final report hr

8/12/2019 Final Report HR

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AACCKKNNOOWWLLEEDDGGEEMMEENNTT

I owe a great many thanks to a great many people who helped and supported

me during the writing of this project. My deepest thanks to SUSHMA SINGH

(Assist. Prof., M.B.A. Department) the Guide of the project for guiding and

correcting various documents of mine with attention and care. She has taken

pain to go through the project and make necessary correction as and when

needed. I express my thanks to the Principal of Prof. Dr. Ajay Prakash,

INSTITUTE OF CO-OPERATIVE AND CORPORATE MANAGEMENT,

RESEARCH AND TRAINING, LUCKNOW, for extending his support. My

deep sense of gratitude to Mr. HITENDERA KUMAR (S.M.) BAJAJ ALLIANZ

LIFE INSURANCE COMPANY LIMITED, HAPUR support and guidance.

Thanks and appreciation to the helpful people at BAJAJ ALLIANZ LIFE

INSURANCE COMPANY LIMITED, HAPUR for their support. I would also

thank my Institution and my faculty members without whom this project would

have been a distant reality. I also extend my heartfelt thanks to my family and

well wishers.


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TTAABBLLEE OOFF CCOONNTTEENNTTSS

CChheeaapptteerr--11

1.1 Executi ve Summary..6

1.2 I ndustryProfile7-20

I ntroduction and H istory of I nsurance sector

Role of I nsurance in Economic Development

L ist of L if e & General I nsurance company

1.3 Company Profile21-40

I ntroduction of Bajaj Al lianz..

I ntroduction of I nsurance Product and Benefits..

National Network and Distributi on Channel..

Organi zation structure .

Cheapter-2

2.1 I ntroduction of Human Resource Department41-44

2.2 I ntroduction of Recruitment and Selection.45-66

Cheapter-3

3.1 I ntroduction of Objective of Project.67-68

3.2 Research Methodology69-75.

Cheapter-4

4.1 Analysis and Interpretation of Data76-91.

Cheapter-5

5.1 Observation and Findings92-94


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Cheapter-6

6.1 Conclusions.95-96

Cheapter-7

7.1 Suggestion and Recommendation97-99.

Cheapter-8

8.1 Limitations100

Cheapter-9

9.1 Annexure101-103

9.2 Bibliography104


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Executive summary

Bajaj Allianz Life Insurance Co.Ltd and Bajaj Allianz General Insurance is very well

known Insurance Co in Hapur & in India also with its largest insurer in the world had

joined hands with famous Bajaj Auto one of the trusted name in automobiles and

house industry in India. This project is titled as Effectiveness of Recruitment process

and Analysis of Employees settlement in Baja Allianz Life Insurance & tries to find

out the different aspects of Recruitment process and

settlement analysis in company. Different officials working in the HR department

have provided very important data in this respect. Formal and Informal interviews as

well as the research (through questionnaire) are the basic methods of data collectionused in this project work. Also secondary data provided by the company officials is of

immense importance. Every effort has been made to understand the long term plans of

company for implementing Recruitment process and Employees settlement.

As the Insurance Co is a service industry; the employees serving in the company are

the most important elements and that is why recruitment process becomes very

important in the long run. The settlement analysis also gives the company the final

version of Exit process. Taking into consideration this aspect, the effectiveness of

recruitment program and analysis of employeessettlement recently being carried out

is been observed.

From this project work; company officials will get new insights about Recruitment

process and Full and Final settlement of employee s analysis. I have also acquired the

knowledge of how the Recruitment process is carried in Bajaj Allianz Life Insurance

Branch Office Hapur.


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IINNDDUUSSTTRRYYPPRROOFFIILLEE


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What is Insurance

The business of insurance is related to the protection of the ECONOMIC VALUES

OF ASSETS.Every assets has a value. The assets would have been created through

the effort of the owner. The assets is valuable to the owner, because he expect to getsome from it. It is the benefits because it meets some of his need. The benefits may be

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

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

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

and provides benefits.

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

provide the benefits. After that, the benefits may not be available.

There is a life time for a machine in the factory or a cow or a motor car. None of them

will last for ever. The owner is aware of this and he can so manage his affaire that by

the end of that period or life time, a substitute is made available. Thus he makes sure

that the benefit is not lost. However the asset may get lost earlier. An accident or

some other unfortunate event may destroy it or make it incapable o giving the

benefits.


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History of Insurance

Insurance has been known to exist in some form or other since 3000 BC. The

Chinese traders, traveling treacherous river rapids would distribute their goods among

several vessels, so that the loss from any one vessel being lost. Would be partial and

shared and not total. The Babylonian traders would agree to pay additional sums to

lenders, as the price for writing off the loan, in case of the shipment being stolen. The

inhabitants of Rhodes adopted the principle of general average of general average.

Whereby, if loss occurs, due to jettisoning during distress.(Captains of ship caught in

storms, would throw away some of cargo to reduce the weight and restore balance.

Such throwing away is called jettisoning).The Greek had started benevolent societies

in the late 7thcountry add, to take care of the funeral and families of the members he

died. The great fire of London in 1666,in which more than 13000houses were lost,

gave a boost to insurance and the first fire insurance company, called the fire office

,was started in 1680.

The origin of the insurance business as in vogue at present is traced to the

Lloyds Coffee House in London. Traders, who used to gather in the Lloyds Coffee

House in London, agreed to share the losses to their goods while carried by ships.

The losses used to occur because of pirates who robbed on the high seas of because

of bad weather spoiling the goods or sinking the ship. In India, insurance began 1818

with life insurance being transacted by an English company ,The Oriental insurance

Co. in 1870 in Mumbai. This is followed by the Bharat Insurance Co. in 1896 in

Delhi the empire of the India in 1897 in Mumbai, The United India in Chennai, the

National Indian and Hindustan Co-operative in Kolkata.

Later, were established the Cooperative Assurance in Lahore, the Bombay

Life (originally called the Swadeshi Life), In India mercantile ,the new India

and Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian

companies started as a result of the swadeshi movement in the early 1900s.By

the year 1956, when life insurance business was nationalized and the Life


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History of Insurance in India

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

regulate the life insurance business.

1928-The Indian Insurance Companies Act enacted to enable the government

to collect statistical information about both life and non-life insurance

businesses.

1938-Earlier legislation consolidated and emended to by the Insurance Act

with the objective of protecting the interest of insuring public.

1956-245 Indian and foreign insurers and provident societies taken over by

the central government and nationalized.LIC formed by an Act of Parliament

viz. LIC Act 1956,with the capital contribution of Rs.5 cr. from the

Government of India.

The General Insurance business in India, on the other hand, can trace its roots

to the Triton Insurance Company Ltd., the first General insurance company

established in the year 1850 in Calcutta by the British.


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Basic Need of Life Insurance

Life insurance is a contract providing for payment of a sum of money to the personassured or failing him, to the person entitled to receive the same, on the happening of

certain event.

A family is generally dependent for its food, clothing and shelter on the income

brought in at regular intervals by the bread winner of the family. So long as the he

lives and the income is received steadily ,but should death suddenly intervene the

family may be left in a very difficult situation and sometimes in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which

gives rise to the necessity for some form of protection against the financial loss

arising from death, insurance substitute this uncertainty by certainty.

Advantages of Life Insurance:

1. It is superior to an ordinary saving plans:

This is so because unlike other saving plans, it affords full protection against

risk of death, in case of death , the full sum assured is made available under a

life assurance policy, whereas under other savings schemes the total

accumulated savings alone will be available. The latter will be considerably

less than sum assured, if death occurs during early years.

