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DR.GD POL FOUNDATION Y.M.

T COLLEGE OF MANAGEMENT KHARGHAR, SECTOR-4, NAVI MUMBAI

A PROJECT REPORT ON CAREER DEVELOPMENT OF MIDDLE LEVEL EMPLOYEES IN EDELWEISS TOKIO LIFE INSURANCE PRESENTED BY: Mr. PRAVIN M DHARPURE (MMS) HUMAN RESOURCE (3rd SEM) Roll No.20 GUIDED BY: Prof. SWATI PADOSHI

A REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF MASTER IN MANAGEMENT STUDIES (MMS) DEGREE IN HUMANRESOURCE MMS 2011-13 UNIVERSITY OF MUMBAI

CERTIFICATE
This is to certify that the project entitled Career Development for middle level employees in Edelweiss Tokio life Insurance ltd (Dadar) is a bonafide work carried out by Pravin Dharpure student of MMS (Full Time), Mumbai University, Navi Mumbai, during year 2012 in partial fulfillment of the requirements for the award of the degree of Masters in Management Studies & the information submitted is true and original to the best of my knowledge.

Director C.BABU

Project Guide (Prof. Swati Padoshi)

DECLARATION

I, the undersigned, hereby declare that the Project Report entitled CAREER DEVELOPMENT FOR MIDDLE LEVEL EMPLOYEES IN EDELWEISS TOKIO LIFE INSURANCE LTD written and submitted by me to the University of Mumbai, in partial fulfillment of the requirements for the award of degree of Master of Management Studiesunder the guidance of Prof. SWATI PADOSHI, is my original work and the conclusions drawn therein are based on the material collected by me.

Place: Kharghar

Pravin M Dharpure

Date:

Student

ACKNOWLEDGEMENT

I take this opportunity to thank those who were a great support behind this project and without their unconditional support this project would not have been completed I would like to thank Dr. C.Babu, director of YMT College of Management, Kharghar, Navi Mumbai, for being motivating and making available all resources needed for the project. I honestly wish to extend my humble gratitude to Prof.Swati Padoshi for her suggestions and guiding me in this project. She has been particularly helpful in smoothing the way and helping me overcome the numerous difficulties that were confronted with during the course of project. I would sincerely like to thank her for her valuable guidance, inspiration and encouragement throughout this project. I consider it a great privilege to have been associated with her. I would also like this opportunity to express my heartfelt thanks to Mr. OmSadani(Guide) in EDELWEISS TOKIO LIFE INSURANCE, Mumbai, who permitted me to carry out the project work by spending her valuable time.

TABLE OF CONTENTS

CHAPTER NO. Executive summary INTRODUCTION 1

TITLE

1.1 -Objectives of project 1.2 -Scope of study 1.3 Limitations

2 3 4

Introduction to HR Company profile 4.1-Insurance sector 4.2- My role at Edelweiss ltd

5 6 7 8 9 10

Research methodology Data analysis and Interpretation Findings Suggestions Conclusions Bibliography Annexure- Questionnaire

EXECUTIVE SUMMARY
The project entitled CAREER DEVELOPMENT FOR MIDDLE LEVEL EMPLOYEE IN EDELWEISS TOKIO LIFE INSURANCE undertaken at Edelweiss Tokio Life Insurance It is aEdelweiss Insurance branch located at Dadar. The project report is about career development plan for an employee which is an important part of any organization. It deals with the entire process of career opportunities for candidate working into the organization. It is a methodology in which the candidate could be recruited in such a way that he/she would be fitted for the right kind of career.

OBJECTIVES:
Overall objective of the project is to understand the whole process of career development of MIDDLE LEVEL employees of Edelweiss Tokio Life Insurance.

RESEARCH METHODOLOGY USED:


The research methodology used is descriptive which involves questionnaire technique.

Data Used:
There were mainly two sources of data collection: Primary data: Survey method, Personal interview with candidates. Secondary data: Records of the organization, websites, published articles.

Limitations of the Project: Limitation of the project means what a summer trainee is not able to do or
what changes had to be made in the organization.

Chapter-1

INTRODUCTION

ABOUT THE PROJECT

Objectives of the Project:


The main aim of the research is to find out the truth which is hidden and which is not been discovered yet. The project has been undertaken to share my experiences on Career Development of Middlemen in Edelweiss Tokio Life Insurance as well as to enhance my understanding of his fascinating subject by doing some study and research. It also aims at understanding the problems associated with the Career Development of an employee. Overall objective of the project is to understand the whole process of Career Development of the employees of Edelweiss Tokio Life Insurance.

Scope of the project

The project covers the definition, meaning and process of career development in a organization. It elucidates the benefits and drawbacks of traditional methods as well as recent advances in the field of career development. The project throws light on concerned area for different people involved in career development process and attempt to find out the ways to overcome the barriers in the recruitment process.

