Insurance Ashima

SUMMER INTERNSHIP REPORT 2010,
Birla Institute of Management Technology, Greater Noida
SUMMER INTERNSHIP 2010
A SUMMER PROJECT REPORT ON Calculating the Return on Investment (ROI) for the first thirty days of
Launch Pad Training using the Kirk Patrick Model
A Report submitted to
DLF PRAMERICA LIFE INSURANCE

(Session 2009-11) Submitted by: Ashima Ajmani PGDM Roll No. 09DM025
Corporate Guide Mr. Arindam Lahiri
Academic Guide: Prof R.J. Masilamani
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SUMMER PROJECT CERTIFICATE
This is to certify that Ms. Ashima Ajmani (Roll No: 25 / 2009) a student of PGDM has worked on the Summer Project titled, Calculating the Return On Investment for the first thirty days of the Training Of Sales Managers through the Launch Pad Process after trimester III in partial fulfillment of the requirement for the programme. This is her original work to the best of my knowledge.
Date: Signature Seal: (Prof. R.J. Masilamani)
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ACKNOWLEDGEMENT
This project report bears the imprint of many people who have helped me for the successful completion of this report. I acknowledge with gratitude the management of Birla Institute of Management Technology (BIMTECH), Greater Noida for giving me this opportunity to undertake this summer internship, which has been a very enriching experience for me. With due reverence, I must acknowledge the great deal of pain undertaken by the officials of DLF Pramerica Life Insurance who were always ready to solve all my queries and provide me with the material relevant for this project. I am greatly indebted to the following senior executives of DLF Pramerica Life Insurance for providing me constructive suggestions, essential resources and constant inspiration during the summer internship: Mr. Arindam Lahiri, Mr. Praveen Singh, Miss Shivani Narang, Mr. Amit Rishi, Mr. Satinder Sahi, Mr. Rohit Shandil, Mr. Jasvinder Lamba. Sincere heartfelt thanks to all other employees of DLF Pramerica Life Insurance who have directly or indirectly helped me in the successful accomplishment of this report. I would like to thank all the faculty members and staff members of BIMTECH, especially Prof. R.J. Masilamani for his continuous feedback, encouragement, suggestions, and insights and for motivating me for higher achievements. Last but not least, my dear friends and my family deserve special mention for their support throughout the project.
Ashima Ajmani Birla institute of Management Technology (BIMTECH) Greater Noida
Date: 15th June, 2010 Place: Greater Noida.
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TABLE OF CONTENTS
Topic Page Number
1. Executive Summary.. 2. Introduction................... 2.1. Industry Profile.............. 2.2. Company Profile 3. Module I. 3.1. 3.2. 3.3. 3.4. Introduction. Review of Literature Training Objectives in Insurance Industry Evaluation Of Training(The Launch Pad Process)
06-07 08-16 08-10 11-16 17-39 17 18-28 29-30 30-35 36-37 38-40 41-44 45 46 46
3.4.1. Problem Definition and Objectives. 3.4.2. Methodology. 3.4.3. Analysis and Findings.. 3.4.4. Recommendations. 3.4.5. Conclusion..... 3.4.6. Limitations..... 4. 5. 6. Glossary.............................. Annexures...........
Notes 47 48 49-86
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1. EXECUTIVE SUMMARY
This summer training project was done at DLF Pramerica Life Insurance, one of the leading private Indian life insurance company which has a capital base of over Rs 180 crores and is expanding at a fast pace with presence currently in Delhi/NCR, Punjab, Haryana and Gujrat The training & development department is engaged in the induction and training of Sales Managers and the project was to study and understand the Launch Pad Process, analyze the effectiveness of the Launch Pad training and to calculate the ROI of first thirty days of the Launch Pad Training. The study was conducted for Agency Sales Managers / Associate Sales Managers and Senior Sales Managers who joined DPLI from Jan 2010 March 2010 across all locations The project was divided into five levels. The five levels were taken from the Kirk Patrick Model as this model was the conceptual framework for the study conducted.
In Phase I we have compiled and analyzed the feedback, which was collected from the Sales Managers at the time of training. It also dealt with areas of improvement for the training.
In Phase II we have analyzed whether the Sales Managers have learnt anything from the training. It also identified whether the Sales Mangers have improved on their knowledge level as well as skill level.
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SUMMER INTERNSHIP 2010 In Phase III we have done a comparison between the skill level after 90 days of training imparted to the Sales Managers and skill level at the initial level i.e., immediately after 30 days of training
In Phase IV, we have also made comparison on the following areas between the Sales Managers who joined in 2009 and had undergone training programme in the year 2009 and the sales managers who joined in 2010 and have undergone the revised training programme in 2010: a. Productivity of the Sales Managers b. Number Of Life Associates coded by the Sales Managers c. Attrition rate of the Sales Managers
In Phase V we have calculated the Return on Investment for the first thirty days of the Launch Pad training
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1. INTRODUCTION
2.1 LIFE INSURANCE INDUSTRY LIFE INSURANCE:Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set up in 1870. The life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business.
BENEFITS OF LIFE INSURANCE: Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It provides valuable tax relief.
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Thus insurance is found to be very useful in the lives of the person both in short term and long term. Fundamental principles of life insurance contract: Principle of almost good faith:-A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not. Principle of insurable interest:-Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person.
BRIEF HISTORY OF THE INSURANCE SECTOR IN INDIA In 1818, Oriental Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian soil. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906.
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SUMMER INTERNSHIP 2010 In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Life Insurance Corporation of India was created on 1st September, 1956.
At present there are 23 private life insurance companies in India.
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2.2 INTRODUCTION OF DLF PRAMERICA LIFE INSURANCE
COMPANY PROFILE
DLF Pramerica Life Insurance Company Ltd. (DPLI) is a joint venture between DLF Limited and Prudential International Insurance Holdings, Ltd. (referred to hereafter as "PIIH"). PIIH is a fully owned subsidiary of Prudential Financial, Inc. (referred to hereafter as "PFI"). The combination of the strength of the DLF brand and PFI's insurance expertise provides the strongest possible foundations for DPLI to succeed in the rapidly growing Indian life insurance market. Founded in 2007 Headquartered in Gurgaon, Haryana DLF holds 74% equity in the venture while PIIH holds 26% equity as per FDI Norms Capital base of over Rs 180 crores Expanding at a fast pace with presence currently in Del NCR, Punjab, Haryana & Gujrat
No. of policies No. of employees No. of agents
: 10530 (as of October 31, 2009) : 714 (as of October 31, 2009) : 1056 (as of October 31, 2009)
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DLF DLF Limited is one of the largest and most respected organisations in the real estate sector in India with over six decades of experience and a track record of sustained growth, customer satisfaction, and innovation. In September 2006, DLF Limited was the only real estate firm to be nominated amongst the "Super brands of India" in the consumer validated category. After strengthening its position in the core business of residential, commercial and retail property development, the DLF group has now made forays into the infrastructure, SEZ and hotel businesses by entering into several strategic alliances with global industry leaders like Laing ORourke Plc. and Hilton Hotels Corporation.DLF is committed to quality, trust and customer sensitivity, and to deliver on promises with agility, financial prudence and in tune with the highest global standards.
PFI PFI is a U.S. based financial services leader with its headquarters in Newark, New Jersey, with approximately US$ 638 billion of assets under management as of June 30, 2008 and operations in the United States, Asia, Europe and Latin America. PFI is focused on helping its customers achieve financial prosperity and peace of mind.PFI ranks among the Top 100 in the 2007 Forbes Global 2000 List, an annual tabulation of the world's largest public companies and ranks 1st on Fortune Magazine's list of World's Most Admired Companies in the Insurance: Life and Health Insurance Category two years running, in 2007 and 2008. With more than 130 years in financial services, PFI is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well recognized 'Rock' symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. PFI's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. PFI's legacy is based on a long history of social responsibility, strong leadership, sound investments, and innovative products and services. Page 12
VISION At DLF Pramerica, our vision is to ensure that every life we touch feels secure and enriched.
MISSION We shall be a guide and a mentor to people so that they are able to make the most informed insurance decisions to meet their life goals.
VALUES:-
CUSTOMER FOCUSEDBe someone who places customers and their needs at the forefront while developing and managing their financial solutions.
MUTUAL RESPECTBuild mutual respect by being an equal partner, who knows and willingly shares, helping people go further rather than walking ahead and leading them or walking behind and following.
WORTHY OF TRUSTBuild trust by choosing the right path rather than the easy path and tell the truth the way it is. Be someone who keeps promises, meets commitments and behaves with integrity at all times.
WINNINGBe positive and confident; seize every moment, every day, with a winning perspective, fearlessly facing the uncertainties of life.
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The DLF Promise
Deliver on promises with agility
Financial Prudence Quality Trust
Customer Sensitivity Highest Global Standards
REVISED LAUNCH PAD PROCESS FOLLOWED FROM JANUARY 2010

