Upload
ranvir-rathore
View
41
Download
0
Embed Size (px)
Citation preview
SUMMER INTERNSHIP REPORT 2010, Birla Institute of Management Technology, Greater Noida
SUMMER INTERNSHIP 2010
Page 2
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 Academic Guide:
Mr. Arindam Lahiri Prof R.J. Masilamani
SUMMER INTERNSHIP 2010
Page 3
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)
SUMMER INTERNSHIP 2010
Page 4
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.
SUMMER INTERNSHIP 2010
Page 5
TABLE OF CONTENTS
Topic Page Number
1. Executive Summary………………………………………………….. 06-07
2. Introduction………………………………………………................... 08-16
2.1. Industry Profile……………………………………….............. 08-10
2.2. Company Profile……………………………………………… 11-16
3. Module I………………………………………………………………. 17-39
3.1. Introduction………………………………………………. 17
3.2. Review of Literature……………………………………… 18-28
3.3. Training Objectives in Insurance Industry……………… 29-30
3.4. Evaluation Of Training(The Launch Pad Process)…… 30-35
3.4.1. Problem Definition and Objectives………………………. 36-37
3.4.2. Methodology………………………………………………. 38-40
3.4.3. Analysis and Findings…………………………………….. 41-44
3.4.4. Recommendations…………………………………………. 45
3.4.5. Conclusion………………………………………………..... 46
3.4.6. Limitations………………………………………………..... 46
4. Notes……………………………………………………………………… 47
5. Glossary……………………………………………….............................. 48
6. Annexures…………………………………………………………........... 49-86
SUMMER INTERNSHIP 2010
Page 6
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.
SUMMER INTERNSHIP 2010
Page 7
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
SUMMER INTERNSHIP 2010
Page 8
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.
SUMMER INTERNSHIP 2010
Page 9
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.
SUMMER INTERNSHIP 2010
Page 10
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.
SUMMER INTERNSHIP 2010
Page 11
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 : 10530 (as of October 31, 2009)
No. of employees : 714 (as of October 31, 2009)
No. of agents : 1056 (as of October 31, 2009)
SUMMER INTERNSHIP 2010
Page 12
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 O‘Rourke 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.
SUMMER INTERNSHIP 2010
Page 13
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 FOCUSED-
Be someone who places customers and their needs at the forefront while developing and
managing their financial solutions.
MUTUAL RESPECT-
Build 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 TRUST-
Build 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.
WINNING-
Be positive and confident; seize every moment, every day, with a winning perspective,
fearlessly facing the uncertainties of life.
SUMMER INTERNSHIP 2010
Page 14
The DLF Promise
Quality Trust
Customer Sensitivity
Deliver
on promiseswith agility
Financial
Prudence
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
SUMMER INTERNSHIP 2010
Page 15
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 Associate‘s 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 Customer‘s need and fulfilling it is taught using Role Play‘s 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 trainer‘s at branch level is done
Objection handling on various stages is done
SUMMER INTERNSHIP 2010
Page 16
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 Associate‘s
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. Of
SM’s
Total No. of Man
days utilised
Sales Managers Trained in 2009 767 5753
Sales Managers Trained in JFM 2010 200 2600
SUMMER INTERNSHIP 2010
Page 17
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
SUMMER INTERNSHIP 2010
Page 18
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.
SUMMER INTERNSHIP 2010
Page 19
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 one‘s 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. In addition to an aggressive and
SUMMER INTERNSHIP 2010
Page 20
imaginative research and engineering effort, it also requires sustained and forward-
looking 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.
SUMMER INTERNSHIP 2010
Page 21
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 employer‘s 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
SUMMER INTERNSHIP 2010
Page 22
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.
SUMMER INTERNSHIP 2010
Page 23
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:
SUMMER INTERNSHIP 2010
Page 24
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
SUMMER INTERNSHIP 2010
Page 25
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.
SUMMER INTERNSHIP 2010
Page 26
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.
SUMMER INTERNSHIP 2010
Page 27
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.
