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A study on the Effectiveness of training and development policy

in IDBI Federal Insurance Co.Ltd
Done for


(Submitted in partial fulfilment of the requirements for the award of 2 year full time Master of
Business Administration)








I hereby declare that the project entitled “A study on the effectiveness of training and
development policy in IDBI federal Insurance ” submitted in partial fulfilment of the requirements
for the award of the Degree of Business Administration is a record of original research work done by
me under the supervision and guidance of Prof sailaja and the dissertation has not formed the
basis for the award of any Degree/Diploma/Associate ship/Fellow ship or other similar title to any
candidate of any university.



Words put on paper are mere ink marks, but when they have a purpose there exist a thought
behind them. I too have a purpose to express my gratitude towards those individuals,
without whose guidance this project would not have been possible. First of all I thank God
Almighty for the immense blessings he has bestowed on me in this strenuous effort.

I express my great sense of gratitude to Company guide Mrs. Sk.habbib Assistant branch
head, for her guidance, moral support and motivations and for her immense support in the
successful and timely completion of this project.

I acknowledge that I am deeply indebted to Prof. Sailaja, my Faculty supervisor for her
esteemed guidance, expert observations and timely advice on the mode of organization and
presentation of the project.

It was a pleasure to be associated with IDBI FEDERAL INSURANCE. The experience

that I have garnered has had a profound impact on my career choices and has helped me
realize what is requisite for success in the corporate world. I carry high regards for the
complete team of IDBI Federal.

I would like to convey my heart full thanks to my Chair person Mrs. C.h.vishala lakshmi,
for her wonderful suggestions and excellent ideas and also her encouragement in completing
this project work successfully and all the staff of our department for their direct and indirect
involvement in the successful completion of the project.

I take this opportunity to cherish all my dear friends who have always been behind every
success of mine.




In today’s corporate and competitive world, I find that insurance sector has the maximum
growth potential as compared to the other sectors. Insurance has the maximum growth rate of
70-80% while as FMCG sector has maximum 12-15% of growth rate. Despite recession this
sector has noticed a growth rate of around 35-40%. The growth potential attracts individuals to
enter this sector and IDBI-Federal Life Insurance Company Ltd has given me the opportunity to
get a peek of highly competitive and enhancing sector.

The awareness related to life insurance products in India, among the mass, is still very low. The
level is even lower in rural areas. Insurance is still considered as a tool for tax planning only,
even when companies have attached investment benefits to it.

The major factors affecting the purchase of an insurance product are trust, service, product
features and relationship with advisors. Firms like LIC are still favored only because of being a
government undertaking units. The concept of mis-selling has paralyzed the sector itself. People
find it hard to have faith in advisors. Their job is really very hard. People are now getting aware
of the various investment tools available in the market. The masses in urban cities like Pune have
started comparing the products. While talking to different people, I found that their purchase
decision was highly influenced by their family and colleagues. They purchased the insurance
products at the time when they needed it most, which according to them was at the time of tax
planning, whereas any insurance product must be bought when the individual needs it least so
that they can actually calculate the amount of life cover they need and the type of investment
they want. They can spread awareness by organizing various camps, sending mails or through
free counselling for interested people.

















Human resources management has become a key function in
management process and the important it has received after the
liberalization of the economic policy of the government has given times
and business environment brought out by the “globalization of business”
Human resources development has in recent years became
the focus of the attention of planners, policy makers and administrators.
Human resources development may be defined as the process of
increasing the knowledge, skills and capabilities of people, it is
important not only for enterprise but foe a nation to develop through
health, nutrition, training and executive development are main areas of
human resources development.
Training is the process of increasing the knowledge and
skills for doing a particular job. It is an organized procedure by which
people learn knowledge and skills for a definite purpose. The purpose of
training is bridge the gap between jobs requirements and present
competence of an employee. Training is aimed at improving the
behaviour and performance of a person. It is never ending or continuous
process. Training is closely related with education and development but
needs to differentiate from these terms.
Training is a learning experience, in that it seeks a
relatively permanent change in an individual which will improve his/her
ability to perform on the job. We typically say training can change skill,
knowledge, attitude and social behaviour. It means changing what
employees know, they work, their attitude towards their work pr their
interaction with their co-workers or their supervisors.
Expected results of training programs
 Higher productivity: training helps to improve the level of
performance. Trained employees perform better by using method
of work.
 Better quality of work: in formal training, the best methods are
standardizes and taught to employees perform better by using
better method of work.
 COST REDUCTION: trained employee make more economical
use of materials and machinery, reduction in wastage and spoilage
together with increase in productivity help to minimize cost of
operation per unit.
 REDUCTION SUPERVISION: well-trained employees tend to
be self-reliant and motivated.
The training objectives are designed in accordance with the company
goals and objectives. The general objects of any training program are:
 To inculcate the basic knowledge and skill to the new entrants and
to enable them to perform their jobs well.
 To enable the employee to meet the changing requirements of the
job and the organisation.
 To demonstrate the employee the new techniques and ways of
performing the job or options.

Training is done with specific objectives, hence evaluation of training is must, it is

necessary in order to determine

 To see the training programs has accomplished its assigned objectives

 To identify the strengths/weakness of the training activities.

 To determine the cost / value of the training program and

 To establish a database for the trainers to be used by them for demonstrating

the productivity of their department.


The study is an analysis on the training and development program follow by IDBI


 The study is carried out by interviewing 50 employees of IDBI GEDERAL

 The project study covers employees of IDBI FREDEAL only

 The survey was conducted on the method of training system that was

followed in IDBI FREDEAL

 the study focuses on the evaluation of design, implementation, feedback,

participation ,parameters of the performance appraisal system

 to help each employee in understanding more about their role, as well as

helping in understanding their strengths and weaknesses with respect to their

role and functions in the organisation

 the study has only made a humble attempt on the employees feedback on

training bases on different criteria

 the survey conducted will provide the details about the feedback of

employees towards training process at IDBI FREDEAL


The Primary objective of doing this project is to know the effectiveness and

benefits of the training program. During the summer internship program period, I

have achieved something which is helpful to develop my skills and simultaneously

add some value to the company, by getting more business because of the training


Secondary objective:

 To study various Training and Development programs.

 To study employee attitude regarding the Training program.

 To make some suggestions that would further enhance the Training


Research Design: In this project, Conclusive research methodology is used. In

conclusive research, data was collected by Descriptive research method. My study
was concerned with the effectiveness of the Training Program at IDBI Fortis Life
Insurance Co. Ltd.
The objective of my research is to know how much effective is the Training
Program at IDBI Fortis Life Insurance Co. Ltd., and to enhance the training
program for business development.

Presently, there are lots of insurance industries in the Indian Market, trying to
achieve more and more market share. In this situation is very important to sustain
in the market and increase share. Business enhancement is possible if employees
are trained effectively. For this purpose I have done a research on the same.

For this objective I have used telephone calling and field survey to find out the
response of the employees about the Training and Development program followed
at IDBI Fortis Life Insurance Co. Ltd.

I have done phone calling and tried to get their view about it. I had prepared a
questionnaire for collecting data and did 35-40 phone calls in Coimbatore and
Bangalore branch offices to collect data. I got enormous support from my Mrs.
Shanthi Yagyanath, Manager Distribution-Chief and Mrs. Sudha Rani Ratho,
State Training Manager, IDBI Fortis Life Insurance Co. Ltd.
Nature of Data
Data regarding the Training modules, chapters, Training Reward Point (TRP), was
provided by the State Training Manager, at IDBI Fortis Life Insurance Co. Ltd.,
Himayat Nagar Office Branch. This helped in identifying the key points about the
training process and by collecting the information from the employees, helped me
to analyze the employee opinion and training effectiveness.

Developing Sample Design:

Sample design refers to number of items to be included in sample. It refers to the

Technique or procedure the researcher would adopt in selecting items from the

 Type of universe:
 The universe is the entire group of items the researcher wishes
to study and about which they plan to generalize. Under this
project type of universe include employees working in
Hyderabad, Coimbatore and Bangalore.

 Sampling Unit:
 Sampling units are the employees, who are undergoing/ have
undergone the training program in Hyderabad, Coimbatore and

 Size of Sample:
 The Sample size is 50.
 Sampling Procedure:
 Sampling procedure refers to technique used in selecting the
items for the sample. Under this project, selection of
respondents is on the basis of convenience sampling.
 Tools and Techniques:
 For this survey, Convenience- Sampling technique is used.
 MS-Excel, ver. Microsoft Office 2007 (12.0.4518.1014) is used
for analyzing and interpretation of the data.

Method of data collection:

Data is the significant part of the research. Entire research depends upon the data.
Data collected by me during my internship in the IDBI Fortis, can be divided as

 Primary data
o Primary data are those which are collected for the first time and thus
happen to be original in chapters. I have collected my data through
phone calling and through direct communication with respondents in
one form or another or through personal interviews.

 Secondary data
o Secondary data are those data which are already been collected by
someone else and which have already been passed through the
statistical process. I have collected the data from company’s brochure,
training dairy, search engine, magazines and newspapers.

Limitations of the Study

1. The scope of the project is limited to conceptual and HR aspects of Training

and Development of the Company and doesn’t include other HR practices

followed by the company, which are equally important aspect of learning.

2. Project is limited to IDBI Fortis Life Insurance Co. Ltd., Hyderabad,

Coimbatore and Bangalore Branch offices only. It excludes the analysis of

other centres of the company across India.