Launch Pad is an Induction & Training Program held for 90 days at DPLI for the Sales Managers .It is a combination of both class room training and field work
For the first seven days Sales Managers are given class room training in which They are introduced to the organization Their role in the organization is defined Their expectations from the organization and what the organization expects from them is defined The principles of insurance, the industry and common terminologies are taught
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SUMMER INTERNSHIP 2010 The Agency Reward and recognition and incentive plan which they would be entitled to depending upon their performance is discussed and explained Sales Process followed at the organization is taught wherein how calling is done to a prospective Customer, Fixing a meeting with the Customer, Presenting the Company using Sales Presenter ,do the need analysis with the customer (NAF) and match the need to the products Closing the Call and finally taking referrals from the customer Financial & ULIP basics and knowledge about the various products at DPLI is imparted Recruitment Process for the Life Associates is taught wherein how Name Gathering is done for prospective Agents, Approaching and fixing a meeting with the agent, PFS is presented to the agent ,CAS where an is agent assessed & SN 100 is done. Interview with the Managing Partner (Branch Head) is fixed and if the agent is selected he gets coded with the Company after clearing an exam under IRDA Assessing Customers need and fulfilling it is taught using Role Plays and demonstrations and using all the forms which are required Objection handling on various stages is done At the end i.e. on the seventh day an exit test consisting of product ,sales knowledge and also basics of insurance are tested Also there is an assessment(Assessment 1 of LP-1) done by the trainer For the Next 15 days Field Work is conducted wherein Goal setting of the SM is done by the MP The MP explains to the SM about the rewards & recognitions and the compensation details The Product Refresher and Business illustration are done by the trainer Basics of Underwriting is taught Joint field work with branch head and trainers at branch level is done Objection handling on various stages is done Page 15
SUMMER INTERNSHIP 2010 Form filling is taught Sales Manager has to complete 25/50 hours of training mandated by IRDA SM has to undergo IRDA Refresher and give an exam and has to be certified by the end of 25 days For the Next 3 days classroom training is conducted wherein Product Review and refresher on sales is done Objection handling on various stages is done At the end of 3 days the Sales Manager is assessed by the RM and the CDM.
For the Next 60 days handholding by Associate Partner, Trainer and managing Partner is conducted wherein the Sales manager is supposed to build skills in sales process and master product pitch Within 90 days SM is expected to do 1.5Lac FYPC and 3 coding of Life Associates
LAUNCH PAD TRAINING AT DPLI DURING 2009-10

As a means of equipping Sales Managers with a range of skills, to enable them perform their responsibilities, Induction, Training and HRD continued to receive a place of priority during the year. Based on the assessed needs and as means to satisfy them, the Company sponsored many employees to Launch Pad training programme.
Training during 2009-10 (as on 31.03.20010) Data collected from the records which the company maintains(Secondary Source) Training Programmes No. SMs Sales Managers Trained in 2009 Sales Managers Trained in JFM 2010 767 200 Of Total No. of Man days utilised 5753 2600
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3.1 INTRODUCTION:
Every organization requires competent employees (Sales Managers) for the successful functioning of its various departments. To ensure that the staff works efficiently and effectively, the organization has to continuously evaluate their performance and bridge any performance gaps by providing appropriate training to them. For, it is the people who make or break an organization.
Traditionally, the training policy in an organization focused on enhancing the productivity and effectiveness of the employees so that the medium term and long term strategies of the organization could be successfully fulfilled. Since upgradation of skills and knowledge has direct relevance to performance.
With the ushering in of Globalization and Liberalization since early 1990s, there has been a sea change in our business processes, and our corporate practices forcing organizations to mould themselves to the new era of competition, where they have to compete not at local or national level but at international level. This necessitates huge investments in the training programs for providing the requisite skill set to the staff.
The ultimate aim of any training program is to achieve: - Continuous Improvement - Change-in-Attitude - Cost Saving - Total Productivity - Scope for development
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3.2 REVIEW OF LITERATURE