SUMMER INTERNSHIP 2010
Page 28
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
SUMMER INTERNSHIP 2010
Page 29
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.
SUMMER INTERNSHIP 2010
Page 30
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 Reaction - how the learners react to the learning process
o Learning - the extent to which the learners gain knowledge and skills
o Behavior - capability to perform the learned skills while on the job
o Results - includes such items as monetary, efficiency, moral, etc.
The chart below shows how the evaluation process fits together:
SUMMER INTERNSHIP 2010
Page 31
SUMMER INTERNSHIP 2010
Page 32
KIRK PATRICK MODEL
L E V E L O N E - R E A C T I O N
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
SUMMER INTERNSHIP 2010
Page 33
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.
L E V E L T W O - L E A R N I N G
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 post-
testing to ascertain what skills were learned during the training. In addition, the post-
testing 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 What knowledge was acquired?
o What skills were developed or enhanced?
o What attitudes were changed?
L E V E L T H R E E - P E R F O R M A N C E ( B E H A V I O R )
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
SUMMER INTERNSHIP 2010
Page 34
(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 level-
three 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.
L E V E L F O U R - R E S U L T S
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 Level-
one because it is the easiest to measure, yet it provides the least valuable data. Measuring
SUMMER INTERNSHIP 2010
Page 35
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 three-
levels give us the "information" for improving the learning package. While the fourth-
level 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.
SUMMER INTERNSHIP 2010
Page 36
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.
SUMMER INTERNSHIP 2010
Page 37
THE MODEL IMPLEMENTED
SUMMER INTERNSHIP 2010
Page 38
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 trainer‘s 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 SM‘s, trend in the Exit scores was checked
(see annexure 2)
To check the skill level of the SM‘s, 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).
SUMMER INTERNSHIP 2010
Page 39
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 MP‘s. The questions were regarding the skills the SM‘s 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 who‘s feedback has already been taken from the MP‘s 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 Manager‘s
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 Manager‘s
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).
SUMMER INTERNSHIP 2010
Page 40
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
Manager‘s 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
Manager‘s 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, trainer‘s salary for 10 days, SM‘s 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).
SUMMER INTERNSHIP 2010
Page 41
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 SM‘s, 37 SM‘s have improved and shows a positive change.
7 SM‘s show no change and 36 SM‘s 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 SM‘s 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.
SUMMER INTERNSHIP 2010
Page 42
OBSERVATIONS BASED ON CALLS AND ANALYSIS:
CHANDIGARH:
STRENGTHS
IMPROVEMENT AREAS
SUMMER INTERNSHIP 2010
Page 43
DELHI:
STRENGTHS
IMPROVEMENT AREAS
SUMMER INTERNSHIP 2010
Page 44
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
SUMMER INTERNSHIP 2010
Page 45
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 RCDM‘s 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 LA‘s business potential
2. MP‘s should conduct weekly review of the calls done by the SM‘s.
3. Telephones and dedicated space should be assigned for LA‘s in the branch as lack of it is
not motivating the LA‘s 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
SUMMER INTERNSHIP 2010
Page 46
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 SM‘s 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 manager‘s behaviour and the way he handles a call would have changed in
assisted sales/recruitment calls
SUMMER INTERNSHIP
2010
47
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), 72-
77.
