MOTIVATIONAL THEORIES USED IN INSURANCE SECTOR by sanghaviharshil

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                  PROJECT REPOERT

                        ON

     “MOTIVATIONAL THEORIES USED IN
            INSURANCE SECTOR”
   BHARTI AXA LIFE INSURANCE, NAGPUR

A SUMMER INTERNSHIP PROJECT FOR PARTIAL FULFILMENT
                 OF REQUIREMENT OF

            MBA [BUSINESS APPLICATION]

                    2008-2010




                   SUBMITTED BY,

              MISS. NEERU R. YADAV

               UNDER THE GUIDANCE OF

              MISS. RIDDHI DESHPANDE


          CENTUM LEARNING CENTER, NAGPUR

   AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI
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       CENTUM LEARNING CENTER, NAGPUR
AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI



                         CERTIFICATE

I here by certify that this project report entitled “MOTIVATIONAL THEORIES
USED IN INSURANCE SECTOR” in BHARTI AXA LIFE INSURANCE,
NAGPUR” submitted by Miss. Neeru Yadav to Centum Learning Center [CLC],
Nagpur is bonafied and original research work carried out under my guidance and
supervision. It is a peace of research of sufficiently high standard to warrant its
submission to college for the award of said degree.

No part of the thesis has been submitted any degree or diploma or published in any
other form. The assistance and the help rendered during the course of her
investigation in the form of basic source material and the information have been
duly acknowledged.




Date:

Place:




   Project Guide                  Director                Project In charge
 [Miss. Riddhi Deshpande]       [Mr. Sanjay Choure]      [Mrs. Smita Choure]




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       CENTUM LEARNING CENTER, NAGPUR
AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI



                  ACKNOWLEDGEMENT

I present this project report on “MOTIVATIONAL THEORIES USED IN
INSURANCE SECTOR” in BHARTI AXA LIFE INSURANCE, NAGPUR with a
sense of great pleasure and satisfaction. I undersigned with pleasure take this
opportunity to thank all those related directly or indirectly in preparation of this
project report.

I started working on this project under the invaluable guidance of Honorable Miss.
Riddhi Deshpande mam for which I am very much thankful for her valued time
given for the purpose. Without her co-operation my project work would have been
difficult to complete.

I express my sincere thanks to Mr. Chandan Sharma sir [sales manager] in Bharti
Axa Life Insurance, Nagpur and the clerical staff in that organization. I am also
thankful to Mr. Sanjay Choure sir [Director of our college] and Mrs. Smita Choure
[Project In charge] to allow me to carryout this project.




Date:

Place:




                                                              Miss. Neeru Yadav




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        CENTUM LEARNING CENTER, NAGPUR
 AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI



                         DECLARATION

I undersign the students of MBA [Business Application] hereby declare that the
project report entitled “MOTIVATIONAL THEORIES USED IN INSURANCE
SECTOR” in BHARTI AXA LIFE INSURANCE, NAGPUR is my own work and
completed by me, which is based on my own work experience during Summer
Internship training period, I am submitting this report for partial fulfillment for the
degree of MBA [B.A.], conducted by Centum Learning Center, Nagpur Affiliated by
Annamalai University, Chennai.

I have not submitted this project report for fulfillment of any examination in any
college or University for any degree or diploma.



Date:
Place:




                                                                  Miss. Neeru Yadav




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“MOTIVATIONAL THEORIES USED IN
      INSURANCE SECTOR”

 BHARTI AXA LIFE INSURANCE,
           NAGPUR




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                        CONTENT
SR. NO.                          TOPIC               PAGE NO.
CHAPTER 1    COMPANY PROFILE
             1.1 Bharti-AXA Life Insurance              1
             1.2 Bharti Enterprise                      1
             1.3 AXA Financial Services                 3
CHAPTER 2    PROJECT INTRODUCTION
             2.1 Project Introduction                   4
             2.2 Meaning of Motivation                  4
             2.3 Definitions of Motivation              5
             2.4 Motivation Cycle Process               5
CHAPTER 3    PROJECT RESEARCH
             3.1 Importance of Motivation               6
             3.2 General Theories of Motivation         7
             3.3 Theories used in Insurance Sector      15
CHAPTER 4    THEORIES USED IN BHARTI-AXA
             4.1 McClelland Theory in Bharti-AXA        16
             4.2 Performance Appraisal                  16
             4.3 Employees Empowerment                  18
             4.4 Barriers to Empowerment                18
             4.5 Customer Relationship[CR]              19
CHAPTER 5    DATA ANALYSYS AND INTERPRETATION
             5.1 Data Analysis                          20
CHAPTER 6    TRAINING CONCEPTS
             6.1 Insurance                              47
             6.2 Share Market                           47
             6.3 Mutual Fund                            48
CHAPTER 7    FINDINGS
             7.1 Findings                               50
             7.2 Competitors of Bharti-AXA              50

CHAPTER 8    SUGGETIONS AND CONCLUSION
             8.1 Suggestion                             50
             8.2 Conclusion                             50
 CHAPTER 9   BIBLIOGRAPHY                               51
CHAPTER 10   ANNEXURE                                   52




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                             CHAPTER 1
                     Company Profile

1.1 BHARTI-AXA LIFE INSURANCE
Bharti-AXA Life Insurance is a joint venture between
Bharti, one of India‟s leading business groups with
interests in Telecom, Agri Business and Retail; and
AXA, world leader in Financial Protection and Wealth
Management. Bharti Group holds 74% of equity and
AXA holds 26% of the equity.
The company incorporated on 13th July 2007. Headquartered in Bangalore and
registered office is at “Bharti AXA Life Insurance Ltd, Unit 601 and 602, 6th Floor,
Raheja Titanium, Off Western Express Highway, Goregaon [East],
Mumbai:440063”. The company currently has 203 branches across India. With a
vision to become the leader and preferred company for financial protection in India,
Bharti AXA General Insurance offers its customers - individuals and businesses- a
wide range of products and services that meet their insurance needs. Mr. Nitin
Chopra [CEO], Priya Ranjan [Director-HR], Shymal Saxena [Chief Distribution
and Marketing Officer]. The company will leverage the Bharti Group‟s large
customer pool and develop a strong multi channel distribution network in both
urban and rural markets.


