TECNIA INSTITUTE OF ADVANCED STUDIES

NAAC ACCREDITED GRADE “A” INSTITUTE

TIAS/AC/2018-19/26
Summer Training Report & Viva Voce (BBA 311)
Form No. TIAS/AC/2018-19/26(A)

SUMMER TRAINING REPORT & VIVA VOCE ON

TRAINING AND DEVELOPMENT OF INSUARANCE ADVISOR

Undertaken at

“PNB METLIFE ”

Submitted in partial fulfillment of the requirements

for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

to

Guru Gobind Singh Indraprastha University, Delhi

Under the Guidance of

Faculty Guide:- Submitted by

VEDANT SHARMA
Ms. NEHA GUPTA BBA-V Sem, 1st Shift
Enrollment No.:08317001716

Session: 2018-19
 TECNIA INSTITUTE OF ADVANCED STUDIES
NAAC ACCREDITED GRADE “A” INSTITUTE
TIAS/AC/2018-19/26
Summer Training Report & Viva Voce (BBA 311)
Form No. TIAS/AC/2018-19/26(B)

To Whom It May Concern

I VEDANT SHARMA , Enrolment No. 08317001716 from BBA-V Sem, Shift MORNING of the
Tecnia Institute of Advanced Studies, Delhi hereby declare that the Summer Training Report
& Viva Voce (BBA-311)
entitled____________________________________________________________at
________________________________________________________ is an original work and
the same has not been submitted to any other Institute for the award of any other degree. A
presentation of the Summer Training Report & Viva Voce was made on
_______________________ and the suggestions as approved by the faculty were duly
incorporated.

Date: Signature of the

Student

Certified that the Summer Training Report & Viva Voce submitted in partial fulfillment of
Bachelor of Business Administration (BBA) to be awarded by G.G.S.I.P. University, Delhi by
VEDANT SHARMA, Enrollment No. 08317001716 has been completed under my guidance and
is Satisfactory.

Date:
Signature of the Guide
Name of the Guide:
Designation:
 TECNIA INSTITUTE OF ADVANCED STUDIES
NAAC ACCREDITED GRADE “A” INSTITUTE
TIAS/AC/2018-19/26
Summer Training Report & Viva Voce (BBA 311)
Form No. TIAS/AC/2018-19/26(C)

CERTIFICATE

This is to certify that……………………………………………………………………………………….……(Full Name

of the Student), a student of Bachelor of Business Administration (BBA), a class of 2018-19,
Tecnia Institute of Advanced Studies, Affiliated to GGS.IP. University bearing Enrolment
No.……………………………………….………., has undertaken the Summer Internship Training at
………………………………………………………………….. (Name of the Company) during
………………………..……… to ………………………………….… under my supervision & guidance.

He / She has conducted a study & completed the STR & V. V. Titled
…………………………….…………………………………………………………….……………………………………………………
………………………………………………………………………………………………………………………………………………
…………………………..

Signature of the Guide Seal of Organization

Name of the Guide: Date:
Designation:
Address:
 CONTENTS

S No Topic Page No

1 Certificate -

2 Acknowledgement -

3 Executive Summary -

4 Chapter I: Introduction -

5 Chapter II: Review of Literature -

6 Chapter III: Research Methodology

7 Chapter IV: Data Reduction, Presentation & Analysis

8 Chapter V: Data Interpretation

9 Chapter VI: Summary & Conclusions

10 References/ Bibliography

Appendices

- List of Tables

- List of Figures
 CHAPTER 1
INTRODUCTION
 INTRODUCTION

Entry of Private players in Insurance Industry has changed the entire scenario of the Industry.
Industry has shown Revolution of 360* starting from 1956. Private players have challenged the
LIC and compelled to face the competition. This cut-throat competition has been a boon for
customer. He has been more informed and getting better services. Negligence to the Insurance is
decreasing day by day. Training provided should be useful to the current work of the trainees, it
should help them in one or the other way in every walk of life. Training should be maid
continuous and a regular process as it will be easier for the financial consultants to retain the
knowledge and skills (behavioral and technical) for a long period of time. Trainers should be
courteous, competent and professional and should be able to solve the queries to the satisfaction
level. The course material provided by them shall be found useful for future reference. The
Project Rationale is the Reason statement explaining the problem, identifying the need, and
offering justifiable solutions. it can be said that the business case provides the focus for the
project which narrates the rationale and the justification. Moreover, the rationale describes the
market opportunity, offers business solutions and identifies the project context within the
organizational strategy.
According to my project these are the key area ,
1. How effective the existing system of training and development at pnbmetlife.
2. Effectiveness of training and development system within the organization. Is their any
good or bad effect among the trainees or not.
3. Satisfaction level of the employee with the training and development system and how it
could be improve.
4. How people are aware of the training and development system and how their awareness
should be increase.
Thus, total scenario of the Industry has changed from as it was in 1956 – a Monopoly Market.
On account of increased competition, companies have to compete to grab the market. Tied
channel is perhaps the best alternative to reach maximum target customers. So to have best
results companies are required to have best people, who can work for the efficiently and give
best results. So, as a result now a day companies have become more choosy in recruiting
advisors. PNBMETLIFE should strive to be be in learning and training plays a vital role in this
regard. This facilitates employees to learn new concepts and practices relevant to new situations.
After the survey, it is evident that there are certain strengths and also the weaknesses is the
present training system , which has to be overcome. The perception of employees regarding the
present training system brings out the fact that they are satisfied with the present training process
that is being practiced in the organization.it is noticed in the survey that majority of the advisors
in pnbmetlife were aware of the training programs. Most of them were given training which
make them more competent and professional. Training includes interpersonal relationship. After
analyzing it was found that maximum respondents are at the level of satisfaction but few are
dissatisfied .Therefore training and development is the utmost importance and has to be carried
out on a regular basis so as to improve the performance of the employees.