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
SUMMER INTERNSHIP
2010
48
5. GLOSSARY
1. DPLI DLF Pramerica Life Insurance
2. SM Sales Manager
3. MP Managing Partner
4. AP Associate Partner
5. ROI Return On Investment
6. LA Life Associate
7. RM Regional Manager
8. CDM Capability Development Manager
9. LP-1 Launch Pad 1
10. LP-3 Launch Pad 3
11. BVF Background Verification
12. ASM Associate Sales Manager
13. SSM Senior Sales Manager
14. APE Annual Premium Equivalent
15. YTD Year To Date
16. JFM January, February, March
17. OND October, November, December
18. PFS Partnering For Success
19. JFC Joint Field Calls
20. SP Sales Presenter
21. CAS Candidate Assessment Sheet
22. SN Social Networking
23. NAF Need Analysis Form
24. MM Man Month
25. R&R Rewards & Recognition
26. AML Anti Money Laundering
SUMMER INTERNSHIP 2010
49
7. ANNEXURES
ANNEXURE 1
Launch Pad Feedback given by Sales Managers Level 1
Launch Pad Training Feedback National Update - Jan'10
Training Dates Average Scores
Top Box Rating
Over all Ergonomics Score 4.7 74%
Over all Faculty Score 4.9 86%
Over all Orientation Score 4.7 84%
Over all Sales Process
Score 4.7 80%
Over all Score Product
Session 4.6 78%
Over All Launch Pad
Score 4.7
Description Total Scores Top Box Top 2 Box
Ergonomics Infrastructure, other facilities 57 4.6 70% 93%
SUMMER INTERNSHIP 2010
50
Training Schedule / Duration 57 4.6 74% 91%
Training Co-ordination & Organization 57 4.7 72% 98%
Training Environment 57 4.7 75% 98%
Course Material, Assignments (if any) 57 4.7 77% 95%
Faculty
How comfortable was the trainer with the topic being discussed? 57 4.9 91% 98%
How well did he make you understand / learn the concept 57 4.9 88% 98%
Was he able to resolve your queries / questions 57 4.8 86% 98%
Was he able to keep the group interested through the training 57 4.9 86% 100%
Were you comfortable with the pace of the sessions 57 4.8 81% 100%
Did he make you confident to implement the skills / knowledge learnt 57 4.9 86% 100%
Orientation
DLF Pramerica as an organization & career prospects 57 4.8 75% 100%
Understanding your role 57 4.7 68% 98%
Evangelizing Life Insurance 57 4.7 72% 98%
HR Policies & procedures 57 4.5 56% 93%
Sales Process
Prospecting Techniques 57 4.7 75% 98%
Approach and Objection Handling 57 4.7 72% 96%
Need Analysis Form 57 4.8 79% 96%
Closing 57 4.7 74% 96%
Session on Products
Basic Product Terminologies 57 4.6 67% 96%
Financial Basics 57 4.5 60% 91%
Rupee Cost Averaging & SIP 57 4.7 74% 95%
Term Plan 57 4.7 77% 96%
ULIP & AML 57 4.6 70% 93%
SUMMER INTERNSHIP 2010
51
Description Average
Scores
Top Box
Ratings
Top 2
Box Ratings
Month
Erg
on
om
ics
Infrastructure, other facilities 3.9 34% 67%
Feb
-10
Training Schedule / Duration 4.4 62% 83%
Training Co-ordination & Organization 4.6 67% 89%
Training Environment 4.6 76% 88%
Course Material, Assignments (if any) 4.5 66% 88%
Subject Coverage 4.6 72% 91%
Fa
cult
y
How comfortable was the trainer with the topic being
discussed? 4.9 93% 96%
How well did he make you understand / learn the concept 4.8 86% 97%
Was he able to resolve your queries / questions 4.8 87% 96%
Was he able to keep the group interested through the
training 4.9 88% 97%
Were you comfortable with the pace of the sessions 4.8 84% 96%
Did he make you confident to implement the skills /
knowledge learnt 4.9 92% 99%
Over All Impression 4.8 84% 99%
Ori
enta
tio
n
DLF Pramerica as an organization & career prospects 4.8 86% 99%
Reward & recognition platforms? 4.8 86% 99%
Insurance terminologies and work habits? 4.8 78% 99%