2. Insurance encourages and forces thrift:

A saving deposit can be too easily withdrawn. Many may not be able to resist

the temptation of using the balance for some less worthy purpose. On the other

hand, the payment of life insurance premiums becomes a habit and comes to

be viewed wit the same seriousness as the payment of interest on a mortgage.

Thus insurance, in effect brings about compulsory saving.


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3. Easy settlement and protection against creditors:

The life assured can name a person or persons to whom the policy moneys

would be payable in the event of death. The proceeds of a life insurance policy

can be protected against. The claims of the creditors of the life assured by

effecting a valid assignment of the policy. A married womens property act

policy constitutes a trust in favor of the wife an children and no separate

assignment is necessary. The beneficiaries are fully protected from creditors

except to the extent of any interest in the policy retained by the assured.

4. Administering the legacy for beneficiaries :

It often happens that provision which a husband or father has made through

insurance quickly lost through speculative or unwise investment or by

unnecessary expenditure on luxuries. These contingencies can provide against

in the case insurance. The policy holder can arrange that in the event of his

that death the beneficiary should receive, instead of a single sum (a). Payment

of the net claim amount by equal installments over a specified period of years,

or (b). Payment of the claim amount by smaller monthly installments over the

selected period followed by a lump sum at the and there of.

5. Tax relief :

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

follows deduction from income payable, a certain percentage of portion of the

taxable income, individuals which is diverted to payment of insurance

premiums, when this tax relief is into account it will be found that the assured

is an effect paying a lower premium for his insurance.


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How Insurance Works

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

come together and agree that, if any one of members suffers loss, the other will share

the loss and make good to the person who lost. All people who send goods by ship are

exposed to the same risk related to water damage, ship sinking, and piracy, etc. those

owing factories are not exposed to these risks, but they are exposed to different kinds

of risks like, fire, hailstorms, earthquakes, lightening, burglary, etc like this, different

kinds of risk can be identified and separate groups, made including those exposed to

such risks. By this method, the risks are spread among the community and the likely

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

If a jumbo jet with more than 350 passengers crashes, the loss would run into several

corers of rupees. No airline would be able to bear such a loss. It is unlikely that many

Jumbo Jets will crash at the same time. If 100 airline companies flying Jumbo Jets,

come together into an insurance pool, whenever one of the jumbo jets in the pool

crashes, the loss to be borne by each airline would come down to a few lakhs of

rupees. Thus, insurance is a business sharing.


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Role of Insurance in Economic Development

For economic development, investments are necessary. Investments are made

out of savings. A life insurance company is major instruments are made out of

savings of people, particularly from the middle and lower income groups.

These savings are channeled into investment for economic growth.

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

way of premiums. Every premium represents a risk that is covered by that

premium. In effect, therefore,

These vast amounts represent pooling of risks. The funds are collected and

held in trust for the benefit of the policyholders.

The management of insurance companies is required to keep this aspect in

mind and make all its decisions in ways that benefit the community. This

applies also to its investments. This is why successful insurance companies

would not be found investing in speculative ventures. Their investments

benefit the society at large.

The system of insurance provides numerous direct to the individual and his

family as well as to industry and commerce and to the community and the

nation as a whole. Those who insure, both individual and corporate, are

directly benefited because they are protected from the consequences of the

loss that may be caused by the accident or fortuitous event. Insurance, thus, in

a sense protects the capital in industry and releases the capital for further

expansion and development of business and industry.


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List of Insurance Companies Listed in Different Year

List of Life and General Insurance companies

S.No. Reg.No.

Date ofReg.

Name of the Company

1 101 23.10.2000 HDFC Standard Life Insurance

Company Ltd.

2 102 23.10.2000 Royal Sundaram Alliance

Insurance Company Ltd.

3 103 23.10.2000 Reliance General Insurance

Company Ltd.

4 104 15.11.2000 Max New York Life Insurance

Company ltd.

5 105 24.11.2000 ICICI Prudential Life Insurance

Company Ltd.

6 106 04.12.2000 IFFCO Tokyo General Insurance

Company Ltd.

7 107 10.01.2001 Kotak Mahindra Old Mutual Life

Insurance Ltd.

8 108 22.01.2001 TATA AIG General Insurance

Company Ltd.

9 109 31.01.2001 Birla Sun Life Insurance

Company Ltd.

10 110 12.02.2001 TATA AIG Life Insurance

Company Ltd.

11 111 30.03.2001 SBI Life Insurance Company Ltd.

12 113 02.05.2001 Bajaj Allianz General Insurance

Company Ltd.

13 114 02.08.2001 ING Vysya Life Insurance

Company Pvt. Ltd.

14 115 03.08.2001 ICICI Lombard General

Insurance Company Ltd.

15 116 03.08.2001 Bajaj Al li anz L if e I nsurance


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Company Ltd.

16 117 06.08.2001 Met Life India Insurance

Company Ltd.

17121 03.01.2002 Reliance Life Insurance Company

Ltd.

18 122 14.05.2002 Aviva Life Insurance Co. India

Pvt. Ltd

19 123 15.07.2002 Cholamandalam General

Insurance Co. Ltd.

20 124 27.08.2002 Export-Credit Guarantee

Corporation Ltd.

21 125 27.08.2002 HDFC Chubb General Insurance

Co. Ltd.

22 127 06.02.2004 Sahara India Insurance Company

Ltd.

23 128 17.11.2005 Shri ram Life Insurance

Company Ltd.

24 130 17.07.2006 Bharti AXA Life Insurance

company Ltd.

25 131 03.08.2007 Apollo DKV Insurance company

Ltd.

26 132 04.09.2007 Future India Insurance company

Ltd.

27 133 04.09.2007 Future Generali lndia Life

Insurance co. Ltd.

28 134 16.11.2007 Universal Sompo General

Insurance Co. Ltd.

29 135 19.12.2007 IDBI Fortis Life Insurance Co.

Ltd.

30 136 08.05.2008 Canara HSBC Oriental Bank of

Commerce Life Insurance Co.

Ltd.

31 138 27.06.2008 AEGON Religare Life Insurance


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Company Ltd.

32 139 27.06.2008 Bharti AXA General Insurance

Company Ltd.

33 140 27.06.2008 DLF Pramerica Life Insurance

Co. Ltd.

34 141 15.12.2008 Raheja QBE General Insurance

Co. Ltd.


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Some of the important milestones in the Life Insurance business in

India are:

1818: Oriental Life Insurance Company, the first life insurance company on

Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance

company started its business.

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

regulate the life insurance business.

1928: The Indian Insurance company Act enacted to enable the government to

collect statistical information about both life and non life insurance business.

1938: Earlier legislation consolidated and amendment to by the Insurance Act

with the objective of protecting the interest of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act,1956 ,with a capital contribution of Rs. 5 cr. From the Government of India


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COMPANYS

PROFILE


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Introduction Of Bajaj.

The financial services and wind energy businesses were transferred to Bajaj F inServLimited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited,

approved by the Hon. High Court of Judicature at Bombay by its order dated 18

December2000.

Bajaj FinServ will strive to be one of the top financial services businesses in India

focused on delivering superior customer experience through competitive products and

class leading services while providing consistent and superior returns to our

shareholders and maintaining the high levels.

.

The company is currently engaged in life insurance; general insurance and consumer

finance businesses and has plans to expand its business by offering a wide array of

financial products and services in India. Apart from financial services, BFS is also

active in wind-energy generation.


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Introduction Of Allianz.

In 1997, Allianz was successful in winning over the eminent economic historian Prof.

Gerald D. Feldman "to fill in the blanks in Allianz's history" (Henning Schulte Noelle,

CEO of Allianz from 1990-2002).