3. The major limitation is in terms of collecting the information about the

training modules for the Executive Level/ Strategic Level employees, as

there is risk of violating company’s policies and procedures.

4. Partial knowledge about the Managerial Development Program was a

barrier during conversation with the Executive Managers.


Working Procedure:

In my Summer Internship Training, I have learnt about Incomesurance Product. I

have also learnt about company’s working procedure, various training modules and
workshops. I have collected my data from Corporate Branches in Hyderabad,
Coimbatore and Bangalore. I approached employees working and trainees. During
the period I was in constant touch with my Manager Distribution-Chief and State
Training Manager and I have to submit daily report of my work and full
information about phone calls and questionnaires. Questionnaire consisting of
close ended questions was used for collection the information.

Instrument Used:

I have collected my data form field survey, internet and through phone calling. As
I was doing the work of meeting the employees and asking them questions about
the company and then I tried to fill up my questionnaires.

Working Procedure:

In my Summer Internship Training, I have learnt about Incomesurance Product. I

have also learnt about company’s working procedure, various training modules and
workshops. I have collected my data from Corporate Branches in Hyderabad,
Coimbatore and Bangalore. I approached employees working and trainees. During
the period I was in constant touch with my Manager Distribution-Chief and State
Training Manager and I have to submit daily report of my work and full
information about phone calls and questionnaires. Questionnaire consisting of
close ended questions was used for collection the information.
Instrument Used:

I have collected my data form field survey, internet and through phone calling. As
I was doing the work of meeting the employees and asking them questions about
the company and then I tried to fill up my questionnaires.


The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree
turn witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in

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.

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 core from the Government of

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.

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

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized

the general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.

Indian Insurance Industry:

Learn about Insurance may be described as a social device to reduce or eliminate

risk of life and property. Under the plan of insurance, a large number of people
associate themselves by sharing risk, attached to individual.
The risk, which can be insured against include fire, the peril of sea, death, incident,
& burglary. Any risk contingent upon these may be insured against at a premium
commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party called insurer
undertakes in exchange for a fixed sum called premium to pay the other party
happening of a certain event.

Insurance is a contract whereby, in return for the payment of premium by the

insured, the insurers pay the financial losses suffered by the insured as a result of
the occurrence of unforeseen events.

With the help of Insurance, large number of people exposed to a similar risk make
contributions to a common fund out of which the losses suffered by the unfortunate
few, due to accidental events, are made good.

Functions of Insurance:

The functions of Insurance can be classified into two parts:

 Primary Functions
 Secondary Functions
 Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection

against future risk, accidents and uncertainty. Insurance cannot check the
happening of the risk, but can certainly provide for the losses of risk. Insurance is
actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few
among many others. Insurance is a mean by which few losses are shared among
larger number of people. All the insured contribute the premiums towards a fund
and out of which the persons exposed to a particular risk is paid.
Assessment of risk - Insurance determines the probable volume of risk by
evaluating various factors that give rise to risk. Risk is the basis for determining
the premium rate also

Provide Certainty - Insurance is a device, which helps to change from uncertainty

to certainty. Insurance is device whereby the uncertain risks may be made more

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt

suitable device to prevent unfortunate consequences of risk by observing safety
instructions; installation of automatic sparkler or alarm systems, etc. Prevention of
losses cause lesser payment to the assured by the insurer and this will encourage
for more savings by way of premium. Reduced rate of premiums stimulate for
more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from
security investments, by paying small amount of premium against larger risks and

Contributes towards the development of larger industries - Insurance provides

development opportunity to those larger industries having more risks in their
setting up. Even the financial institutions may be prepared to give credit to sick
industrial units which have insured their assets including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment,

insurance is a compulsory way of savings and it restricts the unnecessary expenses
by the insured's For the purpose of availing income-tax exemptions also, people
invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The

country can earn foreign exchange by way of issue of marine insurance policies
and various other ways.
Risk Free trade - Insurance promotes exports insurance, which makes the foreign
trade risk free with the help of different types of policies under marine insurance

The end of the year 2000 marks a significant change and growth of 'India
Insurance' industry scenario. Monopoly of Public Sector Insurance company marks
an end and Private companies makes inroad. Foreign companies, both Life and
General flocked, collaborated and helped astronomical growth of 'Insurance
Industry in India'.

'India Insurance' growth was long overdue. Within 1st 12 months of liberation of
'Indian Insurance Industry' 10 licenses for selling life insurance products and 6
licenses for selling non-life products were issued to private companies. The Public
sector giant LIC started losing its market share at the cost of stupendous growth of
private players. Now 'India Insurance' industry has more than a dozen private life
insurance players and 9 private general insurance companies. Aggressive and
penetrative marketing strategy coupled with wide product bandwidth was an
instant success among the ignorant masses. Most of the private companies
registered more than 100% growth till then and are still continuing with such
monstrous growth figures. Although, 'Insurance in India' is not regarded as a basic
need but it is getting popular among semi urban to rural masses. Top rank private
companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj Allianz, IDBI
Fortis Life Insurance, etc are aggressively researching and innovating products for
huge untapped rural 'India Insurance' market. Collaboration with micro finance
companies, post offices, rural banks and village management authorities for selling
insurance is doing wonders.

Life insurance products cover risk for the insurer against eventualities like death or
disability. Non-life insurance products cover risks against natural calamities,
burglary, etc. They are not as popular as life products in the ' Insurance India's'
portfolio. Until very recently it had only corporate buyers, but with natural
disasters like, earth quakes, tsunamis, storms and floods becoming more frequent
and damaging there has been a sudden spurt in sales of general insurance amongst
individuals. With more awareness and wide bandwidth of insurance product
portfolio the growth for 'India Insurance' story will only get more competitive and
more affordable to all sections of Indian society.

Present Scenario:

The US$ 41-billion Indian life insurance industry is considered the fifth largest life
insurance market, and growing at a rapid pace of 32-34 per cent annually,
according to the Life Insurance Council.

Life Insurance Corporation of India (LIC) registered an 83 per cent increase in new
business income in March 2010, while private players posted a 47 per cent growth
in new business premium.

Moreover, according to IRDA, insurers sold 10.55 million new policies in 2009-10
with LIC selling 8.52 million and private companies 2.03 million policies. At the
end of March 2010, LIC held 65 per cent market share in terms of new business
income collection with the private sector contributing the remaining 35 per cent
share in 2009-10.

According to IRDA, total premium collected in 2009-10 was US$ 24.64 billion, an
increase of 25.46 per cent over US$ 19.64 billion collected in 2008-09.

A growth of 18 per cent is expected in total premium income and is likely to cross
the US$ 64.93 billion mark, according to B Mathur, Secretary General, Life
Insurance Council.

General Insurance:

Vehicle financing firm, Magma Fincorp has applied to IRDA for approval and
expects clearance in 2010. The firm is entering the general insurance business in a
joint venture with Germany-based Company HDI-Gerling International Holding

According to data released by IRDA, the general insurance industry recorded 13.42
per cent growth in gross premium collected during 2009-10. The industry collected
gross premium of US$ 7.84 billion in 2009-10 compared with US$ 6.91 billion in
The public sector players posted 13.85 per cent growth in gross premium in 2009-
10. At the same time, private players recorded a 12.82 per cent increase in gross
premium till March 2010.

During April-May 2010, non-life insurers mopped up US$ 1.59 billion against US$
1.34 billion in the previous year, registering an increase of 19 per cent according to
IRDA data.

The four state-run insurers fared better than their private counterparts, with New
India Insurance collecting the maximum premium of US$ 294.5 million in April
and May 2010, compared to US$ 253.15 million in the previous year, growing by
16.34 per cent.

According to the IRDA's Summary Reports of Motor Data of Public and Private
Sector Insurers - 2008-09, nearly 30 million vehicle policies were issued and a
total premium worth US$ 1.83 billion was collected.

Health Insurance:

The Indian health insurance market has emerged as a new and lucrative growth
avenue for both the existing players as well as the new entrants. According to a
latest research report "Booming Health Insurance in India" by research firm
RNCOS released in April 2010, all emerging trends including the key factors
driving the market growth.

Furthermore, the report also identifies what could be the possible growth areas for
expansion and gives a detailed overview of the competitive landscape. The Indian
health insurance market has continued to post record growth in the last two fiscals
(2008-09 and 2009-10).

Moreover, as per the RNCOS estimates, the health insurance premium is expected
to grow at a compound annual growth rate (CAGR) of over 25 per cent for the
period spanning from 2009-10 to 2013-14.

According to a report published by Yes Bank and an industry body in November

2009, the medical insurance sector would account for US$ 3 billion in the next
three years.
Health insurance premium collections touched US$ 1.45 billion in 2008-09
compared with US$ 1.13 billion in the previous year, IRDA said in its annual
report for 2008-09.

Moreover, total premium between April and December 2009 was US$ 1.35 billion,
up from US$ 1.12 billion, an increase of 20 per cent, as per figures released by the


Private insurers have adopted bancassurance in a much bigger way than the state-
owned Life Insurance Corporation (LIC) in recent years. Bancassurance is
distribution of insurance products through a bank's network.

In 2008-09, private insurers forked out US$ 44.64 million as commission for
bancassurance, while the payout by LIC for this distribution model was only US$
26,075, as per official data.

According to Towers Watson India, Bancassurance Benchmarking survey 2009-

10, released in May 2010, bancassurance will play a crucial role in the overall
development of the Indian insurance sector with the channel expected to generate
40 per cent of private insurer’s premium income by 2012, compared to the current
25-28 per cent. In general insurance, presently 17 per cent of premium income
comes from bancassurance.