Limitations of the project


Task: Search the personal financial advisor (PFA) so that they can suggest people to invest in Edelweiss Tokio Life Insurance ltd Difficulties: A summer trainees we could not separate systems to work on; Salary and the commission of employee were kept confidential. Advertising is not done.

Chapter -2

HUMAN RESOURCE MANAGEMENT

Introduction to human resource management Concept of management Concept of human resource management Evolution Meaning Nature Beliefs HR practices

INTRODUCTION TO HUMAN RESOURCE MANAGEMENT

Human resource are the most valuable and unique assets of an organization. The successful management of an organizations human resources is an exciting, dynamic and challenging task, especially at a time when the world has become a global village and economies are in a state of flux. The scarcity of talented resources and the growing expectations of the modern day worker have further increased the complexity of human resource function.

CONCEPT OF MANAGEMENT
Management involves the activities to control and monitor the people in an organization to achieve the desired goals of the organization. The roles of management include planning, organizing, staffing, directing and monitoring the employees manager directs the people to perform the tasks which ultimately result in gaining the goals of company. Management also deals with allocation, planning and manipulation of resources available to the organization. Today, management facilitates the activities of workers instead of controlling them.

EVOLUTION OF HUMAN RESOURCE


The early part of century saw a concern for improved efficiency for careful design of work. During the middle part of century emphasis shifted to employees productivity. Recent decades have focused on increased concern for the quality of working life, total quality management and workers participation in management. These phases may be termed as welfare, development and empowerment..

MEANING OF HUMAN RESOURCE MANAGEMENT


Human resource management, a relatively new term that emerged during 1930s. Many people used to refer it before by its traditional titles, such as personnel administration or Personnel management. It is now termed as Human Resource Management. Human resource management is getting things done through people. It is essential part of every managers responsibilities, but many organizations find it advantageous to establish a specialist division to provide an expert service dedicated to ensuring that the human resource function is performed efficiently.

DEFINITIONS
Human resource management is defined as people who staff and manage organization. It comprises of functions and principles that are applied to retaining, training, developing and compensating the employees in organization. Human resource management is defined as the set of activities, programs and functions that are designed to maximize both organizational as well as employee effectiveness.

CHARACTERISTICS
Human resource management is a process of bringing people and organization together so that goals of each are met. The various features of HRM include; It is pervasive in nature as it is present in all enterprises. It focus is on results rather than on rules. It tries to help employees develop their potential fully It encourages employees to give their best to the organizations. It is all about people at work, both as individuals and group. It tries to put people on assigned jobs in order to produce good results.

Human Resource Management: Nature


Human Resource Management is a process of bringing people and organizations together so that the goals of each are met. The various features of HRM include: It is pervasive in nature as it is present in all enterprises. Its focus is on results rather than on rules. It tries to help employees develop their potential fully. It encourages employees to give their best to the organization. It is all about people at work, both as individuals and groups. It tries to put people on assigned jobs in order to produce good results. It helps an organization meet its goals in the future by providing for competent and well-motivated employees. It tries to build and maintain cordial relations between people working at various levels in the organization. It is a multidisciplinary activity, utilizing knowledge and inputs drawn from psychology, economics, etc.

Human Resource Management: Beliefs


The Human Resource Management philosophy is based on the following beliefs: Human resource is the most important asset in the organization and can be developed and increased to an unlimited extent. A healthy climate with values of openness, enthusiasm, trust, mutuality and collaboration is essential for developing human resource. HRM can be planned and monitored in ways that are beneficial both to the individuals and the organization. Employees feel committed to their work and the organization, if the organization perpetuates a feeling of belongingness. Employees feel highly motivated if the organization provides for satisfaction of their basic and higher level needs. Employee commitment is increased with the opportunity to discover and use one's capabilities and potential in one's work. It is every manager's responsibility to ensure the development and utilization of the capabilities of subordinates.

The Best HR Practices That Successful Companies Practice!