WHAT IS INSURANCE

The business of insurance is related to the protection of the ECONOMIC VALUES OF

ASSETS. Every asset has a value. The asset would have been created through the efforts of the
owner. The asset would have been created through the efforts of the owner. The asset is valuable
to the owner, because he expects to get some benefits form it. It is a benefit because it meets
some of his needs. The benefit may be an income or in some other form. In the case of a factory
or a cow, the product generated by it is sold and income is generated. In the case of a motor car,
it provides comfort and convenience in transportation. There is no direct income. Both are assets
and provide benefits.

Every asset is expected to last for a certain period of time during which it will provide the
benefits. After that, the benefit may not be available.

There is a life-time for a machine in factory or a cow or a motor car. None of them will last
forever. The owner is aware of this and he can so manage his affairs that by the end of that
period or life-time, a substitute is made available. Thus he makes sure that the benefit is not lost.
However, the asset may get lost earlier. An accident or some other unfortunate event may
destroy it or make it incapable of giving the benefits. An epidemic may kill the cow suddenly. In
that case, the owner and those enjoying the benefits therefore, would be deprived of the benefits.
The planned substitute would not have been ready. There is an adverse or unpleasant situation.
Insurance is a mechanism that helps to reduce the effects of such adverse situations. It promises
to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.

HISTORY OF INSURANCE

 Insurance has been known to exist in some form or other since 3000 BC. The Chinese
traders, traveling treacherous river rapids would distribute their goods among several
vessels, so that the loss from any one vessel being lost, would be partial and shared, and
not total. The Babylonian traders would agree to pay additional sums to lenders, as the
price for writing off the loans, in case of the shipment being stolen. The inhabitants of
Rhodes adopted the principle of general average of ‘general average’, whereby, if goods
are shipped together, the owners would bear the losses in proportion, if loss occurs, due
to jettisoning during distress. {Captains of ships caught in storms, would throw away
some of the cargo to reduce the weight and restore balance. Such throwing away is called
jettisoning} The Greeks had started benevolent societies in the late 7 th century AD, to
take care of the funeral and families of members who died. The great fire of London in
1666,in which more than 13000 house were lost, gave a boost to insurance and the first
fire insurance company, called the fire office, was started in 1680.

 The origins of insurance business as in vogue at present, is traced to the Lloyd’s Coffee
House in London. Traders, who used to gather in the Lloyd’s coffee house in London,
agreed to share the losses to their goods while being carried by ships. The losses used to
occur because of pirates who robbed on the high seas of because of bad weather spoiling
the goods or sinking the ship. In India, insurance began in 1818 with life insurance being
transacted by an English company, the Oriental Life Insurance Co. in 1870 in Mumbai.
This was followed by the Bharat Insurance co. in 1896 in Delhi, the Empire of India in
1897 in Mumbai, The United India in Chennai, the National, the National Indian and
Hindustan Cooperative in Kolkata.

 Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally
called the swadeshi life), the India Mercantile, the new India and the Jupiter in Mumbai
and the Lakshmi in New Delhi. These were all Indian companies started as a result of the
swadeshi movement in the early 1900s. By the year 1956, when life insurance business
 was nationalized and the life Insurance Corporation of India (LIC) was formed on1st
September 1956, there were 170 companies and 75 provident fund societies transacting
life business in India. After the amendments to the relevant laws in 1999, the L.I.C. did
not have the exclusive privilege of doing life insurance business in India. By 31.8.2007,
sixteen new life insurers had been registered and were transacting life insurance business
in India.

The History of Insurance in India

Some of the important milestones in the life insurance business in India are:

 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business. S

 1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.

 1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 crore from the govt of India.

The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in the
year 1850 in Calcutta by the British.

Life Insurance a Basic Need

Life insurance is a contract providing for payment of a sum of money to the person assured or,
failing him, to the person entitled to receive the same, on the happening of certain event.

A family is generally dependent for its food, clothing and shelter on the income brought in at
regular intervals by the bread winner of the family. So long as the he lives and the income is
received steadily, that family is secure; but should death suddenly intervene the family may be
left in a very difficult situation and sometimes, in stark poverty.

Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which gives rise
to the necessity for some form of protection against the financial loss arising from death;
insurance substitutes this uncertainty by certainty.

Few Advantages of Life Insurance

1. It is superior to an ordinary savings plans:

This is so because unlike other saving plans, it affords full protection against risk of death. In
case of death, the full sum assured is made available under a life assurance policy; whereas under
other savings schemes the total accumulated savings alone will be available. The latter will be
considerably less than the sum assured, if death occurs during early years.

2. Insurance encourages and forces thrift:

A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation of
using the balance for some less worthy purpose. On the other hand, the payment of life insurance
premiums becomes a habit and comes to be viewed wit the same seriousness as the payment of
interest on a mortgage. Thus insurance, in effect brings about compulsory saving.

3. Easy settlement and protection against creditors:

The life assured can name a person or persons to whom the policy moneys would be payable in
the event of his death. The proceeds of a life insurance policy can be protected against. The
claims of the creditors of the life are assured by effecting a valid assignment of the policy. A
married women’s property act policy constitutes a trust in favor of the wife and children and no
separate assignment is necessary. The beneficiaries are fully protected from creditors except to
the extent of any interest in the policy retained by the assured.

4. Administering the legacy for beneficiaries:

It often happens that a provision which a husband or father has made through insurance is
quickly lost through speculative or unwise investment or by unnecessary expenditure on
luxuries. These contingencies can be provided against in the case of insurance. The policyholder
can arrange that in the in the event of his death the beneficiary should receive, instead of a single
sum (a). payment of the net claim amount by equal installments over a specified period of years,
or (b).payment of the claim amount by smaller monthly installments over the selected period
followed by a lump sum at the end thereof.