As customer relationship plays a major role in the insurance business, adequate training has to be provided to the employees to understand the customer needs and communicate the suitable product details according to their requirements. A company will be successful if the intermediaries interacting with the customers have a sound knowledge of the products available and are able to convey the same to the end users. Insurance expert Dale S Beach defined training as the organized procedure by which the employees learn knowledge and skills for a definite purpose. The organization has to conduct training programs to educate the employees about the various products available, to improve their selling skills and also to equip them to handle different types of customers. Liberalization and privatization of the insurance sector have resulted in a competitive market. Insurance companies require smart and skilled personnel to compete with their rivals in the market. The companies should impart necessary knowledge and skills to the employees by conducting training programs, seminars, conferences and workshops.
A survey reveals that the training sensitivity among the private insurers stands at 3 on the scale of 0 to 5, where 0 represents not sensitive and 5 represents highly sensitive. The focus of the training during the last decade has shifted from training for survival to training for success. Training, therefore, has to serve as a vehicle for change. To satisfy the curiosity of Sales Managers, the faculty members will have to become real mentors and not merely teach only the theoretical concept. The training system has to develop wings to fly towards greater heights. All this is possible only when the organizations evaluate the effectiveness of the existing training programs on performance improvement of the employees and thereafter make suitable changes in the training policy to bridge the performance gaps in the employees. Page 18
In the present competitive and dynamic environment, it has become essential for organizations to build and sustain competences that would provide them sustainable competitive advantage. During the initial industrial and manufacturing era, organizations and managers adopted an ad hoc and paternalistic approach to his concern. But, in this knowledge era, where human assets are valued more highly than physical assets, it is but natural that organizations adopt a strategic and planned approach towards the maintenance and upgradation of human resources. In this context of changing
technologies and required skills/knowledge, training has assumed more importance than ever before. Dynamic and growth-oriented organizations recognize training as an important aspect of the managerial function in a continuous and incessant learning process in human resource development. It helps to develop ones personality, sharpen the managerial and
interpersonal skills, increase motivation, and improve the effectiveness of people employed in an organization. It also helps to achieve congruence between corporate and strength of its people, training is undoubtedly the most important part of organization renewal as an ongoing process. Training is a process through which a person enhances and develops his efficiency, capacity, and effectiveness at work by improving and updating his knowledge and understanding the skills relevant to his or her job. Training also helps a person cultivate appropriate and desired behaviors and attitudes towards work and people. Training and development in public and private enterprises is a big business. It
encompasses various players, i.e., trainees, instructors, support personnel, and managers and supervisors, as also external agencies. Keeping in view the number and variety of training programmes, resource required and objectives/goals sought, training may be herculean task. No enterprise can last long in a highly competitive society unless it keeps pace with the emerging market trends and technological changes. If an enterprise has to compete successfully, its products or services must excel. Page 19 In addition to an aggressive and
SUMMER INTERNSHIP 2010 imaginative research and engineering effort, it also requires sustained and forwardlooking training and development efforts.
TRAINING PROGRAMME
It can be defined as a planned process through which an organization seeks to attain the objectives of performance enhancement by developing the skills of a set of learners or by fulfilling the learning requirements on an identified group of employees. The planning process identifies the group of learners, the trainers, the venue, and the required resources (financial and physical). Hence, the main functions of a training programme may be summarized as follows:
It helps the trainees acquire knowledge of the subject matter. . It brings about change in attitudes, understanding, and behaviour among the trainees with respect to particular objects, programmes, and policies. Helps in putting the theories into practice and bringing out general guidelines from various hypotheses. New recruits in insurance industry, after training in theoretical aspects, are exposed to practical aspects through role plays and joint field calls.
It helps evaluate the abilities, competencies, and potentials of the trainees for a particular job or work skills. The assessment centre concept, which is widely adopted by organizations, is aimed to assess the skills/competencies/potentials of employees and thereby plan for a career path for them.
It induces zeal and enthusiasm for self-learning and development among the trainees. The induction training typically encompasses group and self learning exercises, mainly to induce the self- and shared learning among the trainees.
It enhances the problem-solving and decision-making capabilities of the trainees. The in-basket exercise, such as role-plays, used in off-the-job training is aimed at improving the decision-making skills of trainees. Page 20
SUMMER INTERNSHIP 2010 It helps in narrowing down the gap between the expected level of performance and the actual level of performance among the trainees. It provides new recruits or trainees a scientific pace for imbibing the knowledge and skills required to discharge their duties and responsibilities meaningfully and purposefully.
Accordingly to Flippo, training is the act of increasing the knowledge and skills of an employee for doing a particular job. The major outcome of training is
learning, i.e., transformation in the behavioral process in the form of increased performance, technical know-how, performing the job more effectively, and also preparing the individual for higher-level jobs.
NEED AND IMPORTANCE OF TRAINING Training is mainly job-oriented; it aims at maintaining and improving current job performance. The need for a training programme may arise due to the following:
ENTRY OF NEW RECRUITS: New entrants need training to attain clarity in job responsibility, nature of the job, and other organizational matters so that person-hours are not wasted.
PROMOTIONS: Preparation of employees for higher level jobs like promotions requires skill upgradation or competency building. TO PREVENT SKILL OBSOLESCENCE : Training and development programmes foster the initiative and creativity of employees and help to prevent obsolescence of skills, which may be due to an employers age, temperament, motivation level or inability to adapt to technological changes.
TO INCREASE PRODUCTIVITY: Instruction can help employees increase their level of performance on their present assignment. Increased human
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SUMMER INTERNSHIP 2010 performance often leads to increased operational productivity and increased company profit. TO IMPROVE QUALITY: With globalization, increased competitiveness has resulted in greater emphasis on producing or delivering quality goods and services. Hence training in quality maintenance and quality management becomes essential. TO MEET ORGANIZATIONAL OBJECTIVES: Future organizational goals, plans dictate training of its existing workforce, particularly, where there is a dearth of skills to match the needs of organizational plans. TO IMPROVE ORGANIZATIONAL CLIMATE: Organizational climate refers to the overall relations and effective orientations of the employees towards the organization. These orientations may be positive or negative. Positive orientations will result in increased productivity and employee morale. Training is essential to maintain and sustain positive orientations or is employees. TO PREVENT ACCIDENTS: Training can create awareness about safety hazards and accident proneness and may equip the individuals with better orientations to handle crises. TO AVOID BOREDOM, MONOTONY AND FATIGUE: Refresher course may be organized intermittently for all employees in the rank and file category to relieve job fatigue and monotony of everyday work-file. TO SUPPORT PERSONAL GROWTH AND DEVELOPMENT: Employees gain a lot by training and developmental programmes. Management development programmes seem to give participants a wider awareness, improved skills, and enlightened artistic philosophy and make enhanced personal growth possible.
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SUMMER INTERNSHIP 2010 BENEFITS FOR INDIVIDUALS
It enhances their skills / knowledge, which increase their personal worth and employability. It makes employees effective and efficient and as a result there is a reduction in wastage of resources and time. Employees can realize their career goals easily. Career moves and job-hopping, which happen to be the order of the way, can be made in a flexible manner. There will be greater awareness, less errors, increased productivity, and boost in morale of the employees.
BENEFITS FOR THE ORGANIZATION
There will be an increase in the intellectual capital of the organization. Training helps in achieving higher standards of quality, building up a satisfactory organizational structure, delegating authority, and motivating employees to perform better.
Employee turnover and absenteeism are reduced. Wastage is minimized. Job enlargement and job enrichment programmes can be implemented easily. Making training a continuous affair in the organization can strengthen employee loyalty.
AREAS OF TRAINING
The broad areas in which training is usually imparted in organizations may be classified under the following headings: Page 23
Enhancing knowledge / building concepts Basic principles or advanced inputs with regard specific concepts or sometimes knowledge about company, culture, etc. form the major themes in the training programme. For example, in the ICICI Bank, the training programmes for the Branch Mangers on sales and marketing skills. Technical skills Often training programmes impart specific skills in the areas of computers or operating machines. This is usually provided with the help of experts and on the job. For instance, in the area of networking and security, the trainers are trained on aspects such as network configuration, network security, intrusion detection system, ethical hacking etc. Interpersonal / behaviour skills Here individuals are exposed to self-awareness programmes to develop the right mental attitude towards their job colleagues and the company. The main focus is on teaching the employer as to how to become a good team member and lead the company. The T group training / sensitivity training are excellent programmes for the purpose.
THE TRAINER
The function of imparting training is by and large the responsibility of the HR department. The Director / General Manager/ Vice-President oversee the training calendar, and identify appropriate people, and allocate various training programmes to them. In organizations where the infrastructure is well developed, the HR managers may conduct the training programme by themselves or by inviting other resources people. A large group may then get trained at a time in such instances. In other occasions, employees are sent off the job to some specific programme organized by independent training agencies at a central location. Any organization can nominate its employees for
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SUMMER INTERNSHIP 2010 the same. In this type, only a few people can get trained at a time, as many people cannot be off the job at the same time.
A comprehensive and holistic training system would typically follow the following steps in devising and implementing a training plan as detailed below: A training plan is jointly prepared by the HR department and the training head taking into account various parameters such as the corporate goals / objectives, perspectives of the top management, present and future training needs identified by the corporate office/branch / regional heads etc. After preparation of tentative training plan, it is placed for consideration of the top management for approval. On approval of the top management, a training calendar is prepared and is widely circulated among the branches / regions for information and dissemination. The branch/ regional heads nominate the employees for the training depending upon their training needs and also the job requirements. The training programmes are designed optimally to encompass the theory with hands on experience and also to ensure maximization of learning among the participants. The transfer of learning is to assist through performance measurement in the annual performance appraisal, which ultimately leads to feedback for the training system. In most of the central public sectors and some of the state-level public enterprises, the personnel department has identified a Manager (Training) whose specific responsibility is to manage the training needs of the employees of their organization. He and his team members organize the programmes in consultation with heads of department so that there is minimum overlap or clash with the daily routine work of the organization.
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SUMMER INTERNSHIP 2010 A TRAINING PROGRAMME
Training is most effective when it is planned, implemented and evaluated in a systematic way. Unplanned, uncoordinated and haphazard training efforts greatly reduce the learning that can be expected. Hence training efforts must aim at meeting the short-term (individual) and long-term (organizational) goals. This involves conducting a preliminary assessment of training needs at various levels in the organization. A specific training programme may be a result organizational, group or individual requirements. A preliminary identification of the needs would help the organization to act in a proactive manner and realize its objectives. Therefore, we may consider identification of training needs at the following levels: 1. Organizational 2. Group 3. Individual
TRAINING NEEDS AT THE ORGANIZATIONAL LEVEL
Some basic assumptions regarding the training needs of an organization are listed below: The organization has objectives to achieve for the benefit of stakeholders employees, customers supplies and neighbors. These objectives can be achieved only by harnessing the abilities of its employees and providing them opportunities to realize their full potential. Therefore, people must know what they need to learn in order to achieve organizational goals. Training needs at the organizational level involve a study of the entire organization in terms of its objectives and resources, utilization of various resources interaction patterns in the environment, etc. most of the time, training needs address-specific problems in operation and through a training programme solutions are obtained.
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Such problems are related to productivity, high costs, poor material, control poor quality, excessive scrap grievances, high employee turnover, absenteeism, fatigue, failure to meet standards and targets etc. Often anticipating future problems like expansion of business, introduction of new products and new services, new plants and organizational changes concerned with manpower inventory for the present and future needs may also necessitate a training programme. The business environment and the political socio-cultural and technological factors and their influences in effective management might also prompt a training programme.
Information about organization should be discussed with the top management and gaps in the realization of objectives can be determined by getting feedback from employees and conducting a survey.
TRAINING NEEDS AT THE GROUP LEVEL
An organization functions in a manner of high task interdependent and role relationships. Organizational structure determines the positions that the individual will occupy and the role relationships that are attached with it. While there is emphasis on individual effectiveness, group processes and dynamic go a long way in bringing cohesiveness among the employees. Hence managing subordinates, art of delegation, handling superiors, bringing about inter-group process dependency, providing feedback counseling mentoring and meeting the performance standards are some of the aspects that might prompt a training programme.
Information in the above areas may be obtained by interacting with heads of the departments performance appraisals and conducting specific interviews with customers/suppliers etc. Page 27
TRAINING NEEDS AT THE INDIVIDUAL LEVEL
Training at the individual level may be required to improve performance modify deviant or undesirable performance or behaviour or equip the individual with additional skills which will result in capacity building and utilization. This step is closely related to manpower analysis wherein the organization makes the assessment of present and future skill requirements for the organization. Personal observation performance reviews supervisory reports diagnostic tests and self-evolution help in collecting the required information and selecting particular training options that would improve the performance of employees. If there is a match between individual needs and organizational requirements and the employees are trained accordingly it would result in enhanced performance increased or satisfaction and employee loyalty.
In general any training program will aim at the following: Implementing (doing things well) for example meeting current organizational objectives. Improving (doing things better) for example setting higher objectives and trying to reach them. Innovating (doing new and better things) for example changing objectives and strategies.
It is then obvious that identification of training needs may be prompted by one or a combination of these aspects internal or external factors the processes or relationships the functional heads or HR managers, external influences like major technological or environmental changes and budgetary and time constraints
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3.3 TRAINING OBJECTIVES IN INSURANCE SECTOR
In insurance sector, the need to be well trained assumes gigantic proportions. A unique feature as regards insurance is that it is not merely sufficient to have a properly trained workforce; there is a need to spread the message of insurance among the populace. The above, to a great extent, depend on the knowledge ability of the Sales Managers on account of the interface that they are required to maintain with all the prospects. The best of advertisements and other forms of spreading message would be no substitute for a job well done by the intermediary.
The Sales Managers are the public face of the insurance company and make the most enduring impact on the customer. The prospective policyholders today need professional inputs from intermediaries whom they can trust and respect. Therefore, the undeclared objective behind training the Sales Managers is their professionalization, making them capable of good selling and thus ultimately benefitting the customer. Need analysis, features and benefits, objection handling and closing skills are the key components of quality insurance sales training.
When organization has invested in some training, how do we know if it has a success? Our gut feeling might be that skills and practice have improved. But in what ways and by how much has it improved, and did organization get value of money? Answers to these questions can be found by doing evaluation
The evaluation of training forms the remaining part of the training cycle which starts with the identification of training needs, establishing objectives and continues through to the design and delivery of the training course itself.
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SUMMER INTERNSHIP 2010 It is the function of evaluation to assess whether the learning objectives originally identified have been satisfied and any deficiency rectified. It is part of a continuing management process consisting of planning, implementation and evaluation; ideally with each following the other in a continuous cycle until successful completion of the activity.
3.4 EVALUATION OF TRAINING

