HR POLICIES OF TATA AIG

By:
Kashish verma

TATA AIG INSURANCE COMPANY

Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance.

Joint collaboration between the American International Group, Inc. (AIG) and Tata Group.
They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world.

TATA AIG GENERAL INSURANCE COMPANY

Tata AIG General Insurance Company started its operations in India on January 22, 2001,

Gaurav D. Garg is the Managing Director & CEO, Tata AIG General Insurance Co. Ltd.

TATA AIG LIFE INSURANCE COMPANY

Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

Mr. Suresh Mahalingam, (M. Suresh) , MD, Tata AIG Life Insurance Company.

Human Resource Policies

Human resource policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning.

Organizational Structure of TATA AIG

CEO 4 Zonal Heads( East West, North, South)

Regional Head

Area or Cluster Manager

Branch Managers Unit Manager Financial Advisors

Functions of the HR Department of TATA AIG

Recruitment and Selection Induction Competence Development Providing compensation and other employee benefits Performance Management Talent and Career Management

Sources of Recruitment
Placement Agencies and Consultants Campus Recruitments Off-campus Recruitments Internal Job Postings Promotions(existing employees) Moving across verticals(existing employees)

Selection Process
There is a screening process based on the resumes of applicants followed by group discussion and personal interview.

Types of Employees
TATA AIG has both permanent employees as well employees on contract basis. Both are on company pay rolls. Company employs financial advisors who are not on company pay roll but work on commission basis.

Compensation of Employees
Basic- 30% of annual salary Bonus(yearly) HRA Medical Allowance Conveyance Allowance Other Allowance(Food, mobile phone bills, etc.)

Benefits apart from salary

Mediclaim Performance bonus Incentives

Measuring Employee Performance

Goal Sheet Target Achievement Quality of work Customer satisfaction

Training and Development of Employees

Company conducts on-the-job training(OJT) programs for its employees.
Functional programs- for expertise in respective domain. Talent Acceleration programs- improving soft skills

Duration: Monthly or Quarterly or Weekly depending upon product and requirement. E-learning courses and Insurance Institute of India courses. Career progression programmes Leadership Development ladder

Motivating Employees
Motivational training programmes Providing Incentives Providing sponsored holidays for employees and their family Helping them in converting a prospect into a sale.

Special Motivational Programmes

Friday Movie Mania Recharge zone Sports Club Annual Theme Party Celebration Week

Grievance Redressal
There is no proper grievance cell but they have a Disputes Settlement Department within the organization which looks after settling issues among employees or any complaints of the employees.

Employee Health and Safety Measures

Fire Alarms and Extinguishers Sprinklers First-aid boxes Mediclaim Accident benefits Insurance cover for whole family

Employee Retention Strategy

Career Progression Programmes Various motivational measures and programmes for employees as well as their family members. Performance based appraisal Provides work-life balance

Equal Opportunity Employer

TATA AIG does not discriminate between men and women while employing people. Men as well as women are considered equally even if a particular job is very challenging and difficult. It also provides employment to physically disabled people.