Why are employees in some companies happy to stick with the company while others look for a change? The reason is that some companies know how to take good care of their employees and provide a working environment that helps them retain their identity, while proving themselves and growing along with the company. Here are some of the best HR practices that help in the creation of a highly satisfied and motivated work force. Work Environment A safe and happy workplace makes the employees feel good about being there. Each one is given importance and provided the security that gives them the motivation and incentive to stay. This is usually achieved through internal surveys to find out whether they are satisfied and if not what they think needs to be changed. Open Management Employees dont like the feeling of being kept in the dark about what is happening in the company. They feel motivated and develop enthusiasm only when the management opens up to them and discusses the company policies, sales, clients, contracts, goals and objectives. This encourages participative management. Asking them for ideas on how to improve will get their creative juices flowing. Being open about everything related to the company will help in building trust and motivating the employees. This open management policy can be practiced using several tools. Performance Incentives Every good performance is appreciated in the form of a pat on the back, bonuses or giving some other compensation for a job well done. Organizations that struggle to keep up with the attrition rate are mostly those that think employees are just doing their job. Even if it is the employees job, completion in an appreciable manner calls for an incentive, and this goes a long way in boosting the staff morale. These incentives can be implemented at the individual as well as the team level and it has been seen that this works wonders in getting the best out of the employees. But it is important to keep in mind that these bonuses should not be given without a reason, unless it is a commitment for annual bonuses or some such thing. Doing so will only reduce the perceived value of the bonuses.

Performance Feedback This is one the methods that is being followed by many organizations. Feedback is not only taken from the boss, but also from other seniors and subordinates. Previously, appreciation was only sought from the immediate boss or the management, but now organizations understand the importance of collecting performance feedback from several quarters. The opinion of everyone matters, especially for someone who is in a leadership role at any level. Each person in the team is responsible for giving constructive feedback. This kind of system helps in identifying people who can perform well as leaders at higher levels in the organization. Even the senior level managers can use this system to their advantage, as a tool to improve themselves. Employee Evaluation Every company has an employee evaluation system in place but a good system links individual performance to the goals and priorities of the organization. This works well when achievements are tracked over an year. For a fair review of each employee, the evaluation, apart from being done by the boss, should be done by another person at a higher level, for whom the employees contribution is important. Ratings can also be obtained by other employees. This ensures a fair and accurate rating of each and every employee. Sharing of Knowledge Knowledge sharing is a wonderful strategy that helps in the betterment of the employees and their work. Keep all the knowledgeable information in central databases that can be accessed by each and every employee. For example, if an employee is sent on some training, the knowledge that is acquired by that employee can be stored in these databases for others to learn from it. Even innovative ideas that the management deems fit for employees to see, can be stored here for all to see. Publicize Good Performances Every company has some employees who outperform others. Such performances should be highlighted and displayed where other employees can look at them; such as on the display boards and intranet etc. This will encourage others to give their best. A proper system should be set up to make a list of high performances at specific times in a year.

Discussions Successful organizations nurture ideas and they understand that employees who are actually working and know the business can provide the best ideas. The management should have discussions with employees to get these ideas out of them. There can also be suggestion boxes to capture these ideas. Through this system, managers can find talented employees and develop them. Rewards While recognition of talent is highly important, this recognition has to be made public and what better way than holding ceremonies and announcing to the whole world (the employees), the achievements of a fellow employee. There can be nothing better for an employee than the heady feeling from a resounding applause. The Surprise Factor Who doesnt like a surprise? Surprise deserving employees when they are least expecting it. It could be a gift certificate or a small reward of some sort. This surprise doesnt have to be limited to the best performers, but it can be randomly given to others as a motivating factor too. Anyone can be given this surprise reward. Such healthy HR practices encourage the growth of the organization as employees after all play a major role in the well-being of a company. Making an employee feel like a million dollars pays in the form of the success of an organization.

CHAPTER-3 COMPANY PROFILE

Introduction Mission and vision Services Board of Directors

Introduction

Edelweiss Financial Services Limited (www.edelweissfin.com) (formerly Edelweiss Capital Limited), incorporated on 21st November 1995, has emerged as one of Indias leading diversified financial services group. The Edelweiss Group offers one of the largest ranges of products and services spanning varied asset classes and diversified consumer segments. The Groups businesses are broadly divided into Life Insurance, Housing Finance, Asset Management, Credit, Commodities and Capital Markets including Investment Banking and Brokerage Services. The companys research driven approach and consistent ability to capitalize on emerging market trends has enabled it to foster strong relationships across corporate, institutional, HNI and Retail clients. Edelweiss Group employs around 2944 employees, leveraging a strong partnership culture and unique model of employee ownership. It operates through 265 own offices and 32 franchise-led offices in over 140 cities in India. It also has a strong network of over 4500 Subbrokers and Authorized Persons pan India. The Edelweiss Group is a conglomerate of 51 entities including 45 Subsidiaries and 5 Associate companies (December 11), which are engaged in the business of providing diverse financial services. It is a listed company since December 2007 under the symbols NSE: EDELWEISS, BSE: 532922, Reuters: EDEL.BO and Bloomberg: EDEL.IN.

Vision

To enable social entrepreneurs and NPOs to drive systemic and sustainable social change.

Mission

Leveraging the resources and skills of the For-Profit world to empower social entrepreneurs and NPOs.