5. Ready marketability and suitability for quick borrowings:

After an initial period, if the policy holder finds him unable to continue payment of premiums he
can surrender the policy for a cash sum. Alternatively he can tide over a temporary difficulty by
taking loan on the sole security of the policy without delay. Further a life insurance policy is
sometimes acceptable as security for a commercial loan.

6.Tax relief:

For computing income tax (especially in India the Indian income tax act) follows deduction from
income tax payable, a certain percentage of a portion of the taxable income of individuals which
is diverted to payment of insurance premiums. When this tax relief is taken into account it will
be found that the assured is n effect paying a lower premium for his insurance.

How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the same risks come
together and agree that, if any one of the members suffers a loss, the others will share the loss
and make good to the person who lost. All people who send goods by ship are exposed to the
same risk related to water damage, ship sinking, piracy, etc. those owning factories are not
exposed to these risks, but they are exposed to different kinds of risks like, fire, hailstorms,
earthquakes, lightening, burglary, etc. like this, different kinds of risks can be identified and
separate groups, made including those exposed to such risks. By this method, the risk is spread
among the community and the likely big impact on one is reduced to smaller manageable
impacts on all.

If a Jumbo Jet with more than 350 passenger’s crashes, the loss would run into several crores of
rupees. No airline would be able to bear such a loss. It is unlikely that many Jumbo Jets will
crash at the same time. If 100 airline companies flying Jumbo Jets, come together into an
insurance pool, whenever one of the jumbo jets in the pool crashes, the loss to be borne by each
airline would come down to a few lakhs of rupees. Thus, insurance is a business ‘sharing’.

Role of Insurance in Economic Development

 For economic development, investments are necessary. Investments are made out of
savings. A life insurance company is a major instrument for the mobilization of savings
of people, particularly from the middle and lower income groups. These savings are
channeled into investments for economic growth.

 An insurance company’s strength lies in the fact that huge amounts come by way of
premiums. Every premium represents a risk that is covered by that premium. In effect,
therefore, these vast amounts represent pooling of risks. The funds are collected and held
in trust for the benefit of the policyholders.

 The management of insurance companies is required to keep this aspect in mind and
make all its decisions in ways that benefit the community. This applies also to its
investments. This is why successful insurance companies would not be found investing in
speculative ventures. Their investments benefit the society at large.

 The system of insurance provides numerous direct and indirect benefits to the individual
and his family as well as to industry and commerce and to the community and the nation
as a whole. Those who insure, both individuals and corporate, are directly benefited
because they are protected from the consequences of the loss that may be caused by the
accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and
releases the capital for further expansion and development of business and industry.

 The very existence of risk that is, uncertainty concerning the future, is a severe handicaps
in economic activities. Insurance removes the fear, worry and anxiety associated with this
future uncertainty and thus encourages free investment of capital in business enterprises
and promotes efficient use of existing resources.

 Thus insurance encourages commercial and industrial development and there by

contributes to a vigorous economy and increased national productivity.
  Present day organization of industry, commerce and trade depend entirely on insurance
for their operation, banks and financial institutions lend money to industrial and
commercial undertakings only on the basis of the collateral security of insurance. No
bank or financial institution would advance loans on property unless it is insured against
loss or damage by insurable perils.

 Insurers are closely associated with several agencies and institutions engaged in fire loss
prevention, cargo loss prevention, cargo loss prevention, industrial safety and road safety.
Before acceptance of a risk, insurers arrange survey and inspection of the property to be
insured, by qualified engineers and other experts.

 The object of these surveys is not only to assess the risk for rating purposes but also to
suggest and recommend to the insured, various improvements in the risk, which will
attract lower rates of premium and what is more important , reduce the loss potential. For
example, burglary surveyors make recommendation in regard to security measures such
as better locking system, appointment of Watchman, etc. Engineering surveys play a
most useful part in accident prevention as valuable technical advice is provided in respect
of plant and machinery.

 Insurance ranks with export trade, shipping and banking services as earner of foreign
exchange to the country. It helps to earn foreign exchange and represent invisible exports.

List of Insurance Companies Listed in Different Years

List of Life Insurance Companies

S.No. Registration Date of Name of the Company

Number Reg.

1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited .

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

10 117 06.08.2001 Metlife India Insurance Company Ltd.(now pnbmetlife)

11 133 04.09.2007 Future Generali India Life Insurance Company Limited

12 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

13 102 23.10.2000 Royal Sundaram Alliance Insurance Company Limited

14 103 23.10.2000 Reliance General Insurance Company Limited.

15 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

16 108 22.01.2001 TATA AIG General Insurance Company Ltd.

17 113 02.05.2001 Bajaj Allianz General Insurance Company Limited

18 115 03.08.2001 ICICI Lombard General Insurance Company Limited.

19 131 03.08.2007 Apollo DKV Insurance Company Limited

20 132 04.09.2007 Future Generali India Insurance Company Limited

21 134 16.11.2007 Universal Sompo General Insurance Company Ltd.

 22 121 03.01.2002 Reliance Life Insurance company Ltd.

23 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

24 127 06.02.2004 Sahara India Insurance Company Ltd.

25 128 17.11.2005 Shriram Life Insurance Company Ltd.

26 130 14.07.2006 Bharti AXA Life Insurance Company Ltd.

27 133 04.09.2007 Future general Indai life Insurance Co.Ltd

28 135 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

29 136 08.05.2008 Canara HSBC Oriental Bank of Commerce Life

Insurance Company Ltd.

30 138 27.06.2008 AegonReligare Life Insurance Company Ltd.

31 140 27.06.2008 DLF Pramerica Life Insurance Company Ltd.

List of General Insurance Companies

1 123 15.07.2002 Cholamandalam General Insurance Company Ltd.

2. 124 27.08.2002 Export Credit Guarantee Corporation Ltd.