HR Policies & procedures? 4.5 55% 95%
Sal
es
Pr
oce ss
How to use sales presenter? 4.8 80% 99%
SUMMER INTERNSHIP 2010
52
How to use need analysis form? 4.8 78% 99%
How to pitch DPLI product to the customer? 4.8 80% 97% S
essi
on
on
Pro
du
cts
Basic Product Terminologies 4.7 70% 96%
Financial Basics 4.7 74% 97%
Family First 4.8 80% 100%
Future Idol Plus 4.8 79% 97%
Super Wealth Plus 4.7 70% 96%
Rec
ruit
men
t My role as a sales manager? 4.8 80% 96%
Recruitment Process? 4.8 78% 99%
Ideal profile of a Life Associate? 4.7 76% 97%
How to pitch agency as a carrier? 4.8 79% 96%
Over
All
On the whole, the training program was 4.9 87% 99%
4.7 77% 95%
Erg
on
om
ics
Infrastructure, other facilities 4.2 41% 86%
Mar-1
0
Training Schedule / Duration 4.2 45% 79%
Training Co-ordination & Organization 4.5 59% 97%
Training Environment 4.5 55% 97%
Course Material, Assignments (if any) 4.4 52% 90%
Subject Coverage 4.3 45% 90%
Fa
cult
y
How comfortable was the trainer with the topic being
discussed? 4.7 66% 100%
How well did he make you understand / learn the concept 4.2 41% 83%
Was he able to resolve your queries / questions 4.6 62% 97%
Was he able to keep the group interested through the
training 4.4 59% 93%
Were you comfortable with the pace of the sessions 4.4 59% 83%
SUMMER INTERNSHIP 2010
53
Did he make you confident to implement the skills /
knowledge learnt 4.7 66% 100%
Over All Impression 4.6 66% 93% O
rien
tati
on
DLF Pramerica as an organization & career prospects 4.7 72% 100%
Reward & recognition platforms? 4.7 69% 97%
Insurance terminologies and work habits? 4.5 59% 93%
HR Policies & procedures? 4.4 59% 90%
Sale
s
Pro
cess
How to use sales presenter? 4.7 69% 97%
How to use need analysis form? 4.6 66% 93%
How to pitch DPLI product to the customer? 4.4 48% 90%
Ses
sion
on
Pro
du
cts
Basic Product Terminologies 4.4 48% 90%
Financial Basics 4.4 48% 90%
Family First 4.2 45% 83%
Future Idol Plus 4.5 59% 93%
Super Wealth Plus 4.4 55% 86%
Rec
ruit
men
t My role as a sales manager? 4.4 48% 93%
Recruitment Process? 4.3 45% 93%
Ideal profile of a Life Associate? 4.4 55% 90%
How to pitch agency as a carrier? 4.4 52% 93%
Ov
er
All
On the whole, the training program was 4.5 55% 97%
4.5 56% 92%
SUMMER INTERNSHIP 2010
54
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)
SUMMER INTERNSHIP 2010
55
Graph 2: TREND IN AVERAGE SCORE (FOR DIFFERENT SESSIONS IN THE TRAINING)
The rating was above 75% for all 3 months
SUMMER INTERNSHIP 2010
56
Table 2: FINDINGS FOR TRAINING EFFECTIVENESS
S.NO.
Topics For
Training
Effectiveness
Calculated
Values
Jan Feb March
1.
How comfortable
was the trainer
with the topic
being discussed
Averages
Standard
Deviation
4.7
0.62
4.89
0.41
4.65
0.48
So this clearly shows that in Feb the trainer was the most comfortable followed by March and then Jan.
2.
How well did the
trainer make the
Sales Manager
understand /
learn the concept
Averages
Standard
Deviation
4.85
0.39
4.81
0.51
4.24
0.74
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.
SUMMER INTERNSHIP 2010
57
3.
Was the trainer
able to resolve
the queries /
questions
Averages
Standard
Deviation
4.84
0.41
4.82
0.47
4.58
0.56
So this clearly shows that in Jan the trainers were the best in resolving the queries followed by Feb and then
March.
4.
Did the trainer
make you
confident to
implement the
skills /
knowledge learnt
Averages
Standard
Deviation
4.86
0.35
4.9
0.33
4.65
0.48
So this clearly shows that in Feb the trainers were the best in making the SM‘s implement the knowledge learnt
followed by Jan and then March.