LIFE INSURANCE

Edelweiss Tokio life Insurance is the first of the new generation Insurance companies in India as a joint venture with Tokio Marine, one of the fastest growing life Insurance companies in japan. Capitalizing on the immense growth potential in the life insurance sectors that the country offers, Edelweiss Tokio life insurance has set up operations in India with a startup capital of Rs. 550 crores highest for any Indian insurer, dedicated to building a long term sustainable business focused on consumer centricity. The business commenced operations in July11 with the launch of diverse products after receiving final approvals from IRDA. The products include term plan, saving options, credit protection and ULIP funds. It has expanded operations by opening 22 offices in 15 centers and has appointed over 530 Personal Financial Advisors (PFAs). Its plans to expand its presence and to more centers going forward. Life Insurance market in India currently ranks 136th in the world in penetration and is expected to emerge as one of the top three markets by 2020. This business therefore, presents exciting opportunities for long term growth going forward. The Indian economy is poised for a 9% annual GDP growth, with a savings growth rate upwards of 32%. We see a large opportunity in the Life Insurance sector, which is a great way of channelizing savings into long-term investments. Edelweiss, in partnership with Tokio Marine Group, aims at bringing differentiated Life Insurance products to the Indian market based on a strong understanding of the Indian investor. After receiving all necessary regulatory approvals, they have started rolling out operations by setting up branches in Maharashtra, Gujarat, Punjab, Haryana, Chandigarh and Delhi. Over the next couple of years they plan to have a pan-India presence with a network of highly trained Personal Financial Advisors (PFAs). Edelweiss Tokio Life PFAs would undergo a rigorous training program specially designed to blend Indian context with international knowledge. This is expected to lead to higher customer satisfaction. With a paid up capital of INR 550 Crores, Edelweiss Tokio Life has the highest capital base at the time of launch of any private sector Life Insurance company in the country.

About Tokio Marine Group


Tokio Marine Holdings Inc. is the holding company for the Tokio Marine Group which is one of the leading insurers globally. The Group has a net worth of JPY 1,940 bn (INR 106,000 crores) and booked revenues of JPY 3,288 Bn (INR 179,676 crores) for FY11; it operates across 39 countries/ regions and 427 cities. With over 130 years of experience in the insurance sector Tokio Marine has expanded its reach across geographies in life and nonlife insurance sectors. The Group has also successfully established Life Insurance operations as a second generation entrant in developed markets like Japan and Singapore as well as in developing markets like China, Malaysia and Thailand. The Group is rated AAA by Japan Credit Rating Agency (JCR) while its group company Tokio Marine &Nichodo is rated A++ by A.M. Best. HOUSING FINANCE Edelweiss has taken a major step in diversifying its assets class in the credit book through the launch of its housing financing business in H2FY11. The housing finance subsidiary initially launched its business in Mumbai and has expanded it to include the National Capital Region, Ahmedabad, Bengaluru, Pune and Hyderabad. Considering that it is the aspirations of all Indians to own a home, this business represents an exciting opportunity reinforcing Edelweiss intent to cover a large retails footprint. The business offers home loans, loans against property and lease rental discounting. ASSET MANAGEMENT The Asset Management business includes Domestic Asset Management (AMC) and Alternative Asset Management business. Edelweiss Asset Management Company has launched a mix of 11 equity and debt funds. It has an active base of over 5700 clients and has scaled up the distribution network by empanelling over 3000 distributors. The current focus of this business is on broad basing the product portfolio and building investment tract record. Alternative Asset Management currently focuses largely on offshore institutional investors offering advisory/management expertise for India focused Multi-Strategy Fund, Real Estate Fund and a Special Opportunities Fund. Recent Initiative include launch of an ARC, an Asset Reconstruction Fund and EW SBIH Crossover Fund in joint sponsorship with SBI Holding of Japan .

CREDIT With a deep knowledge and understanding of capital markets backed by strong origination capabilities, the Companys primary offering in the financing business includes collateralized loan products such as sponsor funding, loans against shares, IPO financing, loans against ESOPs and margin funding etc. The sponsors of mid-tolarge corporate constitute its key clientele. Its prudent financing norms, strong risk management and a conservative margin of safety (typical collateral cover ranges from 2x to 3x) ensure low non-performing loans. Edelweiss continues to work on new product offerings other assets classes. Through an in-depth research of financial life goals, we have arrived at an analysis that every individual has 6 key financial needs. Based on these needs, we have designed life insurance solutions which help you to meet your life goals at your current life stage.

Board of Directors
The Board comprises of four independent and two non-executive directors out of a total of eight directors, each of whom brings in his own expertise in diverse areas. The focus is on strong corporate governance. There is an Independent Risk Committee headed by an external director.

