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APROJECT ON

A STUDY ON TRAINING PROGRAM

AT

MAX NEW YORK LIFE

SUBMITTED TO

SINHGAD BUSINESS SCHOOL (MATRIX), AMBEGAON.

PUNE

FOR PARTIAL FULFILLMEN TO REQUIREMENT FOR AWARD

OF

POST GRADUATE DIPLOMA IN MANAGEMENT

2008-2010

SUBMITTED BY

ANIRUDHA KUMAR DHASMANA

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GUIDED BY PROF.V.B. Annigiri

CERTIFICATE

This is to certify that the project report titled A Study on Training

program Is bonafide work carried out by Anirudha kumar Dhasmana

student of Post Graduate Diploma in Management, Sinhgad Business

School (Matrix),Ambegaon, Pune

He has worked under our guidance and direction. His work is found to be

satisfactory and complete in all respect.

Signature of Director

Date:

Place:

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CERTIFICATE

This is to certify that the project report titled A Study on Training

program Is bonafide work carried out by Anirudha kumar Dhasmana

student of Post Graduate Diploma in Management, Sinhgad Business

School (Matrix),Ambegaon, Pune

He has worked under our guidance and direction. His work is found to be

satisfactory and complete in all respect.

Signature of Project Guide

Date:

Place:

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ACKNOWLEDGEMENT

It is my great pleasure to express my gratitude and sincere thanks to the

management staffs

Max New Of Life, Mumbai for giving me opportunity to undergo training in

their Organization.

I also express my gratitude towards my friends and coordinators for their

cooperation.

This project would not have been completed without the guidance of ourteaching staff and project guide Prof. V.B.Annigiri.

I express my sincere thanks and gratitude for their kind co-operation.

(Anirudha kumar Dhasmana)

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INDEX

Sr. No. Particulars Page

No.

1 Executive summary 6

2 Objective of study 8

3 Company Profile 10

4 Analysis of the Project 17

5 Research Methodology 24

6 Data Analysis and Interpretations

29

7 Findings 35

8 Limitation 37

9 Suggestions 39

10 conclusion 41

11 Annexure 43

12 Bibliography 49

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Executive Summary

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Executive Summary

This Report is an attempt to provide a detailed analysis of the process

of training program done by Max New York Life Insurance and benefits of

the training.

In my complete student internship program I met more than 90

employees. During this student internship program I came to know that,

knowledge based economy, training helps people to learn how to do things

differently or to do different things.

However, my survey suggests that maximum number of employees, in

the turbulent, fast changing world, effective training has never been more

important. Products are now increasingly knowledge intensive; for this,

employers are responsible for providing opportunities for continued

learning.

In my survey I found that 80% of employees are new to the job and

they must undergo the training program.

Finally, creating awareness of organization structure and its products

to the employee is very important to have individual as well as organization

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growth. So it can be possible only when the employees go through the

training program.

OBJECTIVES OF THE

STUDY

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OBJECTIVES OF THE STUDY

The main objective of doing this project is to study employee attitude

regarding the training program and the benefits of the training program.

During this student internship program period I have to achieve something

which is helpful to the development of myself and some value addition to

the company. Getting more business to the company because of training

program is the main objective. It gives me good exposure of myself and

creating good impression of corporate mind.

The main objective of this study is to know the employee opinion

regarding the training program.

To find out what is the training needs in concern area.

To find out the benefits of the training program to the employee and

to the organization.

To find out what is the result for the organization because of giving

the training to the employee.

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COMPANY PROFILE

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COMPANY PROFILE

Max New York Life wants people to view insurance as a financial

protection and wealth creation instrument and not just a tax-saving tool.

Max New York Life Insurance Company Ltd. is a joint venture

between New York Life, a Fortune 100 company and Max India Limited,

one of India's leading multi-business corporations. The company has

positioned itself on the quality platform. In line with its vision to be the most

admired life insurance company in India, it has developed a strong corporate

governance model based on the core values of excellence, honesty,

knowledge, caring, integrity and teamwork. The strategy is to establish itself

as a trusted life insurance specialist through a quality approach to business.

New York Life is a Fortune 100 company that has over 160 years of

experience in the life insurance business. Max India Limited is a multi-

business corporate dealing in Clinical Research, IT and Telecom Services,

and Specialty Plastic Products businesses.

Max New York Life Insurance started its operations in India in 2000. It isthe first life insurance company in India to be awarded the IS0 9001:2000

certification. Max New York offers customized products tailored to suit

individual's needs. With its various Products and Riders, there are more than

400 product combinations to choose from. Today, Max New York Life

Insurance has a network of 57 offices spread over 37 cities all over India.