"Allianz and the German Insurance Business 1933-1945"

In particular, the book highlights Allianz's activities during the period of the late

Weimar Republic, National Socialism and the early Federal Republic. The study's

chief aim is to describe the development and activities of Allianz from 1933 to 1945

within the overall historical context.

The Allianz Group is one of the leading integrated financial services providers

worldwide.

With approximately 142,000 employees worldwide, the Allianz Group serves to

approximately 78 million customers in more than 70 countries. On the insurance side,

Allianz is the market leader in the German market and has a strong international

presence.

In fiscal 2011 the Allianz Group achieved total revenues of over 103.6 billion euros.

Allianz is also one of the world's largest asset managers, with third-party assets

of 1,281 billion euros under management at year end 2011.

In 2006 Allianz SE, the parent company, became the first company in the EURO

STOXX 50 Index to adopt the legal form of a Societas Europaea, which is a new

European legal form for stock corporations. Allianz SE is headquartered in Munich,

Germany.

Beyond the quality of our financial performance, a number of other activities and

factors are important for the sustainable growth of our competitive strength and

company value. These include, but are not limited to, our global diversification, the

reduction of complexity, our value-based management approach, and our crucially

important employees.


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Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life insurance Company Limited is a joint venture between Allianz

AG of Germany and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by customer

Orientation to established high earning potential a financial strength, Bajaj Allianz

Life Insurance Company was incorporated on 12th March 2001.

The company received the Insurance Regulatory and Development Authority

(IRDA) Certificate of Registration (R3) NO116 on 3rd August 2001 to conduct

Life Insurance business in India.

Allianz AG one of the largest insurer in the world had joined hands with Bajaj

Auto one of the highly trusted name in the automobiles and household industry in

India for a joint venture for their insurance operation and is one of the few

Companies which is engaged in both Life and Non life Insurance Company

banner Allianz Bajaj Life Insurance Company Limited and Bajaj Allianz General

Insurance Company Limited. The Investment ratio between Bajaj and Allianz is

26:74.


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Share Holding pattern of Bajaj and Al li anz

CONTRIBUTION- 74%

CONTRIBUTION- 26%


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Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest

Insurance Company and Bajaj Finserv.

Allianz SE is a leading insurance conglomerate globally and one of the largest asset

managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000

Crores). Allianz SE has over 119 years of financial experience and is present in over

70 countries around the world.

At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our

business philosophy is to ensure excellent insurance and investment solutions by

offering customised products, supported by the best technology.

Bajaj Allianz offers exciting opportunities to learn contribute and build careers. As a

leading name in the fast-paced insurance sector, we are constantly growing and are

always in search of talent across all level.

If you want a chance to shine, grow, work on challenging assignments & make a

long-term career with a leader in the private insurance sector, check out the career

opportunities we offer.


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VISION AND MISSION

Bajaj Allianz Life Insurance co. Ltd.

Shared Value:

To be the Best L if e I nsurance company in I ndia To buy from, work for and

invest in

Shared Mission:

1. To be in the top 3 new Life Insurance company in India by new business and

in force business by 2006.

2. To have PAN India presence.

3. To provide highest: quality service by ensuring :

Highest customer retention in industry (90% first year)

Every customer will be contacted by us at least once per year.

We respond to customer/ agent within 48 hours

Embrace technology to optimize efficiencies.

To be the first choice insurer for customers.

To be the preferred employer for staff in the insurance industry.

To be the number one insurer for creating shareholder value

Brand Statement

Jiyo Befikar

Jaisi Zaroorat Waisa Insurance


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The Year of Learning

Over the last ten years, everything we have learnt about the insurance is from you.

And for our tenth anniversary celebrations, we all shared the most learning that has

shaped our lives and got inspired from million others in return.

So Bajaj Allianz decided to dedicate the year 2011 to knowledge and learning and the

knowledge we share will enable a life that is worry free. This is not just a planner but

a knowledge journal. This year, lets learn something, everyday. Grow by jotting new

things down and sharing it with the curious souls around you. By the end, you will

have a pool of knowledge, brimming with learning from all aspect of life.it could be a

new skills, a new language or just a new world. We encourage you to move beyondwhat you already know and expand your horizons, all the way to infinity. And with so

much knowledge by your sure, a worry free life is bound to follow.

Bajaj Aliianz- A growing force

Bajaj Allainz has a customer base of over 1 crore

Strong distribution network pan India with over 1200 offices and over 2 lakhagents

Bajaj Allianz is one of the most profitable companies in the general and life

insurance sector

Bajaj Allianz Life Insurance is listed in the Top 50 service brand in the

survey conducted on Most Trusted Companies by Brand Equity and

ACNielsen-ORGMarg

Bajaj Allianz Life Insurance has been awarded the SKOCH Award 2011for the financial inclusion initiatives, through life insurance across the country

Bajaj Allianz General Insurance has received the highest ratingiAAA from

ICRALimited for claims paying ability

Bajaj Allianz also awarded for the Best Contribution in Investor Education &

Category Enhancement

Bajaj Allianz also awarded for the Best Leading Private Player non Life


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Achievement of BALIC...

Since you will be paying premiums for years to come, you don't want your

insurance company to disappear before you or your family receives the benefit. It isworth asking how long the company has been in business, how many life insurance

policies they manage and their credit rating. In most cases, you will get a better deal

from the smaller life insurance companies, but you just need to be more careful to

research them and make sure they are stable. Bajaj Allianz is sure to one such life

insurance company Bajaj Allianz life insurance Company limited is a joint venture

between two companies. Bajaj Auto and Allianz AG.

Allianz Group's Indian life insurance joint venture has changed its name to Bajaj

Allianz Life insurance from Allianz Bajaj life insurance (Bombay), Aug 4, 2004

Allianz AG

Worlds largest insurance company by revenueRs520353cr (euro96.9billion)

Solvency ratio -516% and Claim settlement Ratio NOP -92.7%

World wide 2nd by gross written premiums-Rs1,07,35,992cr for group business and

Rs.8,53,63,495 cr for individual business

3rdlargest Assets Under Management (AUM) and largest amongst insurance companies

11thlargest corporation in the world 50% of globe business from life insurance, close to 60

million lives insured globally Established in 1890, 110 years of insurance expertise

More then 70 countries and more then 2 lakhs employees worldwide. Insurance to almost

half of the fortune 500 companies

Bajaj auto One of the largest 2 and 3 wheeler manufacturers in the world

21 million + vehicles on the road across the globe


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Managing fund of over Rs5200crs

Bajaj auto finance one of the largest companies in India

Rs5934cr turnover and profits after tax of 732cr in 2004-05

Bajaj Allianz life insurance is the fastest growing private life insurance company in India,

with a higher growth rate

Have sold over 15,43,503 policies to satisfied customers

Is back by a network of 1044 offices spanning the country

Ranked first among private life insurance companies in India

Assets under management Rs39,32,99,764 cr

Shareholder capital base of Rs267cr

Product tailored to suit your needs

Decentralized organization structure for faster response

Wide reach to serve you better-a national wide network of 1144 branches

Specialized departments for banc assurance, corporate agency and group business

Well networked customer care centers (CCCs) with state of art IT systems

Highest standard of customer service and simplified claims process in the industry


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INSURANCE

INTRODUCTION TO INSURANCE:

Insurance is an instrument, which protect the financial loss arising out of an

uncertain event contingent to human beings and is mechanism to share thefinancial loss of an individual or group of people due to an unforeseen event

between the individual or group of people who are exposed to the same kind

of risk.