3. 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

1 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

2 141 15.12.2008 Raheja QBE General Insurance Co. Ltd

 SWOT ANALYSIS

STRENGTHS WEAKNESSES

1. STRONG TIE UP 1. LOW CUSTTOMER AWARENESS

2. BRAND EQUITY 2. LESS ADVERTISING AND PROMOTION
3. STRONG NETWORK
4. HUGE CUSTOMER DATA BASE

OPPORTUNITIES THREATS

1. UNINSURED POPULATION 1. LIC

2. NETWORK BUILDING 2. AGGRESSIVE NEW ENTRANTS
3. CHANGING ENVIRONMENT

McKinsey 7S Framework
The McKinsey 7S Framework is a management model developed by well-known business
consultants Robert H. Waterman, Jr. and Tom Peters in the 1980s. This was a strategic vision for
groups, to include businesses, business units, and teams. The 7S are structure, strategy, systems,
skills, style, staff and shared values.

The model is most often used as a tool to assess and monitor changes in the internal situation of
an organization.

The model is based on the theory that, for an organization to perform well, these seven elements
need to be aligned and mutually reinforcing. So, the model can be used to help identify what
needs to be realigned to improve performance, or to maintain alignment (and performance)
during other types of change.

Whatever the type of change – restructuring, new processes, organizational merger, new systems,
change of leadership, and so on – the model can be used to understand how the organizational
elements are interrelated, and so ensure that the wider impact of changes made in one area is
taken into consideration.

1. STRATEGY

PUT CUSTOMERS FIRST

Caring for and respecting customers is core to everything they do. It defines their work and
shapes the culture for their people, radiating out to their shareholders and communities.
 CORPORATE
STRUCTURE

ALTERNATE
TIED AGENCY
DISTRIBUTION

VICE PRESIDENT COUNTRY HEAD

REGIONAL RELATIONSHIP
MANAGER MANAGER

BRANCH SALES
SALES MANAGER
MANAGER

ASSI.SALES CORPORATE
SALES MANAGER BANK ASSURANCE
MANAGER AGENCY

UNITMANAGER TEAM LEADER FINANCIAL SERVICE

CUSTOMER SERVICE
TRAINEES
REPRASENTATIVE

2. STRUCTURE

BE THE BEST

They are relentless in their search for new and better ways of doing things. As a leader in our
industry, they constantly raise the bar, take calculated risks and learn quickly from their
mistakes.
MAKE THINGS EASIER

Products aren't always easy to understand. That's why they are always looking for simpler ways
to connect customers to the best solutions. By doing this,they aim to exceed their expectations
and build trust.

SUCCEED TOGETHER

United by their purpose, we live by a collective commitment to honesty, integrity and diversity.
They are open and inclusive, proudly taking and applying the best ideas from every part of their
company.

3. SYSTEMS

 Technological advancement.

 Consumer database

 Innovative protection plans for the consumer

4. STAFF

Regional Manager

Branch Sales Manager

Territory Manager

Sales Manager

Asst. Sales Manager

Senior Manager

Unit Manager
 Advisors

5. STYLE

PNB MetLife is a joint venture of above described two companies, i.e. Punjab National Bank and
MetLife Inc. These two companies are holding majority of shares of PNB MetLife India
Insurance Company Limited. With the bonding of these two leading companies, a new strength,
bond and reliability is available for the investors in insurance sector. It offers a huge number of
insurance plans like retirement plans, protection plans, heath plans, investment plans, child plans,
plans for saving, etc.

6. SKILLS
 Professionalism
 Innovation
 Team Spirit
 Pragmatism
 Integrity

7. SUPERORDINATE GOALS (SHARED VALUES)

To be a leader and the preferred company for financial protection and wealth management in
India by fulfilling the short term as well as long term objectives.

FINANCIAL STATEMENT OF THE YR-2013-14 OF PNBMRTLIFE

Private sector life insurer PNB MetLife India Insurance has reported a 77 per cent increase in net
profit atRs. 192 crore in FY 2013-14 against Rs. 108 crore in FY 2012-13.

Tarun Chugh, MD & CEO, PNB MetLife, said: “The profitability has been as a result of
operational efficiencies and higher sales from long-term regular premium products (close to 90
per cent of our portfolio). We have a profitable growth agenda with the customer at the centre.''

He added: “The company has also defined a CSR budget for FY 2014-15 based on an average of
last three years profit aligned to the requirements of the CSR Bill. Our CSR strategy is focused
on community development through financial inclusion, health and education initiatives in the
country.”

LEARNING EXPERIENCE
 An opportunity to apply the concepts learning t in real –life situations.
 It sensitizes me about nuances of work place by the time-bound projects assigned by the
company.
 It creates awareness about the strengths & weaknesses in the work environment
 It provides a platform to develop a network while OJT (On-the-job-Training), which
would be useful in enhancing career prospectus.
 Know the day-to-day functions of the company.
 It provides a unique opportunity to get exposed to corporate culture, professional
experience & professional behavior & putting the theoretical concepts learnt in the
classroom for developing managerial skills.
 To gain a deeper understanding of the work culture, deadlines, pressure etc. of an
organization.
 It gives a flavor of teamwork, organization culture, team dynamics, result orientation,
organizational pressures, complexities in achieving the desired results etc.
 It provides direct exposure to the execution & support functions of the departments.
 It provides a good scope for developing necessary managerial skills & positive attitude
 Chapter-3
Project Objectives
 Objectives of the Study

The following are the objectives of my study:-

 To study the compliance and sales training process at Pnb Metlife

 To study the quality of training provided at Pnb Metlife

 To study the behavior of the people opting for financial advisors

 To study the Insurance advising process as a whole

 To know about the existing system of training and development at pnb metlife.

 To evaluate the effectiveness of training and development system.