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In line with its values of financial responsibility, Max New York Life

has adopted prudent financial practices to ensure safety of policyholder's

funds. The Company's paid up capital is Rs. 657 crore, which is more than

the norm laid down by IRDA.

Max New York Life invests significantly in its training program and

each agent is trained for 152 hours as opposed to the mandatory 100 hours

stipulated by the IRDA before beginning to sell in the marketplace. Training

is a continuous process for agents at Max New York Life and ensures

development of skills and knowledge through a structured program spread

over 500 hours in two years. This focus on continuous quality training has

resulted in the company having amongst the highest agent pass rate in IRDA

examinations and the agents have the highest productivity among private life

insurers.

It has established a wide agency distribution network with 172 offices

and representatives across 120 cities in India. The company has established

additional channel with 22 bancassurance relationships, corporate tie-ups

and a strong Direct Sales Team. Through its wide network of highlycompetent life insurance agent advisors, flexible product solutions and

strong customer focus, Max New York life is creating a partnership for life

with its customers in India.

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Max New York Life, one of Indias leading life insurance companies,

expanded its presence in the southern region by opening its first general

office in the city of Mysore. Max New York Life now has established a

countrywide network of 172 offices and representatives across 120 cities in

India.

Max New York Life, which has till date sold over 1.53 million

policies and recorded a sum assured of over Rs. 46,000 crore, has positioned

itself on the quality platform. The company has developed a strong corporate

governance model based on defined core values of caring, knowledge,

excellence and honesty. Its strategy is to establish itself as a trusted life

insurance specialist on the bedrock of quality of advice. The company has

over 25,300 agent advisors, who are widely considered the best in the

business.

Max New York Life aspires to be the "life insurance brand of first

choice" amongst Indian consumers. To achieve this the company will draw

on New York Life's demonstrated competence in developing and managing

a superior personal sales network. For the last 46 years consecutively, thelargest number of agents qualifying for membership to the Million Dollar

Round Table (MDRT) have been from New York Life.The MDRT is the

industry's most prestigious organization comprising the world's most

successful insurance agents. Max New York Life, a merit oriented and equal

opportunities employer, is looking for a few good men and women who will

spearhead the effort to realize this vision.

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Max New York Life wants people to view insurance as a financial

protection and wealth creation instrument and not just a tax-saving tool.

Since the launch of our operations, our focus has always been on providing

risk protection and long-term wealth creation solutions to our customers.

With a diverse product portfolio to meet customer requirements, it is evident

that we are setting benchmarks in the marketplace and are well on course of

realizing our vision to become Indias most admired Life Insurance

Company.

An ever expanding presence of Max New York Life offices across

India reinforces our commitment to serving the nation. We are extremely

pleased with our progress in the region and feel that opening an office in

Mysore would help us educate people about the true potential and benefits of

life insurance. As life insurance specialists, Max New York Life will

continue to help consumers make the right choices to meet their financial

goals, both for the short and long-term, through sound quality advice offered

by our agent advisors and a right mix of product offerings. he added.

Max New York Life has been instrumental in changing the paradigm

of life insurance in India. It is the first life insurance company in India tointroduce cause related marketing.

Children are at the very heart of Max New York Life's strategy. SOS

Children's Villages of India is internationally recognized for its work in

giving underprivileged children a wholesome life. The mission of SOS is "to

help orphaned and abandoned children, by providing them with a family, a

permanent home, education and strong foundation for an independent life."

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Vision:

Vision statement is Most Admired Life Insurance Company in India".

Mission:

Become one of the top quartile life insurance companies in India

Be a national player

Be the brand of first choice

Be the employer of choice

Become principal of choice for agents

Max New York Life Values and Beliefs

Excellence

"In every aspect of work. Ranging from the in-house training institute

to the detailed Personal Insurance Plan. Max New York Life is

focused on achieving the highest standards of quality in every aspect

of their business".

Honesty

"Is the heart of the Life Insurance business. Max New York believes

that above all, Life Insurance is based on trust. Transparency,

Dependability and Integrity will form the cornerstones of the Max

New York Life experience."

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Knowledge

"Is what makes experts. Max New York Life is focused on the Life

Insurance business. Perfectly combining global expertise with local

knowledge, Max New York Life is the Indian Life Insurance

specialist."

Caring

"For the customer. Max New York Life is redefining the Life

Insurance paradigm to focus on the needs of the customers. The Max

New York service process is responsive, personalized, humane andempathetic."