PRODUCT:

Bajaj Life Insurance Company Limited offers the product as follows:

1. Invest Gain

2. Cash gain

3. Lifetime Gain

4. Child Care

5. Risk Care

6. Term Care

7. Save Care Economy Single Premium

8. Swarana Vishranti

9. Unit Gain


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BENEFITS:

1. Insurance protection to dependent, Thrift saving, tax Benefits.

2. A husband, for instance, may buy an insurance policy to ensure his wife andchildren are taken care of should anything happen to him.

3. Parents buy insurance for the future saving of their children education and

social obligation.

4. Motor Insurance ensures the money back to CURE UR CAR.

5. Protects the financial loss of household articles by theft or natural calamities.

6. Protects the financial loss of buildings and other valuables by fire.

7. protects against medical bill for hospitalization due to unexpected diseases or

accident

8. Accidental Insurance with hospital benefits eases with bill of medica

expenses.


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INTRODUCTION

OF

NATIONAL NETWORK

AND

DISTRIBUTION

CHANNELS


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NATIONAL NETWORK

Bajaj Allianz Life Insurance Co.Ltd is a large and diversified organization. Bajaj

Allianz Life Insurance Co has a national network. Bajaj Allianz has 1144 branches all

over India. The Head Office is located in PUNE.

DISTRIBUTION CHANNELS

The Distribution Channels of Bajaj Allianz is done all over India. The Channels is the

vital process of the company. The Channels Description is as follows:

Channel Description

Individual Channel Individual Agencies

Corporate Agency Channel Through corporate, large

partnerships/private limited companies

Bancassurance Through Banks

Sales Network Of Bajaj Allianz

1. Agency Channel: Currently the company has 300 office made up of 68 branches and about 239

satellite office.

The no of STMs a branch or a satellite can have will be between 2 and 8.

2. Banc assurance : The company has 6 business tie up. This will managed by the banc assurance

team

Syndicate Bank, Standard Chartered Bank

Centurian Bank, Indus land Bank


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INTRODUCTION

TO

ORGANISATION

GRADING STRUCTURE


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GRADING STRUCTURE

Bajaj Allianz Life Insurance Co.Ltd

The internal grading structure in the organization is done by Management & HR

head. This grading system is followed by all 55 branches of Baja Allianz and

Head office also. The grading system consists of following:

Description Level

Department headsleadership role L4

Department heads/ regional heads/ sales

heads

L5

Managers/ Functional heads L3

Assistant ManagerSupervisory role L2

Support staff L1

A

B

A

B

B

A


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Organization Structure (Sales Agency)

CFO

HOD SALES

REGIONAL MANAGER

CEO

INSURANCE CONSULTANT

DIVISONAL MANAGER

ZONAL MANAGER

SALES MANAGER

ASTT. SALES MANAGER

BRANCH MANAGER


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INTRODUCTION

TO

HUMAN RESOURCES

DEPARTMENT


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HUMAN RESOURCE DEPARTMENT IN

BAJAJ ALLIANZ.

Policies:

In Multinational Company like Alliaz Bajaj HR planning and policies plays a major

role in the growth of the organization.

HR planning foreseen the man power requirement. The need like food, sanitation

is the basic function of the HR planning.

Motivation is the inseparable part of Allianz Bajaj`s HR policies, Cricket match

between Allianz Bajaj recently proved the truth. The HR department should update

the manual of the company. As these manual contains Govt. made rules and

regulation. The management can also make changes in the manual. The manual

contains the rules & policies of the company.

The manual is the internal document of the company. The other policies for HR

department are that the company shall have Manpower planning for one-year period,

based on the business plan for the year. There shall be no recruitment outside the

manpower plan without prior approval of head HR and CEO. There is Joining

Formalities, Internal grading structure, salary processing formalities, service

condition, Additional HR policies, policies for Resignation/Termination. Apart from

the work the individual view is taken into consideration. Any problem in the

organization to an of their team member personal consul ling is done & tries to satisfy

their need i.e. (sociological & psychological needs). In this organization all decision

are taken by Head office HR for al 1144 branches. Even they take decision regarding

Day to Day activity.


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The ultimate objective of the co. is in the growth of organization. If policies

are not made and implemented and proper care is not taken of human assets i.e.

employees than there is no progress to the employees and organization. So

policies are important as well their employees who are key person who follows

policies.

Objectives:

The Human Resource objective consists of the following:

1. Manpower planning.

2. Recruitment and selection.

3. Employee Development.

4. Performance Appraisal.

5. Develop belongingness for work.

6. Excellence performance award every month.

7. To build organization with integration, honesty & Quality of work.

8. Planning future goals for career development.

9. Teamwork & cooperation with people in the organization.

10. To provide security for work.

11. Promotion.


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STRUCTURE OF HUMAN RESOURCE DEPARTMENT

Head- HR

National Mgr.

Corporate

Jr. Exce. -

HR

Jr.Exce-

HR

Sr. Exce-

HR

Asst. Mgr. -

HR

Sr. Exce-

HR

Mgt.

Trainee

Dy. Mgr. -HR


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achievement .this is preferred method with companies that have a finders fee

program for their employee.

Advertising is the toss of dice if it goes well, it can help you find ideal candidates in a

regional, national or international pool. if not, its a costly investment yielding few

result. Make sure to factor in the time it taken to go through a large no of resumes.

Employment agencies cost is costly but generally provide a good range of candidates.

The employment advisors looks your needs, screen a number of candidates and only

send you the application that meet your requirement. Bear in mind that the larger

employment agencies do not necessary offer the best choice of candidates. There are

numerous agencies that specialize in recruitment in specific sector.

Recruiting online such as monister.com, sarkarinakuri.com, jobboom.com. These can

provide inexpensive, worldwide access to employees. In fact 65% of job seekers now

have access to these types of services.

Using the internet for recruiting usually involves visits to specialized recruitment

sites, joining newsgroups and posting your job opening on recruitment sites,

electronic publication and your own Website.

MANPOWER PLAN AND REQUISITION:

Every position to be recruited shall be on the basis of an approved Manpower budget,

which shall be sanctioned by the CEO of the company. Recruited against budgeted

position will be required to be raised by the Department manager using the Manpower

Requisition Form, the manpower requisition form has to be approved by the

functional head and CEO of the Company in consultation with Head HR. The

approved manpower requisition form shall form the basis for the commencement of

the recruitment process.

OBJECTIVE:

The objective of recruitment process helps the organization to identify whether the

selected employee working capabilities are satisfying the companies targets.


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FACTOR AFFECTING RECRUITMENT:

1. The size of organization

2. The employment conditions in the community where the organization is located.

3. The effect of past recruiting efforts which shows the organization ability to locate

and keep good performing people.

4. The working condition, salary and benefits package offered by the organization.

5. The rate of growth of organization.

6. The level of seasonality of operation and future expansion and production

programmes and the culture, economic and legal factors, etc.


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DIFFERENCE BETWEEN RECRUITMENT AND SELECTION

Recruitment is the process of searching for prospective employees and stimulating

them to apply for job in the organization. It s often term positive in that its objective is

to increase the selection ratio, that is, the number of applicant per job opening.

Maintains that hiring through selection. Selection is a process to eliminate applicants,

leaving only the best to be placed in the organization.

Source of Recrui tment

I. Internal Source i.e., present employees.

II. External Source i.e.,outsider.

I nternal Sources

There are two way by which any organization hire the people,

(a)TransferTransfer means the shifting of an employee from one job to another, or one

department to another, one city to another city in the same type of organization. At the

time of transfer it is ensured that the employee to be transferred to new job is capable

of performing it. We can say that transfer does not involve any drastic change in the

responsibility and status of the employee or salary of the employees.