 To know the satisfaction level of the employee with the training and development system.

 To study the awareness of the employee regarding the training and development system.

SCOPE OF THE STUDY

Training Effectiveness is the process wherein the management finds out how effective it has
been at training and developing the employees in an organization.

 This study gives some suggestions for making the present training and development
system more effective.
 It gives organization the direction, how to deal differently with different employees.
It identifies the training & development needs present among the employees
 COMPANY PROFILE
COMPANY PROFILE

BACKGROUND OF THE COMPANY

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between
MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu &
Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private
investors, with MIHI and PNB being the majority shareholders. PNB MetLife was previously
known as MetLife India Insurance Company Limited (MetLife India) and has been present in
India since 2001.

PNB MetLife brings together the financial strength of a leading global life insurance provider,
MetLife, Inc., and the credibility and reliability of PNB, one of India's oldest and leading
nationalised banks. The vast distribution reach of PNB together with the global insurance
expertise and product range of MetLife makes PNB MetLife a strong and trusted insurance
provider.

PNB MetLife is present in over 150 locations across the country and serves customers in more
than 7,000 locations through its bank partnerships with PNB, JKB and Karnataka Bank Limited.

PNB MetLife provides a wide range of protection and retirement products through its Agency
sales of over 10,000 financial advisors and multiple bank partners, and provides access to
Employee Benefit plans for over 800 corporate clients in India. With its headquarters in
Bangalore and Corporate Office in Gurgaon, PNB MetLife is one of the fastest growing life
insurance companies in the country. The company continues to be consistently profitable and has
declared profits for last four Financial Years.

ABOUT METLIFE

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the
largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of
life insurance, annuities, employee benefits and asset management. Serving approximately 100
million customers, MetLife has operations in nearly 50 countries and holds leading market
positions in Japan, Latin America, Asia, Europe and the Middle East.

For 140 years, MetLife has been insuring the lives of the people who depend on us. Our success
is based on our long history of social responsibility, strong leadership, sound investments, and
innovative products and services.

METLIFE TODAY

MetLife’s vision of being the leading global life insurance and employee benefits company
guides the company’s response to people’s growing need for first-rate financial products and
services through various life stages and economic cycles. MetLife’s trusted brand, capital
strength, and existing relationships with millions of individual and institutional customers around
the globe uniquely position MetLife among its competitors.
On November 1, 2010, MetLife added significant scale and reach to its international footprint by
acquiring American Life Insurance Company (Alico) from American International Group, Inc.
(AIG) for $16.4 billion. Starting in 1921, Alico grew to become one of the largest and most
diversified international insurance companies in the world—and the first foreign life insurance
company licensed to sell in Japan. The acquisition of Alico transformed MetLife into a global
life insurance and employee benefits powerhouse, with 90 million customers in more than 60
countries around the globe.

Today, a time when consumers are feeling a greater financial burden than ever before, MetLife is
helping millions of customers create their own personal safety net. At no time in the company’s
history has MetLife been as well positioned to capitalize on its history, its reputation for security
and stability, and its innovative products and services as it is today.

In the future, MetLife will continue to grow its business with focus, innovation and profitability.
This will be accomplished by drawing on the reservoir of history that has produced an enduring
set of corporate values based on more than 140 years of integrity, social responsibility, strong
leadership and financial strength.

NATURE OF THE BUSINESS CARRIED

 Insurance
 Other financial services
VISION AND MISSION
Value
 Professionalism
 Innovation
 Team Spirit
 Pragmatism
 Integrity

Mission
To be the top growing life insurance company in india, main objective of Pnbmetlife is financial
protection and wealth management in India.
  Customer service of the highest order
 Value for money for customers,
 Professionalism in carrying out business
 Innovative products to cater to different needs of different customers
 Use of technology to improve service standards
 Increase market share
1.2 About the product
PRODUCTS BY PNBMETLIFE
1. INDUVIDUAL PLANS
2. GROUP PLANS

Monthly Income Protection Plans

 Met Family Income Protector Plus

Retirement Plans
 Met Monthly Income Plan – 10 Pay

Monthly Income Plans

 Met Monthly Income Plan – 10 Pay

Money Back Plans

 Met Money Back Plan

Investment Plans
 Met Smart Platinum
 Met Easy Super
 Met DhanSamriddhi
 Met Smart One

Child Plan Plans

 Met Smart Child
Saving PlansMet Endowment Savings Plan

Rural Plans
 Met GrameenAshray Plan
SERVICES BY PNBMETLIFE

RISK
COVER

PEACE OF
SAFETY
MIND

PRE AND
SERVICES BY
POST SALES PNBMETLIFE RETURN
SERVVICE

FORCED
LIQUIDITY
SAVINGS

TAX
BENEFITS

AREA OF OPERATION

METLIFE is international brand. And pnb is a national brand…. The joint venture between
metlife and Punjab national bank gives metlife the opportunity to understand the Indian market
and run their business successfully . Now PNB METLIFE has almost 250 branches all over the
india. Head office is in Bangalore.

Major area of operations are,

 Life insurance

 Other financial services

OWNERSHIP PATTERN
PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture between
MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu &
Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private
investors.

Partners of pnbmetlife

j& K Grameen Bank

Birdres Technologies Pvt. Ltd.

American Express Banking Corp

 COMPETITOR’S INFORMATION

 LIC

 HDFC LIFE

 TATA AIG

 SBI LIFE
  OTHER NEW ENTRANTS IN INSURANCE INDUSTR

 INFRASTRUCTURAL FACILITIES

 GOOD WORKING ENVIRONMENT

 MEDICAL FACILITY

 CANTEEN FACILITY

ACHIEVEMENTS AND FUTURE FORCAST BY THE VOICE OF MD OF PNB

METLIFE

“ The year 2012 will be the inflexion point for PNB MetLife India to
be able to grow and increase its profits substantially to meet its
vision of becoming a ‘Top-tier Life Insurance Company’ in the
country. As a company, we are financially strong, have a well
balanced product portfolio and our distribution is well poised to
deliver substantial growth.