Culture:

Our "in house culture recipe" has some of the finest ingredients going

Into its making. Some of the more prominent aspects of our culture are

Stated below: Customer comes first

Do it right the first time

Bias for result oriented action

Financial strength and discipline

Clarity of purpose

International quality standards

Inclusive Meritocracy

Learning opportunities

Fun at work

Commitment to published value system

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Analysis of the project

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Analysis of the project

Definition of Training:

The systematic development of the knowledge, skills and attitudes

required by an individual to perform adequately a given task or job. Training

refers to efforts that help enhance employee skills for carrying out the

present job. According to Edwin B Flippo, training is the act of increasing

knowledge and skills of an employee for doing a particular job.

Needs for training:

To improve the current job performance of employees

To familiarize employees with the policies and procedures of the

organization.

To enhance the creativity, adaptability and versatility of the

employees and to facilitate learning at the work place

To prepare employees for future job.

To change the skills, knowledge and attitudes of the employees on a

permanent basis.

To help employees manage their careers.

To maintain knowledgeable work force.

To gain competitive advantage through a knowledgeable work force.

To promote organizational growth through individual growth.

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Areas of training:

Company policies and procedures

Human relations training

Skill based training

Problem solving training

Onsite Workshops for Leadership Team

Employees need more than bosses... They need mentors: Professionals

skilled at assessing employee development needs and committed to guiding

employees toward professional success.

Team Leadership Workshop provides managers with proventechniques for effective personnel management. By helping leaders

understand and address their employees' requirements, this interactive

seminar offers significant benefit to managers at all levels. New supervisors

gain a solid grounding in the concept of ''leadership,'' while more

experienced managers refresh their commitment to teaching and coaching

their team members.

This training program provides healthy perspectives for managers at

all levels, making it an ideal morale-boosting leadership development

experience for mixed groups of front-line supervisors and senior staff

members.

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Leadership Training for Success

All managers need methods. Leaders need to know the most effective

techniques for guiding teams, mentoring individuals, and validating the

results. Without solid methods, managers will revert use a one-size-fits-all

approach to leadership that reflects the leader's personality, rather than the

employees' needs.

Committed, mentoring leadership is essential to employee morale,

productivity, and retention.

A Results-Oriented Training Program

Team Leadership Workshop provides proven methods and

procedures for successful people management. Participants receive a step-

by-step plan for guiding each employee toward success.

This workshop includes elements of Frank Whyte's nationally

respected Team Building Workshops expanding upon that foundation to help

leaders:

Recognize each employee's personality preferences and supervisory

needs,

Align their leadership style with those of their bosses, colleagues, and

subordinates,

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Develop competent and committed employees by mentoring and

guiding their employees toward success.

Schedule their management responsibilities to ensure that nothing is

left to chance, and

Use practiced, real-world scenarios to resolve challenges and remove

barriers.

Training Program done by Max New York Life

Training is must for every individual when he enters into the

organization. Even though the candidate has experience he also should gettraining. Why because the organization culture, values and beliefs are

different from one organization to other. Thats why the training program

plays a key role in every organization.

Training program following by Max New York Life Insurance is different at

various levels.

Mainly in training program the company concentrates on sales managers,

agents, operations executives and telecallers.

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Training program for sales managers:

The training program duration is 15 20 days

They get training on product knowledge.

Motivating and encouraging Advisors

Training program for Advisors:

The training program duration is 15 20 days

They get training on product knowledge

How to convince the people.

Objection Handling

Training program for operations executives:

They will get training on customer database files

Taking care of the customer files

Well trained in product information and documentation

Renewals will be informed periodically.

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Required skills for employees in Max New York Life Insurance:

Interpersonal skills

Excellent communication skills

Understanding nature

Aggressiveness

Convincing skills

Ability to motivate others

Interest to learn

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RESEARCH

METHODOLOGY

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RESEARCH METHODOLOGY

Meaning

Research Methodology is a technique of performing research. It can be

easily understood by dividing the following headings: Research, Methods,

and Methodology.

Definition of Research:

Systematic investigation to gain knowledge about problems.

- C.A. Moser

Systemized effort to gain new knowledge-

Redman and Mory

The manipulation of things, concepts or a symbols for the purpose of

generalizing to extend, correct or verify knowledge aids in construction oftheory or in the practice of an art.

.

. Slesinger &M.Stephanson

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Research Design Process

The above Research Design process explains the method to carry out the

study of any research. In the case of problem review for this research study

the information is collected from brochures and manuals, which provided a

brief idea about the company

Source of information:-

The success of any research project depends critically on data. So data as the

important aspects of research there mainly are two type of data which are

used for any research project

a) Primary data

b) Secondary data

26

Define

Research

Problem

Review

of

Problem

Formulate

Hypothesis

Collect

data

Sample

Design

Interpr

etation

Data

Analys

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a) Primary data

Primary data needed for the study is collected through interview with

executives of Multilink Online Services and discussion with the staff and by

observing the method of recruitment and selection.