Evaluation process must start before training has begun and continue throughout the whole learning process. Donald Kirkpatrick developed four level models to assess training effectiveness. According to him, evaluation always begins with level first and should move through other levels in sequence.
KIRK PATRICK MODEL The four-levels Kirk Patrick evaluation consist of

o o o o
Reaction - how the learners react to the learning process Learning - the extent to which the learners gain knowledge and skills Behavior - capability to perform the learned skills while on the job Results - includes such items as monetary, efficiency, moral, etc.
The chart below shows how the evaluation process fits together:
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KIRK PATRICK MODEL
LEVEL ONE - REACTION Evaluation at this level measures how the learners react to the training. This level measures one thing: the learner's perception (reaction) of the course. Learners are often keenly aware of what they need to know to accomplish a task. If the training program fails to satisfy their needs, a determination should be made as to whether it's the fault of the program design or delivery. The interest, attention and motivation of the participants are often critical to the success of any training process -- people often learn better when they react positively to the learning environment by seeing the importance of it. "Reaction may best be considered as how well the trainees liked a particular training program". However, the less relevance the learning package is to a learner, then the more Page 32
SUMMER INTERNSHIP 2010 effort that has to be put into the design and presentation of the learning package. That is, if it is not relevant to the learner, then the learning package has to "hook" the learner through slick design, humor, games, etc. This is not to say that design, humor, or games are unimportant; however, their use in a learning package should be to promote or aid the "learning process" rather than the "learning package" itself. And if a learning package is built of sound purpose and design, then it should support the learners in bridging a performance gap. LEVEL TWO - LEARNING This is the extent to which participants change attitudes, improve knowledge, and increase skill as a result of participating in the learning process. It addresses the question: Did the participants learn anything? The learning evaluation requires some type of posttesting to ascertain what skills were learned during the training. In addition, the posttesting is only valid when combined with pre-testing, so that you can differentiate between what they already knew prior to training and what they actually learned during the training program. Measuring the learning that takes place in a training program is important in order to validate the learning objectives. Evaluating the learning that has taken place typically focuses on such questions as:
o o o
What knowledge was acquired? What skills were developed or enhanced? What attitudes were changed?
LEVEL THREE - PERFORMANCE (BEHAVIOR) This evaluation involves testing the capabilities to perform learned skills while on the job, rather than in the classroom. Level three evaluations can be performed formally Page 33
SUMMER INTERNSHIP 2010 (testing) or informally (observation). It determines if the correct performance is now occurring by answering the question, "Do people use their newly acquired learning on the job?" In Kirkpatrick's original four-levels of evaluation, he named this level as "behavior." However, behavior is the action that is performed, while the final result of the behavior is the performance. Performance has two aspects behavior being the means and its consequence being the end. If we were only worried about the behavioral aspect, then this could be done in the training environment. However, the consequence of the behavior (performance) is what we are really after can the learner now perform and produce the needed results in the working environment? It is important to measure performance because the primary purpose of training is to improve results by having the students learn new skills and knowledge and then actually applying them to the job. Learning new skills and knowledge is no good to an organization unless the participants actually use them in their work activities. Since levelthree measurements must take place after the learners have returned to their jobs, the actual Level three measurements will typically involve someone closely involved with the learner, such as a supervisor.
LEVEL FOUR - RESULTS This is the final results that occur. It measures the training program's effectiveness, that is, "What impact has the training achieved?" These impacts can include such items as monetary, efficiency, moral, teamwork, etc. As we move from level one to level four, the evaluation process becomes more difficult and time-consuming; however, the higher levels provide information that is of increasingly significant value. Perhaps the most frequently type of measurement is Levelone because it is the easiest to measure, yet it provides the least valuable data. Measuring Page 34
SUMMER INTERNSHIP 2010 results that affect the organization is considerably more difficult, thus it is conducted less frequently although it yields the most valuable information. The first three-levels of Kirkpatrick's evaluation Reaction, Learning, and Performance are largely "soft" measurements; however, decision-makers who approve such training programs, prefer results (returns or impacts). 1) Reaction informs you how relevant the training is to the work the learners perform (it measures how well the training requirement analysis processes worked). 2) Learning informs you to the degree of relevance that the training package worked to transfer KSAs from the training material to the learners (it measures how well the design and development processes worked). 3) The performance level informs you of the degree that the learning can actually be applied to the learner's job (it measures how well the performance analysis process worked). 4) Impact informs you of the "return" the organization receives from the training. Decision-makers prefer this harder "result," although not necessarily in dollars and cents. For example, a recent study of financial and information technology executives found that they consider both hard and soft "returns" when it comes to customer-centric technologies, but give more weight to non-financial metrics (soft), such as customer satisfaction and loyalty. We may note the difference between "information" and "returns." That is, the first threelevels give us the "information" for improving the learning package. While the fourthlevel gives us the "returns" for investing in the learning process. A hard result is generally given in dollars and cents, while soft results are more informational in nature. There are exceptions. For example, if the organizational vision is to provide learning opportunities (perhaps to increase retention), then a level-two or level-three evaluation could be used to provide a soft return. Page 35
3.4.1. OBJECTIVES
DPLI spends a huge amount on the induction & training of a SM through Launch Pad Process. Various research reports shows that attrition rate in the insurance industry is very high. The main reason for such a high rate of attrition can be large-scale poaching in a competitive environment. So it is necessary for the insurance companies to groom their newly appointed officers in an effective manner. The underlying premise for training of Sales Managers is that, it can not only help in improving productivity of Sales Managers but also can enhance the overall satisfaction level of Sales Managers and reduce the attrition level.
So for a company to retain its Sales Managers becomes the top priorty, a well designed training can be one of the tools to achieve this. Therefore it becomes one of the competitive tools for a company to distinguish itself from rest of the companies.
Therefore, we have analyzed the effectiveness of training program conducted for Sales Managers and also calculated the Return on Investment for the first 30 days of the Launch Pad training Process.
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SUMMER INTERNSHIP 2010 THE MODEL IMPLEMENTED
Page 37
3.4.2. METHODOLOGY
Theoretical Study was attempted. The relevant data was collected from both primary sources and secondary sources. The
starting point of my information gathering has been the secondary sources such as data available with the company.
First, we made a study of the content of the training program and then interacted with
some of the Sales Managers already working for the company and took a feedback on the Launch Pad training. I also interacted with some of the Trainers already working for the company and took a feedback on how the training was conducted.
The scope of Level1 was all the regions of DPLI. Collection and compilation of feedback from secondary data available with DPLI for the first level i.e. Reaction Stage .Data was collected by the Training department when training actually happened (about quality of the content of the training material and its effectiveness, the trainers skills, Infrastructure) (see
annexure1).