We continued to remain profitable in 2011 and continue to grow our

sales month on month. Our AUM has consistently increased and today stands at a strong 7772
Crores. Our new partnership with PNB has had a resounding start and we have done a record-
breaking business with Punjab National Bank within 40 days of launch.

All these achievements were against a backdrop of an overall decline in the industry where all
large insurance players have witnessed a significant decline in premium income. However, PNB
MetLife India moved forward undeterred and produced solid results. We should take these as
mere milestones and it should become the way we do business.

Going forward, we have identified the following drivers of success for 2012:

Launch and establish Punjab National Bank

Grow, transform and improve productivity of our Agency business

Protect and grow Existing Bank Partners

Acquire new distribution partners

Leverage global and acquire domestic partnerships to grow Employee Benefits business

Maintain Persistency levels to build long term value in the company

Manage expense ratio

The environment in 2011 is likely to continue in 2012 and we should take it as ‘Business as
usual’. We are in a much stronger position and we should be able to overcome any challenges,
given our multichannel distribution and a national footprint that we have now acquired with
PNB.

To be a top tier Life insurance company, particularly in the scenario of reduced growth rates, we
will have to push ourselves, as we have the required resources and experience to build a solid
base for our business in this year.

We have the best talent in the industry all of whom are highly motivated to do the best for the
company. Recent surveys showed that 84% of our employees are extremely proud to work for
PNB MetLife. I too am proud to be a part of this organization and lead a team that has delivered
all the above and together we will take this company to even greater heights. I look forward to
your commitment to establish PNB MetLife as a ‘Top tier Life Insurance Company’ in India.

The best is yet to come! ’’

Regards,

Rajesh Relan

Managing Director & Country Manager

PNB MetLife India Insurance Co. Ltd.

FUTURE GROWTH AND PROSPECTS

 What PNBMETLIFE do?

  PNB MetLife India is in the most exciting phase of its evolution in India today. They are
among the three fastest growing insurance companies and this translates into amazing
opportunities for our associates. Their ultimate goal at PNB MetLife India, simple in
concept and impressive in breadth, is to build financial freedom for their customers. For
their customers that means providing products and services that allow them to enjoy life
and trust in the fact that they will be there for them.

 Where PNBMETLIFE is going?

 PNB MetLife India are committed to continued growth. they’ll get there through the
power of their relationships, by expanding their already wide array of innovative products
and services, and by making the most of an enormously diverse and talented workforce to
meet the challenges of an ever-changing marketplace. This means an array of career
opportunities

WORK FLOW MODEL

 NEED ANALYSIS
 INSURANCE SELLING
 PROVIDING FINANCIAL SERVICES
 CSR ACTIVITY

Corporate Social Responsibility at PNB MetLife

“PNB MetLife has taken the first step in giving back to the local communities and launched its
CSR initiative. The company has joined hands with bank partners, Jammu & Kashmir Bank
Limited (JKB) and Karnataka Bank Limited (KBL) to support the cause of education and
development of underprivileged children.”Approach
 Chapter-4
Research Methodology
 RESEARCH METHODOLOGY

The process used to collect information and data for the purpose of making business decisions.
The methodology may include publication research, interviews, surveys and other research
techniques, and could include both present and historical information.
In simple terms methodology can be defined as, it is used to give a clear cut idea on what the
researcher is carrying out his or her research. In order to plan in a right point of time and to
advance the research work methodology makes the right platform to the researcher to mapping
out the research work in relevance to make solid plans.
More over methodology guides the researcher to involve and to be active in his or her particular
field of enquiry.
Right from selecting the topic and carrying out till recommendations research methodology
drives the researcher in the right track. The entire research plan is based on the concept of right
methodology.
More over through methodology the external environment constitutes the research by giving a
depth idea on setting the right research objective, followed by literature point of view, based on
that chosen analysis through interviews or questionnaires findings will be obtained and finally
concluded message by this research.
On the other hand from the methodology the internal environment constitutes by understanding
and identifying the right type of research, strategy, philosophy, time horizon, approaches,
followed by right procedures and techniques based on his or her research work. In other hand the
research methodology acts as the nerve center because the entire research is bounded by it and to
perform a good research work, the internal and external environment has to follow the right
methodology process.

RESEARCH DESIGN
A research deign is a type of blue print prepared depending on the various types of blueprint
available for the collection, measurement and analysis of data. A research design calls for
developing of most efficient plan for gathering the needed information. The design of a research
is a based on the purpose of the study. A research design is the specification of the methods of
procedures for acquiring the information needed. It is overall operational pattern or framework of
the project that stipulates what information is to be collected from which source and by what
procedures.

RESEARCH PROBLEM
Organization has to depend on various policies for the training and development of its workers.
Pnbmetlife today is focusing on the way to spend the funds effectively on T&D
PROGRAMMES , with the aim that training enables the employee to become more productive.

RESEARCH METHODOLOGY ADOPTED

Research design
 Descriptive research

Research instrument
 Structured & closed questions

Sampling
 Sampling method: Probability Sampling

 Sample size: 60

Sampling design
 Random sampling

Sources of data
 Primary data : structured , closed questionnaire & references.

 Secondary data: journals, booklets etc.

Sampling area
 Delhi NCR
 Chapter-5

Data Analysis
 DATA ANALYSIS

1. Are you aware of training & development program in pnb metlife?

AWARE CAN’T SAY UNAWARE

IN FIGURE 48 6 6

% 80% 10% 10%

AWARENESS
90

80

70

60

50

40 Awareness

30

20

10

0
aware cann't say unaware

INTERPRETATION

During the survey it was seen that 80% of the respondents were aware of the training program
where 10% were not.
2. Have you ever attended training in pnb metlife?
YES NO

IN FIGURE 54 6

% 90% 10%

4 Sales

0
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

INTERPRETATION
During the survey it was seen that 90% of the respondents have attended training whereas 10%
have never attended one.
3. Is the trainer knowledgeable enough to provide you the right kind of training?