The Indian insurance unit of Dutch financial services firm ING plans to invest US$
51 million in 2010/11 to fund expansion in India. Private life insurer Future
Generali India will expand its distribution network by opening around 100
branches in addition to its existing network of 91 branches during 2010. It will also
increase the agency force by 21,000 to 65,000 people.

Max Bupa, the health insurance JV between UK's Bupa and the Max Group plans
is set to invest a further US$ 134.9 million in its health insurance segment over the
next five years. Besides the existing six cities, it plans to foray into Surat, Jaipur
and Ludhiana by the end of 2010.
Investment Policy:

According to a guidance note released by IRDA, the regulator has increased the
lock-in period for all unit-linked insurance plans (ULIPS) to five years from the
current three years, thereby making them long-term financial instruments, which
basically provide risk protection.

The commission and expenses have also been reduced by evenly distributing them
throughout the lock-in period. Moreover, IRDA said that insurers will provide a
mortality cover or a health cover to all ULIPS, other than pension and annuity
products, thereby increasing the risk cover component on them.

IRDA has ordered life insurers to offer customers a guaranteed return of 4.5 per
cent per annum on pension and annuity plans.


IDBI Fortis Life Insurance Co. Ltd., is a joint venture between three financial
companies – Development and Commercial Bank, IDBI Bank, India’s private
sector Bank, Federal Bank and European insurer Ageas (formerly Fortis).

IDBI Fortis Life Insurance Co. Ltd. was formed on March 2008. In this venture,
IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity
each. The Headquarters is located in Mumbai, India.

IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial
development bank. Created in 1956 to support India’s industrial backbone, IDBI
Bank has since evolved into a powerhouse of industrial and retail finance. Today, it
is amongst India’s foremost commercial banks, with a wide range of innovative
products and services, serving retail and corporate customers in all corners of the
country from 720 branches and 1228 ATMs.

The Bank offers its customers an extensive range of diversified services including
project financing, term lending, working capital facilities, lease finance, venture
capital, loan syndication, corporate advisory services and legal and technical
advisory services to its corporate clients as well as mortgages and personal loans to
its retail clients.

As part of its development activities, IDBI Bank has been instrumental in

sponsoring the development of key institutions involved in India’s financial sector
– such as the Securities and Exchange Board of India (SEBI), National Stock
Exchange of India Limited (NSE) and National Securities Depository Ltd.

Federal Bank is one of India’s leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of 708 branches and 749
ATMs spread across India. The bank provides over four million retail customers
with a wide variety of financial products. Federal Bank is one of the first large
Indian banks to have an entirely automated and interconnected branch network.

In addition to interconnected branches and ATMs, the Bank has a wide range of
services like Internet Banking, Mobile Banking, Tele Banking, Any Where
Banking, debit cards, online bill payment and call centre facilities to offer round
the clock banking convenience to its customers. The Bank has been a pioneer in
providing innovative technological solutions to its customers and the Bank has
won several awards and recommendations.

Fortis is an international insurance group composed of AG Insurance, the overall

market leader in life and non-life insurance in Belgium, distributing its insurance
products through the network of BNP Paribas Fortis Bank and independent
insurance brokers, and Fortis Insurance International with subsidiaries in the UK,
France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and
Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
Thailand and India.
Vision and Values
 Vision
To be the leading provider of wealth management, protection and retirement
solutions that meets the needs of our customers and adds value to their lives.

 Mission
To continually strive to enhance customer experience through innovative
product offerings, dedicated relationship management and superior service delivery
while striving to interact with our customers in the most convenient and cost
effective manner. To be transparent in the way we deal with our customers and to
act with integrity. To invest in and build quality human capital in order to achieve
our mission.
 Values
Transparency: Crystal Clear communication to our partners and


Value to Customers: A product and service offering in which

Customers perceive value.

Rock Solid and Delivery on Promise: This translates into being

Financially strong, operationally robust and having clarity in claims.

Customer-friendly: Advice and support in working with customers

And partners.

Profit to Stakeholders: Balance the interests of customers, partners,

Employees, shareholders and the community at large.

"In every aspect of work. Ranging from the in-house training institute to the
detailed Personal Insurance Plan. IDBI Fortis is focused on achieving the highest
standards of quality in every aspect of their business".
"Is the heart of the Life Insurance business. IDBI Fortis believes that above all,
Life Insurance is based on trust. Transparency, Dependability and Integrity will
form the cornerstones of the IDBI Fortis experience."

"Is what makes experts. IDBI Fortis is focused on the Life Insurance business.
Perfectly combining global expertise with local knowledge, IDBI Fortis is the
Indian Life Insurance specialist."

"For the customer. IDBI Fortis is redefining the Life Insurance paradigm to focus
on the needs of the customers. The IDBI Fortis service process is responsive,
personalized, humane and empathetic."


Our "in house culture recipe" has some of the finest ingredients going into its
making. Some of the more prominent aspects of our culture are stated below:

 Customer comes first

 Do it right the first time
 Bias for result oriented action
 Financial strength and discipline
 Clarity of purpose
 International quality standards
 Inclusive Meritocracy
 Learning opportunities
 Fun at work
 Commitment to published value system

To monitor and manage its network equipment across 34 sites, IDBI Fortis uses
Tulip Proactive Managed CE solution. The solution includes device management,
proactive troubleshooting and notification support. With the implementation of the
solution, IDBI has reported improvement of network performance and availability,
with a faster, more effective change and configuration management.


IDBI Fortis launched its first set of products across India in March 2008, after
receiving the requisite approvals from the Insurance Regulatory and Development
Authority (IRDA). IDBI Fortis offers services through a nationwide network
across the branches of IDBI Bank and Federal Bank in addition to a network of
advisors and partners. IDBI Fortis has 35 branches across the country.

Sponsorships, Awards

IDBI Fortis Life Insurance Company was selected as the title sponsor for the India-
Sri Lanka Cricket Series. This was followed by the IDBI Fortis Wealthsurance

‘Wealthsurance Made Easy’ (WME), a knowledge aid by IDBI Fortis for its
sales force, won The Bronze Dragon in the category for ‘Best Dealer/Sales Force
activity’ at the Promotion Marketing Awards of Asia (PMAA).



(Country Head

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Agency Asurance Agency Asurance Agency Asuranc Agency Asuranc
Head Head Head Head Head e Head Head e Head
Manager Manager
Manager Manager
Distirbution Distirbution Distirbution Distirbution
Corporate Distirbutor Corporat
Distirbutor Corporate Distirbutor
Head s& e s& Distirbutors
& Trainess Head Trainess & Head
Trainess & Head & Trainess &
& Agencies Agencies Agencies


(Country Head Sales)

(Human Resource

Service Department Pay Roll Recruitment

Senior Manager Chief Manager

Assitant Manager

There are no Zonal Heads in the Human Resource Department the area Human
Resource executive only acts as the Human Resource Manager and reports all the
activities to the Head Office that is in MUMBAI.



(Country Head Sales)



North Zonal Support South Zonal Support

Manager Manager

East Zonal Support West Zonal Support

Manager Manager

The Zonal Managers are supported by Branch Support Executives and the
Operations department is present only in the Head Office which is in
Products Profile:
4.3.1 Wealthsurance: Insured Wealth Plans; wealth under a protective cover.

WealthsuranceTM offers you Insured Wealth Plans. They allow you to create build
and manage wealth by giving several choices and great flexibility so that your plan
meets your specific needs. You can decide how you wish to save so that it suits
your savings habit. You can choose how your money is invested so that you can
grow wealth as per your investment preferences. What is even better,
WealthsuranceTM protects your wealth plans with insurance benefits so that your
wealth-building efforts remain unaffected in unforeseen events and your financial
goals can still be achieved.

What is Wealthsurance?

Wealthsurance combines wealth creation and insurance protection into one

powerful financial solution. Unlike other investment alternatives, it allows you to
ensure that your goals of wealth creation are achieved even in the event of serious
illness, accidents, disablement or death.

Wealthsurance is for those who will live-

Life insurance is sometimes thought of as for those who might die, but
Wealthsurance is for those who will live. Usually life insurance products provide
benefits upon death

Homesurance Protection Plan?

Homesurance Protection Plan is a mortgage reducing term assurance plan, which

provides insurance cover equal to the outstanding balance of your home loan. In
the unfortunate event of death of the home loan borrower, the insurance cover
enables repayment of the home loan liability so that it does not become a burden to
the family.

IDBI Fortis HomesuranceTM Plan?

Homesurance is a mortgage reducing term plan which offers protection to your
home from your home loan. The Plan provides a cover equal to the outstanding
balance#1 of your home loan against any unfortunate events that may occur to you.

IDBI Fortis bondsurance TM Plan?

Bondsurance : Get guaranteed return on your investment, life insurance cover
and tax benefits. Bondsurance is a single premium plan where you need to make a
one-time investment. You can choose a maturity period of 5 or 10 years. At the end
of the chosen period, you will receive a guaranteed maturity amount. In case of
death before the maturity date, a Death Benefit which is also guaranteed will be
paid. Thus you can get life insurance cover while earning an assured return on your
investment. The premium you pay is eligible for deduction of tax under Sec 80C of
the Income Tax Act. Also, the Maturity Benefit and the Death Benefit are tax-free
under Sec 10(10D) of the Income Tax Act.

IDBI Fortis Termsurance Graeme Suraksha

IDBI Fortis Termsurance Grameen Suraksha is a low-cost, simple term individual

insurance plan targeted at the rural population.