1.2 BHARTI ENTERPRISES
Company Background: Mr. Sunil Bharti Mittal
[Chairman and MD of Bharti Group of Industries] got
interested in push button phones while on a trip to
Taiwan, and in 1982, introduced the phones to India,
replacing the old fashioned, bulky rotary phones that
were in use in the country then. Bharti Telecom Limited (BTL) was incorporated
and entered into a technical tie up with Siemens AG of Germany for manufacture of
electronic push button phones. By the early 1990s, Mittal was making fax machines,
cordless phones and other telecom gear. Presently this company is leading in
Telecom Industry, awarded as Best Employer in year 2004.
The turning point came in 1992 when the Indian government was awarding licenses
for mobile phone services for the first time. One of the conditions for the Delhi
cellular license was that the bidders have some experience as a telecom operator.
Mittal clinched a deal with the French telecom group Vivendi. Two years later,

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Sunil secured rights to serve New Delhi. In 1995, Bharti Cellular Limited (BCL) was
formed to offer cellular services under the brand name AirTel. Within a few years
Bharti became the first telecom company to cross the 2-million mobile subscriber
mark. The company is also instrumental in bringing down the high STD/ISD,
cellular rates in the country by rolling the countries first private national as well as
international long-distance service under the brand name IndiaOne. In 2001, the
company entered into a joint venture with Singapore Telecom International for a
$650-million submarine cable project, the countries first ever undersea cable link
connecting Chennai in India and Singapore.




                        Fig 2.1 Bharti Enterprises

Bharti Enterprises: Bharti Enterprises has successfully focused its strategy on
telecom while straddling diverse fields of business. From the creation of „Airtel‟, one
of India‟s finest brands, to becoming the largest manufacturer and exporter of world
class telecom terminals under its „Beetel‟ brand, Bharti has created a significant
position for itself in the global telecommunications sector. Bharti Airtel Limited is
today acknowledged as one of India‟s finest companies, and its flagship brand
„Airtel‟, has over 10 million customers across the length and breadth of India.
While a joint venture with TeleTech Inc., USA marked Bharti‟s successful foray
into the Customer Management Services business, Bharti Enterprises‟ dynamic
diversification has continued with the company venturing into telecom software
development. Recently, Bharti has successfully launched an international venture
with EL Rothschild Group owned ELRO Holdings India Ltd., to export fresh Agri
products exclusively to markets in Europe and USA.

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1.3 AXA FINANCIAL SERVICES
AXA Group Profile: Henri de Castries, Chairman of the AXA
Group's Management Board. Having 80 Million Clients,
214044 employees, 400,000 Shareholders and Revenues of
€91.2 billion in 2008*. *(International Financial Reporting
Standards)
AXA Vision: Help clients be life confident: this is how to see business and how it
should be done.
AXA Strategy: Attain leadership in every one of our markets through operational
excellence.
AXA Brand: Do business worldwide under a global brand name.
Local AXA: Key markets located in Europe, North America and Asia Pacific.
Corporate Profile: Bharti AXA Life Insurance is a joint venture between Bharti, one
of India‟s leading business groups with interests in telecom, agri business and retail,
and AXA, world leader in financial protection and wealth management. The joint
venture company has a 74% stake from Bharti and 26% stake of AXA. The
company launched national operations in December 2006. Today, they have over
8000 employees across over 12 states in the country and a national footprint of
distributors trained to provide quality financial advice and insurance solution to the
large Indian customer base. An AXA financial service is largest in the insurance
industry (in terms of revenue).




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                             CHAPTER 2
               PROJECT INTRODUCTION

2.1 PROJECT INTRODUCTION
In service industry the best soft skills of employees can improve the productivity
and not the physical capabilities. And the soft skills of employees can be improved
by triggering motivation. The motivation of an employee can be defined as his
willingness towards his responsibilities, work and job. The motivation can be
internal motivation and external motivation for an individual. The internal
motivation is the motivation done by an individual to himself by his/her own
thinking process whereas the external motivation is done by an individual to the
other individual or group of individuals by passing certain comments of doing some
activities. The external motivation can also be classified as monetary or non-
monetary motivation. Only one kind of motivation technique can not be used for
long time for an individual as the need and expectations of an individual from
company gets changed after some interval of time. To motivate an individual or
group of individual at different level of management scientists have developed
different theories of motivation. The theories developed are based on Human Need,
Human Nature and Expectancy of Human Being. Maslow, Herzberg and
McClelland have developed the theories on the basis of Human Needs, McGregor,
Urwick and Argyris have developed theories on the basis of Human Nature and
Vroom and Porter & Lawler have developed theories on the basis of Expectancy of
Human being. Among all these motivational theories except Urwick‟s Theory Z all
theories are used in different Insurance companies. Bharti-AXA also uses few of
these motivational techniques. Different insurance companies use different
motivational techniques depending on the different kinds of needs of their
employees. The aim of this project is to find out the general theories of motivation,
then search the theories used in insurance sector and finally the theories used in
Bharti-AXA.

2.2 MEANING OF MOTIVATION
The term motivation has been derived from the word „motive‟. Motive may be
defined as an inner state of or mind that activates and directs our behavior. It
makes us move to act. It is always internal to us and is externalized via our
behavior. Motivation is one‟s willingness to exert efforts towards the
accomplishment of an individual‟s goal.




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2.3 DEFINITION OF MOTIVATION
Fred Luthans: “A process that starts with a physiological or psychological
deficiency or need that activates behavior or a drive that is aimed at a goal or
incentive.”
Stephen P. Robbins: “Motivation is the willingness to exert high levels of
efforts toward organizational goals, conditioned by the effort ability to satisfy some
individual need.”
Gray and Starke: “Motivation is the result of process, internal or external to
the individual that arouses enthusiasm and persistence to pursue a certain course of
action.

2.4 MOTIVATION CYCLE OR PROCESS
Motivation is a process or cycle aimed at accomplishing some goals. The basic
elements included in the process are motives, goals and behavior.




Motives: Almost all human behavior is motivated. Motives prompt people to
action. Hence, these are at the very heart of motivational process. Motives provide
an activating thrust towards reaching a goal.

Goals: Motives are generally directed towards goals. Motives generally create a
state of physiological or psychological imbalance. Attaining goals restores balance.

Behavior: Behavior is a series of activities to be undertaken. Behavior is directed
to achieve a goal.




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                          CHAPTER 3
                PROJECT RESEARCH
3.1 IMPORTANCE OF MOTIVATION
 1. Organizations are run by people; hence, managers can not afford to avoid a
    concern with human behavior at work. This is because the motivated
    employees are more productive and quality-conscious than apathetic ones.
 2. Motivation as a pervasive concept affects and is also affected by a host of
    factors in the organizational milieu. It enables managers to understand why
    people behave as they behave.
 3. Organizational effectiveness becomes, to some extent, the question of
    management‟s ability to motivate its employee. Hence, an appreciation of
    motivation helps the managers how to motivate their employees.
 4. Machines become necessary in case of complex technology. However, these
    remain inefficient vehicles of effective and efficient operations without man
    to operate them. Therefore. Organizations need to have employees with
    required capability and willingness to use the advanced complex technology
    to achieve the organizational goal.
 5. With the realization that organizations will run in more complex milieu in
    future, an increasing attention has been given to develop employees as future
    resources [a talent bank]. This facilitates the managers to draw upon them as
    and when organizations grow and develop.