Senior Management
Edelweiss has an experienced and capable Senior Management team with a strong track record of identifying business opportunities and executing on strategy. The company has experienced business heads supported by a deep layer of skilled middle managers. Most members of the senior management team have been with the company for over five years.

INSURANCE SECTOR

Life Insurance is the key to good financial planning. On one hand, it safeguards your money and on the other, ensures its growth, thus providing you with complete financial well-being. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy. Life insurance plans, unlike mutual funds, are beneficial when you look at them as a long term avenue of investment which also offers protection through life cover. Life insurance policies are broadly categorized into 2 types; Traditional Plans and Unit Linked Insurance Plans (ULIPs). Career Development Path in Insurance Sector Till IRDA, insurance career was dominated by selling activity. It is the assumed misconception that any career in insurance sector will have to be connected with selling of insurance products. The Insurance Agents and Development Officers community in the country has coloured insurance policy selling with either begging of insurance or forcing for insurance. The rebating in insurance premium has eroded insurance profession as under privileged one. After IRDA and entry of corporate insurance companies, the face of insurance career was always compared with the face of poor insurance agent. Career in Insurance was always neglected one and approach towards it was one of the ridiculous one. But the situation is now changing drastically. Career in Insurance is not merely a selling activity. Insurance Sector requires domain technical knowledge. The employees with core insurance competency can only grow henceforth. After a decade of privatization, corporate companies have understood that insurance is not a FMCG product and one must possess technical skills and fundamental knowledge to exist & grow in this market. Servicing will be key for growth and for this, one require domain expertise. For new entrants, any graduation with specialized diploma in insurance domain like underwriting, claims, motor insurance, health insurance, banc assurance, reinsurance, liability insurance, aviation insurance, engineering insurance, agricultural insurance, marine insurance, etc. will be helpful to enter in insurance sector. One has to improve his academic qualification and scope of skills by adding various diplomas from various streams of insurance. As one grows with experience, this academic excellence and expansion will improve his employability and scope of promotions and growth. For existing employees, one has to improve his academic position along with experience. Mere experience will not help beyond certain limit. As we expect 49 % FDI and steep increase in number of insurance companies, the existing employees will have clear advantage to grow. But for this, they must obtain domains skills and competency through academic enhancement. The present employee in insurance sector should focus on overall and multidimensional development in his capacities, skill sets and academic qualifications.

The candidate with multifaceted core skills will have better opportunities over general candidate. He should not limit himself only to underwriting or claims. He should always seek for more and more knowledge. One can select a sector of insurance like Life or general or health for developing his career path but he should be equipped with qualifications and skills of other sectors also. It will widen the scope of opportunities available to him. Insurance professionals with core competency & domain knowledge are in demand not only in India but abroad also. Employment opportunities are in Asian countries, Gulf, USA, UK, European Countries, Australia New Zealand, etc. Indian talent and intelligence is appreciated across the world. Any graduate with insurance skill sets can get employment opportunities abroad. The persons with minimum 5 years experience in Insurance with domain skill sets and academic qualification has good scope for career development abroad. As India is Youngest Country of the world, Indians have an edge over other citizens for employment opportunities. One should always look forward to excel his career in Insurance sector across the globe.

Growth Potential in Insurance Sector in India


Insurance is one of the fastest growing sectors in India. Hardly 6 % of the population of the country has covered by life Insurance. The penetration is as low as 0.9 % in general insurance. Health Insurance has reached to merely 3 % of the population. In country like USA, where the population is @ 35 Crores, there are more than 6000 companies are engaged in insurance business. In India, population is more than 110 crores and hardly 52 companies are working in Insurance Sector. If we assume that only 50% population is insurable, still we need 10,000 companies to cater the need of 55 Crore people. Only Life Insurance sector has grown to certain extent and people say that I wish to purchase LIC policy for my car or LIC policy for stocks in my factory. Only compulsory policies of general insurance sector have been sold like motor policies and fire and industrial policies. Large numbers of general insurance products are not even known to the employees of general insurance companies. Thanks to electro mechanical equipments, scientific development and commercialization of medical profession, health insurance penetration has reached to 3 % of population. Still this number is very poor comparing to developed countries. Central Government has targeted Life Insurance Penetration to 40 %, Health Insurance at 30 % and General Insurance at 15 % of the population by 2030. This will create very huge potential for development in insurance Sector. The insurance business was merely 12 Billion US $ by 2000 which has reached to approximately 100 Billion US $ by 2012 and is now expected to grow 1000 Billion US $ by 2020 and 5000 Billion US $ by 2030. Approval of Bill of 49% FDI in Insurance sector is long awaited. Once it is enacted, the number of insurance companies may rise to @ 150 to 200 in next 7-8 years. There is immense potential for insurance industry to grow. At present there are 24 Life, 27 Non Life and 1 Reinsurance, thus total 52 Insurance companies are in insurance business. Out of this, 4 companies are working exclusively as Health