For Level 2: The scope was all the regions of DPLI. Collection and compilation of secondary data available with DPLI for the second level i.e. Learning Stage. To check the knowledge level of the SMs, trend in the Exit scores was checked (see annexure 2) To check the skill level of the SMs, Assessment Scores of the Sales Managers after Launch Pad1 i.e. on 7th day of training given by Trainer was compared with Assessment 2 given after Launch Pad 3 i.e. 30 days of training by Regional Manager) and the trend was checked. (See annexure 2).
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SUMMER INTERNSHIP 2010 For the 3rd level i.e. Change in Skill Set:
The data was collected through a structured questionnaire with a set of questions
asked to the MPs. The questions were regarding the skills the SMs have
developed through training i.e. (after 30 or 60 or 90 days of training as per the joining of the person) and the score was compared with LP-3 and finally a trend was drawn for training effectiveness (see annexure 3). Observation was done by going on Sales and Recruitment Calls with a Sample of Sales Managers whos feedback has already been taken from the MPs regarding the skills they have developed through training (after 30 or 60 or 90 days of training as per the joining of the person) and would be compared with LP-3 and finally a trend would be drawn for training effectiveness (see annexure 3). The scope of Level 3 was restricted to Delhi and Chandigarh for convenience sampling.
For the 4th level i.e. Results data would be collected by: Comparison of productivity of the Sales Managers who joined in JFM 2009 with the productivity of the Sales Managers who joined in JFM 2010 Sales Managers who had undergone revised training. (See annexure 4). Comparison of productivity of the Sales Managers who joined in OND 2009 with the productivity of the Sales Managers who joined in JFM 2010 Sales Managers who had undergone revised training. (See annexure 4). Comparison of the number of LA coded per SM man month achieved done by Sales Managers who joined in JFM 2009 with the number of LA coded per SM man month achieved done by Sales Managers who joined in JFM 2010 who had undergone revised training. (See annexure 4).
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SUMMER INTERNSHIP 2010 Comparison of the number of LA coded per SM man month achieved done by Sales Managers who joined in OND 2009 with the number of LA coded per SM man month achieved done by Sales Managers who joined in JFM 2010 who had undergone revised training. (See annexure 4). Comparison of attrition rate of the Sales Managers (i.e. JFM 2009) with the Sales Managers who had undergone revised training for JFM (2010) was done (see
annexure 4).
Comparison of attrition rate of the Sales Managers (i.e. OND 2009) with the Sales Managers who had undergone revised training for JFM (2010) was done (see
annexure 4)
For the 5th level i.e. Return On Investment: The data of the costs required for the training will be collected from secondary sources (the bills that have been passed i.e. the actual cost incurred by the company for the training) .This includes training cost ,travelling expenses, venue expenses, books & printing cost, trainers salary for 10 days, SMs salary for 10 days. The return on investment has been calculated i.e. Average APE generated by an SM per
rupee spent on the training (see annexure 5).
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3.4.3 ANALYSIS AND FINDINGS
Through the above mentioned procedure, the following are the findings: LEVEL 1: The Average feedback Scores for Jan and Feb is 4.7 out of 5, which is very good. For March the feedback score has fallen to 4.5, which is also good, but the trend is falling and that has to be figured out. By doing a detailed analysis it was found out that in almost all the sessions the scores has dropped.
LEVEL 2: First I checked whether there is any improvement in LP-3 from LP-1 .For this there was no clear trend. Then I tried to check is the rating given in LP-1 more. Even this was not the trend I even tried to check the trend region wise and also trainer wise.
There is no exact trend in the i.e. when we try to compare LP-1 and LP-3 scores. Out of a sample of 80 SMs, 37 SMs have improved and shows a positive change. 7 SMs show no change and 36 SMs show a negative change. This was a mixture of all regions and there is no clear pattern.
LEVEL 3: There was a clear cut improvement in the SMs understanding and level from LP-3 to the time assessment was done by the MP when the SM was 30-90 days old in the system.
This was even observed by me on Sales and recruitment calls.
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OBSERVATIONS BASED ON CALLS AND ANALYSIS: CHANDIGARH:
STRENGTHS
IMPROVEMENT AREAS
Page 42
DELHI:
STRENGTHS
IMPROVEMENT AREAS
Page 43
LEVEL 4: LA Recruitment has increased by 300% from JFM 09 to JFM 10 and increased by 180% from OND 09 to JFM 10. SM Productivity per Man Month has increased by 64% from OND 09 to JFM 10. Attrition levels after launch pad process within 60 days has reduced by 3% from OND 09 to JFM 10 and increased 1% from JFM 09 to JFM 10.
The reasons for Sales Managers attrition were: Background Verification Industry Change/Better Opportunities Non Productive Partiality/Office Politics Manager Not Helpful
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3.4.4 RECOMMENDATIONS:
LEVEL 1: 1. Separate Launch Pad Sessions for Insurance & Non Insurance Candidates 2. Strengthen product and sales process training by way of case studies and more practical training 3. Feedback scores should be shared with the trainers and the RCDMs for developmental action. LEVEL 2: 1. SM Tracking is unique to DPLI. However it would help if there is more uniformity in the process of evaluation 2. The expectation level of Regional Managers and the Trainers has to be the same. 3. There should be more clarity in the way we use the rating system. LEVEL 3:
1. MP should evaluate the person who is aspiring to become a LA and should give a rating for LAs business potential 2. MPs should conduct weekly review of the calls done by the SMs. 3. Telephones and dedicated space should be assigned for LAs in the branch as lack of it is not motivating the LAs to come to the branch 4. The ability of the MP/AP should improve in terms of having an open discussion with the SM, because whatever is perceived important to the MP should be considered important to the SM as well. 5. Calls should be continued by the AP/MP, with the SM ,if even after 60 days he is not able to earn 12000 as commission
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3.4.5 CONCLUSION
The data clearly suggests that investment in training, in spite of attrition is yielding a positive ROI (151%) and the current investment should be sustained, with the improvements and the recommendations suggested.
3.4.6 LIMITATIONS
Sampling errors might have occurred There was a difficulty in going on calls with the Sales Managers because of several reasons like customer not responding, change in timings given by customer. Some of the SMs do not want to fix calls because they do not use the tools recommended. The responses of the Managing Partners, Associate Partners may not be genuine. The questions included in the questionnaire may not be comprehensive The sales managers behaviour and the way he handles a call would have changed in assisted sales/recruitment calls
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4. NOTES:
1. Kirkpatrick, D. (1996). Great ideas revisited. Training and Development, 50(1), 54-59.
2. Kirkpatrick, D. (1994). Evaluating graining programs: the four levels. San Francisco:Berrett-KochlerPublishers,Inc.
3. Parry, S. (1996). Measuring training's ROI. Training and Development, 50(5), 7277.
4. Phillips, J. (1997). Return of investment in training and performance improvement programs. Houston: Gulf Publishing Company
5. http://leanlearning.wikispaces.com/learning analytics
Other references
BOOKS
1. Blanchard, P. Nick , Thacker, James W. , May 2006, Effective Training: Systems, Strategies And Practices, Prentice Hall 2. Ford, Kevin, Goldstein, Irwin L. ,Goldstein David S, 2001, Training In
Organizations: Needs Assessment, Development, And Evaluation ,Wadsworth Publishing Company 3. Aswathappa, K, 2003, Human Resource Management Text and Cases, Tata McGraw Hill Publishing Ltd. 4. Jyothi P. and Venkatesh, D.N., 2006, New Delhi, Human Resource Management, Oxford University Press
47
5. GLOSSARY
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26.
DPLI SM MP AP ROI LA RM CDM LP-1 LP-3 BVF ASM SSM APE YTD JFM OND PFS JFC SP CAS SN NAF MM R&R AML
DLF Pramerica Life Insurance Sales Manager Managing Partner Associate Partner Return On Investment Life Associate Regional Manager Capability Development Manager Launch Pad 1 Launch Pad 3 Background Verification Associate Sales Manager Senior Sales Manager Annual Premium Equivalent Year To Date January, February, March October, November, December Partnering For Success Joint Field Calls Sales Presenter Candidate Assessment Sheet Social Networking Need Analysis Form Man Month Rewards & Recognition Anti Money Laundering
48
7. ANNEXURES ANNEXURE 1 Launch Pad Feedback given by Sales Managers Level 1
Launch Pad Training Feedback National Update - Jan'10