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3.2 GENERAL THEORIES OF MOTIVATION




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A.       THEORIES BASED ON HUMAN NEED
1. Maslow’s Need Hierarchy Theory
Maslow‟s theory is based on the human needs. In essence he believed that once a
given level of need is satisfied, it no longer serves to motivate man. Then, the next
higher level of need has to be activated in order to motivate the man.




 I. PHYSIOLOGICAL NEED: These needs are basic of human life and hence
    include food, clothing, shelter, air, water and necessities of life. These needs
    relate to the survival and maintenance of human life. They exert tremendous
    influence on human behavior. These needs are to be met first at least partly
    before higher level needs emerge. Once physiological needs are satisfied, they
    no longer motivate the man.
II. SAFETY NEED: After satisfying the physiological needs, the next needs felt
    are called safety and security need. These needs find expression in such desires
    as economic security and protection prompted to work more. Like
    physiological needs, these become inactive once they are satisfied.
III. SOCIAL NEEDS: Man is a social being. He is, therefore, interested in social
     interaction, companionship, belongingness, tec. It is this socializing and
     belongingness why individuals prefer to work in groups and especially older
     people go to work.
IV. SELF ESTEEM NEEDS: These needs refer to self-esteem and self-respect.
    They include such needs which indicate self-confidence, achievement,
    competence, knowledge and independence. The organization. However,
    inability to fulfill these needs results in feeling like inferiority, weakness and
    helplessness.
 V. SELF ACTUALISATION NEEDS: This level represents the culmination of
    all the lower, intermediate and higher needs of human beings. In other words,
    the final step under the need hierarchy model is the need for self-actualization.
    This refers to fulfillment. The word self-actualization was coined by Kurt
    Goldstein and means to become actualized in what one is potentially good at.

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According to Maslow, the human need follow a definite sequence of domination. The
second need does not arise until the first is reasonably satisfied, and the third need
does not emerge until the first two needs have been reasonably satisfied and it goes
on. The other side of the need hierarchy is that human needs are unlimited.
However, Maslow‟s need hierarchy theory is not without its detractors.


2. Herzberg’s Motivation Hygiene Theory
The psychologist Frederic Herzberg extended the work of Maslow and proposed a
new motivation theory popularly known as Herzberg’s Motivation Hygiene [Two
Factors] Theory. Herzberg conducted a widely reported motivational study on 200
accountants and engineers employed by firms in and around Western Pennsylvania.
He asked these people to describe two important incidents at their jobs: [1] When
did you feel particularly good about your job and [2] when did you feel
exceptionally bad about your job? He used the critical incident method of obtaining
data.
The responses when analyzed were found quite interesting and fairly consistent. The
replies respondents gave when they felt good about their jobs were significantly
different from the replies given when they felt bad. Reported good feelings were
generally associated with job satisfaction, whereas bad feeling with job
dissatisfaction. Herzberg labeled the job satisfiers motivators, and he called job
dissatisfies hygiene or maintenance factors. Taken together, the motivators and
hygiene factors have become known as Herzberg‟s two-factor theory of motivation.
According to Herzberg, the opposite of satisfaction is not dissatisfaction. The
underlying reason, he says, is that removal of dissatisfying characteristics from a
job does not necessarily make the job satisfying. He believes in the existence of a
dual continuum. The opposite of satisfaction is „no satisfaction‟ and the opposite of
„dissatisfaction‟ is „no dissatisfaction‟.
According to Herzberg, today‟s motivators are tomorrow‟s hygiene because the later
stop influencing the behavior of persons when they get them. Accordingly, one‟s
hygiene may be the motivator of another.


3. McClelland Need Theory
McClelland developed his theory based on Henry Murray‟s developed long list of
motives and manifest needs used in his early studies of personality. McClelland‟s
need-theory is closely associated with learning theory, because he believed that
needs are learned or acquired by the kinds of events people experienced in their
environment and culture. He found that people who acquire a particular need
behave differently from those who do not have. His theory focuses on Murray‟s
three needs; achievement, power and affiliation.


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a. Need for Achievement: This is the drive to excel, to achieve in relation to a set of
standard, and to strive to succeed. In other words, need for achievement is a
behavior directed towards competition with a standard of excellence. McClelland
found that people with a high need for achievement perform better than those with
a moderate or low need for achievement, and noted regional/ national differences in
achievement motivation.
b. Need for Power: The need for power is concerned with making an impact on
others, the desire to influence others, the urge to change people, and the desire to
make a difference in life. People with a high need for power are people who like to be
in control of people and events
c. Need for Affiliation: The need form affiliation is defined as a desire to establish
and maintain friendly and warm relations with other people.

*Summary chart of three need theories of motivation just discussed. The chart
shows the parallel relationship between the need s in each of the theories. Maslow‟s
refers to higher-lower order needs, whereas Herzberg refers to motivation and
hygiene factor.




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B. THEORIES BASED ON HUMAN NATURE
1. McGregor’s Participation Theory
Douglas McGregor formulated two distinct views of human being based on
participation of workers. The first basically negative, labeled Theory X, and the
other basically positive, labeled Theory Y.
Theory X is based on the following assumptions:
       i. People are by nature indolent. That is, they like to work as little as
          possible.
      ii. People lack ambition, dislike responsibility, and prefer to be directed by
          others.
     iii. People are inherently self-centered and indifferent to organizational needs
          and goals.
     iv. People are generally gullible and not very sharp and bright
Theory Y based on following assumes that:
       i. People are not by nature passive or resistant to organizational goals.
      ii. Thy want to assume responsibility.
     iii. Thy want their organization to succeed.
     iv. People are capable of directing their own behavior.
      v. They have need for achievement.
McGregor tried to dramatize through his theory X and Y is to outline the extremes
to draw the fencing within which the organizational man is usually seen to behave.
The fact remains that no organizational man would actually belong either to theory
X or theory Y. In reality, he/she shares the traits of both. What actually happens is
that man swings from one set or properties to the other with changes in his mood
and motives in changing environment.


