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By: Vitthal Dhingra
Recruitment, Selection & Retention in Insurance sector
Slide FlowAll about
Insurance Sector and
opportunities
About the company
The Problem The Analysis
The Solution
The implementation
Insurance sector in IndiaLife Insurance Industry
Year 2000 Year 2010
No. of players 1 23
Capital deployed (Rs. Cr) 5 29,000
Branches 2,048 11,927
Employees (lakh) 1.23 2.7
Agents (lakh) 7.14 29
New business premium (Rs. Crore) 8,299 1,09,213
Renewal Premium (Rs. Crore) 17,951 1,51,812
Total Premium (Rs. Crore) 26,250 2,61,025
Insurance penetration as % of GDP 1.39 4.9
OpportunitiesIndia&&
Popula'on)insured)(in)billion))
Popula'on)not)insured)(in)billion))
USA$
Popula'on)insured)(in)billion))
Popula'on)not)insured)(in)billion))
Half Glass Empty!
Recent leverage in FDI by
government
Boost to Start ups by
government
About the companyFuture Generali Life Insurance, incorporated in September 2007, is present across 98 branches.
Future Generali Life Insurance is a joint venture between leading groups: Future Group - A leading retailer of India Generali Group - A global insurance group that features among the top 50 largest companies of the world.
Sourced over 11 lakh policies
AUM of over Rs. 2,600 crore
Over Rs. 1,400 crore
worth capital investment
Achieved its breakeven within
4 and a half years of its operations.
Solvency Margin: The Solvency Margin is
double of what is required as per regulation.
Mr. Ghyanendra Nath Bajpai is a distinguished leader in Indian business, was the Chairman of the Securities and Exchange Board of India (SEBI). Earlier Mr. Bajpai was Chairman of the Life Insurance Corporation of India (LIC).
The Problem
Expenditure on employee welfare and
training: approximately Rs.
1,123,049 per year.
Employee strength is 20,000
Employee attrition rate is 35-40%.
The Analysis
Sample size: 80
1.Which position were you working in at the time of departure ? • Sales person• Sales manager• CFPC
2. How long did you work for Future Generali?
3. Why did you leave Future Generali?• I didn't get along with my supervisor• I didn't like the other workers in the program• I found the work too hard• I have found a better job with better:1. Pay2. Hours3. Location4. Other • I went back to school• Personal reasons not related to FG• Termination with cause• The work was not what I expected• The work did not interest me
Questionnaire:
Reasons No. of Ex-employees Percentage
I didn't get along with my supervisor 10 14%
I didn't like the other workers in the program 6 8%
I found the work too hard 16 23%
for better Pay 15 21%
Termination with cause 8 11%
The work was not what I expected 16 23%
!I!didn't!get!along!with!my!supervisor!!
I!didn't!like!the!other!workers!in!the!program!
I!found!the!work!too!hard!
for!be9er!Pay!
Termina<on!with!cause!
The!work!was!not!what!I!expected!!
• 40% of the attrition problem was related to recruiting candidates who found the work too hard for them
• Another 10% to recruiting people who couldn't perform later(or were a wrong fit for the job profile and were judged wrong during recruitment)
• Yet another 20% didn't get along with their co-workers or supervisors maybe due to competition at workplace.
How is the problem related to Recruitment?
The SolutionSelection Parameter: The personality test parameter: Personality test theory by Tim Ursiny, Ph.D., a business psychologist and the founder of Advantage Coaching4 personality types:
•Dominant: Those who are impulsive and skeptical. They tend to be very direct and prefer immediate results.
•Conscientious: Those who are methodical and skeptical. They are typically detail-oriented and highly analytical.
•Influential: Those who are impulsive and warm. They enjoy group work and generate enthusiasm for projects.
•Steady: Those who are methodical and warm. They are patient and seek harmony in their work environments.
Good Planner? (Yes/ No)
• Most of my days are hectic and disorderly?
• I rarely make a quick decision and usually study a problem carefully before taking decisions?
• I maintain “action” and “deferred action” files in my workplace?
• I generally establish starting date and finishing date for all my projects?
• I believe that all the problems have to be solved immediately?
Goal Setter? (SA.SWA.NS.SWDA.SDA)
• I set goals for all key result areas?
• I am likely to set goals that i cannot quite achieve to pressurise myself to try harder?
• I work better when my goals set are challenging?
• I use my goals to state exactly what results i plan to achieve for myself?
Good decision maker?(yes/no)
• When required to make a decision fairly complicated, do you fail to function at your best?
• Do you often try to avoid or delay making important decisions and even hope that problems will vanish on their own?
Innovative? (Yes/No)
• I try new ideas and and approaches to solve problems?
• I welcome uncertainty and unusual situations related to my work?
• I demonstrate originality in my ideas?
• I am outspoken in staff meeting?
• If my colleagues were asked about me they would say i am a wit?
Personality Test Questionnaire
Methodical/Reserved
SteadinessConscientiousness
People (warm and accepting)
Task (Skeptical/Questioning)
InfluenceDominance
Impulsive/Outspoken
Job Description
Future Generali life insurance, India is a joint venture between India’s leading retailer Future group and Italy based insurance leader Generali.Established in 2007, Future Generali attained its breakeven within 5 years of its operations. We are known for our commitment to clients and client satisfaction by offering the best policies and one of its kind.Insurance sector is the future of growing India and we are one of the fastest growing firms in Insurance sector.
This is your opportunity to build a career with one of the fastest growing Insurance firm in India. With us you can learn, grow and thrive both professionally and personally.If your interests and skills match with the job description and job specifications mentioned below then send your resumes at: [email protected] Cc [email protected]
Sales Personnels 2 positions We are currently looking for Sales personnels to join our Sales Department, in Visakhapatnam, AP. The Sales Personnel’s work includes:• Organising sales visits• Presenting products• Planning, organising and executing creative sales drives
Skills required:• Familiar with standard concepts, practices, and procedures within Marketing.(Domain Knowledge)• Street smart• Excellent written and verbal communication skills• Excellent interpersonal skills and team services ethic and excellent presentation skills.• Bilingual written and spoken is an asset.• Creative thinking
APPLY! IF SALES IS IN YOUR BLOOD
Insurance Sector is the future of growing India and we are the fastest growing firm in Insurance sector. We are currently looking for marketing enthusiasts who will help us voice our policies in the market. We are looking for people with good marketing and sales skills.
If you think you are the one. We will see you soon !!
FOR MORE INFO CONTACT YOUR PLACEMENT HEAD TODAY!!
Job Advertisement
The ImplementationRecruitment Drive:
Recruitment pool drive at SAMATA College
Number of applications
increased by 20%
HR manager had a clear idea about the
personality types of the employees he engaged
and the personality type requirement for the
job
Model solves 70 problems out of 80 of
attrition
Increases the chances of
retention by 40%
Looking forward to prolonged employee
duration in the company
Thank You!