It is an ideal plan to protect your family members in the event of unfortunate

demise of the major income earner.

The key features of Termsurance Grameen Suraksha:

Premium: You can choose a fixed single premium of Rs 49.08, Rs 98.17, Rs

147.25 or Rs 196.33 according to your budget.

Eligibility: This plan is available for men and women from age 18 up to age 50.

Term: This plan has a fixed term of three years.

Death Benefit: In the event of unfortunate death of the insured person during the
policy term, we will pay a death benefit of Rs 5,000, Rs 10,000, Rs 15,000 or Rs
20,000 depending on the single premium paid.
Suicide Exclusion: We will not pay any death benefit if the insured person
commits suicide within 12 months from the commencement date of the policy.

Maturity Benefit: This is a pure term insurance plan and this plan has no maturity

Surrender Benefit: This plan has no surrender benefit.

Loan: This plan has no loan facility.

Nomination: At any time before the expiry of the policy, you may nominate a
person to whom we will pay the death benefit. If the nominee is a minor, you need
to appoint a person to hold the benefit until the nominee’s 18th birthday.

Free Look Period: You are entitled to a free look period for 15 days from the day
you receive this policy. If before the end of this time you do not wish to continue
this policy, then you may request us in writing to cancel the policy. We will refund
the premium paid by you after deducting a proportionate risk premium for the
insurance cover we provided to you during that time. We will also deduct any
medical examination costs and stamp duty charges incurred by us in respect of
your policy.

Tax Benefits: Premiums paid are eligible for tax benefits under Section 80C and
death benefit is tax-free under Section 10(10D) of the Income Tax Act, 1956.

IDBI Fortis Termsurance Grameen Suraksha

Vacation to a tropical island, pursuing your hobby or flying abroad to be with your
family and friends. Whatever may be your idea of having a good time, the one
thing common to all, is that it requires money.

The earlier generations may not have had a formal retirement plan, but they had
relatively fewer consumption needs. It was rare to find people who had shifted
through several jobs in the course of an active career. As a result, pensions and
gratuities issued by their employers were deemed sufficient. Times have changed
now, and in most contemporary industries, few employers provide for a lifelong
This is coupled with the high incidence of lifestyle diseases like diabetes, blood
pressure and heart problems. The improved medical technology has increased
longevity, but along with it the cost of healthcare has increased manifold.

Thus managing finances during retirement would be extremely tough, if one hasn’t
planned for retirement. The best way to enjoy the good times in your golden years
would be, to build your finances in advance for retirement.

IDBI Fortis RetiresuranceTM Pension Plan is an effective instrument that will help
you achieve this objective. It not only allows you to conveniently save for the
golden years but also offers you a wide choice of investment options to grow and
multiply your wealth. The Plan is extremely flexible and offers several choices so
as to suit your savings habit and investment risk preferences.

The IDBI Fortis RetiresuranceTM Pension Plan can thus be your ideal investment
partner in ensuring a happy retirement.

IDBI Fortis Incomesurance:

Immediate Annuity one of the best financial decisions that you can take today is to
plan for adequate income after retirement. The three key concerns during your
golden years will be increasing healthcare cost, higher life expectancy and rising

All you need is a steady flow of income which can take care of all your concerns.
Presenting the IDBI Fortis IncomesuranceTMImmediate Annuity which gives you
guaranteed income throughout your life.

Key features of IDBI Fortis IncomesuranceTM

Immediate Annuity

• Three annuity options to choose from

• Regular income commences as early as age 20 years

• Choose your annuity payment modes – monthly, quarterly, half-yearly, or yearly

• Your annuity payments are credited directly to your bank account.

IDBI Fortis InsuranceBasket is designed to offer

• Protection for wealth plans so that your wealth-building efforts are unaffected by
unforeseen events .

• Protection of loan liabilities so that debt does not become a burden when life
throws surprises.

• A whole package of Living Benefits so that you are well cared for in the event of
health crises, accidents or disablement.



 IDBI FORTIS is the only private insurance company with 48% stake of
 IDBI FORTIS offers ULIP plan “WealthSURANCE” with increased
 Good place to work.
 Lower response time with efficient and effective service.
 Dedicated workforce aiming at making a long-term career in the field.
 Strong and well spread network of qualified intermediaries and sales
 Large pool of technically skilled manpower with in-depth knowledge and
understanding of the market

 Less popularity of IDBI FORTIS in villages as well as in urban area due to

the reason that its relatively new in the market.
 Training modules need to be made more intensive.
 Most of the people have faith on LIC as it is the oldest running Government
 Sectoral growth is constrained by low unemployment levels and competition
for staff.
 Low customer confidence on the private players.


 Insurable population: According to IRDA only 10% of the population is

insured which represent around 30% of the insurable population. This
suggests more than 300m people, with the potential to buy insurance, remain
 International companies will help in building world class expertise in local
market by introducing the best global practice.
 The IDBI FORTIS group is going to open 100 branches from existing 33 of
 Fast-track career development opportunities on an industry-wide basis.
 An applied research centre to create opportunities for developing techniques
to provide added-value services.

 Big public sector insurance companies like Life Insurance Corporation (LIC)
of India, National Insurance Company Limited, Oriental Insurance Limited,
New India Assurance Company Limited and United India Insurance
Company Limited. People trust and go to them more.
 Very high competition prevailing in the industry.

 Vulnerable to reactive attack by major competitors.

 Lack of infrastructure in rural areas could constrain investment.


Definition of Training:

Training is a systematic development of knowledge, skills and attitudes

required by an individual to perform adequately a given task or job. Training refers
to efforts that help enhance employee skills for carrying out the present job.
According to Edwin B Flippo, training is the act of increasing knowledge and
skills of an employee for doing a particular job.

Needs for training:

 To improve the current job performance of employees
 To familiarize employees with the policies and procedures of the
 To enhance the creativity, adaptability and versatility of the employees and
to facilitate learning at the work place
 To prepare employees for future job.
 To change the skills, knowledge and attitudes of the employees on a
permanent basis.
 To help employees manage their careers.
 To maintain knowledgeable work force.
 To gain competitive advantage through a knowledgeable work force.
 To promote organizational growth through individual growth.

Areas of training:
 Company policies and procedures
 Human relations training
 Skill based training
 Problem solving training
Onsite Workshops for Leadership Team

Employees need more than bosses... They need mentors: Professionals

skilled at assessing employee development needs and committed to guiding
employees toward professional success.

Team Leadership Workshop provides managers with proven techniques for

effective personnel management. By helping leaders understand and address their
employees' requirements, this interactive seminar offers significant benefit to
managers at all levels. New supervisors gain a solid grounding in the concept of
''leadership,'' while more experienced managers refresh their commitment to
teaching and coaching their team members.
This training program provides healthy perspectives for managers at all
levels, making it an ideal morale-boosting leadership development experience for
mixed groups of front-line supervisors and senior staff members.

Leadership Training for Success

All managers need methods. Leaders need to know the most effective
techniques for guiding teams, mentoring individuals, and validating the results.
Without solid methods, managers will revert use a one-size-fits-all approach to
leadership that reflects the leader's personality, rather than the employees' needs.

Committed, mentoring leadership is essential to employee morale,

productivity, and retention.

A Result-Oriented Training Program

Team Leadership Workshop provides proven methods and procedures for

successful people management. Participants receive a step-by-step plan for guiding
each employee toward success.

This workshop includes elements of Frank Whyte's nationally respected

Team Building Workshops expanding upon that foundation to help leaders:

 Recognize each employee's personality preferences and supervisory needs,

 Align their leadership style with those of their bosses, colleagues, and
 Develop competent and committed employees by mentoring and guiding
their employees toward success,
 Schedule their management responsibilities to ensure that nothing is left to
chance, and
 Use practiced real-world scenarios to resolve challenges and remove


Supportive management system

1. Infrastructure: Infrastructure pertains to organization structure and patterns of

autonomy. Patterns of autonomy include designations of responsibility and
accompanying measurement methods. IDBI Fortis was formed by the joint venture
between three leading financial conglomerates – India’s premier development and
commercial bank, IDBI Bank, one of India’s leading private sector banks, Federal
Bank and Europe’s banking and insurance giant, Fortis, each of which enjoys a
significant status in their respective business segments. In this venture, IDBI Bank
owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis
is headed by Mr. G.V. Nageshwara Rao. Since its inception in March 2008, IDBI
Fortis is marching strongly into the Indian Insurance market with 150 branches and
having Bancassurance facilities with IDBI and Federal bank. Its flagship product
Wealthsurance is making all heads turn with its unique benefits of 11 riders
combined in a single product.

2. Management Style and culture: Managerial styles can be of 2 types:

Autocratic style (external style) and Participative style (internal style). Corporate
culture consists of shared values, common perceptions, and common decision
premises applied by organizational participants to the activities and problems of
the organization. At IDBI Fortis, the managerial style is Participative in nature.
Wealthsurance advisors and their respective managers from different branches
participate to understand and satisfy a potential and existing customer. The culture
at the organization is also very encouraging. The vision statement says that IDBI
Fortis wants to be a leading provider of wealth management, protection and
retirement solutions that meets the needs of our customers and adds value to their

For achieving this objective, it has values like Transparency, Value to customers,
Rock solid delivery to promise, Customer friendly and profit to shareholders
impregnated into its management culture. For not achieving the target set for the
Wealthsurance advisors, the management style is constructive and not punitive.
Employees are given motivation by their seniors on how to strike a cord with their
customers and illustrate the benefits of the Wealthsurance plan to its customers.