5. Session on how
to use a NAF
Averages
Standard
Deviation
4.76
0.504
4.69
0.501
4.58
0.627
SUMMER INTERNSHIP 2010
58
So this clearly shows that in Jan the trainers were the best in conducting the session on NAF followed by Feb
and then March.
6.
Session on Basic
Product
Terminologies
Averages
Standard
Deviation
4.64
0.55
4.66
0.55
4.37
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.
7. Session on
Financial Basics
Averages
Standard
Deviation
4.51
0.66
4.72
0.50
4.37
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.
SUMMER INTERNSHIP 2010
59
ANNEXURE 2
Table 3: For testing the knowledge level of the SM’s Level 2
Median Score – Exit Test
No of candidates evaluated: 190
Month LP-1
JFM 17
JAN 17
FEB 17
MARCH 18
86% of the Sales Managers have scored above 75% marks in the exit test
SUMMER INTERNSHIP 2010
60
Table 4: For testing the skill level of the SM’s
Median Score – Assessment Scores
No of candidates evaluated: 80
Month LP-1 LP-3
JFM 3.2 3
JAN 2.5 3
FEB 3.4 3
MARCH 3 3
SUMMER INTERNSHIP 2010
61
Graph 3: TREND IN LP-1 AND LP-3 SCORES REGION WISE
SUMMER INTERNSHIP 2010
62
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
SUMMER INTERNSHIP 2010
63
Graph 5: Trend for 80 participants
SUMMER INTERNSHIP 2010
64
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
SUMMER INTERNSHIP 2010
65
ANNEXURE 3
Questionnaire for MP’s 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
Period
From:
Region & Branch Name
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
SUMMER INTERNSHIP 2010
66
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.
Used the sales presenter easily and use it creatively for rapport building & Objection handling.
Ability to conduct a Need Analysis with the customer
Unable to introduce NAF & Tick top 2 priorities.
Able to build rapport & introduce NAF, Tick top 2 priorities.
Able to take priorities and complete all relevant calculations.
Could do all calculations and link back to priorities & money commitment.
Seamless transition from SD to NAF and completes in an effortless, conversation manner.
Ability to pitch DPLI product to the customer
Unable to connect money commitment to products
Begins product pitch no connect to NAF or priorities.
Was able to pitch product benefits connected with identified priorities in NAF
Was able to pitch product connected with priorities & Handle Objections
Was able to pitch multiple products in combo sales using NAF
Ability to make a prospective list of Life Associate's
Unable to put down 20 names with Phone No’s in a list.
Able to list down 20 names with Phone No’s, but no connect with LA Selection Criteria.
Able to list down 20 names, connect with LA Selection Criteria.
Is able make approach call to prospect list
Is able make approach call to prospect list, Handle objections and invite them to office.
SUMMER INTERNSHIP 2010
67
Ability to pitch agency as a career
Unable to list any benefits of Agency Business
Able to state clearly 5 reasons why to become a LA
Able to Match Correct Value Proposition to LA's Aspirations
Matches Correct Value Proposition to LA's Aspirations& pitches for the long term.
Match Correct Value Proposition and pitches business expectations & work habits.