KNOWLEDGEABLE AVERAGE BELOW

IN FIGURE 39 12 9

% 65% 20% 15%

KNOWLEDGE OF THE TRAINER

70

60

50

40

KNOWLEDGE OF THE TRAINEE

30

20

10

0
KNOWLEDGEABLE AVERAGE BELOW

INTERPRETATION
During the survey it was seen that 65% of the sample strongly agree that the trainer was
knowledgeable whereas 20% found him average and 15% thought that the trainer did not possess
the required knowledge.
4. Training helps in building competency?
Strongly agree Agree Can’t say Disagree Strongly
disagree
IN FIGURE 33 15 9 3 0

% 55% 25% 15% 5% 0%

TRAINING HELPS IN BUILDING COMPETENCY

60

50

40

30
TRAINING HELPS IN BUILDING
COMPETENCY
20

10

0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 55% of the respondents strongly agreed that training helps in
building competency whereas only 5% of the sample disagreed to it.
5. Training programme is being conducted keeping in consideration with pnb metlife’s
objective?

Strongly agree agree Can’t say disagree Strongly

disagree
IN FIGURE 42 6 0 9 3

% 70% 10% 0% 15% 5%

COPMANY OBJECTIVE AND TRAINING

PROGRAMME
80
70
60
50
40
COPMANY OBJECTIVE AND
30 TRAINING PROGRAMME
20
10
0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 70% of the sample strongly agreed that training was carried on
keeping in consideration with pnbmetlife’s objectives whereas 5% strongly disagreed with it.
6. Games and simulation should be one of the methods of training and development
process?
STRONGLY AGREE CAN’T SAY DISAGREE STRONGLY
AGREE DISAGREE
IN FIGURE 45 6 9 0 0

% 75% 10% 15% 0 0

GAMES AND SIMULATION IN TRAINING

PROCESS
80
70
60
50
40
GAMES AND SIMULATION IN
30 TRAINING PROCESS
20
10
0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 70% of the sample strongly agree that games and simulation
should be one of the methods of training to make it much more interesting whereas there was no
one who disagreed with it.
7. The trainer was cooperative and helpful?

Agree Slightly agree Disagree No idea

IN FIGURE 36 9 15 0

% 60% 15% 25% 0

70

60

50

40 Column1

30
TRAINER WAS CO-OPERATIVE
20 OR NOT?

10

0
AGREE SLIGHTLY DISAGREE NO IDEA
AGREE

INTERPRETATION
During the survey it was seen that 60% of the people thought that the trainer was co-operative
whereas 25% of the people did not find the trainer co-operative at all.
8. More audio-visuals should used while providing training.

Strongly agree Can’t say disagree Strongly

agree disagree
IN FIGURE 27 18 9 6 0

% 45% 30% 15% 10% 0

USEFULNESS OF AUDIO-VISUALS IN
TRAINING PROCESS
50
45
40
35
30
25
USEFULNESS OF AUDIO-
20 VISUALS IN TRAINING PROCESS
15
10
5
0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 4% of the people strongly agree that more audio –visuals
should be uses whereas 10% disagree to it.
9. The training program is cost effective?
Strongly agree Agree Can’t Disagree Strongly disagree
say
IN 24 12 3 6 0
FIGURE
% 40% 20% 5% 10% 0

COST EFFECTIVENESS
45
40
35
30
25
20 COST EFFECTIVENESS
15
10
5
0
STRONGLY AGREE CAN'T SAY DISAGRE STRONGLY
AGREE DISAGRE

INTERPRETATION
During the survey it was seen that 40% of the people strongly agree, 20% agree and 10%
disagree that the training was cost effective.
10. Training helps in improving interpersonal relationship?

Strongly agree Agree Can’t say Disagree Strongly

disagree
IN 39 12 3 6 0
FIGURE
% 65% 20% 5% 10% 0

TRAINING HELPS IN IMPROVEING INTER

PERSONAL REALATIONSHIP
70

60

50

40

30 Sales
20

10

0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During trhe survey it was seen that 65% of the sample strongly agree, 20% agree and 10%
disagree that training helps in improving interpersonal skills.
11. Rewards increase the participation of the trainees.
Strongly Agree Can’t say Disagree Strongly
agree Disagree
IN FIGURE 33 21 0 6 0

% 55% 35% 0% 10% 0

REWARDS INCREASE THE PARTICIPATION OF

THE TRAINEES
60

50

40

30 REWARDS INCREASE THE

PARTICIPATION OF THE
20 TRAINEE

10

0
STRONGLY AGREE CAN'T SAY ADISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 55% strongly agree, 35% agree and 10% disagree that rewards
increase the participation of the employee.
12. Is the training is free from bias?