Insurance Companies. 334 insurance broking companies, 800+ corporate agents and thousands of banks have entered in insurance business. Third Party Administer (TPAs) Companies in Health Sector are 29 and TPAs growing in Automobile and Legal Sector. The specialized functions in insurance sector are slowly outsourced and lot many new companies will enter in this area. International insurance surveyors, loss assessors, adjuster, underwriters, claim settlers, have already entered in India and expanding their business activities. Even the world insurance and finance giants like Warren Buffet, Lloyds, Munich Re, Swiss Re, have entered in India. Health insurance is developing as separate branch of Insurance. It is expected that the number of health insurance companies will be equal to the number of life insurance companies in near future. Banc assurance is also developing as Separate branch of Insurance. People is India have more faith in banks than insurance agents. Many banks have already entered into insurance business and lot more in pipeline. Banks find insurance as growth vehicle. At present only GIC of India is the reinsurance company in the country. But government is now thinking over allowing many more international reinsurance companies in India. In few years, we may find 5 independent branches of insurance in India as Life, General, Health, Banc assurance & Reinsurance. India is becoming Insurance Hub of the world. Giant insurance companies from across the globe are outsourcing core insurance functions to India. IT infrastructure in the country and new generation Indian Talent are attracting world insurance business for core functions for cost effective solutions. Indian software companies are leading in this race. Even BPO in Insurance Sector is growing very fast. All this require technical and domain skills sets of Insurance functions. This IT, ITES and BPO business in Insurance Sector from outside India is expected to rise to 1000 Billion US $ by 2025 It is believed that next boom is in insurance sector. Insurance will play key role in boosting economy further. In India, next 25 years will be dominated by Insurance Sector. The growth is expected at horizontal as well as vertical levels. It will be from inside the country and from outside the country.

Skill Sets Requirements by Insurance Sector


At present, man power requirements are basically skilled based. Employees with academicqualifications are encouraged for promotions. Fresher with academic qualification in insurance arepreferred. At present, Insurance Companies recruit freshers and train them for 6 months or oneyear. But the attrition rate is so high that more than 42 % of new recruits leaves the company. Insurance companies are seriously concerned over the expenditure on training and the rate ofturnout. They are looking for employees who have been already trained and having domainacademic qualifications. Insurance Companies have found that domain knowledge will improveselling, servicing, operations and all other functions. New companies prefer persons withexperience and academic qualifications. Skill sets required by the insurance sector areunderwriting skills, claim handling skills, operational skills, servicing skills, risk assessment andclassification skills, insurance product skills, distribution channel operating skills, coordinationskills, IT skills with domain knowledge, insurance accountancy skills, etc.

My job at Edelweiss Tokio Life Insurance ltd.

I started my internship in Edelweiss Tokio Life Insurance ltd in HR Department. Purpose of my job was to understand how various HR practices improve the organization effectiveness. I studied the various HR practices like recruitment, training and development, reward and recognition given to the employees. My findings are noted below along with few suggestions. While internship period I collected data from company records and personal discussion with employee/employer. I gained good knowledge and had the opportunity to understand various HR processes through this internship study, details of which are the contents of this project.

CHAPTER-5 RESEARCH METHODOLOGY

Introduction Definition Objectives Sources of data collection Methods of data collection Sampling

Introduction
Every project work s based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is very important guideline and lead to completion of any project work through observation, data collection and data analysis.

Definition
According to Clifford woody, Research comprises of defining and refining of problems, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, making Deductions and reaching conclusions and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis

Objectives:

To gain familiarity with the presents status of the business. To reveal the trend and tendencies in the business i.e., to assess the growth or expansion potential of the business. To identify the influencing factor or determinants of business parameters.

SOURCES OF DATA COLLECTION

Primary data Observation Questionnaire Interview

Secondary data websites journals magazines

Primary Data
Information directly collected by the researcher specifically primary data. Data that has not been processed in any manner. In primary data collection, you collect the data yourself using methods such as interview and questionnaires. The primary data which is generated by three methods may be qualitative or quantitative in nature.

Secondary data
Information which is obtained from previously published materials such as books, magazines, newspapers, government census publications and company reports and files.

