training, financial basics and
selling skills.

16. The Sales Training Programme
Bajaj Allianz Life emphasies on product knowledge and
selling skills that the agents must be trained on. Need
Based Selling approach is also focused to develop the
agents to provide customised solution to the
customers. Refresher training is held regularly to make
the agents upgrade their knowledge and make the
agents implement the skills that they have learned in
the marketplace.

17. Types of Training
•Vestibule training, role playing, lecture, case discussion
and programmed instruction.
•Apprentice training, observation and demonstration
calls with the trainers.

18. Basic qualities an agent must possess at Bajaj
Allianz Life
•Teachable (Open / willing to learn)
•Disciplined (Self-monitoring)
•Positive attitude / fearless
•Hardworking/diligent
•Sociable

19. New life insurance products 2016-2017

20. TERM INSURANCE
•eTouch Online Term
•i-Secure
•Life Secure

21. Unit Linked Insurance Plans
•Investment Plan Future Gain
•Investment Plan Fortune Gain
•Investment Plan Principal Gain

22. Bajaj Allianz Micro Insurance
•Bajaj Allianz Life Bima Dhan Suraksha Yojana
•Bajaj Allianz Life Bima Sanchay Yojana

24. SBI LIFE INSURANCE

25. STATE BANK OF INDIA
State Bank of India (SBI) is an Indian multi-
national, public sector banking and financial
services company. It is a government owned corporation
with its headquarters in Mumbai, Maharashtra As of
2016-17, it had assets of ₹30.72
trillion (US$460 billion) and more than 14,000
branches, including 191 foreign offices spread across 36
countries, making it the largest banking and financial
services company in India by assets. The company is
ranked 232nd on the Fortune Global 500 list of the
world's biggest corporations as of 2016.

26. SBI INSURANCE
SBI offers three different types of insurance as
follows:-
life insurance
Health insurance
Accidental insurance

27. TRAINING METHODS
In SBI, Training will be given to employees when new products or services introduced.
They trained their employees in such a way to convenience their costumers to they
followed three method of training (ie.,)
1.on job training
2. Off job training
3. Visiting faculty scheme.
Training make them apply for life insurance policy or any type policy as they wish.
As the premium for the particular policy is low cost and covers larger amount that
influences the costumer to apply for it. Training of employees includes job rotation,
seminars, work shops helps them to train in a way for better development of themselves
and the organisation.

29. The Oriental Insurance Company Ltd was incorporated at
Bombay on 12th September 1947.
The Company was a wholly owned subsidiary of the Oriental
Government Security Life Assurance Company Ltd and was
formed to carry out General Insurance business.
The Company was a subsidiary of Life Insurance Corporation of
India from 1956 to 1973 (till the General Insurance Business was
nationalized in the country). In 2003 all shares of our company
held by the General Insurance Corporation of India have been
transferred to Central Government.
The company has developed various types of insurance covers to
cater to the needs of both the urban and rural population of India.
The Company has a technically qualified and competent team of
professionals to render the best customer service.

30. TRAINING AND DEVELOPMENT
Insurance agents educate and provide individuals and
businesses with financial protection in a variety of areas,
including life, automobile, property, health, disability, and
long-term care
ORIENTAL INSURANCE COMPANY provides a school
for office training in Faridabad named as ORIENTAL
STAFF TRAINING COLLEGE.
Oriental staff training college is the Corporate Learning
Centre of Oriental Insurance Company Limited .It offers
customized & specialized training programs with
contemporary industrial requirements in mind.

31. ACTIVITIES
•Faculty led sessions
•Case studies
•Guest lectures
•Interactive sessions
•Group workshops
•Participant / group presentations
•Field visits
•On the job training

32. INFRASTRUCTURE
Educational, Hostel & Sports Spacious air-conditioned
lecture halls with modern acoustic systems, LCD
projectors, state-of-the-art computer labs, a well stocked
library, Digital library and the latest learning and
instructional facilities make your learning experience
enjoyable. Other amenities available include a dining
hall with high standards of hygiene, hostel with air-
conditioned, recreation room, tennis court, gym, serene
surroundings amid stimulating walking path and an
auditorium

34. Introduction
Indian Overseas Bank is a nationalized bank having
presence in all over India with 3350 branches.
That includes around 1150 branches in Tamilnadu itself.
It is also one of the major banks which has in place like
a. Colombo
b. Seoul
c. Bangkok
d. Hongkong

35. Health Care PLUS
The Scheme: The scheme provides for Mediclaim Insurance
cover, which is available to all account holders maintaining
a S.B. or C.D account in the age group of 18-65 years. The
scheme is available to NRI customers also. However, the
cover is available for treatment in hospitals in India. The
Mediclaim Insurance cover is provided by Universal Sompo
General Insurance Company Ltd(USGI).
The Scheme takes care of the hospitalization expenses,
subject to maximum Sum Insured, in respect of the
following eventualities:
•Sudden illness
•An accident
•Any surgery that is required in respect of any disease.