Strongly Agree Can’t say Disagree Strongly

agree disagree
IN FIGURE 27 15 6 9 3

% 45% 25% 10% 15% 5%

TRAINING IS FREE FROM BIAS OR NOT

50
45
40
35
30
25
TRAINING IS FREE FROM BIAS
20 OR NOT
15
10
5
0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 45% of the sample strongly agree and 25% agree that the
training is free from bias whereas 15% disagree and 5% strongly disagree that training is not free
from bias.
13. Training should be regular and continuous process in pnbmetlife.
Strongly Agree Can’t say Disagree Strongly
agree disagree
IN FIGURE 12 9 6 3 0

% 70% 15% 10% 5% 0

TRAINING SHOULD BE REGULAR AND

CONTINUOUS PROCESS
70

60

50

40

30 Sales
20

10

0
STRONGLY AGREE CAN'T SAY DIAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 70% of the sample strongly agree ,15% agree that training
should be a continuous process whereas 5% disagree that training should not be carried on a
regular basis.
14. In present T&D system , feedback is given by trainee to trainer for improvement.
Strongly Agree Can’t say Disagree Strongly
agree disagree
IN FIGURE 24 12 6 9 9

% 40% 20% 10% 15% 15%

IMPORTANCE OF FEEDBACK PROCEES IN

TRAINING
45
40
35
30
25
20 IMPORTANCE OF FEEDBACK
PROCEES IN TRAINING
15
10
5
0
STRONGLY AGREE CAN'T SAY DISAGREE STRONGLY
AGREE DISAGREE

INTERPRETATION
During the survey it was seen that 40% of the sample strongly agree and 20% agree that
feedback helps the trainer to improve whereas 15% disagree and 15% strongly disagree that the
feedback does not lead to any improvement of the trainee.
Chapter-6
Findings
 FINDINGS

The major findings of the project are enumerated as follows:

 Training is considered as a positive step towards augmentation of the knowledge base by the
respondents.

 The objectives of the training programmes were broadly known to the respondents prior to
attending them.

 The training programmes were adequately designed to cater to the developmental needs of
the respondents.

 Some of the respondents suggested that the time period of the training programmes were less
and thus need to be increased.

 Some of the respondents also suggested that use of latest training methods will enhance the
effectiveness of the training programmes.

 Some respondents believe that the training sessions could be made more exciting if the
sessions had been more interactive and in line with the current practices in the market.

 The training aids used were helpful in improving the overall effectiveness of the training
programmes.

 The training programmes were able to improve on-the-job efficiency.

 Some respondents also recommended that the number of training programmes be increased.
 Chapter-7

Conclusion
&
Recommendations
 CONCLUSION

Entry of Private players in Insurance Industry has changed the entire scenario of the Industry.
Industry has shown Revolution of 360* starting from 1956. Private players have challenged the
LIC and compelled to face the competition. This cut-throat competition has been a boon for
customer. He has been more informed and getting better services. Negligence to the Insurance is
decreasing day by day.

Thus, total scenario of the Industry has changed from as it was in 1956 – a Monopoly Market.
On account of increased competition, companies have to compete to grab the market. Tied
channel is perhaps the best alternative to reach maximum target customers. So to have best
results companies are required to have best people, who can work for the efficiently and give
best results. So, as a result now a day companies have become more choosy in recruiting
advisors.

PNB METLIFE should strive to be be in learning and training plays a vital role in this regard.
This facilitates employees to learn new concepts and practices relevant to new situations. After
the survey,
it is evident that there are certain strengths and also the weaknesses is the present training system
, which has to be overcome. The perception of employees regarding the present training system
brings out the fact that they are satisfied with the present training process that is being practiced
in the organization.it is noticed in the survey that majority of the advisors in pnbmetlife were
aware of the training programs. Most of them were given training which make them more
competent and professional. Training includes interpersonal relationship. After analyzing it was
found that maximum respondents are at the level of satisfaction but few are dissatisfied
.Therefore training and development is the utmost importance and has to be carried out on a
regular basis so as to improve the performance of the employees.
 RECOMMENDATIONS
 More and more financial advisors should be made aware by informing them before hand
to enable them to prepare themselves for the schedule

 Trainers should be courteous, competent and professional and should be able to solve the
queries to the satisfaction level. The course material provided by them shall be found
useful for future reference.

 PNB Metlife’s objective should be given priority while preparing the training
programme as it would lead to proper utilization of funds being invested in organizing the
training programme.

 Games and simulation should be one of the method s of conducting the training
programme to raise the inter level of the trainees.

 Training provided should be useful to the current work of the trainees, it should help
them in one or the other way in every walk of life.

 Training should be maid continuous and a regular process as it will be easier for the
financial consultants to retain the knowledge and skills (behavioral and technical) for a
long period of time.
 REFERENCES

Books:-
 Human Resouce Practices,thomson & Grey,Macmillan,2014-2015
 Training & Development procedures,C V Rao,Shiwalik publications,2015
 Aswathappa k, human resource and personal management
 Craig l.robert training and development hand book
 C.R. Kothari research methodology
 Personal manual of PNBMETLIFE
 Human resource management by insurance Institute India.

 Internet:-
 www.pnbmetlife.com
 Wikipedia
 www.yahoo.com
 www.google.com
 www.workstreaminc.com
 www.outsourcing2india.com
 www.careersindia.com
Annexure
 QUESTIONNIRE

NAME OF THE RESPONDANT:

AGE:____________________
ADDRESS:_______________
CONTACT NO:____________

1. Are you aware of the training & development program of PNB Metlife?
 Aware
 Can’t say
 Unaware

2. Have you ever attended training at PNB Metlife?

 Yes
 No

3. Was the trainer knowledgeable enough to provide you right kind of training?
 Knowledgeable
 Average
 Below

4. Do you think training helps in building competency?

 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree
5. Training program is being conducted keeping in consideration with PNB Melife’s
objective?
 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree

6. Games and simulation should be one of the methods of training and development
process?
 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree

7. Was the trainer cooperative and helpful?

 Yes
 Somewhat yes
 No
 No idea

8. More audio-visuals should be used while providing training?

 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree
 9. The training program is cost effective?
 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree

10. Training helps in building interpersonal relationship?

 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree

11. Rewards increase the participation of the trainees?

 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree

12.Do you think training is from bias?

 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree
13.Training should be a regular and continuous process in PNB Metlife?
 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree
13. In present t&d system , feedback is given by traineee to trainer for improvent is
important?
 Strongly agree
 Agree
 Can’t say
 Disagree
 Strongly disagree