Training Dates Over all Ergonomics Score Over all Faculty Score Over all Orientation Score Over all Sales Process Score Over all Score Product Session Average Scores 4.7 4.9 4.7 4.7 4.6 Top Box Rating 74% 86% 84% 80% 78%
Over All Launch Pad Score
4.7
Description
Ergonomics Infrastructure, other facilities
Total 57
Scores 4.6
Top Box 70%
Top 2 Box 93%
49

Training Schedule / Duration Training Co-ordination & Organization Training Environment Course Material, Assignments (if any) How comfortable was the trainer with the topic being discussed? How well did he make you understand / learn the concept Faculty Was he able to resolve your queries / questions Was he able to keep the group interested through the training Were you comfortable with the pace of the sessions Did he make you confident to implement the skills / knowledge learnt DLF Pramerica as an organization & career prospects Orientation Understanding your role Evangelizing Life Insurance HR Policies & procedures Prospecting Techniques Sales Process Approach and Objection Handling Need Analysis Form Closing Basic Product Terminologies Financial Basics Session on Products Rupee Cost Averaging & SIP Term Plan ULIP & AML
57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57 57
4.6 4.7 4.7 4.7 4.9 4.9 4.8 4.9 4.8 4.9 4.8 4.7 4.7 4.5 4.7 4.7 4.8 4.7 4.6 4.5 4.7 4.7 4.6
74% 72% 75% 77% 91% 88% 86% 86% 81% 86% 75% 68% 72% 56% 75% 72% 79% 74% 67% 60% 74% 77% 70%
91% 98% 98% 95% 98% 98% 98% 100% 100% 100% 100% 98% 98% 93% 98% 96% 96% 96% 96% 91% 95% 96% 93%
50
Description
Infrastructure, other facilities
Average Scores 3.9 4.4 4.6 4.6 4.5 4.6 4.9 4.8 4.8 4.9 4.8 4.9 4.8 4.8 4.8 4.8 4.5 4.8
Top Box Ratings 34% 62% 67% 76% 66% 72% 93% 86% 87% 88% 84% 92% 84% 86% 86% 78% 55% 80%
Top 2 Box Ratings 67% 83% 89% 88% 88% 91% 96% 97%
Month
Ergonomics
Training Schedule / Duration Training Co-ordination & Organization Training Environment Course Material, Assignments (if any) Subject Coverage How comfortable was the trainer with the topic being discussed? How well did he make you understand / learn the concept Was he able to resolve your queries / questions Was he able to keep the group interested through the training Were you comfortable with the pace of the sessions Did he make you confident to implement the skills / knowledge learnt Over All Impression DLF Pramerica as an organization & career prospects Reward & recognition platforms? Insurance terminologies and work habits? HR Policies & procedures? How to use sales presenter?
Feb-10
Faculty
96% 97% 96% 99% 99% 99% 99% 99% 95% 99%
Sal es Pr Orientation oce ss
51

How to use need analysis form? How to pitch DPLI product to the customer? Basic Product Terminologies
4.8 4.8 4.7 4.7 4.8 4.8 4.7 4.8 4.8 4.7 4.8 4.9 4.7 4.2 4.2 4.5 4.5 4.4 4.3 4.7 4.2 4.6 4.4 4.4
78% 80% 70% 74% 80% 79% 70% 80% 78% 76% 79% 87% 77% 41% 45% 59% 55% 52% 45% 66% 41% 62% 59% 59%
99% 97% 96% 97% 100% 97% 96% 96% 99% 97% 96% 99% 95% 86% 79% 97% 97% 90% 90% 100% 83% 97% 93% 83%
Session on Products Over Recruitment All Ergonomics
Financial Basics Family First Future Idol Plus Super Wealth Plus My role as a sales manager? Recruitment Process? Ideal profile of a Life Associate? How to pitch agency as a carrier? On the whole, the training program was
Infrastructure, other facilities Training Schedule / Duration Training Co-ordination & Organization Training Environment Course Material, Assignments (if any) Subject Coverage How comfortable was the trainer with the topic being discussed?
Mar-10
Faculty
How well did he make you understand / learn the concept Was he able to resolve your queries / questions Was he able to keep the group interested through the training Were you comfortable with the pace of the sessions
52

Did he make you confident to implement the skills / knowledge learnt Over All Impression
4.7 4.6 4.7 4.7 4.5 4.4 4.7 4.6 4.4 4.4 4.4 4.2 4.5 4.4 4.4 4.3 4.4 4.4 4.5 4.5
66% 66% 72% 69% 59% 59% 69% 66% 48% 48% 48% 45% 59% 55% 48% 45% 55% 52% 55% 56%
100% 93% 100% 97% 93% 90% 97% 93% 90% 90% 90% 83% 93% 86% 93% 93% 90% 93% 97% 92%
Orientation Sales Process Session on Products Over Recruitment All
DLF Pramerica as an organization & career prospects Reward & recognition platforms? Insurance terminologies and work habits? HR Policies & procedures? How to use sales presenter? How to use need analysis form? How to pitch DPLI product to the customer? Basic Product Terminologies Financial Basics Family First Future Idol Plus Super Wealth Plus My role as a sales manager? Recruitment Process? Ideal profile of a Life Associate? How to pitch agency as a carrier? On the whole, the training program was
53
Table 1: Total No of Sales Managers
Month
Jan
Feb
Mar
No Of Participants Taken
57
76
29
Graph 1: Overall Training Feedback (Average Scores Out Of 5)
54
Graph 2: TREND IN AVERAGE SCORE (FOR DIFFERENT SESSIONS IN THE TRAINING)
The rating was above 75% for all 3 months

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Table 2: FINDINGS FOR TRAINING EFFECTIVENESS
Topics For S.NO. Training Effectiveness How comfortable 1. was the trainer with the topic being discussed Standard Deviation 0.62 Calculated Values Averages 4.7 4.89 4.65 Jan Feb March
0.41
0.48
So this clearly shows that in Feb the trainer was the most comfortable followed by March and then Jan. How well did the trainer make the 2. Sales Manager understand / learn the concept Standard Deviation 0.39 0.51 0.74 Averages 4.85 4.81 4.24
So this clearly shows that in Jan the trainers were the best in making the SM learn the concept followed by Feb and then March.
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SUMMER INTERNSHIP 2010 Was the trainer 3. able to resolve the queries / questions Averages 4.84 4.82 Standard Deviation 0.41 0.47 0.56 4.58
So this clearly shows that in Jan the trainers were the best in resolving the queries followed by Feb and then March. Did the trainer make you 4. confident to implement the skills / knowledge learnt So this clearly shows that in Feb the trainers were the best in making the SMs implement the knowledge learnt followed by Jan and then March. Averages Session on how to use a NAF 4.76 4.69 Standard Deviation 0.504 0.501 0.627 4.58 Standard Deviation 0.35 Averages 4.86 4.9 4.65
0.33
0.48
5.
57
SUMMER INTERNSHIP 2010 So this clearly shows that in Jan the trainers were the best in conducting the session on NAF followed by Feb and then March. Session on Basic 6. Product Terminologies Averages 4.64 4.66 4.37
Standard Deviation
0.55
0.55
0.67
So this clearly shows that in Jan the trainers were the best in conducting the session on basics of product terminologies followed by Feb and then March. Averages 7. Session on Financial Basics Standard Deviation 0.66 4.51 4.72 4.37
0.50
0.67
So this clearly shows that in Feb the trainers were the best in conducting the session on financial basics followed by Jan and then March.
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ANNEXURE 2 Table 3: For testing the knowledge level of the SMs Level 2
Median Score Exit Test No of candidates evaluated: 190 Month LP-1
JFM JAN FEB MARCH
17 17 17 18
86% of the Sales Managers have scored above 75% marks in the exit test
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Table 4: For testing the skill level of the SMs

