2010

Management of
Change
Project Report
This report discus about the important changes to be done at Max New York Life
Insurance ltd. For the uplift of the organization in this sector, where I had done my
summer inter-ship.

Submitted to:
Dr. I.A.Rizvi

Hitesh Gupta
IILM-Graduate School of Management
FT-08-658
 Executive Summary

This report on ‘Management of change’ has been prepared after getting the exposure and seeing the

working environment in Max New York Life Insurance ltd. I have made an attempt to bring some change

in the Insurance industry which has a growth rate of 70-80% as compared to FMCG which has a

maximum growth rate of 12-15%. In this project, I have presented some suggestions to my findings that

can bring a good change in the company.

I have tried to figure out that what are the important changes can be executed within the company with

fewer difficulties to boost up the company’s business. I have found that recruitment segment should be

widening up with the quality training provided to the tele-callers which can change the gears for the

company can bring many advantages like more agents can be recruited, more efficiency in work with

great output per individual and can give the company a strong social stand by introducing educational

program as promotion of their insurance policies.

Change I want to bring – MNYL work on simple but effective terms which is more & more financial
advisors more & more will be the business that is why they say ”karo jayada ka irada”. They hire trainees

make them advisors & then make business out of their social network by selling the insurance policies

largely by ladies (housewives) or females and retired males. They train about their products but forget to

train on their special part i.e. calling which gives maximum access to large number of people. 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. For the reason being, I want to make the change of

recruitment and training in MNYL.

Findings – What need to be changed?

Proper teller calling sessions should be involved as it’s a key factor for the company to reach

maximum number of people.

People should be made aware about the complete benefits related to this opportunity.

Majorly focus should not only be ladies or females to sell insurance but should be anyone who

can sell Insurance in right manner.

The Company has to reduce administration charges in order to recruit more agents which in

turn will give more business to the company.

Promotional way of insurance policies should not be like running after an individual and making

that individual irritated.

Advantages – If the changes are made:

If changes are done, like equally good training for telephone calling sessions as for products knowledge,
people would be more aware about the benefits of becoming an agent and earning money, reduction in
administration charges to become agent & work for the company, and promote insurance as an
educational program with the future security can bring lots of advantages to the company:

1. If proper caller training is given then proper calls can be made by agents and people would be
interested in listening to the callers.
2. With disclosed benefits (knowledge, earning, and future security) more agents would be
appointed.
3. If promoted, as an educational program where the main focus is teaching about the insurance &
making people understand about the insurance tedious calculation then it will help them in
choosing the best insurance policy for themselves as well as for their dear ones.
4. Not by going emotionally but by going practically, company will make their corporate social
responsibility in the market.

5. When the focus of particular segment to agents would be enlarge towards anyone who is
interested in serving people by selling them insurance will help the company in making more
business.

6. Already MNYL works on the quality parameters instead of quantity and aforesaid measures will
add to values of the company & turn the company stand among the finest insurance companies.

Risk if changes are not made:

1. Restricted to the particular segment of agents will never allow the company to expand outsize and the
competitors can pass them one day.

2. Higher administration charges (Training & IRDA certification Test charges) can force the prospective
agents to move to other insurance company.
3. Educational program can become another USP for the company but if not introduced then the
company will lose the chance of getting en edge.
4. If Special training for the calling sessions will not be introduced then the output level of making calls
would be very less.
5. If the changes are not made, then there would be a higher risk of not making the agents more
efficient.
Resistance to change:

1. More capital - Need more office area and well efficient tele calling staff to start the tele-calling
training sessions.
2. Time taking process – Promotion as educational program can be difficult as it is very hard to
teach every customer the tedious calculations of Insurance
3. As we all know that MNYL works on the grounds of quality and brings business to the company
through the social networks of housewives and retired males (largely), so by opening the doors
for all to become agent for the company can decrease the output per individual.

Handling the resistance:

The major resistance among the changes to be made in the company is the tele-calling sessions for the
new agents and advisors because through calls we can reach beyond the social networks and can tap
maximum number of people with the liberty of unlimited domain. New network can be setup with new
people and after convincing them in the right spirit we can call them for a meeting to demonstrate the all
benefits of taking the insurance policy and becoming the agent for the company. But the resistance to
happen this in proper manner we need to give appropriate calling training to our agents and their
recruiters in order to increase the size of our reach and for that training we need to have well qualified
trainers, computers, space, ear-phones, furniture.

So in order to give the most important training to the agents:

1. Start this service with fewer branches so that results can be seen and accordingly steps can be

taken for further expansion or contraction.

2. Proper script can be prepared to reduce the timing of training.
3. Trainers can be appointed from inside the company on a higher post (newly introduced post just
to work as motivational force for them) those who already have been calling through 2 years or
more, to save the cost for recruiting new trainers.
4. Can use software’s which will automatically guide the trainees, how to make calls and talk to the

prospective callers, which indeed will save lot of money which could have been renamed as
salary of the tele-calling trainers.
5. Use of software will not just save the cost but also allow the trainees to take the training

repeatedly n number of times.