(b)PromotionPromotion is also leads to shifting an employee but with a higher position carrying

responsibility ,facilities, status and pay. If a higher vacant position is given to an

employee who deserves it, it stimulates all other employees of the organization. A

promotion involves reassignment of an employee to a position having higher pay,

increased responsibilities, more privileges, increased benefits and greater potential.

External Sources


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(a)AdvertisingAdvertisement in national or local newspapers and trade and professional journals is

generally used when qualified or experienced personnel are not available from other

sources. Most of the senior position are filled by this method when they can not be

filled from within. The advantage of advertising is that more information about the

organization, job description and job specification can be given in the advertisement

to allow self screening by the candidates. Advertisement given the large range of

candidates from whom to choose.

(b)University or Campus PlacementDirect recruitment from educational institutes for jobs which require technical or

professional qualification, has become a common practice. A close liaison between

the employee and the educational institute helps in getting suitable candidates to man

various positions. This called the Campus Recruitment. Recruitment from

educational institutes is a well-established practice of thousand of business and other

organizations. Reputed industrial houses which require management trainees send

their officials to campus of various management institute for picking up talented

candidates doing MBA.

(c)Management consul tantsManagement consultants firms helps the organization to recruit technical, professional

nad managerial personnel. They specialize in middle level and top level executives

placements. They maintain data banks of persons with dofferent qualification and

skills and even advertise the jobs on the behalf of their client to recruit right type of

personnel. These days, the professional bodies of accountants, engineers, etc., also

help their members to get suitable placements in industrial organizations.

(d)PoachingExperienced employees can be recruited by offering better pay and perquisite to the

people working in competitive organizations. Newly established organizations of well

known business houses often lure experienced executives and technical experts from

other organizations. Multinational corporation also attract employees working in other

organization in the host countries.


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(e)E-RecruitmentIn today the internet also helping the organization in recruiting the employee. The

organization can advertise the job vacancies through the world wide network

(w.w.w.). the job seeker send their application through the e-mail using the internet.

Alternatively, job seeker place their CVs in the world wide web, which can be drawn

by the prospective employers depending upon their requirement.

There are some advantage of e-recruitment which are given below-

i. Low cost of recruitment per candidates.

ii. Reduction in time for recruitment.iii. Increase in the selection ration.

iv. Increase in the efficiency of recruitment.

(f )Employee Referr alsThe existing employees known both the companies and the candidate being

recommended. Hence some companies encourage their existing employees to assist

them in getting applications from persons who are known to them. In certain cases,

rewards may also br given if candidates recommended by them are actually selected

by the company. In addition, the applicant introduce by friends and relatives may also

be used as a source of recruitment.

(g)Casual callersMany qualified personnel apply for employment to reputed companies on their own

initiative. Such applications are known as unsolicited applications. They serve as a

good source of manpower. A file may be kept of such applications and the candidate

may be called for interview. Whenever the need for manpower arises. This also a

cheaper method of recruitment.


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Methods of Recrui tment

Recruitment sources tell us about the places where human resources may be procued.

But recruitment methods or techniques deals with the question of how to tap these

sources, i.e. what are the ways to procure required candidates from the given sources.

As soon as the permanent manager has decided about the possible sources of

recruitment, the next step will be to make contact with such candidates. For this

purpose, the following three methods or may be used.-

1) Direct Method

2) Indirect Method

3) Third party Method

Di rect Recrui tment

An employer can tap the candidates directly through the following ways;

I . Campus Recru itmentUnder this method the recruiter visits schools, colleges, universities, vocational-

technical institute and management institutes looking for meritorious degree holders,

engineers, technicians, etc. generally, field recruiting is performed in cooperation with

the placement bureau or section of educational institutes which provide necessary

assistance in attracting students, arranging interviews, and making available space and

synopsis of the students. During the campus interview, the travelling recruiter tells the

students what the company can offer and screens potential applicants. Sometime the

company may arrange for proper notice regarding the campus interview on the student

notice board. If the recruiter as a creditable representative of the company or if

companies line executives are involved, effective results are achieved through this

method. In addition to managerial and supervisory vacancies, some firm use travelling

recruiter to recruit skilled and semi-skilled employees from vocational schools and

industrial training institutes.

I I . Internships


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Internship offered by many industrial enterprises constitute an effective recruiting

technique. Internship usually involves employment during the summer before

graduation from college specially in some technical courses. This is known as

summer training placement which requires a prior selection process. internship means

a courses of training in an establishment undergone in pursuance of a contact of

internship under the prescribed terms and condition which may be different for

different categories of internees. The matter relating to training of internship are

regulated and controlled by the Apprentices Act, 1961. During the period of

internship training, the employer has to pay to the internee a stipulated amount called

stipend. Apprenticeship gives the student (internee) a unique opportunity to

experience a company first hand, at the same time, it also provides managers with an

excellent opportunity further assess the student capabilities and potential. The

promising students may be offered regular jobs on completion of internship.

III. Walk in i nterviewThis is a method of recruitment which offers quick response. The employer can insert

a walk in or talk in advertisement in a daily newspaper to avoid lengthy selection

procedures. Those who walk in or talk in or write in are asked to give necessarydetails to the recruiter . however during the walk in interview the candidate may be

asked to submit a formal application for the vacant post in the firm. After the

interview, the candidate may be informed the selection or rejection decision of the

employer.

IV. Dir ect MailUsing lists from the above sources, letters are sent directly sent to the potential

candidates to know if they are willing to offer themselves as candidates themselves.

I ndir ect Recrui tment


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It involves dissemination of recruitment message through public media i.e. newspaper

and magazines and T.V. and radio. The choice of media, place format, and timing of

the advertisement effectiveness can be increased further by an improved layout and

design, phrasing, location of advertisement in the paper.

The advertisement copy needs to cover information derived from the job description

and job specification in the following broad areas.

i. The organization. Companys history, business and location.

ii. The job. Its little, main duties, and location

iii. Qualification and Experience(both are necessary and desirable ). Educational

requirement, professional qualification, technical skills, experience, aptitude.

iv. Rewards and Opportunity. Basic salary, fringe benefits or perquisites.

v. Conditions. Any special factors affecting the performance of job.

Form of application, closing date, address for sending application, etc. may also be

included in the situation vacant advertisement.

Recrui tment through Third Party

There are some jobs which handed over the third parties such as;

a) Employment agencies and exchange

b) Management consultants or professional search firms known as head hunters.

c) Professional associates.d) Placement officers of educational and technical institutes.


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SELECTION PROCESS:

The selection process is essentially a series of method of securing pertinent

information about the applicant. At each stage, facts may come to light and more is

learned about the applicant. The information obtained can be compared within the job

specification, the standard of personnel. If the applicant qualifies, he advances to the

next step; otherwise he is rejected. Thus, the job specification and the job applicant

are present at each step in the selection procedure. Each step constitutes the means by

which the applicant s Qualification can be compared with the minim requirement

established in the job specification. The procedure may be compared to a series of

successive hurdles or barriers which an applicant must cross. These are intended as

screens, and they are designed to eliminate an unqualified applicant at any point in the

process.

Definition:

Having identified the potential applicant, the next step is to evaluate their experience

and qualification and make a selection. It refers to the process of offering job to one

or more applicant from the application. Great attention has to be paid to selection

because it means establishing the best fit between Job requirements on the one hand,

and the candidate Qualification on the other.


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Af ter recruitment the next part is selection of best candidates:

Make the interview deliver

Since the purpose of an interview is to identify and verify the candidates potential, it

should be structured to bring out all the desired competencies and aptitudes.

Remember that you have to decide between the candidates: you could create a point

and analysis grid for comparing their strength and weaknesses.

Here are a few point to consider when structuring an interview:

Make a list in advance of the points for discussion and corresponding

questions.