2. Urwick’s Theory Z
Much after the propositions of theories X and Y by McGregor, the three theorists-
Urwick, Rangnekar, and Ouchi-propounded the third theory labeled as Z theory.
The two propositions in Urwicks‟s theory are that:
      i. Each individual should know the organizational goals precisely and the
         amount of contribution through his effort towards these goals.
     ii. Each individual should also know that the relation of organizational goals
         is going to satisfy his/her needs positively.
In Urwick‟s view, the above to make people ready to behave positively to
accomplish both organizational and individual goals

However, Ouchi‟s Theory Z has attracted the lot of attention of management
practitioners as well as researchers. It must be noted that Z does not stand for
anything, is merely the last alphabet in the English Language.


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Theory Z based on following four postulates:
       i. Strong Bond between Organization and Employees
      ii. Employee Participation and Involvement
     iii. No Formal Organization Structure
     iv. Human Resource Development
Ouchi‟s Theory Z represents the adoption of Japanese management practices
[Group decision making, social cohesion, job security, holistic concern for
employees, etc.] by the American Companies. In India, Maruti-Suzuki, Hero-
Honda, etc apply the postulates of theory Z.


3. Argyris Theory
Argyris has developed his motivation theory based on proposition how management
practices affect the individual behavior and growth. In his view, the seven changes
taking place in an individual personality make him/her a mature one. In other
words, personality of individual develops from immaturity to maturity as follows:

          Immaturity                               Maturity
          Passivity                                Activity
          Dependence                               Independence
          Capable of behaving in a few             Capable of behaving in many
          ways                                     ways
          Shallow interest                         Deep interest
          Short-term perspective                   Long-term perspective
          Subordinate position                     Super ordinate position
          Lack of self-awareness                   Self-awareness and control
Argyris views that immaturity exists n individuals mainly because of organizational
setting and management practices such as task specialization, chain of command,
unity of direction, and span of management. In order to make individuals grow
mature, he proposes gradual shift from the existing pyramidal organization
structure to humanistic system; from existing management system to the more
flexible and participative management. He states that such situation will satisfy not
only their physiological and safety needs, but also will motivate them to make
ready to make more use of their physiological and safety needs. But also will
motivate them to make ready to make more use of their potential in accomplishing
organizational goals.




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C. THEORIES BASED ON EXPECTENCY OF HUMAN BEING
1. Vroom’s Expectancy Theory
One of the most widely accepted explanations of motivation is offered by Victor
Vroom in his Expectancy Theory. It is a cognitive process theory of motivation.
The theory is founded on the basic notions that people will be motivated to exert a
high level of effort when they believe there are relationships between the effort they
put forth, the performance they achieve, and the outcomes/rewards they receive.




Thus, the key constructs in the expectancy theory of motivation are:
      i. Valence: Valence, according to Vroom, means the value or strength one
         places on a particular outcome or reward.
     ii. Expectancy: It relates efforts to performance.
    iii. Instrumentality: By instrumentality, Vroom means, the belief that
         performance is related to rewards.
The Vroom‟s motivation can also be expressed in the form of an equation as follows:
              Motivation = Valence × Expectancy × Instrumentality
Being the model multiplicative in nature, all the three variables must have high
positive values to imply motivated performance choice. If any one of the variables
approaches to zero level, the possibility of the so motivated performance also
touches zero level.
However, Vroom‟s expectancy theory has its critics. The important ones are:
 i. Critics like Porter and Lawler labeled it as a theory of cognitive hedonism
    which proposes that individual cognitively chooses the course of action that
    leads to the greatest degree of pleasure or the smallest degree of pain.



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  ii. The assumption that people are rational and calculating makes the theory
      idealistic.
 iii. The expectancy theory does not describe individual and situational differences.
But the valence or value people place on various rewards varies. For example, one
employee prefers salary to benefits, whereas another person prefers to just the
reverse. The valence for the same reward varies from situation to situation.
In spite of all these critics, the greatest point in the expectancy theory is that it
explains why a significant segment of workforce exerts low level of efforts in
carrying out job responsibilities.


2. Porter and Lawler’s Expectancy Theory
Porter and Lawler‟s theory is an improvement over Vroom‟s expectancy theory.
They posit that motivation does not equal satisfaction or performance. The model
suggested by them encounters some of the simplistic traditional assumptions made
about the positive relationship between satisfaction and performance. They
proposed a multi-variate model to explain the complex relationship that exists
between satisfaction and performance. What is the main point in Porter and
Lawler‟s model is that effort or motivation does not lead directly to performance. It
is, in fact, mediated by abilities and traits and by role perceptions. Ultimately,
performance leads to satisfaction.
There are three main elements in this model. Briefly explained as follows,
   i. Effort: Effort refers to the amount of energy an employee exerts on a given
       task. How much effort an employee will put in a task is determined by two
       factors [1] Value of reward and [2] Perception of effort-reward probability.
  ii. Performance: One‟s effort leads to his/her performance. Both may be equal
       or may not be. However, the amount of performance is determined by the
       amount of labor and the ability and role perception of the employee. Thus, if
       an employee possesses less ability and / or makes wrong role perception,
       his/her performance may be low in spite of his putting in great efforts.
 iii. Satisfaction: Performance leads to satisfaction. The level of satisfaction
       depends upon the amount of rewards one achieves. If the amount of actual
       rewards meet or exceed perceived equitable rewards, the employee will feel
       satisfied. On the country, if actual rewards fall short of perceived ones,
       he/she will be dissatisfied.

Rewards may be of two kind- intrinsic and extrinsic rewards. Examples of intrinsic
rewards are such as sense of accomplishment and self-actualization. As regards
extrinsic rewards, these may include working conditions and status. A fair degree of
research support that the intrinsic rewards are much more likely to produce
attitudes about satisfaction that are related to performance


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There is no denying of the fact that the motivation model proposed by Porter and
Lawler is quite complex than other model of motivation. In fact, motivation itself is
not a simple cause-effect relationship rather it is a complex phenomenon. Porter and
Lawler have attempted to measure variables such as the values of possible rewards,
the perception of effort-reward probabilities, and role perceptions in deriving
satisfaction. They recommended that the managers should carefully reassess their
reward system and structure. The effort-performance-reward-satisfaction should be
made integral to the entire system of managing men in organization




3.3 THEORIES USED IN INSURANCE SECTOR
   1. Maslow‟s Need Hierarchy Theory
   2. Herzberg‟s Motivation Hygiene Theory
   3. McClelland Need Theory
   4. McGregor‟s Participation Theory
   5. Porter and Lawler‟s Expectancy Theory
   6. Vroom‟s Expectancy Theory




                                                                                  15
                              CHAPTER 4
             Theories in Bharti-axa

4.1 McClelland NEED THEORY USED IN BHARTI-
AXA FOR MOTIVATION
Management believed that needs are learned or acquired by the kinds of events
people experienced in their environment and culture. They found people who
acquire a particular need behave differently from those who do not have. This
theory focuses on Murray‟s three needs; achievement, power and affiliation.
a. Need for Achievement: Need for achievement is a behavior directed towards
competition with a standard of excellence. McClelland found that people with a high
need for achievement perform better than those with a moderate or low need for
achievement, and noted regional/ national differences in achievement motivation.
For example offer for higher incentives, offer for gifts, etc.

b. Need for Power: The need for power is concerned with making an impact on
others, the desire to influence others, the urge to change people, and the desire to
make a difference in life. People with a high need for power are people who like to be
in control of people and events. This results in ultimate satisfaction of man. For
example offer for Promotion.

c. Need for Affiliation: The need form affiliation is defined as a desire to establish
and maintain friendly and warm relations with other people.