Questionnaire Design

Quite often questionnaire is considered as the heart of a survey operation.

Following are some of the essentials followed to design questionnaire of this

project:-

(1) Short and simple i.e. the size of the question should be kept it

minimum.

(2) Question may be dichotomous (Yes or No), Multiple choice or

open ended.

(3) Open ended question are just to get information from the

individual which can help to analyze the questionnaire it should asked

at minimum extent.

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Interview

The interview is also an important part of the primary source. A

personal interview is face to face communication with the respondent;

the interviewer gets in touch with the respondent and asks the

questions to get required answers.

b) Secondary data

I) Internet

ii) Books

iii) Brochures

.

Secondary Data information is obtained from previously published

materials, such as books, magazines, newspapers, and company reports and

files.

SAMPLE SIZE

The sample size of my study is 100 people which belongs from the

HR, marketing and finance department.

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DATA ANALYSIS AND

INTERPRETATION

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DATA ANALYSIS AND INTERPRETATION

Table 1

What Is Your Opinion On Training?

Particular No. of Respondent

Very Good 40Good 32

Not upto standred 17

Time Waste Process 11

Interpretation-

There maximum Respondents want training.

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Table 2

Do you feel that training will helpful for individual growth?

Response No. of Respondents

Yes 82

No 18

Interpretation

Most of the respondents agree that for individual growth training is required.

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Table 3

Did you satisfy with training what company conducted here?

Response No. of Respondents

Yes 63

No 37

Interpretation

Most of the respondents satisfy with training.

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Table 4

Is there any improvement in performance after getting the training?

Response No. of Respondents

Yes 76

No 24

Interpretation

Most of respondents think that training increases the performance.

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Table 5

In which Area employee need training?

Area No. of Respondent

Company policy and procedures 13

Skill based training 17

Problem solving skill 28

All of the above 42

Interpretation

Training required for Company policy and procedure, skill based training,

and problem solving training.

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FINDINGS

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FINDINGS

Trained employees can work more efficiently.

Training makes employees more loyal to an organization.

Training makes an employee more useful to a firm.

Training enables employees to secure promotions easily. They can

realize their career goals comfortably.

Employees can avoid mistakes on the job. They can handle jobs with

confidence. They will be more satisfied on their jobs.

Training can contribute to higher production and fewer mistakes,

greater job satisfaction and lower employee turnover. Also, it can

enable employees to cope up with organizational, social and

technological change.

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LIMITATIONS

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LIMITATIONS

The survey was conducted within the company.

And in survey I have to interact with the employees. But the

employees will be busy their works.

Getting the good response from the employee will be difficult because

of their busy schedule.

Time to interact with employees inside the branch is not sufficient.

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SUGGESTIONS

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SUGGESTIONS

Create awareness: The Company has to take care of awareness

creation about the products and services among the Advisors/Agents

Charges: The Company has to reduce the mortality and administration

charges.

The company has to give periodic training.

Product promotion strategies should be improved.

Company should consider the present competition and should act

according to the customer needs.

It Should be like long term training like Fundamental Carrier class ,

Basic Carrier class which helps the advisors in different stages.

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CONCLUSION

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CONCLUSION

In this Knowledge-based economy, training helps people to learn how

to do the things differently or to the different things. Products are now

increasingly knowledge-intensive; for this employer are responsible for

providing opportunities for continued learning. To cope with the challenges

and competitiveness in the world, every organization needs the services of

trained persons for performing the activities in the systemic way. So,

training program plays a key role in individual as well as organizational

performance.

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ANNEXURE

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ANNEXURE

Questionnaire

Personal detail-

Name -

Age- .

Gender- Male Female

Marital states- Single Married

Contact no.

1. What is your opinion on training?

Good Very good Bad Time waste process

2. Do you feel that training will helpful for individual growth?

Yes NO

3. Did you satisfy with training what company conducted here?

Yes No

4. Is there any improvement in performance after getting the training?

Yes No

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5. In which areas employee needs training?

Company policies and procedures

Skill based training

Problem solving skills

All of the above

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BIBLIOGRAPHY

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BIBLIOGRAPHY

BOOKS:

Human Resource Management- C. B. Mamoria

Human Resource and Personnel Management- K. Aswathappa

Web Sites:

www.multilinkworld.com

www.maxnewyorklife.com

http://www.multilinkworld.com/http://www.multilinkworld.com/