3. Rewards system: Rewards are the incentives to the value contributions of

individuals to the organization. Incentives can be both tangible and non tangible
and include monetary compensation as well as non- monetary compensation such
as organizational purpose, desirable associations, acceptance, status, increased
autonomy, pride of workmanship, and desirable physical conditions. Informal
rewards are stature oriented. These rewards are bestowed upon the key team
members within the informal system. They are usually more intrinsic in nature. At
IDBI Fortis the rewards system plays a major role in motivating employees to
attain their goal. In my SIP days, the company glorified the rewards system and
encouraged us to attain our goals.

Programs like Quick Starter king/Queen, Hero March, Super April, Best performer
and Best Project augmented the morale of the interns. Monetary compensation in
the form of commission and non monetary compensation (Stature oriented) like
Best performer and Best project really gave us the drive to work in for the

4. Coordination and Integration: Coordination was proper between the different

functional groups at IDBI Fortis. The Training and development team and the
Sales and Marketing team regularly coordinated to provide all information’s
pertaining to the company and the products to the students. The company was well
integrated on how to approach its customers. Its 3 pronged strategy to create a
personalized plan for its customers helped to integrate the core values of the
company with the working of the Summer Interns.

5. Control: Like every other Insurance company in India, IDBI Fortis was
controlled in its operations by its parent companies and the Insurance Regulatory
development authority (IRDA) externally. Employees in the organization were
controlled by Rewards system which was promotions and a constructive approach
was undertaken to identify and help the under- performers. As Summer Interns, we
were also controlled by the level of our performance.

As our performance increased which was selling of more no. of policies, we were
given more marks as allocated to the company guide and exceptional performance
were assured PPO. We were also controlled by the fact that as we were the brand
ambassadors of the company when we came across customers as so needed to
work with the customer adhering to full principles of TCF (treating customers

Training is must for every individual when he enters into the organization. Even
though the candidate has experience he also should get training. Why because the
organization culture, values and beliefs are different from one organization to
other. That’s why the training program plays a key role in every organization.

Training program following by IDBI Fortis is different at various levels. Mainly in

training program the company concentrates on sales managers, agents, operations
executives and tele-callers.
Training programs at IDBI Fortis Life Insurance Co. Ltd.

Training program for sales managers:

 The training program duration is 15 – 20 days

 They get training on product knowledge.
 Motivating and encouraging Advisors

Training program for Advisors:

 The training program duration is 15 – 20 days

 They get training on product knowledge
 How to convince the people.
 Objection Handling

Training program for operations executives:

 They will get training on customer database files

 Taking care of the customer files
 Well trained in product information and documentation
 Renewals will be informed periodically.

Required skills for employees in IDBI Fortis:

 Interpersonal skills
 Excellent communication skills
 Understanding nature
 Aggressiveness
 Convincing skills
 Ability to motivate others
 Interest to learn

At IDBI Fortis Life Insurance, employees strive to provide a greater value to their
customers. The employees are also the internal customers. It becomes imperative
that they garner and nurture a high-quality team that is dedicated to the common
cause. They invest in this team and provide them with exciting opportunities from
time to time that can make them look at insurance as a long term career. Let's
address the myths about choosing a career in Life Insurance, below:

# Myth: The life insurance industry is highly competitive, hence getting


# Fact: Contrary to popular belief the life insurance industry in India is still
growing at a higher rate than most other industries and the life insurance
penetration as a percentage of GDP continues to be below the world average,
which means that life insurance still has a long way to go before it becomes

# Myth: People prefer other investments over life insurance.

# Fact: While insurance is preferred over mutual funds and direct equities,
majority of Indians still invest in post office and bank deposits. Wealthsurance™ is
an innovative look at insurance; it comes with a unique proposition that delivers
greater value than other investments.

# Myth: Sales targets in life insurance are unreasonably high

# Fact: IDBI Fortis looks at the entire category differently. They have put in
huge efforts to make their products more attractive for their customers, easing the
entire sales effort. All the teams have been consistently performing much above

# Myth: The Company sets high expectations but offers no support

# Fact: IDBI Fortis has a different philosophy. It dedicates time & effort in
creating sales aid and training aids that empower all the teams to perform.

# Myth: The job is insecure

# Fact: At IDBI Fortis, ample training and tools are created to help employee
perform. Trainers help employee look at life insurance as a career, giving
employee opportunities at different stage to grow and excel. This long term
outlook and goal-orientation with timely encouragement helps employee perform
and hence build job security.

# Myth: There is no career progression

# Fact: With Careersurance™, trainers help employee look at employee

career path strategically. In fact, the compensation plan also has a well laid
progression for every level. Employees can get promoted up to 4 levels within 6

Steps followed in CareersuranceTM program:

Training Logistics Planning:

- Aid the Training Manager in creation of a training calendar.

- Coordinate with the Sales Teams to get nominations for the programs.

- Ensure provision of relevant training materials.

- Ensure Training Delivery takes place as planned in the training calendar.

Training Delivery:

- Playing the role of an effective classroom trainer with high energy and

good preparation.

- Adaptation of the Training style as per the requirements of the participants.

- Achieve the budgeted training man days and joint calls.

- Deliver a cross range of training programs on Knowledge and Skills.

- Roll out key training programs critical to the partner Banks.

Enhance Training Effectiveness:

- Collecting feedback received from Trainings and forwarding it to the HO


- Maintaining MIS for trainings conducted.

- Identifying needs and helping in developing relevant training modules to

Ensure effectiveness.

Be a change agent:

- Initiate a positive and healthy culture change in the organization to ensure

That trainees look forward to attending training sessions

Training sessions on Customer Profiles – Type of Investors

1. Safe Investor – Secure Investment Options

a. Safety
b. Guaranteed Returns
c. Flexibility to choose term of the plan
d. Liquidation of entire investment after Five years
e. Option to generate double returns with little exposure to equity
f. Money invested in safe instruments like govt. bonds and term deposits
i. Plans to be offered:
1. Wealthsurance with Guaranteed Return Fund
2. Wealthsurance with Monthly Guaranteed Interest Fund
3. Wealthsurance with Dynamic Guaranteed Fund
4. Wealthsurance with Asset Allocator Fund – cautious
5. Incomesurance
6. Bondsurance

2. Umbrella Investor – Diverse Investment Options

a. Balanced growth of portfolio
b. Hedging against market related risks
c. Long Term and short term planning possible
d. Expert fund manager manages portfolio of the customer through asset
allocator fund
e. Partial withdraw of money available after 3 years
f. Liquidation of entire investment after 5 years
i. Plans to be offered:
1. Wealthsurance – Equity Growth Fund (50%) + Monthly
Guaranteed Interest Fund (50%)

2. Wealthsurance – Equity Growth Fund + Income Fund

3. Wealthsurance – Asset Allocator Fund (Moderate)
4. Incomesurance

3. Active Investor – Dynamic Investment Options

a. Diversified Portfolio
b. Fund management by experts
c. Long Term returns on an average 15-20% (CAGR)
d. Returns as per investor’s risk appetite and investment time horizon
e. Three Risk-Return options available – Aggressive, Moderate and
f. Partial withdraw of money available after 3 years
g. Liquidation of entire investment after 5 years
h. Save tax at the time of investment and also at withdrawal
i. Plans to be offered:
1. Wealthsurance – Equity Growth Fund / Nifty Index Fund
Mid Cap Fund

2. Wealthsurance – Asset Allocator Fund

3. Wealthsurance – Do it yourself (choose your own fund
combination and actively manage with unlimited free
switching and redirection)

4. Focused Investor – Goal Driven Investment Options

a. Providing best quality education to children
b. Cost of luxurious marriage ceremony to children
c. Providing for a comfortable retired life for self and spouse
d. Purchase of home for the family
e. Plan for the future with added convenience and flexibility
f. Availing market linked returns to meet the increasing education costs
or any other dream
g. Flexible withdrawal options to support financial needs at key
h. Save Tax at the time of maturity as well as investment
i. Flexibility to continue the account for 5 more years even after the
i. Plans to be offered:
1. Incomesurance
2. Wealthsurance
3. Retiresurance
5. Aggressive Investor – Market based Investment Options
a. Booking profits in growing market
b. Investing in fallen market to get good picks
c. Shifting the funds to safer instruments during high volatility
d. Equity Growth Fund – Diversified 100% Equity
e. Nifty Index Fund
f. Midcap Fund (An Aggressive futuristic fund)
g. FMC low of 1.35%
h. Dynamic Guaranteed Fund (Get upside of equity and guaranteed
restriction of loss)
i. Systemize your investments automatically moving into equity or vice
versa through Auto Switcher facility
j. Asset Allocator Fund (let the Fund Manager make money for you).
No extra FMC for Asset Allocator Fund
k. Facility to partially withdraw money available after 3 years
l. Facility to liquidate entire investment after 5 years
m. Save tax at the time of investment and also at withdrawal
i. Plans to be offered:
1. Wealthsurance (Equity Growth Fund / Nifty Fund /
Midcap Fund / Dynamic Guaranteed Fund) : Do it
yourself, choose your own fund combination and manage
2. Wealthsurance (Aggressive Asset Allocator Fund) – Let
the Fund Manager manage the portfolio actively for no
extra cost and optimize your returns