METHODS OF COLLECTING PRIMARY DATA:


There are many methods of collecting primary data and the main methods include:

Questionnaire Interviews

Portfolios

Focus Group Interviews

Methods of collecting primary data

Critical Incidents

Observation Case Studies

Diaries

EXPLAINATION
Questionnaire A questionnaire is prepared and distributed to secure to certain questions. It is that form of enquiry which contains a systematically compiled and organized series of questions that are to be sent to population samples. Interviews Interviewing is a technique that is primarily used to gain an understanding of the underlying reasons and motivations for peoples attitudes , preferences or behavior. Focus group interviews A focus group is a interview conducted by a trained moderator in a non-structured and natural manner with a small group of respondents. The moderator leads the discussions .the main purpose of focus group is to gain insights by listening to a group people from the appropriate target market talk about specific issues of interest. Observation Observation involves recording the behavioral patterns of people, objects and events in a systematic manner. Case studies The term case study usually refers to a fairly intensive examination of a single unit such as person, a small group of people, or a single company. Case studied involves measuring what is there and how it got there in this sense it is historical. Diaries A diary is way of gathering information about the way individuals spend their time on professional activities. Diaries can record either qualitative or quantitative data, and in management research can provide information about work patterns and activities. Critical Incidents The critical incident technique is an attempt to identify the more noteworthy aspects of job behavior and is based on assumptions that jobs are composed of critical and non critical tasks. Portfolios A measure of a managers ability may be expressed in terms of the number and duration of issues or problems being tackled at any one time. The compilation of problems portfolios is recording information about how each problem arose, methods used to solve it and difficulties encountered, etc.

SAMPLING

Introduction Collecting data is time consuming and expensive, even for relatively small amount of data. Hence it is highly unlikely that a complete population will be investigated. Because of cost and time elements the amount of data you collected will be limited and number of people or organizations you contact will be small in number. You will therefore have to take a sample and usually a small sample. Meaning A sample as the name implies is a smaller representation of a large whole. In other words a section of population selected from the later in such a way that they are representative of universe called sample. A single member of population is reefed to as population element. When some of the elements are selected with the intention of finding out something about the population from which they are taken, that group of element is referred as a sample and the process of selecting is called sampling. The theory of sampling is based on random samples- where all items in population have the same chance of being selected as sample units. Random samples can be drawn in number of ways but are usually based on having some information about population members. This information is usually in the form of an alphabetical listcalled the sampling frame. Probability and non probability sampling: Probability sampling The term probability sampling is used is used when the selection of sample is purely based chance. Every unit of the population is has non zero probability of being selected for the sample. The probability of selection may be equal or unequal but it should be non-zero and it should be known. Some examples of probability sampling are:

Simple random sampling Stratified random sampling Systematic random sampling

Non-probability sampling: In non-probability sampling is not based on chance. It is rather determined by some person. One cannot assign to an element of population the probability of its being selected in the sample. Somebody may use his personal judgment in the selection of sample. Hence it is called judgment sampling. SAMPLE DESIGN: Sample unit: The individual employee is selected as samples Sample size: The total size for study was taken as 9 out of 9 employees. There were 2 managers and 7 officers in the organization. Sampling size is 100% i.e. all employees are covered. PROJECT SCHEDULE:First 1 week Second week Third Fourth week Fifth week Sixth week Seventh week Eighth week :-Training program from the company. :-Collecting the primary and secondary data. : - Study Career Development Process :-Designing the questionnaire. :-Conducting the survey. :-Analysis of Data Collection. :-Final Report preparation and presentation

CHAPTER-6

DATA ANALYSIS AND INTERPRETATION

Data analysis Interpretation

1. Q.1 How long you are working in the organization ? YEARS FRESHER 0-1 1-2 MORE THAN 2 WORK IN ORGANIZATION 20% 60% 10% 10%

WORK IN ORG.
60% 40% 20% WORK IN ORG. 0% FREASHER 0-1 YEAR WORK IN ORG. 1-2 YEAR MORE THAN 2

From the above graph it is shown that 20% of the Employee is Fresher and 60% are working from last 6-11 month.

Q.2 WHAT MAKE YOU TO JOIN EDELWEISS TOKIO LIFE INSURANCE? REASON JOB SATISFACTION CAREER DEVELOPMENT SALARY OTHER PERCENTAGE 25% 40% 25% 10%

PERCENTAGE

40% 30% 20% 10% 0% JOB SATISFACTION CAREER DEVELOPMENT PERCENTAGE SALARY OTHER PERCENTAGE

As the above graph represent that 40% of the employee look toward the career development part as it is a insurance company so achieving a target is main aim of the employee after achieving a certain target they get the promotion as most of them look toward the career development they had join this organization.

Q.3 Are you comfortable with the working environment Edelweiss Tokio Life Insurance?

a) YES

b) NO

RESPONSE
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% YES NO

RESPONSE

Above graph represent that 90% of the employee working in Edelweiss Tokio Life Insurance are satisfied with the working condition in the organization.