Present the candidates with a situation they could face on the job and ask them

how they would react. This will enable evaluate the candidates knowledge,

skills and work method.

Ask the candidates to describe some difficult situation encountered in previous

job and explain the way in which they were resolved. This will give you the

chance to gauge the candidates self confidence, creativity and problem solving

skills.

Ask the candidates to describe a difficult situation involving colleagues and

how it was resolved. This will enable you to test their aptitude for teamwork.

Ask the candidates about their ambitions and plans to ensure they fit your

company profile.

Beware of asking question about personal interests. They can get the interview

off track or annoy people people who want to keep their work and private lives

separate.


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Defi ni tion of Agent

According to section 182 of Indian contract act an agent is a person

employed to do any act for another or to represent another in dealing with a

third party/person. In the insurance industry, the term Agent is ordinarily

applied to a person engaged by the insurer to procure new business. The

Insurance Act defines an insurance agent as one who is licensed under section

42 of the act and is paid by way of commission or otherwise, in consideration

of his soliciting of procuring insurance business, including business relating to

the continuance, renewal or revival of policies of insurance. He is, for all

purpose , an authorized salesman for insurance and needs a license.

An agent is one who acts an behalf of another. The another on whose behalf

the agent acts is called principal in this case. The insurance company is the

principal in this case. The lawyer is the agent of a client , when he argues the

case in the court. An ambassador is an agent of the country. The agent

represents the principal and acts on his behalf. Some insurers designate their

agent as advisers/insurance consultant etc. as if they are independent

advisor or consultant would not be appointed by an insurance company. He

would be knowledgeable enough as a person to be approached for device or

consultation. Some insurance agent may acquire that status. All insurance

agents should strive to attain that status.


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Procedure for becoming an Agent

The I nsurance Act, 1938 lays down that an insurance agent must possess a

license under Section 42 of that Act. The license is to be issued by the IRDA.The IRDA has authorized designated person, in each insurance company, to

issue the licenses on behalf of the IRDA.

In terms of the Insurance Act, licenses will not be given if the person is

(a) minor,

(b) found to be unsound mind,

(c) Found guilty of criminal misappropriation or criminal

misappropriation or criminal breach of trust or cheating or

forgery or an abetment of or attempt to commit any such

offence.

(d) Found guilty of or knowingly participation in or conniving at

any fraud, dishonesty or misappropriation against an insurer

or an insured,

(e) not possessing the requisite qualifications and specified

training.

(f) Found violating the code of conduct as specified in the

regulation.

(g) The fee for a license is Rs.825 for individual. A license is

granted for 3 years. It may be renewed after 3 years and

again valid for 3 years.

A license issued by the IRDA may be to act as an agent for a life insurer, for a

general insurer as a composite insure or as a composite insurance agent

working for a life insurer as sell as a general insurer. No agent is allowed to

work for more than one life insurer or more than one general insurer.

The qualification necessary before a license can be given are that the person

must be


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a) Not a minor

b) Have a passed at least the 12thstandard or equivalent examination, if he is to

be appointed in a place with a population of 5000 or more.(10th passed

otherwise)

c) Have undergone practical training for at least 50 hrs in life or general life

insurance business, as the case may be an institution, approved and notified by

the IRDA. In the case of a person wanting to be a composite agent, the

applicant should have completed at least 75 hrs practical training in a life or

general insurance business, which may be spread over six to eight weeks.

d) Have passed the pre-recruitment examination conducted by the insurance

institute of India or any other examination body by the IRDA.

The license once issued, can be cancelled whenever the person acquire a

disqualification. Application for renewal have to make at least 30 days before the

expiry of the license, along either the renewal fee of Rs.250. if the application is not

made at least thirty days before the expiry, but is made before the date of expiry, it

would be normally being refused.

Prior to renewal of the license, the agent should have completed at least 25hours partial training in life and general insurance business or at least 50 hours

practical training in life and in general insurance in case of the composite agent .

Insures who select agent for appointment, make arrangement for training, for

appearing in the prescribed examinations, and obtaining the license.

NOTE:

The insurance Act provides, in sec.44, for payment of commission on renewal

premium even after termination of the agency. The commission will be limited to a

rate not exceeding 4% to be eligible for this, the agent should have been an agent with

that insurer for at least

Five year and police for at least Rs50,000 are in force one year before

termination of agency or

10 year

This commission will be payable to the hire of the agent after the agents

death.


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Point to be noted whi le recruitment the Agents

Mature and responsible family person.

Ambitious, hungry for recognition, challenges.

Occupation .

Experience and current designation.

For how many years he is living in the city.

Greedy person.

Occupation of parent.

Family income.

Any experience in life insurance sector.

Leadership qualities.

Social and amiable.


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Step 1. Document Required

Age proof.

Address proof. Photo -8.

Education proof.

Agency application

Form VA.

Fill NAAF.

Step 2. Interview section

During the interview the senior manager/MOA asked following question to the

candidate to judge his ability and knowledge.

Qualification.

Present occupation.

Knowledge or experience in insurance sector.

Tenor of stay in the town.

Number of family member.

Household income.

Occupation of parent.

If selected then the senior manager approve the application.

The manager take the help of scoring mechanism. Scoring mechanism was filled at

the time of apply.


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Age Below 25 year Between 25-40 More than 40 Score

Scoring

mechanism

0 2 1

Marital status Unmarried Married1 2

Education 10t or 12t

Standard

Graduate Post graduate

1 2 2

Tenor of stay in

city

Less than 3

year

3-5 year More than 5

year

0 1 2

Household

income

Lass than 2

lakhs

2-5 lakhs More than 5

lakhs

Total score

Q score:

Acceptable range of score greater than or equal to 7

Additional approvals 5 or 6

Rejected application if 4 or less

If the Q score is less than 7 then BSM/ARSM comments and signatures are required.

Step 3. Training

50 hours training and also provide a text book (IC-33 life insurance )for pre-

recruitment examination for Life insurance Agents, which is based on syllabus

prescribed by Insurance Regulatory & Development Authority.

IRDA for short, has laid down that those who become wish to become insurance

agent will be given license only after they complete a course of study, training and

pass an examination prescribed but it.

During this training the knowledge about the entire essential concept related to life

insurance is provided to agent. Insurer will have different practice and offer different

benefits in their plans. All of them will be based on these concepts. The details of the

practice and the plans of each insurer will have to be learnt from respective insures


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Step 4. Dur ing training following things wil l be teaches.

What is insurance. Principles if life Assurance.

Premiums and bonuses.

Life Insurance products.

Underwriting.

Insurance Documents.

Policy conditions.

Claims.

Linked life insurance products.

Insurance Agency.

Laws and Regulation.

IRDA regulation 2000.

IRDA Regulation 2002.

Step 5. Examination and code

Examination is the second last part of the recruitment and selection process.

It include one hours test under, which contain 50 objective questions, one marks each.

Pass mark are 25.

There are two method of examination

Online

Offline

In case of online result the result is declared on the spot and in case of manual result is

declared within the one month.

After clearing the exam, ULIP training of two days will be given to the advisor about

the product of company and then agency code is generated.


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Function of an Agent

Understanding the prospects needs and persuade him to buy a plan of life

insurance that suits his interests best

.

Complete the formalities: paper work, medical examination, which are

necessary to get the policy expeditiously.

Keep in touch to ensure that changing circumstances are reflected in the

arrangements relating to premium payments, nomination and other necessary

alternatives.

Facilities quick settlement of claim.

Be totally honest with the prospect and the insurer.