6. Asset Collector – Traditional Investment Option

a. In case of emergencies people are forced to liquidate physical assets
to generate necessary cash
b. When there is an urgency to liquidate a physical asset it fetches a
price much below the expected or market price
c. Higher Life cover
d. Sum Assured is the ‘ASSET’ you have built immediately
e. Protection of the asset from creditors, court of law, income tax
department and other suitors
f. Extra cover benefits and make provision for cash in case of
g. Facility of partial withdraw of money available after 3 years
h. Facility of liquidate entire investment after 5 years
i. Plans to be offered:
1. Wealthsurance – With 20-25 times life cover + Riders
2. Termsurance – Increasing cover
3. Termsurance – Return of Premium
4. Wealthsurance / Termsurance with MWPA Protection
5. Wealthsurance for HUF your returns

7. Wealth Protector
a. Guaranteed Return Funds
i. Guaranteed Return Fund gives you written guarantee of
minimum growth for 5years / 10years
ii. Money is invested in short term and long term safe bonds
iii. On maturity you can redeem units at the guaranteed NAV or
prevailing NAV whichever is higher
iv. You can enter the fund at the available NAV on the investment
b. Monthly Guaranteed Interest Fund
i. MGIF is a unique option available only with IDBI Fortis
ii. Monthly interest rate applicable for that month is declared at the
beginning of every month
iii. Daily earned interest is deposited in your account so you get
interest on interest on a day to day basis. If the actual returns
are higher than guaranteed rate, you get higher returns
iv. Your money is invested in short term and long term safe bonds
v. Your money grows much faster than in a bank and is safe from
market risks
c. Dynamic Guarantee Fund
i. It lets you enjoy the returns of the stock market without having
to worry about the losses
ii. It protects the face value or the highest NAV per unit achieved
during the subscription period
d. Equity Growth Fund
i. This is a diversified Aggressive Equity Fund
ii. The fund invests is listed large cap stocks across multiple
iii. Full equity participation through a professionally managed
fund, consistently aims to beat the benchmark index
iv. Gives benefits of a long term plan with short term liquidity
e. Nifty Index Fund
i. Nifty Index Fund invests in Nifty Stocks and aims to beat the
ii. Returns are at par with the market and offer relatively lower
risk as compared to Equity Growth Fund
f. Mid Cap Fund
i. Your money is invested in Mid Cap Stocks with attractive
growth prospects
ii. It aims to diversify risk by investing in large cap as well as
fixed income investments
g. Income Fund
i. This fund aims to generate interest through investments in term
deposits, short term bonds etc with low to medium risk
h. Liquid Fund
i. This fund invests money in short term instruments with low risk
like treasury bills, commercial paper, etc
i. Bond Fund
i. Your money is invested in short term and long term fixed
income securities like bonds and term deposits
ii. It aims to generate optimum returns by diversification and
trading these instruments in secondary markets to generate
j. Asset Allocator
i. Provides you with a personal Fund Manager
ii. You only indicate the level of risk (Cautious, Moderate,
Aggressive) ad your money will be invested accordingly
iii. Three options of investment with following equity percentage
1. Cautious (25%)
2. Moderate (50%)
3. Aggressive (100%)
iv. Based on market fluctuations your Fund Manager manages the
switching and redirectio

Training Reward Point - Trainer to Employee

Quick Start – Self Learning Modules

o Period is 2 days.
o Chapters
 Insurance Sector, i.e., current Insurance Environment
 IRDA – Detail study, Acts/Regulations, Sections for Insurance
 Industry Introduction, i.e., about IDBI Fortis Life Insurance Co.
 Organizational Structure or Hierarchy
 Brief about major Competitors in the sector
 My Time Credit
 Motivational talks by the Management Level People
 Credit Point System
o Quick Starter – 10 points
o Silver Starter – 30 points
o Gold Starter – 30 points
o Platinum Starter – 30 points
 Government Bonds, Securities and Interest Rates.
 Sales – 2 policies to be closed
Product Training

o Period is 2 days
o Includes basic idea about the Life Insurance Terminologies
 Sum Assured – The assured amount, to the person, to be paid.
 Consideration – Premium
 Insurer/Proposer – The person who is sponsoring the policy.
 Insured – The person whose life is insured or the policy is taken
 Contract - Enforceable agreement between the Insurer and the
 Insurable Interest – Loss due to the person’s death.
 Husband-Wife, Wife-Husband, Father-Child, Creditor-
Debtor, Employer-Employee.
 Utmost Good Faith – The Mutual Trust between the Insurer and
the Insured.
 Premium – Mortality, Investment, Contingency/Death Benefit,
 Nominee – The person who shall get the death benefit if any
contingency occurs to the insured person.
o Detailed chapters on:
 Incomesurance™ Endowment & Money Back Plan
 Wealthsurance™ Brochure
 Homesurance™ Protection Plan Brochure
 Homesurance™ Plan Brochure
 InsuranceBasket™ Brochure
 Bondsurance™ Brochure
 Termsurance™ Grameen Suraksha Brochure
 Termsurance™ Protection Plan Brochure
 Termsurance™ Grameen Bachat Yojana
 Retiresurance™ Brochure
 Group Microsurance™ Plan Brochure
 Incomesurance™ Immediate Annuity
 Healthsurance™ Hospitalisation and Surgical Plan
Process Training

o Period is 1 day
o Online Console Training
 Tracking NAV – Net Asset Value
 Premium Calculators and Tools
 Paying Online
o Filling up the Forms.
o Basic knowledge about the Medical Reports
Training on AML Guidelines and KYC:

Reserve Bank of India has formulated a new set of guidelines - KNOW

STANDARDS vide their circular dated 26th November 2004. RBI has advised the
Banks to formulate a policy and put it in place, duly approved by the Board.

Definition of KYC – Know Your Customer.

For the purpose of KYC policy, a ‘Customer’ may be defined as:

 A person or entity that maintains an account and/or has a business

relationship with the bank;
 One on whose behalf the account is maintained (i.e. the beneficial owner);
 Beneficiaries of transactions conducted by professional intermediaries, such
as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under
the law; and
 Any person or entity connected with a financial transaction which can pose
significant reputational or other risks to the bank, say, a wire transfer or
issue of a high value demand draft as a single transaction.

Definition of Money Laundering:

 Section 3 of the Prevention of Money Laundering (PML) Act 2002 has

defined the “offence of money laundering” as under:

 “Whosoever directly or indirectly attempts to indulge or knowingly assists

or knowingly is a party or is actually involved in any process or activity
connected with the proceeds of crime and projecting it as untainted property
shall be guilty of offence of money laundering”.

Money laundering and KYC Perception:

Banks are exposed to the following risks which arise out of Money Laundering
activities and non-adherence of KYC standards.
 Reputation Risk

Risk of loss due to severe impact in bank’s reputation. This may be of

particular concern given the nature of the bank’s business, which requires
the confidence of depositors, creditors and the general market place.

 Compliance Risk

Risk of loss due to failure of compliance with key regulators governing

the bank’s operations.

 Operational Risk

Risk of loss resulting from inadequate or failed internal processes, people

and systems, or from external events.

 Legal Risk

Risk of loss due to any legal action the bank or its staff may face due to
failure to comply with the law.

Investment Basics

What is Investment?

The money you earn is partly spent and the rest saved for meeting future expenses.
Instead of keeping the savings idle you may like to use savings in order to get
return on it in the future. This is called Investment.

Why should one invest?

One needs to invest to:

9 earn return on your idle resources

10 generate a specified sum of money for a specific goal in life
11 make a provision for an uncertain future
When to start Investing?

The sooner one starts investing the better. By investing early you allow your
investments more time to grow, whereby the concept of compounding increases
your income, by accumulating the principal and the interest or dividend earned on
it, year after year. The three golden rules for all investors are:

12 Invest early
13 Invest regularly
14 Invest for long term and not short term

What is the Regulatory Body for Mutual Funds?

Securities Exchange Board of India (SEBI) is the regulatory body for all the
mutual funds. All the mutual funds must get registered with SEBI.

What are the benefits of investing in Mutual Funds?

There are several benefits from investing in a Mutual Fund:

Small investments: Mutual funds help you to reap the benefit of returns by a
portfolio spread across a wide spectrum of companies with small investments.

Professional Fund Management: Professionals having considerable expertise,

experience and resources manage the pool of money collected by a mutual fund.
They thoroughly analyse the markets and economy to pick good investment

Spreading Risk: An investor with limited funds might be able to invest in only
one or two stocks/bonds, thus increasing his or her risk. However, a mutual fund
will spread its risk by investing a number of sound stocks or bonds. A fund
normally invests in companies across a wide range of industries, so the risk is

Transparency: Mutual Funds regularly provide investors with information on the

value of their investments. Mutual Funds also provide complete portfolio
disclosure of the investments made by various schemes and also the proportion
invested in each asset type.

Choice: The large amount of Mutual Funds offer the investor a wide variety to
choose from. An investor can pick up a scheme depending upon his risk/ return

Regulations: All the mutual funds are registered with SEBI and they function
within the provisions of strict regulation designed to protect the interests of the

What is NAV?

NAV or Net Asset Value of the fund is the cumulative market value of the assets
of the fund net of its liabilities. NAV per unit is simply the net value of assets
divided by the number of units outstanding. Buying and selling into funds is done
on the basis of NAV-related prices.

The NAV of a mutual fund are required to be published in newspapers. The NAV
of an open end scheme should be disclosed on a daily basis and the NAV of a close
end scheme should be disclosed at least on a weekly basis.

What is Entry/Exit Load?

A Load is a charge, which the mutual fund may collect on entry and/or exit from a
fund. A load is levied to cover the up-front cost incurred by the mutual fund for
selling the fund. It also covers one time processing costs.