36. Salient Features
•The health insurance cover is available for a very low premium,
which is far below the normal premium if the policy is taken
individually by the account holder, directly from Insurance
company.
•Entire family of account holder, spouse and two dependent
children are covered under Floater policy. Even parents of
account holder are covered for additional premium.
•Coverage option from Rs.50,000 to Rs.5.00 lakh is available.
•Upper age limit for entry is up to 65 years. However, renewals
are allowed up to 80 years. Age limit of dependant children - For
male up to 21 years; For female up to 25 years or till their
marriage whichever is earlier.
•Preexisting diseases are not covered. However, the preexisting
disease is covered in case of three continuous claim free years.
•Ambulance charges up to Rs.1,000 is reimbursable per policy
period.

37. The Training Schedule
The product training is conducted for 5 days covering
various topics from company orientation, features and
benefits of health insurance, need based selling skills ,
presentation skills, prospecting and proposal form fill
up. Broadly the modules may be summarized as
Product training, Financial basics and Disha selling
skills.

38. Types of Training
•Off the job training:
lecture, case discussion and programmed instruction.
•on the job training:
Apprentice training and observation method

40. ICICI Prudential Life Insurance Company Ltd. (ICICI
Prudential Life) is a joint venture between ICICI Bank
Ltd., one of India's largest private sector banks, and
Prudential Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year
2001 and has consistently been the market leader*
amongst private players in the Indian life insurance
sector. Our Assets Under Management (AUM) as on
30th June 2016 were `1092.82 billion.

41. ICICI Prudential Life is the first private life insurer to
attain assets under management of `1 trillion and In-
force sum assured of over `3 trillion. ICICI Prudential
Life is also the first insurance company in India to be
listed on NSE and BSE.

42. •Life Insurance Company invested 26% in ICICI
prudential company
•Over 2,70,000 Financial Advisors which include
brokers, Housewives, Retired Persons, Businessman,
etc..
•Over 16 Million Customers across the globe
•Present in 14 countries thought out Asia

43. Types of Life Insurance
•Term Insurance Policy
•Participating Traditional Insurance policy
•Non- Participating Traditional insurance policy
•Unit Linked Insurance Policy
•Retirement or pension plans

44. Training Methods
•Off the job training
•on the job training

45. Objectives
•To know whether there is relationship between
commitment towards organizational growth and the
monetary benefits.
•To find out the frequently used training method by the
insurance companies
•To test the relationship between job satisfaction of the
insurance trainees and their career development.

46. Research methodology
The methodology used in the study is reliability
analysis. The analysis are made with the help of SPSS
Software. The total number of respondents is 60. The
respondents are from different insurance sectors
namely LIC, Bajaj Allianz life insurance, Oriental life
insurance, IOB Health insurance, SBI life insurance and
ICICI Prudential Life Insurance. The study area is
Chennai and Kerala. SPSS is used to analyze the primary
data and secondary data are collected from journals
and websites.

47. ANALYSIS
RELIABILITY ANALYSIS :
Reliability refers to the extent to which a scale
produces consistent results, if the measurements are
repeated a number of times. The analysis on reliability
is called reliability analysis.
The findings are based upon the Guttman model and
ANOVA with Friedman’s Test.

48. Training programme information and company
expectation
ANOVA with Friedman's Test
Sum of
Squares df Mean Square
Friedman's
Chi-Square Sig
Between People
54.233 57 .951
Within People Between Items 11.394a 5 2.279 25.255 .000
Residual
119.440 285 .419
Total
130.833 290 .451
Total
185.066 347 .533
Alternate hypothesis: there is a significance between the company gave prior information
about details of the training programme and the company conveyed their expectations from
training programmes to their employees.
Null hypothesis: there is no significance between the company gave prior information about
details of the training programme and the company conveyed their expectations from training
programmes to their employees.
INTERPRETATION:
Based on the Guttmann model and the Friedman’s test, we conclude that the significance value
is 0.000, hence there is no significance between the company gave prior information about
details of the training programme and the company conveyed their expectations from training

49. Employees engagement with training and their
relationship with one another
ANOVA with Friedman's Test
Sum of Squares df Mean Square
Friedman's Chi-
Square Sig
Between People
34.081 57 .598
Within People Between Items 11.818a 6 1.970 24.946 .000
Residual
153.039 342 .447
Total
164.857 348 .474
Total
198.938 405 .491
Alternate hypothesis: there is a significance between employees are engaged throughout
the training programme and participants are acquainted with one another.
Null hypo: there is no significance between employees are engaged throughout the training
programme and participants are acquainted with one another.
INTERPRETATION:
Based on the Guttmann model and the Friedman’s test, we conclude that the significance
value is 0.000, hence there is no significance between employees are engaged throughout
the training programme and participants are acquainted with one another.

