A Summer Training Project Report On

Study on Effectiveness of Training of Financial Consultants in

HDFC Standard Life Insurance Company Limited

SUBMITTED IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF

BACHELOR OF BUSINESS ADMINISTRATION (BBA)
GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY,
HISAR.

TRAINING SUPERVISOR : SUBMITTED BY:

MR. Mohit Jain MR. ___________________
(Senior Channel Development Manager) ENROLLMENT NO. ______

SESSION : 2008 – 2011

GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY
HISAR
 Acknowledgement

The present work is an effort to throw some light on “Effectiveness of Training of

Financial Consultants in HDFC Standard Life Insurance Company Limited”. The
work would not have been possible to come to the present shape without the able
guidance, supervision and help to me by number of people.

With deep sense of gratitude I acknowledged the encouragement and guidance received
by my organizational guide Mr. Mohit Jain and other staff members as well for guiding
me throughout the work and handling my each query with great patience.

Last but not the least I would also like to thank my family and friends as well for
motivating me and continuously supporting me whenever I need.

I convey my heartful affection to all those people who helped and supported me during
the course, for completion of my Project Report.
 Executive Summary

Insurance is a system to ease financial losses by transferring risk of loss

from one entity to another. It is a legal contract that protects people from
the financial costs that result from loss of life, loss of health, lawsuits, or
property damage. Insurance provides a means for individuals & society to
cope up with some of the risks faced in every day life by every body.
Among the emerging markets, India has been drawing intense attention of
late, fuelled in part by the fast expansion of its insurance market and the
fact that this growth is now available to all.

Insurance is the most booming sector in India now-a-days so it has

become really important for any person to study the insurance sector in
India. I have done my summer internship in HDFC Standard Life
Insurance Company Limited. During my internship I was able to learn a
lot of things that are existing in the insurance market.

My project is studying the effectives of training of financial consultants

in HDFC SLIC. To analyse the effectiveness of training it was very
important to firstly study the training process of financial consultants in
HDFC SLIC and then ask from the advisors about their reaction towards
the process that is how they feel about the effectiveness of the process.

The training procedure is a very important aspect of a company specially

the service based company which relies completely upon its human
resources. In insurance industry training of financial advisors is a very
crucial task as they are the one who will be directly dealing with the
customers. So we can say they are the backbone of an insurance company
or we can say the representatives of a company. So its very important that
the training should be done in a proper manner, that is, in a way which
makes the financial consultants understand about the company in a more
better way and about the various products and services of the company. So
it was a nice experience to study this topic as my research work as there
was a lot to learn from this topic.

Analyzing of such a process was not at all an easy task because we have to
ask from the advisors about it and sometimes may be they are very busy or
not willing to answer the questions as they are not the permanent
employees of the company. In fact, studying the whole process also was a
very hectic job but I tried to my fullest to give complete judgement to my
project.
 TABLE OF CONTENTS

CHAPTER - 1
INTRODUCTION : INSURANCE INDUSTRY 1-11
1.1 OVERVIEW OF THE INSURANCE INDUSTRY 1
1.2 NEED FOR INSURANCE 2-3
1.3 IMPORTANCE OF INSURANCE 4
1.4 TYPES OF INSURANCE 5
1.5 INSURANCE SECTOR REFORMS 6
1.6 THE INSURANCE SECTOR IN INDIA 7-8
1.7 MILESTONES OF INSURANCE REGULATIONS IN THE 20TH CENTURY
1.8 LIST OF INSURANCE COMPANIES IN PRIVATE SECTOR 10-11

CHAPTER – 2
COMPANY PROFILE : HDFC STANDARD LIFE INSURANCE 16-43
3.1 INTRODUCTION TO THE ORGANIZATION 16-20
3.2 COMPANY’S VISION AND VALUES 21
3.3 BRIEF PROFILE OF THE BOARD OF DIRECTORS 21-27
3.4 MANAGEMENT TEAM 27-31
3.5 AWARDS AND ACCOLADES 31-37
3.6 STRUCTURE OF SALES DEPARTMENT IN HDFC SLIC 37-38
3.7 VARIOUS INSURANCE PLANS OF THE COMPANY 39-40
3.8 KNOWLEDGE MANAGEMENT 40-42
3.9 COMPETITORS INFORMATION 42-43
3.10 S.W.O.T ANALYSIS OF THE ORGANIZATION 43

CHAPTER -3
CONCEPTUAL DISCUSSION
CHAPTER -4
OBJECTIVES AND METHODOLOGY 12-15

CHAPTER-5
TRAINING PROCEDURE OF FINANCIAL CONSULTANTS IN HDFC SLIC

CHAPTER - 6
FINDINGS 69-70

CHAPTER – 7
RECOMMENDATIONS 71

ANNEXURES

BIBLIOGRAPHY
 CHAPTER – 1
INTRODUCTION : INSURANCE
INDUSTRY
 CHAPTER – 2
OBJECTIVES & METHODOLOGY
 CHAPTER – 3
COMPANY PROFILE : HDFC
STANDARD LIFE INSURANCE
 CHAPTER – 4
TRAINING PROCEDURE OF
FINANCIAL CONSULTANTS IN HDFC
SLIC
 CHAPTER – 5
DATA ANALYSIS &
INTERPRETATION
CHAPTER – 6
FINDINGS
 CHAPTER - 7
RECOMMENDATIONS
ANNEXURES
BIBLIOGRAPHY
 ANNEXURES

QUESTIONNAIRE

Ques1. What should be the perfect Age-group to be a financial consultant?

o 25-35 years
o 35-45 years
o 45-50 years

Ques2. Do you know about the working of financial Consultant of “HDFC SLIC” ?
o Yes
o No
o Insufficient Information.
o
Ques3 Are you satisfied with the kind of growth opportunities provided by HDFC SLIC?
o Yes
o no

Ques4.Which of the training method of HDFC SLIC you like the most effective?
o IRDA Training
o Basic Training and Induction
o Disha training
o Advance Training

Ques5. Do you think that HDFC SLIC is a good company to work with?
o Yes
o No

Ques6. Do you think that the company should give more stress on training?
o Yes
 o No

Ques7. How do you rate the training facilities of HDFC Standard Life Insurance
Company?
o Excellent
o Very Good
o Good
o Satisfactory
o Poor

Ques8. How do you rate the training procedure of HDFC Standard Life Insurance
Company?
o Excellent
o Very Good
o Good
o Satisfactory
o Poor

Ques9. Do you think that the training procedure of company provides you with the
complete information about the company?
o Yes
o No

Ques10. Do you think that the IRDA training provided by the company is effective
enough to make you clear the IRDA exam?
o Yes
o No

Ques11. Will you be interested to become financial consultant of HDFC SLIC?

o Yes
o No

BIBLIOGRAPHY

BOOKS

 Human Resource Management, T N Chabbra, 5th edition, Sultan Chand and

Sons
 Research Methodology, C R Kothari, 4th edition, Vikas Publications
 Human Resource Management, C B Gupta , 5th edition, Sultan Chand and Sons

WEBSITES

 www.hdfcinsurance.com
 www.wikipedia.org
 www.rbi.org.in
 www.irdaindia.org
 www.banknetindia.com
 www.businessworldonline.com
 www.google.co.in
 www.indiabschools.com

 www.findarticles.com

 www.citehr.com