Some funds do not charge any entry or exit load. These funds are referred to as ‘No
Load Fund’. Funds usually charge an entry load ranging between 1.00% and
2.00%. Exit loads vary between 0.25% and 2.00%.

Are there any risks involved in investing in Mutual Funds?

Mutual Funds do not provide assured returns. Their returns are linked to their
performance. They invest in shares, debentures, bonds etc. All these investments
involve an element of risk. The unit value may vary depending upon the
performance of the company and if a company defaults in payment of
interest/principal on their debentures/bonds the performance of the fund may get
affected. Besides incase there is a sudden downturn in an industry or the
government comes up with new a regulation which affects a particular industry or
company the fund can again be adversely affected. All these factors influence the
performance of Mutual Funds. Some of the Risk to which Mutual Funds are
exposed to is given below:

Market risk

If the overall stock or bond markets fall on account of overall economic factors, the
value of stock or bond holdings in the fund's portfolio can drop, thereby impacting
the fund performance.

Non-market risk

Bad news about an individual company can pull down its stock price, which can
negatively affect fund holdings. This risk can be reduced by having a diversified
portfolio that consists of a wide variety of stocks drawn from different industries.

Interest rate risk

Bond prices and interest rates move in opposite directions. When interest rates rise,
bond prices fall and this decline in underlying securities affects the fund

Credit risk

Bonds are debt obligations. So when the funds invest in corporate bonds, they run
the risk of the corporate defaulting on their interest and principal payment
obligations and when that risk crystallizes, it leads to a fall in the value of the bond
causing the NAV of the fund to take a beating.
What are the different investment plans that Mutual Funds offer?

The term ’investment plans’ generally refers to the services that the funds provide
to investors offering different ways to invest or reinvest. The different investment
plans are an important consideration in the investment decision, because they
determine the flexibility available to the investor.

Some of the investment plans offered by mutual funds in India are:

Growth Plan and Dividend Plan

A growth plan is a plan under a scheme wherein the returns from investments are
reinvested and very few income distributions, if any, are made. The investor thus
only realizes capital appreciation on the investment. Under the dividend plan,
income is distributed from time to time. This plan is ideal to those investors
requiring regular income.

Dividend Reinvestment Plan

Dividend plans of schemes carry an additional option for reinvestment of income

distribution. This is referred to as the dividend reinvestment plan. Under this plan,
dividends declared by a fund are reinvested in the scheme on behalf of the investor,
thus increasing the number of units held by the investors.

Trainer Led Sessions

Get Set Go:

This program is led by the Trainer and the Assistant Manager – HR. This program
is exclusively done for the trainees to get into the business immediately.
There are total Three Steps in this process:

1. WELCOME: The employees are put into a process with respect to their
profile as co-ordinated with the Recruiting team. The process may be either
of the following:
a. Sales Manager
b. Tele caller
c. Back office operator
d. Database Administrator


a. Market Intelligence - Market Intelligence within this context is
information relating to building network, that suit your requirement
within a specific geographical location. It is crucial that every
employee develop a process by which this type of network is
developed. This is done in the hope that an employee may discover
clients who can generate areas for profit. Within the process of the
collection of this information it is important to discover:

 The details of the key contacts and decision makers who can be
 Potential customers within your area who may generate profit on a
regular basis.

b. Regular Time to Develop Leads: The most important point to make

about time is that a long-term plan is crucial to ensure a sustained and
continuous approach to marketing. However, one day per week is
often sufficient to handle these leads and this day can often be divided
into blocks of half-day at a time, thus maximizing their potential. For
this plan to work, the employee needs to be confident in calling and
relationship development especially using the phone as a primary
sales tool.

Below are found some typical figures for the volumes of leads that can
be handled and the results when using the above mentioned strategy:
 Up to 25 separate contacts/companies per day.
 Around 8-10 new leads, 15+ recalls.
 Approximately 10-12+ new letters/emails out per day.
 Between 1-2 appointments agreed.
 Up to 150+ contacts under development at any one time.
 Generally 3-5 targeted potential HNI clients per month.
 Generally one strong new connection every 6-7 weeks

Whilst these figures are impressive by themselves for what amounts to

a day’s work, it is also important to remember that these connections build
up and each has a massive long term potential.

c. Executive Support: The management level employees support the

sales and marketing area of the company. One of the best ways in
which they do this is they make sure that they are flexible in the time
that they allocate for appointments with potential clients.

To ensure this, in general, appointments should meet these two criteria:

 There are discussions and meetings with the employees at regular

 The Executive level employees interact with the trainees to fine tune their
skills of convincing potential customers.

d. Encouragement of Sales Input Across the Company: In a firm it is

important to remember that the sales and marketing area is on the only
source of new prospects for a company. Instead the opposite is true
because in principle, every member of a company can come across
new prospects and projects of interest through the local press, local
gossip or local knowledge, business contacts and personal networks.

These projects are often very valuable because they are based upon personal
connections with employees with the firm. This being the case a system to
encourage and reward such input is put in place. This system is managed properly
at a minimal cost to the company.
A quick go through about the products/plans offered by IDBI Fortis Life
Insurance Co. Ltd. The products include:
i. Incomesurance™ Endowment & Money Back Plan
ii. Wealthsurance™ Brochure
iii. Homesurance™ Protection Plan Brochure
iv. Homesurance™ Plan Brochure
v. InsuranceBasket™ Brochure
vi. Bondsurance™ Brochure
vii. Termsurance™ Grameen Suraksha Brochure
viii. Termsurance™ Protection Plan Brochure
ix. Termsurance™ Grameen Bachat Yojana
x. Retiresurance™ Brochure
xi. Group Microsurance™ Plan Brochure
xii. Incomesurance™ Immediate Annuity
xiii. Healthsurance™ Hospitalisation and Surgical Plan
ABCD of Closing:

1. Lead: Lead is the customer details either given by the company or

By the Subordinate employee, for selling the policy/product.

2. Calling: Calls made to the customer to explain the policy plan.

2.1. Call-back: To call back in case the customer doesn’t receive the call.

2.2. Follow-up: To call the customer till there is any response.

3. Appointment: Fixing up a time and a date to meet the customer for direct


4. Explanation: To explain the entire plan of the policy to the customer with
Showing all the details along with the brochure and returns


5.1. Follow-up: To keep in touch with the customer for further response.

5. Documentation: Filling up of the form(s) and attaching all the required

Documents along with photos.

6. Pick-up: This refers to collecting the cheque/DD/Cash for the


7. Closing: This refers to submitting the policy of the customer in the office with

All the required forms, documents, photos and payment.

8. Log-in: This refers to logging in the details of the customer and policy in the

Account of the employee.

6. Issuance: This refers to the issuance of commission to the employee.

MDP – Management Development Program

MDP is to build on the core selling skills and to introduce more advanced sales
concepts. To analyze in depth how behavior impacts on the way customers buy and
to establish ways of identifying these customer preferences thereby converting
them into opportunities to sell. This program is for Management Level employees,
who are responsible for major accounts, or who would benefit from further skill

This program also enables delegates to have a clear understanding of the Sales
Management role and how to become more effective Managers. The program is
suitable for experienced Managers, as well as those who have been, or are about to
be, promoted into Executive Level Management.

Program objectives:

 Assess the buying preferences of the customer.

 List effective questions that can be used to develop an understanding of the
customer’s motivational drivers and aspirations.
 Demonstrate how to build rapport with a wide variety of customers.
 Describe how to match product solutions to customer’s individual needs and
buying styles.
 Demonstrate how to gain commitment to the next step.
 Describe how to get effective results from a sales team using sales plans and
targeting techniques.
 Explain how to prepare a successful sales plan.
 Describe the recruitment and selection process for staff.
 Describe an effective interview strategy.
 Explain how to implement a successful training plan for the team.
 List the ways to run effective meetings.
 Describe how to negotiate to a win/win situation.
 List the skills needed to tackle problems and make decisions.
 Explain the rewards and benefits of team building.
 List the skills requires for effective communication.
 Describe ways to improve performance appraisal skills.
 Detail ways to advance time management skills.
 Describe the techniques to improve presentation skills.

Evaluation table is as below:

Credit session Reward points will be given by trainer conducting the specific

Sl No. Deposit Sessions Training Reward Points

Self Learning
01. Quick Start 10
02. Process Training 10
03. Product Training 10
04. AML Guidelines and KYC 20
05. Investment Basics 20
Trainer Led
06. Get Set Go 20
07. ABCD of Closing 10
08. MDP 20
06. Quick Starter 10
10. Silver Starter 30
11. Gold Starter 30
12. Platinum Starter 30

Awards and Functions:

 Best trainee scoring maximum marks is awarded with a Certificate and

a Medal/ Trophy. A Function is organized to celebrate the event.
 After the completion of each Starter, every employee is given a
Certificate and a Medal/Trophy.

Training Reward Point - Employee to Distributor

 Training given to the Distributors.

Investment Basics and Taxation:

 Life insurance and retirement plans are one of the most effective ways of
saving taxes
 Life Insurance Plans and certain types of annuity plans are eligible for
deduction under Section 80C.
 Specified Pension Plans are eligible fr a deduction under Section 80CCC.
 The contributions/payments made towards the life insurance plans and
annuity/pension plans are eligible for an overall tax deduction of Rs.
 Health Insurance Plans/Riders are separately eligible for deduction under
Section 80D.
 The proceeds or withdrawals from Life Insurance Policies are exempt under
Section 10(10(D)), subject to norms prescribed in that section.