50. Ample time for practicing task and up to date
information
ANOVA with Friedman's Test
Sum of Squares df Mean Square
Friedman's Chi-
Square Sig
Between People
48.072 57 .843
Within People Between Items 7.497a 5 1.499 17.232 .004
Residual
118.670 285 .416
Total
126.167 290 .435
Total
174.239 347 .502
Alternate hypothesis: There is a significant relationship between the enough time is given for
practicing the task and Up to date information was given to the trainees.
Null hypothesis: There is no significant relationship between the enough time is given for
practicing the task and Up to date information was given to the trainees.
Based on the Guttmann model and the Friedman’s test, we conclude that the significance value
is 0.004 is lesser than the significant value 0.05, hence we reject the null hypothesis by saying
“there is a significant relationship between the enough time is given for practicing the task and
Up to date information was given to the trainees”.

51. Management support and training resources
ANOVA with Friedman's Test
Sum of Squares df Mean Square
Friedman's Chi-
Square Sig
Between People
62.355 57 1.094
Within People Between Items 3.680a 6 .613 9.184 .163
Residual
135.749 342 .397
Total
139.429 348 .401
Total
201.783 405 .498
Alternate hypothesis: There is a significant relationship between the top management gave full
support for the programme and required resources are made available in good quality.
Null hypothesis: There is no significant relationship between the top management gave full
support for the programme and required resources are made available in good quality.
Based on the Guttmann model and the Friedman’s test, we conclude that the significance value
is 0.163 is greater than the significant value 0.05, hence we accept the null hypothesis by saying
“there is no significant relationship between the top management gave full support for the
programme and required resources are made available in good quality”.

52. Organisation commitment and monetary benefits
Sum of Squares df Mean Square
Friedman's Chi-
Square Sig
Between People
35.314 57 .620
Within People Between Items 8.848a 4 2.212 19.366 .001
Residual
97.152 228 .426
Total
106.000 232 .457
Total
141.314 289 .489
Alternate hypothesis: There is a significant relationship between the increased commitments
towards organisational growth and increase monetary benefits because of improved work
standard
Null hypothesis: There is no significant relationship between the increased commitments
towards organisational growth and increase monetary benefits because of improved work
standard
Based on the Guttmann model and the Friedman’s test, we conclude that the significance
value is 0.001 is lesser than the significant value 0.05, hence we reject the null hypothesis by
saying “There is a significant relationship between the increased commitments towards
organisational growth and increase monetary benefits because of improved work standard”.

53. Job satisfaction and career development
Sum of Squares df Mean Square
Friedman's Chi-
Square Sig
Between People
85.476 57 1.500
Within People Between Items 2.807a 4 .702 6.898 .141
Residual
91.593 228 .402
Total
94.400 232 .407
Total
179.876 289 .622
Alternate hypothesis: There is a significant relationship between the job satisfaction and
career development.
Null hypothesis: There is no significant relationship between the job satisfaction and career
development.
Based on the Guttmann model and the Friedman’s test, we conclude that the significance
value is 0.141 is greater than the significant value 0.05, hence we accept the null hypothesis
by saying “There is no significant relationship between the job satisfaction and career
development”.

54. FINDINGS
•There is no significance between the company gave prior
information about details of the training programme and
the company conveyed their expectations from training
programmes to their employees
•There is no significance between employees are engaged
throughout the training programme and participants are
acquainted with one another
•There is a significant relationship between the enough
time is given for practicing the task and up to date
information was given to the trainees
•Frequently used training method by insurance trainers is
lecture and conference method and role playing method.

55. •There is no significant relationship between the top
management gave full support for the programme and
required resources are made available in good quality
•There is no significant relationship between the job
satisfaction and career development
•There is a significant relationship between the increased
commitments towards organisational growth and increase
monetary benefits because of improved work standard.

56. SUGGESTIONS:
•Proper record of the training programmes should be
maintained.
•Creativity training should be introduced for the employees
as it helps them to discover their talents.
•Proper Motivational training should be organized.
Motivational training thus forms an important aspect to
enhance the performance of the employees in the
Insurance sector.
•Regular feedback should be collected from the employees
about the training programmes and a proper record should
be maintained. This is because the feedback serves as an
important source to find out what are the flaws in the
current training procedures and recording them would help
to eliminate the same in the future.

57. CONCLUSION
Competition has already set in and public sector and private sector
players should take steps to recapture the market by changing their
strategy in the above lines. The future growth of the insurance sector
will depend on how effectively the insurers are able to come up with
product designs suitable to our context and how effectively they are
able to change the perceptions of the Indian consumers and make them
aware of the insurable risk.The future growth of insurance also depends
on how service oriented insurers are going to be. On the demand side,
the rise in incomes will trigger the growth of physical and financial
assets. With the growth of infrastructure projects, the demand for
insurance to cover the project and the risks during operations will
increase. However, servicing of the large domestic market in India is a
real challenge. Some of these challenges pertain to the demand
conditions, competition in the sector, product innovations, delivery and
distribution systems, use of technology, and regulation.