4.2 PERFORMANCE APPRAISALS AS MOTIVATION
Eagle view on performance means appraising the performance; which could be first
stepping stone forward achieving the objective of company. Performance appraisal
is the step where the management finds out how effective it has been at hiring and
placing employees. Performance appraisal can be either formal or informal. Usage of
formal system schedule regular sessions in which an employee‟s performance is
discussed, and informal appraisals are unplanned. But most organizations use a formal
appraisal system.



BENEFITS OF PERFORMANCE APPRAISALS
For the one who is, Appraisal: (by this he can)


                                                                                   16
    Know how they are working
    Know what is expected of them
    Receive recognition and praise.
    Be hard and respected.
    Receive help and encouragement

Appraiser: (by this he can)
    Improve their communications and relations with staff.
    Full understanding the performance contribution.
    Get to know performer better.
    Have a consistent approach for giving more effective.

The importance of Performance Appraisal:
   1. It unifies the appraisal procedure.
   2. It provides information, which is useful in making and forming important
       decisions.
   3. It provides information form of record about rating.
   4. It serves to stimulate and guide employee‟s development.
   5. A periodic and accurate appraisal constraint a supervision to be alert and
       competent in his work.

Objectives of Performance Appraisal
Success of an organization depends upon 3p‟s product, process and people. Here
people play key role. And some people believe that human resource have capability
to appreciate with time. Hence if organization wants to ride on the path of success,
it must vigil on performance of its people.

Performance appraisal system is based on psychological behavior of people which
states that people perform for their feelings and responses and also the performance
appraisal plans are designed to meet the needs of the organization and the
individual. The future oriented performance appraisal is concerned with the
identification of employee‟s training on development needs and setting of new
targets.


4.3 EMPLOYEE EMPOWERMENT


                                                                                   17
Introduction: In simple words, empowerment is giving power .the word empower
means to give the means, ability and authority.
Definition: “Empowerment is any process that provides greater autonomy through
the sharing of relevant information and provision of control over factors affecting
job performance”.
“A participative process that uses the entire capacity of employees and is designed
to encourage increased commitment to the organization‟s successes”.
Approaches to empowerment: The real problem is how to empower employees. Like
other behavioral problems, the researchers have studied the problem and have
suggested five approaches to empowerment. These are,
    1. Helping employees achieve job mastery [Giving proper training, coaching
         and guide experience that will result in initial successes].
   2.    Allowing more control. [Giving them discretion over job performance and
         then holding them accountable for outcomes].
   3.    Providing successful role models [Allowing them observe peers who have
         already performed successfully on their jobs].
   4.    Using social reinforcement and persuasion [Giving praise, encouragement
         and verbal feedback designed to raise self confidence].
   5.    Giving emotional support [Providing reduction of stress and anxiety
         through better definition, task assistance and honest caring].


4.4 BARRIERS TO EMPOWERNENT:
Of the several barriers to effective empowerment, the important ones are as follows,
     Some sort of organizational culture is found incongruent with the concept of
       employees‟ empowerment. In these organizations the management
       philosophy is molded by the whims and fancies of the CEO. These CEOs are
       hardly enlightened with education but enriched by wealth. As such they
       follow dictatorship and run the administration with an iron hand.
     There are organizations where employees have no inclination towards the
       concept of empowerment
     Some employees may have fear in their minds that they will be punished if
       they will take initiative in the matter of empowerment.
     Employees who are either under prolonged autocratic leadership or
       possessing external locus of control, with the security of having some one to
       tell them what to do and when to do, they will therefore resist
       empowerment.
      The superior who are power hungry never would like to part their authority
       with subordinate.




                                                                                  18
4.5 CUSTOMER RELATIONSHIP [CR]
Meaning: It is a strategy used to learn more about customers' needs and behaviors in
order to develop stronger relationships with them. Good customer relationships are
at the heart of business success.CR is an integrated information system that is used
to plan, schedule and control the presales and postsales activities in an organization.
CR embraces all aspects of dealing with prospects and customers, including the call
center, sales force, marketing, technical support and field service. The primary goal
of CR is to improve long-term growth and profitability through a better
understanding of customer behavior.
CR is both a business strategy and a set of discrete software tools and technologies,
with the goal of reducing costs, increasing revenue, identifying new opportunities
and channels for expansion, and improving customer value, satisfaction,
profitability, and retention.
There are three parts of application architecture of CR.
 1. Operational CR: Operational CR means supporting the so-called "front office"
       business processes, which include customer contact (sales, marketing and
       service).
 2.    Analytical CR: In analytical CR, data gathered within operational CR are
       analyzed to segment customers or to identify cross- and up-selling potential.
 3.    Collaborative CR: Collaborative CR facilitates interactions with customers
       through all channels (personal, letter, fax, phone, web, e-mail) and supports
       co-ordination of employee teams and channels.
Advantages of CR:
          Understanding the value of a particular customer during their entire life
           cycle
          Consistent structured and complete customer information, customer
           identification
          Greater emphasis on customer retention through loyalty-building
           programmes
          Planning product cross-marketing strategies
          Measuring marketing campaigns and sales activities impact
          Optimizing, automation and control of marketing, sales and service
           processes
          Rationalization of operations saving time and money




                                                                                    19
                             CHAPTER 5
Data analysis and interpretation
5.1 DATA ANALYSIS
The following observations are done on the basis of responses got from all
employees. The questionnaire provided to employees is given in Chapter 10
ANNEXTURE.
1. Respondent by age.
Objective: To know different motivational theories to be used on different age group
of employees, because same motivational technique can not motivate all employees
varying in age group.