Q.4ARE YOU HAPPY WITH THE TRAINING SESSION HELD IN EDELWEISS TOKIO LIFE INSURANCE?

a) YES

b) NO

TRAINING SESSION
70% 60% 50% 40% 30% 20% 10% 0% YES NO TRAINING SESSION

From the above graph it is shown that 65% of the employees are satisfied with the training session held in the organization. They do the induction program for the fresher and also do Vijay path for employee working in the organization

Q.5 WHAT DO U THINK EDELWEISS TOKIO LIFE INSURANCE AS FOR CAREER OPPORTUNITIES?

CAREER OPPORTUNITIES

80% 60% 40% 20% 0% CAREER OPPORTUNITIES CAREER OPPORTUNITIES

Above graph shows that 75% of the employee think that this organization is very good for Career opportunities.

Q.6 WHICH OF THE FOLLOWING CHARACTERISTICS DO YOU FEEL IS NECESSARY TO ACHIEVE THE TARGET?

ACHIEVE TARGET
100% 80% 60% 40% 20% 0% ACHIEVE TARGET ACHIEVE TARGET

According to employees point of view 90% of them think that all the qualities are necessary to achieve the target.

Q.7 HOW DO YOU RATE YOURSELF AS A BUSINESS DEVELOPMENT MANAGER?

RATING
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% EXCELLENT VERY GOOD GOOD AVERAGE

RATING

According to the above graph as they are comfortable in achieving their monthly target they had rated them as very good.

Q.8 DO YOU PREFER TO WORK INDEPENDENTELY OR IN A TEAM?

WORK

0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 TEAM INDEPENDENT WORK

Above graph shows that 85% of the employee prefer do work in groupism as it help them to achieve them the target and also in decision making process,

Q.9 ARE YOU SATISFY WITH PERFORMANCE ACTIVITIES HELD IN THE ORGANIZATION?

PERFORMANCE ACTIVITY
70% 60% 50% 40% 30% 20% 10% 0% YES NO PERFORMANCE ACTIVITY

From the above graph 70% of the employees are satisfied.

Q.10 DOES THE PERFORMANCE APPRAISAL MEET YOUR CAREER DEVELOPMENT?

PERFORMANCE APPRAISAL
80% 70% 60% 50% 40% 30% 20% 10% 0% YES NO PERFORMANCE APPRAISAL

Above graph represent that 80% of the employee are satisfied with the performance appraisal.

CHAPTER-7

FINDINGS

FINDING

In Edelweiss Tokio Life Insurance most of the employees feel that the HR department is good. All the employees are getting 100% exposure to implement their skill.

All the employees are satisfied with job and it content. The employees are provided a training session call VIJAY PATH.

CHAPTER-8

SUGGESTIONS

If the companies requirement is high then the Business development managers team should increase the number of footfalls in the office itself. Time management is very essential and it should not be ignored at any level of the process.. The Organization should hire more PFA and employees in order to increase the sales target of the organization. Employee rating basis on their self-perception should be done. Training should be given to how to convenes and maintain a good relationship with the customer. At the end of every month ending employee feedback should be taken in order to make more improvement.

CHAPTER-9

CONCLUSIONS

This presents the summary of the study and survey done in relation to the Career development of employees. The conclusion is drawn from the study and survey of the company regarding the Career development process carried out there. The organization should need to make changes in the career development plans they should plans. In case of rewards and recognition whatever the company is spending should be provided as per the employee demands. They should focus more on the advertising of their insurance plan.

CHAPTER-10

BIBLIOGRAPHY

BIBLIOGRAPHY www.googlecom www.scribd.com www.edelweissfin.com P.SubbaRao , Human Resource Management And Industrial Relations. K.Aswahthappa (2001), Human Resource and Personnel Management Human Resource Management, (2005), Dr.P.C. Pardeshi& C.B Gupta (2005) Research Methodology, C.R. Kothari.

ANNEXURE
Name. Qualification.. Designation

Q.1 How long you are working in the organization?

Q.2 Are you comfortable with the working environment?

Q.3 ARE YOU HAPPY WITH THE TRAINING SESSION HELD IN EDELWEISS?

Q.4 WHAT DO U THINK EDELWEISS AS FOR CAREER OPPORTUNITIES?

Q.5 WHICH OF THE FOLLOWING CHARACTERISTICS DO YOU FEEL IS NECESSARY TO ACHIEVE THE TARGET?

Q.6 HOW DO YOU RATE YOURSELF AS A BUSINESS DEVELOPMENT MANAGER?

Q.7 DO YOU PREFER TO WORK INDEPENDENTELY OR IN A TEAM?

Q.8ARE YOU SATISFY WITH PERFORMANCE ACTIVITIES IN ORGANIZATION?

Q.9 DOES THE PERFORMANCE APPRAISAL MEET YOUR CAREER DEVELOPMENT?