AML Guidelines and KYC norms

 Definition of KYC – Know Your Customer.

 Definition of Money Laundering.
 Money laundering and KYC Perception:

Product Training

 Knowledge about all the Insurance Products offered by IDBI Fortis is

given to the distributors.
ABCD of Closing

 Lead
 Calling
 Appointment
 Explanation
 Documentation
 Pick-up
 Closing
 Log-in
 Issuance

Awards and Functions

 Best Distributor scoring maximum premium is awarded with a

Certificate and a Medal/ Trophy. A Function is organized to celebrate
the event.
 After the completion of each Starter, every distributor is given a
Certificate and a Medal/Trophy.
Total Respondents 50

Average Age 34.56

Male 35
Female 15




Male Female

Average age of the respondents is 35 years.
Out of 50 respondents, Male employees are 35 and Female Employees are 15.
Ques01. According to you; what is the purpose of Training?


Knowledge & Skill 25 50

Career Orientation 25 50

Knowledge & Skill Career Orientation

50% 50%


50% of employees believe that Training is for acquiring Knowledge and Skill. The
other 50% of employees believe that it is for Career Orientation.
Ques2: What is your opinion on Training Process?


Good 16 32

Very Good 25 50

Bad 5 10

Time Waste Process 4 8

Good Very Good Bad Time Waste Process




50% employees said that the training process is very Good. 32% employees said
that it is Good.
Ques 03: Do you feel that training process will be helpful for individual growth?


Yes 35 70

No 15 30

Yes No




70% employees believe that training process helps in individual growth.

Ques 04: What is your opinion about the trainer’s knowledge?


Poor 6 12

Need Improvement 11 22

Fair 14 28

Good 16 32

Excellent 3 6


14 16


60% employees believe that the trainer’s knowledge is up to the mark. 34% of the
total respondents are unhappy about the trainer’s knowledge.
Ques 05: Is there any improvement in performance after the training program?


Yes 27 54

No 23 46

Yes No




54% employees believe that there is an improvement in performance after the

training program.
Ques 06: Who needs much knowledge about the company and product?


Agents 6 12

Tele Callers 2 4

Operations Executives 16 32

All 27 54



Operations Executives

Tele Callers


0 5 10 15 20 25 30


54% employees believe that all domain people require knowledge about the
company and product.
Ques 07: According to you; what should be the tentative time/convenient time for
the training process?


Morning 21 42

Afternoon 15 30

Evening 14 28


28% Morning



42% employees are comfortable with the morning sessions, while approximately
equal percentage employees are comfortable with Evening and Afternoon
Ques 08: Are you interested; if there are classes on Weekends?


Yes 20 40

No 30 60

Yes No




60% employees are not interested for the Weekend sessions.

Ques 09: In which areas an employee needs training?


Company policies and Procedures 7 14

Skill based training 6 12

Problem solving skills 11 22

All of them 26 52

Company policies and Procedures Skill based training
Problem solving skills All of them




52% employees believe that an employee should be trained in all the areas, while
22% believe that Problem solving skills are of utmost importance.
Ques 10: How much are you satisfied with the Training Process?


Extremely Satisfied 6 12

Satisfied 22 44

Neither Satisfied nor Dissatisfied 7 14

Dissatisfied 14 28

Extremely Dissatisfied 3 6




10 Options

Extremely Satisfied Neither Dissatisfied Extremely
Satisfied Satisfied nor Dissatisfied


56% employees are satisfied with the training process, while 34% are not satisfied.


 Total Respondents – 50.

 Average Age – 34.5 years.

 Male – 35, Female – 15.

 Overall Satisfaction percentage of training process in only 56%.

 While 14% employees are confused about the training process.

 More than 50% employees believe that training should be given in all the
areas like Policies and Procedures, Skill based Training and Problem
Solving Skills.

 Training process should be carried out in Weekdays. 60% employees are in

favour of the same.

 Agents, Tele callers and Operations Executives require training and


 Only 54% employees have developed skills after Training process.


The training process needs to be made more intensive.

 AML guidelines and KYC modules should be discussed more.

 Case studies should be given to the trainees so as to overcome critical issues


 Computer Based Training can be introduced to save on cost.

 Online Training can also be implemented to save time.

 Mock Calling Technique should be given more preference, to help

employees learn various techniques of talking to customers and convincing
on phone.

 Online Premium Payment is available on IDBI Fortis website. Online

Applications can also be added to save on cost and provide ease of access to
the knowledgeable customers.

 Create awareness: The Company has to take care of awareness creation

about the products and services among the Advisors/Agents.

 Charges: The Company has to reduce the mortality and administration


 Product promotion strategies should be improved.

 Company should consider the present competition and should act according
to the customer needs.

 There should be long term training like Fundamental Carrier class, Basic
Carrier class which helps the advisors in different stages.

On the basis of my study, I conclude that:

 IDBI Fortis Life Insurance Co. Ltd. is a new private player in the Indian
Insurance Market.
 It is the only private company with a Government Stake of 48%.
 Its only 2 years old company and a very fast growing insurer.
 The Training and Development process at IDBI Fortis is systematic.
 The training process is carried out session wise.
 The entire training process is based on Training Reward Point System.
 There are 2 broad types of training, as per TRP System:
o Trainer to Employee
o Employee to Distributor
 The training sessions are divided into 2 phases
o Self Learning Modules
o Trainer Led Sessions
 There are different chapters for each module and are explained in a
PowerPoint Presentation method to the trainees.
 There is also a training module for Management Level Employees (MDP).
 There are modules on Sales, to enhance selling techniques of the employees.
 Awards are given to the employees and distributors to appraise their
 System is fair and clean. There are no complications whatsoever, as been
told by the respective managers.

1. Name:
2. Age :
3. Gender : Male Female
4. Designation :
5. Email id :
6. Mobile No. :

7. According to you; what is the purpose of Training?

Knowledge and Skill Career Orientation
8. What is your opinion on training?
Good Very good Bad

Time waste process

9. Do you feel that training will be helpful for individual growth?

Yes No

10. What is your opinion about the Trainer’s knowledge?

Poor Need Improvement Fair Good
11. Is there any improvement in performance after the training program?
Yes No

12. Who needs much knowledge regarding the company and product?
Agents Tele callers Operations executives All

13. According to you; what should be the tentative time / convenient time
For the training classes?

Morning Afternoon Evening

14. Are you interested; if there are classes on Weekends?

Yes No

15. In which areas an employee needs training?

Company policies and procedures
Skill based training
Problem solving skills
All of the above

16. How much you are satisfied with Training Process?

Extremely Satisfied


Neither Satisfied nor Dissatisfied


Extremely Dissatisfied

What additional benefits you would like to have?




E-learning is still a relatively new development. Although Learning Management

Systems (LMS) first began appearing at the time of the 1990s boom, these
were initially expensive and employed a 'locked down' learning architecture
leaving little scope for configuration by training managers. Online learning
materials also tended to be relatively crude adaptations of paper-based materials
that paid insufficient heed to the way individuals learn in an electronic
Over the last three or four years, however, as broadband has become increasingly
commonplace within the workplace - and as LMS development has progressed to
offer better usability and affordability - e-learning has established itself as a truly
viable medium alongside the traditional route of face-to-face training. A number of
insurance-specific e-learning systems are now available, some of which include
literally hundreds of courses - on both technical insurance subjects and general
business and management skills (soft skills).
It is difficult to assess precisely what proportion of insurance training now takes
place online. But certainly there has been a significant take-up in the last couple of
years, and probably a dip in face-to-face. An obvious attraction has been the
perceived cost-effectiveness. Some see e-learning as a quick and easy way of
making at least some provision for T&D. In terms of cost, access for one
individual to hundreds of courses for a whole year can cost roughly the same as a
single day's face-to-face training.
From a compliance point of view, the competence assessment functions offered by
some such systems are an obvious attraction - allowing learning to be targeted to
gaps in the employee's knowledge and skills. Another appeal is their ability to
record all learning and test results automatically, as well as other information such
as CPD credits. The FSA has specifically stressed the importance of firms retaining
and being able to access individual training records. Some systems also support
students in studying for industry qualifications such as ACII or CeRGI.

But e-learning is not necessarily the cut-price panacea some might like to imagine.
Its value in practice varies greatly depending on how effectively companies
manage the way their staff use e-learning materials. It can never remove the need
for training managers to plan and direct learning programmers tailored to the
training needs of the individual and the business, but it can make the process a lot
easier to implement, manage, monitor and record.

Nor is e-learning necessarily the right approach for every individual. Prakash
Sudra, team leader with Epping-based brokers J&M Insurance comments: "I've
found that different people respond to different training approaches. Some take to
the online approach like a duck to water and pick up knowledge very rapidly that
way. Others need more face-to-face input. So it is always a question of balancing
the two in a way that is going to develop that individual's skills most effectively."

Training managers often find in practice that more complex and technical subjects
also require a face-to-face approach. Although some systems allow students to
email queries to course authors, there is no real substitute for the ability to quiz an
experienced trainer face-to-face.

 Websites:







 Company Information:
o Training and Development Details – IDBI Fortis, Hyderabad Branch

o Company Information – IDBI website.

o Organizational Structure – Received from IDBI Fortis, Coimbatore

o Questionnaire Respondents – Employees from IDBI Fortis – Hyderabad,

Coimbatore and Bangalore.

o Fitzgerald, W. (1992). Training versus Development. Training &

Development, pg.46, 81-84.