     Sr. No.             Age Group            Respondent             Percentage

       1                 15-25                    9                    18 %

       2                 25-35                    29                   58 %

       3                 35-45                    10                   20 %

       4                 45 and above             2                     4%

                         Total                    50                   100%


Graphical Representation:




Conclusion: Maximum employee belongs to 25-35 age group as they are highly job
oriented so this age group needs maximum motivation to improve their
performance.


                                                                                  20
2. Respondent by Date of Joining.

Objective: To know the experience and stability of employee in Bharti AXA Life
Insurance, Nagpur.

   Sr. No         Date of joining      Respondents            Percentage

     1              2008-2009              40                   80 %

     2              2007-2008              10                   20 %

     3           2007 and before            0                    0%

                      Total                50                   100%


         Graphical Representation:




Conclusion: With this graph we get to know that maximum employee joined Bharti-
AXA Nagpur branch in the year of 2008 – 2009.




                                                                            21
3. Respondent by Department.

Objective: To know number of employees working in different department, so that
we could get to know motivational hierarchy used in Bharti AXA Life insurance,
Nagpur.

           Sr. No           Department                  Respondents   Percentage

             1              HRM                             1            2%

             2              Operation                       2            4%

             3              Sales                           47          94 %

                            Total                           50          100%


Graphical Representation:




Conclusion: According to above graph 94% employees are working in sales department and
4% in operational level and left 2% in HR department.




                                                                                   22
4. How do employees feel about company?

Objective: To know what an employee feels as an employee about company which
will decide job satisfaction and affiliation of employees.

Sr. No                       Response                Respondents    Percentage

   1     They feel safe, valued and taken care off       50           100 %

   2     Taken advantage,       dispensable    and       0             0%
         invisible

                Total                                    50           100%


Graphical Representation:




Conclusion: Employees feel that they are safe, valued and taken care off by there
company.




                                                                                 23
5. Are you free to find your own solutions?

Objective: To know whether employees have freedom to solve their problem by
themselves or not, which will decide the empowerment techniques used by the
company because empowering authority and responsibility is also one kind of
motivation technique.



     Sr. No                 Response            Respondents       Percentage

        1                      Yes                   50             100 %

        2                      No                    0                0%

                              Total                  50              100%



Graphical Representation:




Conclusion: All employees have freedom to solve their small problem with their own
relevant ideas.




                                                                               24
6. Where you found yourself after one year?

Objective: To know future planning of employee with the company, this will
determine their determination toward their job and life. This will be evaluated by
their present performance.

     Sr. No           Response                Respondents         Percentage

        1             Promoter                    50                100 %

        2              Constant                   0                  0%

                        Total                     50                 100%


Graphical Representation:




Conclusion: In this graph we can see that all employees want to be promoted after a
year that shows their positive attitude towards their work.




                                                                                25
7. Do you know your performance appraisal?

Objective: To know the awareness of an employee towards his performance
appraisals, this will determine his attitude towards his achievement.

      Sr. No                Response         Respondents      Percentage

           1                  Yes                50             100 %

           2                  No                 0               0%

                             Total               50              100%



Graphical Representation:




Conclusion: This graph shows that all employees know about awards which are
given to them on their performance which makes their performance more batter.




                                                                           26
8. Does employee [you] feel empowered?

Objective: To know whether employees have any rights to take different decision at
their level or the decisions are only compiled. This will determine freedom of work
towards his job.


      Sr. No         Response            Respondents           Percentage
        1               Yes                   50                 100 %

        2               No                    0                   0%

                       Total                  50                  100%



Graphical Representation:




Conclusion: In this figure we can see that employees know the importance of power
and wanted to be empowered.




                                                                                27
9. Are you satisfied with your work load?
Objective: To know whether employees are satisfied with the work load they have,
which will determine their attitude towards work.

       Sr. No         Responses             Respondents      Percentage
         1                  Yes                 40              80 %

         2                  No                  10              20 %

                         Total                  50              100%



Graphical Representation:




Conclusion: 80% employees are satisfied with their work and 20% are unsatisfied
they feel over workload.




                                                                             28
10. What motivates you most?

Objective: This will determine how an employee can be motivated more so as to
make his work done effectively. This will also tells about expectation of employee
from his job.



   Sr. No          Response             Respondents             Percentage
     1           Performance                 15                    30 %

     2         Job Satisfaction               5                    10 %

     3        Financial Rewards              30                    60 %

                     Total                   50                    100%



Graphical Representation:




Conclusion: In this graph as we can see employees feel that financial reward give
them max motivation as 30% of them feel that performance motivate them more
but 60% employees feel that financial reward motivate them more and 10% of them
think that job satisfaction motivates them more than anything else.




                                                                               29
11. Do you know what is expected from you and are you fulfilling it?

Objective: This will tell about whether an employee know what is expected from him
and fulfilling it or not, this will explains about job performance and job satisfaction
of individuals.


      Sr. No         Department            Respondents             Percentage
         1               Yes                     45                   90 %

         2                No                     5                    10 %

                        Total                    50                  100%


Graphical Representation:




Conclusion: With this graph we get to know that maximum employees know what is
expected from them and they are properly fulfilling it, but some of them are unable
to fulfill the expected requirement.




                                                                                    30
12. Do you have proper materials and equipment you need to do work right?

Objective: To know whether an employee is satisfied with the material and
equipment provided for work.

      Sr. No         Response          Respondents           Percentage
        1              Yes                  50                 100 %

        2               No                   0                  0 %

                       Total                50                  100%



Graphical Representation:




Conclusion: This graph shows that employees are provided with requisite material
and equipment needed to fulfill the assigned task with positive motivation.




                                                                             31
13. At work do you have the opportunity to do what you can do best every day?

Objective: To know about the empowerment, delegation of authority and
responsibility from superior to subordinate.


      Sr. No         Response            Respondents            Percentage
        1               Yes                   50                  100 %

        2               No                     0                   0%

                       Total                  50                  100%



Graphical Representation:




Conclusion: This graph indicates that the employees are satisfied with delegation of
authority and power to solder the responsibility for high degree of task
accomplishment.




                                                                                 32
14. Do you give your opinion and it seems to be counted?

Objective: To know about is there any importance to the opinion and suggestions of
subordinates.

      Sr. No          Response            Respondents           Percentage

        1               Yes                    50                  100 %

        2                No                    0                    0%

                       Total                   50                  100%



Graphical Representation:




Conclusion: In this graph we can see that employees give required set of opinion and
maximum time it is taken into consideration.




                                                                                 33
15. The thing which demoralize you?

Objective: To know about the reasons due to which employee gets demoralize.