Ability to log in a complete non discrepant application form
>10 errors
Between 8 - 10 Between 4 - 7 Between 0-3 No errors
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
Understand incentive parameters and can calculate monthly incentive earning
Understand incentive parameters and does back calculation of input required to earn desirable incentive
Designs a work plan based on his understanding of incentive structure and works according to it to achieve desirable results
What is the Input Tracker for the recruitment after JFC
Name Gathering () Give No's
Approach() Give No's
PFS CAS & SN 100 () Give No's
MP Interview() Give No's
Coding() Give No's
What is the Input Tracker for the sales after JFC
Calling Meeting Presenting Closing Referrals
SUMMER INTERNSHIP 2010
68
Table 5:
Feedback by the MP‘s and AP‘s 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
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 Average
5 2 5 5 3 4 3 3.86
5 2 5 5 3 4 3 3.86
5 2 5 5 3 4 3 3.86
5 3 5 5 4 3 5 4.29
4 5 5 5 4 3 4 4.29
5 5 5 5 5 3 5 4.71
5 5 5 5 5 3 5 4.71
4 3 3 5 3 3 3 3.43
5 4 3 5 3 3 3 3.71
4 3 3 5 3 3 3 3.43
4.70 3.40 4.40 5.00 3.60 3.30 3.70 4.01
SUMMER INTERNSHIP 2010
69
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
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 Average
4 2 3 4 3 4 3 3.33
5 4 3 5 5 4 5 4.33
5 3 4 4 4 4 3 4.00
4 3 4 5 4 3 3 3.83
4 3 3 4 2 3 3 3.17
5 5 5 5 5 3 5 4.71
5 5 5 5 5 3 5 4.71
4 3 3 5 3 3 3 3.43
5 4 3 5 3 3 3 3.71
4 3 3 5 3 3 3 3.43
4.50 3.50 3.60 4.70 3.70 3.30 3.60 3.87
SUMMER INTERNSHIP 2010
70
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)
2.8
2.4
2.8 2.8
3.6
2.6
3
2.6
2
4.40
3.6
5
4 4
3.6
4.6
4 4
0
1
2
3
4
5
6
1 2 3 4 5 6 7 8 9
lp-3
by MP
SUMMER INTERNSHIP 2010
71
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)
4.00
3.6
5
3.2
4.00
3.6
3.2
4
4.4
2.8
2.4
2.8 2.8
3.6
2.6
3
2.6
2
0.00
1.00
2.00
3.00
4.00
5.00
6.00
1 2 3 4 5 6 7 8 9
by Me
lp-3
Inference:
Sales Managers are using the Skills learnt in training on the Job
SUMMER INTERNSHIP 2010
72
Table 7:
Feedback by the MP‘s and AP‘s 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
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 Average
4 3 4 4 4 4 3 3.83
4 4 4 3 4 4 4 3.83
3 4 4 3 4 3 5 3.71
4 3 4 5 4 4 4 4.00
5 4 5 5 5 5 5 4.86
3 2 3 3 3 4 3 3.00
5 5 5 5 5 4 4 4.71
3 3 4 5 5 5 5 4.29
5 5 5 5 5 5 5 5.00
5 2 4 5 5 4 3 4.00
4 4 4 4 3 4 3 3.71
5 4 4 3 3 3 4 3.71
3 4 2 5 2 4 2 3.14
3 3 4 3 2 3 2 2.86
5 5 4 4 5 4 5 4.57
4.00 3.57 4.00 4.14 3.86 4.00 3.71 3.90
SUMMER INTERNSHIP 2010
73
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
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 Average
5 3 4 4 4 4 3 4.00
5 4 4 4 5 4 4 4.33
3 4 4 3 4 3 5 3.50
4 3 4 5 4 4 4 4.00
5 4 5 5 5 5 5 4.86
3 2 3 3 3 4 3 3.00
5 4 5 5 5 4 3 4.67
5 4 4 5 4 4 3 4.33
5 5 5 5 5 5 5 5.00
4 2 4 4 4 4 3 3.67
4 4 4 4 3 4 3 3.83
5 4 4 3 3 3 4 3.67
4 4 2 4 5 4 2 3.83
3 3 4 3 2 3 2 3.00
5 5 4 5 5 5 5 4.83
4.3 3.7 4.0 4.1 4.1 4.0 3.6 4.03
SUMMER INTERNSHIP 2010
74
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)
0
1
2
3
4
5
6
1 2 3 4 5 6 7 8 9 10 11 12 13 14
lp-3
MP after 30/60/90 days
SUMMER INTERNSHIP 2010
75
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)
0
1
2
3
4
5
6
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
SUMMER INTERNSHIP 2010
76
Table 9:
Average Scores Of the 9 SM‘s of Chandigarh and 15 SM‘s 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 3.57 4.00 4.14 3.86 4.00 3.71
Chandigarh
4.70 3.40 4.40 5.00 3.60 3.30 3.70
National 4.35 3.48 4.20 4.57 3.73 3.65 3.70
SUMMER INTERNSHIP 2010
77
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
SUMMER INTERNSHIP 2010
78
Graph 12: TRENDS IN LA Coded /SM MM Achieved
SUMMER INTERNSHIP 2010
79
Graph 13: TRENDS IN ATTRITION OF THE SALES MANAGERS WITHIN 30 DAYS OF JOINING
SUMMER INTERNSHIP 2010
80
Graph 14: TRENDS IN ATTRITION WITHIN 60 DAYS OF JOINING
SUMMER INTERNSHIP 2010
81
RESEARCH METHODOLOGY USED FOR LEVEL 3 AND 4
Chi-square test χ2: 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
S.NO. Degrees of
freedom
Chi Square
Value
Calculated
Chi Square
Value from the
Table
Chi Square Test
1. 2 9.25 5.99 Null Hypothesis Rejected
So we can say with 95% confidence that Rating given by MP has impact on the number of LA coded by the SM
SUMMER INTERNSHIP 2010
82
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 SM’s who have coded 0 LA’s is equal to the mean of the rating
given by MP for SM’s who have coded 1 LA’s
Alternate Hypothesis H1: Mean of the rating given by MP for SM’s who have coded 0 LA’s is less than the mean of the rating
given by MP for SM’s who have coded 1 LA’s
Null Hypothesis H0: The mean of the Rating given by MP for SM’s who have coded 1 LA’s is equal to the mean of the rating
given by MP for SM’s who have coded 2 LA’s
Alternate Hypothesis H1: Mean of the rating given by MP for SM’s who have coded 1 LA’s is less than the mean of the rating
given by MP for SM’s who have coded 2 LA’s
Null Hypothesis H0: The mean of the Rating given by MP for SM’s who have coded 0 LA’s is equal to the mean of the rating
given by MP for SM’s who have coded 2 LA’s
Alternate Hypothesis H1: Mean of the rating given by MP for SM’s who have coded 0 LA’s is less than the mean of the rating
given by MP for SM’s who have coded 2 LA’s
SUMMER INTERNSHIP 2010
83
TABLE 11: RESULTS OF T-TEST
S.NO. No Of LA’s
Coded
T Value
Calculated
T Value Critical T- Test
1. Between 1 and 2
LA’s Coded 0.056 0.05 Null Hypothesis Rejected
2. Between 0 and 2
LA’s Coded 0.048 0.05 Null Hypothesis Rejected
3. Between 0 and 1
LA’s Coded 0.95 0.05 Null Hypothesis Rejected
So it clearly means that SM‘s who have coded 2 LA‘s have significantly higher mean rating at 95% confidence level than people who have
coded 0 LA‘s .
SM’s who have coded 2 LA’s have significantly higher mean rating at 90% confidence level than people who have coded 1 LA’s
Inference: This clearly indicates that the rating given by MP’s is predictive of the number of LA’s actually coded by the SM.
SUMMER INTERNSHIP 2010
84
ANNEXURE 5
TABLE 12: Calculation of the ROI –LEVEL 5
Launch Pad I Expenses
Cost Per Participant
10,594
Launch Pad III Expenses
Cost Per Participant
4,910
Salary Expenses for SM for 10 days
8,219
Salary Expenses for Trainer Cost per SM for 10 day LP
919
Total Cost per SM 24642
Average APE Generated (SM Productivity/MM) 37210
Return On Investment(APE Per Rupee Spent In the Training) 151%
SUMMER INTERNSHIP 2010
85
ANNEXURE 6
Organization Structure
SUMMER INTERNSHIP 2010
86
ANNEXURE 7:
DPLI’s Growth Plans
Uttar PradeshHaryana
Punjab
Gujrat
Del NCR
Uttaranchal
Rajasthan
Himachal Pradesh
Jammu
Kerela
New Locations in 2010
Existing Locations