Median Score Assessment Scores No of candidates evaluated: 80 Month LP-1 LP-3
JFM JAN FEB MARCH
3.2 2.5 3.4 3
3 3 3 3
60
Graph 3: TREND IN LP-1 AND LP-3 SCORES REGION WISE
61
Graph 4: TREND IN LP-1 AND LP-3 SCORES TRAINER WISE
With this data in hand, unable to comment, about the skill level of the Sales Managers 62
Graph 5: Trend for 80 participants
63
Graph 6: The Change in level of scores from LP-1 to LP-3

There was a change in score from as high as 1.8 to as low as -2.2
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ANNEXURE 3
Questionnaire for MPs Level 3
DLF Pramerica Life Insurance Company Feedback of the Sales Managers from the Managing Partner after 30 days of Launch Pad Training Kaizen means "improvement". Kaizen involves never ending effort for improvement involving everyone in the organization (To be filled by MP) MP Name From: Region & Branch Name Period Sales Manager Name To: LP-1,Field Work and LP-3
This is an objective feedback exercise on the change in skills of the Sales Managers after 30 days of Launch Pad. Your feedback is valuable for continuous improvement
65

Kindly give your ratings for the Sales Manager on the following parameters
Ability to Introduce DPLI using a Sales Presenter
Unable to use SP at all
Unable to clearly read content of Sales Presenter
Could read content of SP clearly: unable to expand on contents.
Able to use sales presenter and build cohesive story but unable to handle objections.
Ability to conduct a Need Analysis with the customer
Unable to introduce NAF & Tick top 2 priorities. Unable to connect money commitm ent to products Unable to put down 20 names with Phone Nos in a list.
Able to build rapport & introduce NAF, Tick top 2 priorities.
Able to take priorities and complete all relevant calculations. Was able to pitch product benefits connected with identified priorities in NAF Able to list down 20 names, connect with LA Selection Criteria.
Could do all calculations and link back to priorities & money commitment.
Used the sales presenter easily and use it creatively for rapport building & Objection handling. Seamless transition from SD to NAF and completes in an effortless, conversation manner. Was able to pitch multiple products in combo sales using NAF Is able make approach call to prospect list, Handle objections and invite them to office.
Ability to pitch DPLI product to the customer
Begins product pitch no connect to NAF or priorities.
Was able to pitch product connected with priorities & Handle Objections
Ability to make a prospective list of Life Associate's
Able to list down 20 names with Phone Nos, but no connect with LA Selection Criteria.
Is able make approach call to prospect list
66

Unable to list any benefits of Agency Business
>10 errors
Ability to pitch agency as a career
Able to state clearly 5 reasons why to become a LA

Between 8 - 10
Able to Match Correct Value Proposition to LA's Aspirations

Between 4 - 7
Matches Correct Value Proposition to LA's Aspirations& pitches for the long term.
Between 0-3
Match Correct Value Proposition and pitches business expectations & work habits.
No errors
Ability to log in a complete non discrepant application form
Understanding of the R&R and incentives post discussion
Unable to explain incentive earning and R&R
Able to explain incentive parameters but could not calculate his monthly incentive earning
Approach() Give No's
Understand incentive parameters and can calculate monthly incentive earning