Not to induce prospects to submit wrong information

Process of recruiting the Sales Manager

According to The Insurance Act, 1938-The guidelines which laid down by the IRDA

for recruiting the Sales Manager which are given below-

Qualification-10+2+3

ExperienceFresher or may be any experience person

The are four phase of interview which are necessary to qualify for become a

sales manager

First phase with Branch Manager, Second phase with Divisional Manager,

third phase with Regional Manager and last phase with HR Manager.

After clearing all the phase of interview then 15 days induction training is

given to the candidate.


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Career with Bajaj Allianz LIC

Bajaj Allianz offers exciting opportunities to learn contribute and build careers. As a

leading name in the fast-paced insurance sector, we are constantly growing and are

always in search of talent across all levels.

If you want a chance to shine, grow, work on challenging assignments & make a

long-term career with a leader in the private insurance sector, check out the career

opportunities we offer.

We are the market leaders in the private insurance sector. At Bajaj Allianz Insurance

we believe in investing in people and offer them opportunities to grow with the

organization thus leading to their accelerated career growth.

People who work with us are from diverse fields & carry rich experience with them.

This drives us to encourage an entrepreneurial environment, an environment to create

& experiment new ideas to see them at work.

What makes us unique is the work culture that we offer which is open to sharing

ideas, dynamic, non bureaucratic and gives down the line empowerment. The highly

decentralized organization structure enables faster decision making thus leading to a

better customer service

Opportunity to earn unlimited income.

Career Growth.

Be your own Boss.

High quality training & Support to improve productivity.

Compensation amongst the best.

Club member benefits viz. Promising, Silver, Gold, Platinum, MDRT

(International club).

Payout structured to facilitate your cash flows better.

Best in class & competitive products.

Pension of Life.


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OBJECTIVE

OF

PROJECT


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RESEARCH

METHODOLOGY


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Research Methodology

1. Research Methodology.

2. Research Design.

3. Data Source.

4. Data Collection Method.

5. Sampling Design.

6. Sampling Unit.

7. Sampling Size.

Research Methodology

Research Methodology is the systematic approach to solve the research

problem with some logi c behind it . Research design is the plan to be

followed to answer the research objectives and the structure or frame

work to solve a specific problem. But there is always a tradeoff

between research sot and the quality of decision making information

provided

The research comprises of defining and redefining problems, formulating hypothesis

or suggested solutions; collecting, organizing and evaluating data, making

deductions and reaching conclusion; and at last carefully testing the conclusions to

determine whether they fit formulating hypothesis.

The paper tries to answer the main research questions:

why people are not willing to join private insurance company

How these different can be remove between the LIC and private insurance

company?

The data used in this study were collected through a survey of Indian people. The


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model of data collection was a survey method. The final sample was composed of

100 individuals. The detail profile of the respondents is given in Table 1.

The questionnaire was composed of two main sections. In the first section, data

were collected about the demographic characteristics of respondents (gender, age,

income, educational level and job / occupation). The second section examined the

technological dimension (services, personal attachment, knowledge, behaviors

towards company, information search, social influence, privacy and trust).

The data obtained were submitted to a Multivariate Statistical Analysis, which

included factor analysis and cluster analysis. After this, characteristics of different

segments are found

The research process is carried out to a series of step, which are required to be taken

in chorological order. The major marketing research steps are as follows:

Problem identification.

Research design.

Fieldwork.

Data analysis & interpretation.

Report Presentation.

Problem Identification

The first and foremost step in this research is to identify the problem chosen for

investigation. The step has very significance, once it is said A Problem well

identified is half way to solution.

On the other hand if the problem identified vaguely, a wrong problem is identified, or

research is not clarified, then the research result may be completely useless for the

management, and the research effort of the investigation will be a futile exercise.


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Research Design

A research design is a master plan or model for the formal investigation. Once the

formal investigation is decided, the researcher must formulate the formal plan of

investigation.

A research design id the specification of methods & procedure for acquiring the

information needed for solving the problem.

The formal investigation plan will concentrate on the selection of sources of

information and the selection of methods and procedures for gathering the data. Data

gathering forms are prepared. Questionnaires are tested, samples for investigations are

planned.

Research designs are concerned with turning the research question into

a testing project. The best design depends on your research questions.

Every design has its positive and negative ides. The research design

has been considered as a "blueprint" for research, dealing with at least

four problems: what questions to study, what data are relevant, what

data to collect, and how to analyze the results

.

A research design lays the base for conducting the project and ensures that the

research plan is conducted efficiently and effectively. This research has been

undertaken to explore the process of recruitment and selection in various insurance

sector. For this as discussed earlier Quantitative research is adopted in which

certain statistical techniques are utilized.Our research is Descriptive in nature as the banking industry is well-developed in

India and lot of research has already been done in this area.


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Data Collection M ethod

As a data collection method I have used the Questionnaire Method.

Why a Questionnaire Method has been adopted?

Questionnaire had been prepared to get the response of the people as per guided by

the organizational guide. To provide the best end results without any kind of biasness,

which can give a brief idea about sampling and would be beneficial for making

inferences for tabulations and calculations with research instruments? I made a survey

through questionnaire as prepared by me.

Sampling Design

Sampling plan consists of sampling unit, sampling size and sampling procedure

therefore it is necessary to find out sampling plan if population is 100.

Sample Design Consists of:

Exploratory Research design

Sampli ng Unit

Sampling/Unit is the total number of samples differed in different locality.

S.No. Designation No. of Employee

1. Sales Manager 10

2. Asst. Sales Manager 20

3. Insurance Consultant 70

Total 100


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Data have been collected through the survey method while surveys have been

conducted in one city:

i) Hapur

All the data are primary in the nature as they had been collected first and

personally. All the area had segmented according the population of this area. I

have considered 100 as sample size.

Research Plan

Research Design : Exploratory ResearchData Source : Primary Data

Research Instrument : Questionnaire

Sampl e Si zeSample size means how many samples to be interviewed. The sample

size of my study will be 100 respondents.


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DATAINTERPRETATION


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ANALYSIS AND I NTERPRETATION OF DATA

Effectiveness of Recruitment.

Q.1. Are you satisfied with Recruitment system in Bajaj Allianz?

a) Not satisfied b) Partially satisfied c) Totally Satisfied

d) Excellent.

Options A B C D Total

Response 11 29 40 15 100

Interpretation:

From the above response it is seen that most of the employees are overall totally

satisfied by the recruitment system in the company. They have clarity of the process

11

29

40

15

Response(in %)

a

b

c

d


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Q.3. Whether the Recruitment process is documented if YES than the substances level

of its knowledge to others is:

a) Clear b) Vague.

Options A B Total

Response 80 20 100

Interpretation:

From the above response it is seen that 80% employees are having only clear and

under stable knowledge of the documented process of the recruitment. The other

employees are finding it vague.

80

20

Response(in %)

a

b


81/139

81

Q.4. Whether the Recruitment system is transparent at all level?

a) Not at all b) To some extent c) To great extent.

Options A B C Total

Response 10 15 75 100

Interpretation:

From the above response it is seen that employees of the company has some doubts

about the transparency of the Recruitment system. The company should investigate

further.

1015

75

Response(in %)

a

b

c


82/139

82

Q.5. Is the Recruitment process uniform at all level?

a) Yes b) No c) varies as per department.

Options A B C Total

Response 50 20 30 100

Interpretation:

From the above responses it is seen that recruitment process varies many of the times

from department to department so it helps the department heads to select the right

person for the job as per his requirement and needs.

50

20

30

Response(in %)

a

b

c


83/139

83

Q.6. Whether the other department head is constitutes in the interview of the

recruitment process?

a) Totally linked b) partially linked c) Not atall.