    Sr. No   Response                     Respondents          Percentage

      1      Work Load                         20                 40 %

      2      Working Environment                5                 10 %

      3      Competition in Market             25                 50 %

             Total                             50                100%



Graphical Representation:




Conclusion: Here 40% of the employees feel that over work load demoralize them
but 50% of them think that competition in market and 10% of employees feel that
working environment demoralize them.




                                                                              34
16. Comment of satisfaction level for each of the following as highly satisfied,
satisfied and dissatisfied.

Objective: To get the knowledge of satisfaction level of employees belonging to
following categories.

   Sr. No    Response                             Respondents       Percentage
                                                 L      0                0

   1         Work environment                    M      5              10 %

                                                 H      45             90 %

                                                        50            100 %

                                                 L      0                0

       2     Working hours                       M      20             40 %

                                                 H      30             60 %

                                                        50            100 %

                                                 L      5              10 %

       3     Work load                           M      15             30 %

                                                 H      30             60 %

                                                        50            100 %

                                                 L      5              10 %

       4     Nature and concept of load          M      20             40 %

                                                 H      25             50 %

                                                        50            100 %

                                                 L      5              10 %

       5     Availability   of    technology,    M      10             20 %
             equipment and infrastructure
                                                 H      35             70 %

             Total                                       50             100




                                                                              35
Graphical Representation:




Conclusion: On the basis of satisfaction level 90% of employees feel that the working
environment is highly satisfactory and 10% think that its medium.60% of
employees feel that the working hours are highly satisfied but 40% think its
medium. 60%of employees feel that they are satisfied with their work load. 30%
think medium and 10% are dissatisfied. 50% of them are highly satisfied with
nature and concept of work but 40% feel it‟s satisfying and 10% feel that it is
dissatisfying.




                                                                                  36
17. In the last one year have you had any opportunity at work to grow and learn?


Objective: To know about how many employees got promoted to the next level
which will explain about performance appraisal programs of the company.



    Sr. No          Response            Respondents          Percentage
       1              Yes                    45                 90 %

       2               No                    5                  10 %

       3         Not Applicable              0                  0%

                     Total                   50                 100%



Graphical Representation:




Conclusion: 90% of employees said that they got the opportunity at work to grow
and learn but 10% of them said they are not able to get any such opportunity.




                                                                             37
18. Are your associates committed in doing equality work [Joint work]?
Objective: This will tell about whether employees are working together for each
other or selfish, whether they take care of their own work [calls] or help the others
[joint calls], this will also tells about their working nature with colleagues.



      Sr. No         Response             Respondents            Percentage
         1              Yes                    40                  80 %

         2               No                    10                  20 %

                       Total                   50                  100%



Graphical Representation:




Conclusion: As we can see that 80% employees say that their associates are
committed in doing equality work but 20% of them feel that they are undertaken
by their co-workers.




                                                                                  38
19. Do you have inter-departmental meetings?
Objective: To know about employees [Management] from different department does
the business communication with each other.



      Sr. No         Response          Respondents          Percentage
        1              Yes                     40              80 %

        2               No                     10              20 %

                       Total                   50             100%


Graphical Representation:




Conclusion: 80% employees said that some of the departments do have
interdepartmental meetings but 20 % say that they don‟t have any such meetings.




                                                                            39
20. Do you find lack of communication between you and your superiors?

Objective: To know whether there is communication gap between superior and
subordinates.


      Sr. No         Response          Respondents           Percentage
        1              Yes                  40                  80 %

        2               No                  10                  20 %

                       Total                50                  100%



Graphical Representation:




Conclusion: 20% employees feel lack of communication between them and superiors
and 80% of them say that they do not have any such problem.




                                                                            40
21. Do you have regular seminar workshops and live projects for learning and
development?

Objective: To know about development programs running in company are attended
by the employees and conducted by higher level of management or not.



      Sr. No         Response            Respondents           Percentage
        1               Yes                   50                  100 %

        2               No                    0                    0%

                       Total                  50                  100%



Graphical Representation:




Conclusion: Yes they have regular seminar workshops and live projects for learning
and development.




                                                                                 41
22. What determines yours moral?

Objective: To know the reason which represents the employee‟s moral towards
achievement.

Sr. No   Response                                   Respondents     Percentage
1        Feeling of Togetherness                         0              0%
2        Need for a clear goal or objective to be        5             10 %
         achieved
3        Supportive and simulative leadership           25             50 %
4        Expectation of Success towards to              20             40 %
         attainment of goal
         Total                                          50             100%



Graphical Representation:




Conclusion: Feelings that determine employee‟s moral are as 50% feel that
supportive and simulative leadership improve their moral but 40% of them think
that expectations to success towards attainment of the goal affect their moral and
10% think that need for a clear goal or objective to be achieved motivates their
moral.



                                                                                 42
23. Which kind of rewards can motivate you more?

Objective: To know what motivate them more monetary or non monetary



     Sr. No          Response             Respondents      Percentage
       1               Money                   20             40 %

       2             Promotion                 25             50 %

       3         Tours with family             0               0%

       4            Gift voucher               5              10 %

                       Total                   50             100%



Graphical Representation:




Conclusion: 50% employees feel that promotion motivate them a lot but 40% of
them think that money motivates them more and 10 % employees get motivated
more when they get gift vouchers.




                                                                          43
24. Can you rate the effectiveness of the performance appraisal system in providing
you with clear agreed training and development?

Objective: To know about whether an employee is satisfied with performance
appraisals schemes used by the company to their betterment.


      Sr. No     Response                 Respondents           Percentage

        1        Highly satisfied              30                 60 %

        2        Satisfied                     20                 40 %

        3        Dissatisfied                  0                   0%

                 Total                         50                 100%


Graphical Representation:




Conclusion: 60% employees are highly satisfied with their performance appraisals
whereas 40%of them are just satisfied and say that it should be more transparent.




                                                                                44
25. What is the need of motivating employees in an organization, from the point of
view of employee?

Objective: To know, why the motivation is important from the point of view of
employee.

Sr. No             Response                 Respondents            Percentage
1             Psychological Need                 5                   10 %

2          Self Actualization Need               0                    0%

3                Esteem Need                     5                   10 %

4          To Increase Productivity              40                  80 %

                    Total                        50                  100%


Graphical Representation:




Conclusion: The need of motivating employees in an organization is important to
manifold the productivity of the organization which intern will benefit the
employees too.




                                                                                45
26. Think of a person, in the past, did an excellent job of motivating you. Which of
the following approaches did they use?

Objective: To know motivating techniques used on an individual by their superior
during his/her training sessions.