PFS CAS & SN 100 () Give No's
Understand incentive parameters and does back calculation of input required to earn desirable incentive
MP Interview() Give No's
Designs a work plan based on his understanding of incentive structure and works according to it to achieve desirable results
Coding() Give No's
What is the Input Tracker for the recruitment after JFC What is the Input Tracker for the sales after JFC
Name Gathering () Give No's Calling
Meeting
Presenting
Closing
Referrals
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Table 5: Feedback by the MPs and APs of Chandigarh Branch for Sales Managers who joined after December 2009 and who have undergone 30 days of training.
Introduce the company using Sales Presenter 5 5 5 5 4 5 5 4 5 4 4.70
Do a Need Analysis with the customer 2 2 2 3 5 5 5 3 4 3 3.40
Match the needs to the products 5 5 5 5 5 5 5 3 3 3 4.40
Identify an ideal life associate 5 5 5 5 5 5 5 5 5 5 5.00
Pitch agency as a career 3 3 3 4 4 5 5 3 3 3 3.60
Errors in a form
Understanding R&R
Average
4 4 4 3 3 3 3 3 3 3 3.30
3 3 3 5 4 5 5 3 3 3 3.70
3.86 3.86 3.86 4.29 4.29 4.71 4.71 3.43 3.71 3.43 4.01
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Table 6: Feedback done by me of Chandigarh Branch for the Sales Managers who joined after December 2009 and who have undergone 30 days of training.
Introduce the company using Sales Presenter 4 5 5 4 4 5 5 4 5 4 4.50 Do a Need Analysis with the customer 2 4 3 3 3 5 5 3 4 3 3.50 Match the needs to the products 3 3 4 4 3 5 5 3 3 3 3.60 Identify an ideal life associate 4 5 4 5 4 5 5 5 5 5 4.70 Pitch agency as a career 3 5 4 4 2 5 5 3 3 3 3.70
Errors in a form
Understanding R&R
Average
4 4 4 3 3 3 3 3 3 3 3.30
3 5 3 3 3 5 5 3 3 3 3.60
3.33 4.33 4.00 3.83 3.17 4.71 4.71 3.43 3.71 3.43 3.87
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Graph 7: Change in Skill Set (Comparison of Scores given in LP-3 (i.e. after 30 days of training) to scores given by MP (60-90 days on the Job)
6 5 4.40 4 3.6 3 2 1 0 1 2 3 4 5 6 7 8 9 2.8 2.4 2.8 2.8 4 4 3.6 3.6 3 2.6 2.6 2 by MP 5 4.6 4 4 lp-3
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Graph 8: Change in Skill Set (Comparison of Scores given in LP-3 (i.e. after 30 days of training) to scores given by Me by going on Calls (60-90 days on the Job)
6.00 5.00 4.00 3.00 2.00 1.00 0.00 1 2 3 4 5 6 7 8 9 4.00 3.6 2.8 2.4 2.8 3.2 2.8 5 4.4 4.00 3.6 4 3.6 3.2 3 2.6 2.6 2 by Me lp-3
Inference: Sales Managers are using the Skills learnt in training on the Job
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Table 7: Feedback by the MPs and APs of Delhi Branches of Sales Managers who joined after December 2009 and who have undergone 30 days of training.
Introduce the company using Sales Presenter 4 4 3 4 5 3 5 3 5 5 4 5 3 3 5 4.00
Do a Need Analysis with the customer 3 4 4 3 4 2 5 3 5 2 4 4 4 3 5 3.57
Match the needs to the products 4 4 4 4 5 3 5 4 5 4 4 4 2 4 4 4.00
Identify an ideal life associate 4 3 3 5 5 3 5 5 5 5 4 3 5 3 4 4.14
Pitch agency as a career 4 4 4 4 5 3 5 5 5 5 3 3 2 2 5 3.86
Errors in a form
Understanding R&R
Average
4 4 3 4 5 4 4 5 5 4 4 3 4 3 4 4.00
3 4 5 4 5 3 4 5 5 3 3 4 2 2 5 3.71
3.83 3.83 3.71 4.00 4.86 3.00 4.71 4.29 5.00 4.00 3.71 3.71 3.14 2.86 4.57 3.90
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Table 8:
Feedback done by me of Delhi Branch for the Sales Managers who joined after December 2009 and who have undergone 30 days of training.
Introduce the company using Sales Presenter 5 5 3 4 5 3 5 5 5 4 4 5 4 3 5 4.3 Do a Need Analysis with the customer 3 4 4 3 4 2 4 4 5 2 4 4 4 3 5 3.7 Match the needs to the products 4 4 4 4 5 3 5 4 5 4 4 4 2 4 4 4.0 Identify an ideal life associate 4 4 3 5 5 3 5 5 5 4 4 3 4 3 5 4.1 Pitch agency as a career 4 5 4 4 5 3 5 4 5 4 3 3 5 2 5 4.1
Errors in a form
Understanding R&R
Average
4 4 3 4 5 4 4 4 5 4 4 3 4 3 5 4.0
3 4 5 4 5 3 3 3 5 3 3 4 2 2 5 3.6
4.00 4.33 3.50 4.00 4.86 3.00 4.67 4.33 5.00 3.67 3.83 3.67 3.83 3.00 4.83 4.03
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Graph 9: Change in Skill Set (Comparison of Scores given in LP-3 (i.e. after 30 days of training) to scores given by MP (60-90 days on the Job)
4 lp-3 MP after 30/60/90 days
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
74
Graph 10: Change in Skill Set (Comparison of Scores given in LP-3 (i.e. after 30 days of training) to scores given by ME by going on calls (60-90 days on the Job)
6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 lp-3 Done by Me
Inference: Sales Managers are using the Skills learnt in training on the Job
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Table 9: Average Scores Of the 9 SMs of Chandigarh and 15 SMs of Delhi on all the parameters asked in the questionnaire
Region Introduce the company using Sales Presenter Do a Need Analysis with the customer Match the needs to the products Identify an ideal life associate Pitch agency as a career
Errors in a form
Understanding R&R
Delhi 4.00 Chandigarh 4.70 National 4.35 3.40 3.48 4.40 4.20 5.00 4.57 3.60 3.73 3.30 3.65 3.70 3.70 3.57 4.00 4.14 3.86 4.00 3.71
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ANNEXURE 4: LEVEL 4 Graph 11: TRENDS IN SM PRODUCTIVITY: Average APE per man month done by an ASM/SM/SSM. This includes self sourcing and team business
77
Graph 12: TRENDS IN LA Coded /SM MM Achieved
78
Graph 13: TRENDS IN ATTRITION OF THE SALES MANAGERS WITHIN 30 DAYS OF JOINING
79
Graph 14: TRENDS IN ATTRITION WITHIN 60 DAYS OF JOINING
80
RESEARCH METHODOLOGY USED FOR LEVEL 3 AND 4 Chi-square test 2: It is the test for independence. This tells us with confidence whether the rating given by the MP is predictive of the number of LA coded by the SM.
Null Hypothesis H0: Rating given by MP has no impact on the number of LA coded by the SM Alternate Hypothesis H1: Rating given by MP has impact on the number of LA coded by the SM
TABLE 10: RESULTS OF CHI-SQUARE Chi Square Value from the Table 5.99
Null Hypothesis Rejected
S.NO.
Degrees of freedom
Chi Square Value Calculated
Chi Square Test
1.
9.25
So we can say with 95% confidence that Rating given by MP has impact on the number of LA coded by the SM
81
T-Test: To test the impact (positive or negative), confidence intervals for the difference between a pair of means Null Hypothesis H0: The mean of the Rating given by MP for SMs who have coded 0 LAs is equal to the mean of the rating given by MP for SMs who have coded 1 LAs Alternate Hypothesis H1: Mean of the rating given by MP for SMs who have coded 0 LAs is less than the mean of the rating given by MP for SMs who have coded 1 LAs Null Hypothesis H0: The mean of the Rating given by MP for SMs who have coded 1 LAs is equal to the mean of the rating given by MP for SMs who have coded 2 LAs Alternate Hypothesis H1: Mean of the rating given by MP for SMs who have coded 1 LAs is less than the mean of the rating given by MP for SMs who have coded 2 LAs Null Hypothesis H0: The mean of the Rating given by MP for SMs who have coded 0 LAs is equal to the mean of the rating given by MP for SMs who have coded 2 LAs Alternate Hypothesis H1: Mean of the rating given by MP for SMs who have coded 0 LAs is less than the mean of the rating given by MP for SMs who have coded 2 LAs
82
TABLE 11: RESULTS OF T-TEST
S.NO.
No Of LAs Coded
Between 1 and 2 LAs Coded Between 0 and 2 LAs Coded Between 0 and 1 LAs Coded
T Value Calculated 0.056

0.048
T Value Critical
T- Test
1. 2. 3.
0.05 0.05 0.05
0.95
So it clearly means that SMs who have coded 2 LAs have significantly higher mean rating at 95% confidence level than people who have coded 0 LAs . SMs who have coded 2 LAs have significantly higher mean rating at 90% confidence level than people who have coded 1 LAs Inference: This clearly indicates that the rating given by MPs is predictive of the number of LAs actually coded by the SM.
83
ANNEXURE 5
TABLE 12: Calculation of the ROI LEVEL 5 Launch Pad I Expenses
Cost Per Participant Launch Pad III Expenses
10,594
Cost Per Participant
4,910
Salary Expenses for SM for 10 days Salary Expenses for Trainer Cost per SM for 10 day LP Total Cost per SM
8,219 919 24642
Average APE Generated (SM Productivity/MM) Return On Investment(APE Per Rupee Spent In the Training) 84
37210 151%
ANNEXURE 6
Organization Structure
85
ANNEXURE 7:
DPLIs Growth Plans
Jammu
Himachal Pradesh Punjab Uttaranchal Uttar Pradesh
Rajasthan
Del NCR Haryana
Gujrat
Existing Locations New Locations in 2010
Kerela
86

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SUMMER INTERNSHIP REPORT 2010,

Birla Institute of Management Technology, Greater Noida

SUMMER INTERNSHIP 2010

DLF PRAMERICA LIFE INSURANCE

Corporate Guide Mr. Arindam Lahiri

Academic Guide: Prof R.J. Masilamani

SUMMER INTERNSHIP 2010

SUMMER PROJECT CERTIFICATE

Date: Signature Seal: (Prof. R.J. Masilamani)

SUMMER INTERNSHIP 2010

Ashima Ajmani Birla institute of Management Technology (BIMTECH) Greater Noida

Date: 15th June, 2010 Place: Greater Noida.

SUMMER INTERNSHIP 2010

SUMMER INTERNSHIP 2010

SUMMER INTERNSHIP 2010

SUMMER INTERNSHIP 2010

At present there are 23 private life insurance companies in India.

SUMMER INTERNSHIP 2010

2.2 INTRODUCTION OF DLF PRAMERICA LIFE INSURANCE

No. of policies No. of employees No. of agents

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The DLF Promise

Deliver on promises with agility

Financial Prudence Quality Trust

Customer Sensitivity Highest Global Standards

REVISED LAUNCH PAD PROCESS FOLLOWED FROM JANUARY 2010

LAUNCH PAD TRAINING AT DPLI DURING 2009-10

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SUMMER INTERNSHIP 2010

3.2 REVIEW OF LITERATURE

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SUMMER INTERNSHIP 2010 BENEFITS FOR INDIVIDUALS

BENEFITS FOR THE ORGANIZATION

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SUMMER INTERNSHIP 2010 A TRAINING PROGRAMME

TRAINING NEEDS AT THE ORGANIZATIONAL LEVEL

SUMMER INTERNSHIP 2010

TRAINING NEEDS AT THE GROUP LEVEL

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TRAINING NEEDS AT THE INDIVIDUAL LEVEL

SUMMER INTERNSHIP 2010

3.3 TRAINING OBJECTIVES IN INSURANCE SECTOR

3.4 EVALUATION OF TRAINING

KIRK PATRICK MODEL The four-levels Kirk Patrick evaluation consist of

SUMMER INTERNSHIP 2010

SUMMER INTERNSHIP 2010

KIRK PATRICK MODEL

SUMMER INTERNSHIP 2010

SUMMER INTERNSHIP 2010 THE MODEL IMPLEMENTED

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SUMMER INTERNSHIP 2010

3.4.3 ANALYSIS AND FINDINGS

This was even observed by me on Sales and recruitment calls.

SUMMER INTERNSHIP 2010

OBSERVATIONS BASED ON CALLS AND ANALYSIS: CHANDIGARH:

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SUMMER INTERNSHIP 2010