Options A B C Total

Response 30 40 30 100

Interpretation:

From the above responses it is seen that only few department head s are considered

during the interview process and majority of the time they are partially linked i.e. they

only have to set paper and decided the package

30

40

30

Response(in %)

a

b

c


84/139


85/139

85

Q.8. Whether the written test design gives real advantage or satisfaction?

a) Not at all b) Partially satisfaction c) Total Satisfaction

d) Excellent


Response 10 15 45 30 100

Interpretation:

From the above response it is seen that majority of the employees find the written test

are not at all beneficial or advantage as it is time consuming. Only few agree to the

test design

1015

45

30

Response(in %)

a

b

c

d


86/139

86

Q.9. Whether the duration of the written is?

a) Too long b) Long c)Too short d) Short.


Response 50 25 10 15 100

Interpretation:From the above response it is seen that many times the duration of the test is long and

the employees find it time consuming. The instant like Insurance test for junior and

new entry finds it long and time consuming.

50

25

10 15

Response(in %)

a

b

c

d


87/139

87

Q.10. How is the test evaluation of the recruitment process?

a) Fair b) Justified c)Not justified.

Options A B C Total

Response 20 65 15 100

Interpretation:From the above response it is seen that the test evaluation is not done properly. There

is bias is opinion while evaluating the paper.

20

65

15

Response

a

b

c


88/139

88

Q.11. Whether the middle level i.e. executive is aware of the recruitment Process?

a) Not at all b) To some extent c) Thoroughly known

Options A B C Total

Response 40 30 30 100

Interpretation:

From the above response it is seen that information of standard Recruitment process is

not communicated to middle level executive.

40

30

30

Response(in %)

a

b

c


89/139


90/139

90

Q.13. Which is the most powerful method of the interviewing the candidate and

selecting the candidate in Bajaj Allianz?

a) Telephonic Interview b) Personal interview c) Video conference

interview.

Options A B C Total

Response 25 60 15 100

Interpretation:

From the above response it is seen that the most powerful method of selection is

personal interview and than telephonic interview and video conference interview

beneficial in case of long distance.

25

60

15

Response(in %)

a

b

c


91/139

91

Q.14. Whether the selection in Bajaj Allianz is done on the basis of the merit?

a) Yes b) No c) Cant say

Options A B C Total

Response 60 10 30 100

Interpretation:

From the above response it is clear that majority of the selection are based on

merit.

60

10

30

Response(in %)

a

b

c


92/139

92

OBSERVATION

AND

FINDINGS


93/139

93

OBSERVATION AND FINDINGS

Bajaj Allianz Life Insurance Co. Ltd and Bajaj Allianz General Insurance is leading

Company in the marker today. The HR department is having very strong base

and while doing project in the company the observation and findings found by me

are as follows.

The company has clarity of the recruitment process and they are doing well

and recruiting correct candidates.

The recruitment process is centralized in the company.

The test duration for the senior level officer and fresher is too long. Though is

beneficial but time consuming.

The tests provided are online test and the evaluation of the test is also done by

the Head office HR.

The evaluation takes time as they take print out of test paper and gives marks.

The department head are not considered most of the time during the interview.

The role of the head was to inform about vacancy to HR.

Most of the time the criteria of selection are on the basis of the Knowledge +

Experience. This is good for the company.

The company provides a good basis for the FRESHER. Which is a positive

side for the both the concern.

The middle level employees of the Head office and the other branches are not

aware of the recruitment process.

The personal interview is more beneficial than other method of the interview.


94/139

94

The company concentrates more on recruitment firm for the need of man

power.

The video camera is used for the interview as the time is less for interviewing

the person.

Sometimes candidate selection is not as per the profile for the junior level

staff. E.g. A HR executive is given assistance who is doing CA or B.com But

not MBA or MPM students.

The other branches have to give 15 days notice for the place vacancy.

The candidate selected for the job from all over India are not given training at

there work place but at Head office and bare their expense.

The selection of the candidate in Bajaj Allianz is done up to the mark. There is

no bias s view for other.

The company is having only single authorized executive HR person to do the

Full and Final settlement employee s process since 3yrs for the 55 branches.

The left employees documents are to be send to the Head office from the other

branches in India.

The data provided by other branches in the form papers are slow in speed.

The sales department and finance department their clearances process is also

slow.


95/139

95

CONCLUSION

CONCLUSION

The overall Recruitment process in Bajaj Allianz is satisfactory. There are certainorganization objectives both in short term and long term should be taken into


96/139

96

consideration as a basic parameter for recruitment decision and need of the personnel

area which will be beneficial to everyone in organization.

There are minor modifications in the areas like documentation of recruitment process,

other department head participation in interview, written test, evaluation of return test

and use of latest equipment for interview etc to be made for which suggestions are

given in the following paragraphs.

As a matter of good HR practices leaving of employees should be prevented. But the

company should carry out exit interview and take correct action to retain the

employees in the organization. Once the employees leaves the organization process of

Full and Final Settlement of employees should be completed quickly. The company

should make the process of employee s settlement fast as the documents reach the

sales department and finance department.

In India, there is throat cut competition in the market of insurance that brand service

which adopt new strategic for sales. I concluding the whole story it can be said that

people are much more aware about the aspects of life insurance and also have

knowledge about the role and act of work with LIC because it is a semi government

corporation.

The overall Recruitment process in Bajaj Aliianz is satisfactory. There are certain

organization objectives both in short term and long term should be taken into

consideration as a basic parameter for recruitment decision and need of the personnel

area which will be beneficial to everyone in organization.

There are minor modifications in the areas like documentation of recruitment process,

other department head participation in interview, written test, evaluation of return test

and use of latest equipment for interview etc to be made for which suggestions are

given in the following paragraphs.

As a matter of good HR practices leaving of employees should be prevented. But the

company should carry out exit interview and take correct action to retain the

employees in the organization. Once the employees leaves the organization process of

Full and Final Settlement of employees should be completed quickly. The company

should make the process of employee s settlement fast as the documents reach the

sales department and finance department.


97/139


98/139

98

to work with reputed companies, through proper advertisement it become easy to sell

the product.

An insurance company must work with honest to win the confident of its agent and

general public.

Duration of training must be reducing as in these days people have no extra time.

Fees charged by companies from candidates for IRDA exam and training should

reduce.

Many other extra facilities must be provided to the candidates to attract them such

local and foreign trips, special price on achieving a target, open bank account at free

of cost.

Bajaj Allianz Life insurance company must organize more seminars and also

participate in the job trade fairs to find out more candidates.

Increase of the commission of agent.

Company must relic to candidate or other people that they are doing a social service

for the welfare of society.

Better career opportunity must be provided to an advisor, such as on role job,

promotion etc.

A special function must organize time to time in which the special prizes distribute

among those agent who perform better.

The duration of the process of recruitment and selection is too long

(one or half month), during this process mostly candidates loss there interest, so there

is an urgent need to reduce the duration of this period.

Reduce the minimum premium amount it will help company to attract the agent of

other company, as it increase the scope of market of its agent.

SUGGESTIONS TO

RECRUITMENT PROCESS SYSTEM


99/139

99

The recruitment process in Bajaj Allianz should be decentralized as per the 4

region. The branch manager and HR person of that region should have rights

to carry out the recruitment process and must inform the head office and

should get it approval.

The middle level employees should have knowledge of the recruitment

process and the non HR employees should be given a HR manual.

The other department head should be involved in the interview process as he

knows right person for the job of his department.

The selected candidates should be given training at their work place by the

trainer of the department.

The test duration should be kept short for the senior level employees so that

more time is not taken and they can concentrate on the work.

The company should develop or provide software which should provide a test

score as the test is over. So the time is saved in evaluation