  Sr. No                    Response                   Respondents     Percentage

    1      ERG(Expectation Readiness & Growth)              20            40 %
           Needs

    2      Lower - order or higher order needs              0             0%

    3      Behavioral modifications                         10            20 %

    4      Motivational or maintenance factor               20            40 %

           Total                                            50           100%


Graphical Representation:




Conclusion: 40% employees feel that their superiors have used ERG approach where
as the equal numbers of them feel that their superiors have used motivational or
maintenance factors but 20% feel that behavioral modification motivated those
most.



                                                                                 46
                                CHAPTER 6
                       Training concept
6.1 INSURANCE
Every asset has value. Insurance is to protect economic value of assets. The assets
would have been created through the efforts of the owner, in the expectation that
through the income generate, some of its need would be met. The asset is valuable to
the owner, because it meets some of his needs. The benefit may be an income or
some other form. In case of the business, the production is sold and income is
generated. In the case of vehicle, it provides comfort and convenience in
transportation. There is no direct income. There is a normally expected life time for
the asset during which time it is expected to perform. The owner, aware of this, can
so manage his affairs that by the end of that life time, a substitute is made available
to ensure that the value or income is not lost. However, if the asset gets lost earlier,
being destroyed or made non-functional, through an accident or other unfortunate
event, the owner and those deriving benefits suffer. Insurance is a mechanism that
helps to reduce adverse consequences.

PURPOSE AND NEED OF INSURANCE: Assets are insured, because they are likely
to be destroyed or made non-functional before the expected life time, through
accidental occurrences. Such possible occurrences are called perils. Fire, floods,
breakdowns, lightning, earthquakes, etc are perils. If such perils can cause damage
to the asset, we say that the asset is exposed to that risk. Perils are the events. Risks
are the consequential loses or damages. The risk to an owner of building, because of
the peril of an earthquake, may be a few lakhs or a few crores of rupees, depending
on the cost of the building, the contents in it and the extent of damage.



6.2 SHARE MARKET
EQUITY MARKET: The market in which shares are issued and traded, either
through exchanges or over-the-counter markets. Also known as the stock market, it
is one of the most vital areas of a market economy because it gives companies access
to capital and investors a slice of ownership in a company with the potential to
realize gains based on its future performance.

Bombay Stock Exchange (BSE):-
       The Bombay stock exchange is the oldest stock market of India. “Sensex”
stands for sensitive index. It was created in 1978-79 with a base value of 100. It
comprises of thirty stocks of leading Indians companies and it is well diversified
with representation of almost 18 sectors of the economy like Banking, Information

                                                                                      47
Technology, Cement, Autos, Manufacturing, Capital goods, etc. The sensex is
revised from time to time to incorporate companies belonging to emerging sectors of
the economy. The movement in sensex values on working days is computed on a
real time basis.


National Stock Exchange (NSE):-
       Nifty is the stock market index of National Stock of Exchange. It comprises
the stocks of 50 of the largest and the most liquid companies from about 25 sectors
in India. It was introduced in 1995 keeping in mind that it would be used for
modern applications such as index fund and index derivatives, besides reflecting the
stock market behavior. NSE maintains it till July 1998 and subsequently it has
been managed by IISL (India Index Services and Products Ltd.) NSE is one of the
first de-metalized stock exchanges in the country, where the ownership and
management of the exchange is completely divorced from the right to trade on it.

Securities and Exchange Board of India [SEBI]
        The central government has constituted a board by the name of the SEBI
under section 3 of SEBI Act, 1992 to established SEBI with statutory powers for:
A) Promoting the interest of the investors in securities.
B) Promoting the development market, and
C) Regulating the securities market.
The head office of SEBI is in Mumbai. Its regulatory jurisdictions extends over
companies listed on stock exchange , and companies intending to get their securities
listed on any recognized stock exchange issuance of securities and transfer of
securities, in addition to all intermediaries and persons associated with the securities
market.

6.3 MUTUAL FUND
A mutual fund is a pool of money, which is collected from many investors and is
invested by an asset management company to achieve some common objective of
the investors. Thus mutual fund is collective investment process. An asset
management company [AMC] collects many investors‟ money. It invests this money
in various securities to generate returns for the investor. Investors get the net
returns after deducting the related expenses.




                                                                                     48
                              CHAPTER 7
                                 Findings
7.1 FINDINGS
1. Bharti Axa uses McClelland need theory of motivation to motivate employee.

2. They have satisfactorily implemented McClelland need theory of motivation.

3. According to employee motivation is used to improve productivity.

4. All employees are satisfied with their work load.

5. Everybody feel that they have freedom to work as they like and their suggestions
are seems to be counted.

6. Maximum employees get de-motivated due to heavy competition in market.

7. Everybody have an equal opportunity to grow as all employees are committed to
their work.

8. There is very less communication gap exist between superior and subordinates
due to non-performing subordinates.

9. All employees are aware about their performance appraisals, they all feel
empowered and maximum employees are satisfied with their work load.

7.2 COMPETETERS of BHARTI AXA
                  1.    LIC (Life Insurance Corporation)

                  2.    ICICI Prudential life insurance.

                  3.    Bajaj Allianze life insurance.

                  4.    SBI life insurance.

                  5.    Aviva life insurance.

                  6.    Tata aig life insurance.

                  7.    Reliance life insurance.

                  8.    Kotak dynamic life insurance.

                  9.    Birla individual life insurance.

                  10. Max New York life insurance.



                                                                                49
                             CHAPTER 8
          Suggestions AND Conclusion
8.1 SUGGESTIONS
1. Number of Branches should be increased covering a wider area in various
   states.

2. A wide publicity to be given about the organization and its products through
   various means of communications.

3. More number of training and educational programmes should be included in
   working.

4. Developing a learning culture through continuous learning process.


8.2 CONCLUSIONS
       The general techniques of motivation to motivate employees are based on
Human Needs, Human Nature and Expectancy of Human Being. The Human Need
theory consists of Maslow‟s Need Hierarchy Theory, Herzberg‟s Motivation
Hygiene Theory, and McClelland Need Theory. Theories depending of Human
Nature consist of McGregor‟s Participation Theory, Urwick‟s Theory Z and
Argyris‟s Theory. And theories depending of Human Being consist of Porter and
Lawler‟s Expectancy Theory, Vroom‟s Expectancy Theory. Amongst these
motivational theories insurance sector uses following theories Maslow‟s Need
Hierarchy Theory, Herzberg‟s Motivation Hygiene Theory, McClelland Need
Theory, McGregor‟s Participation Theory, Porter and Lawler‟s Expectancy Theory,
Vroom‟s Expectancy Theory. From these motivational theories Bharti-AXA uses
only McClelland Need Theory which is further categorized as Need for Achievement,
Need for Power and Need for Affiliation.

During out SIP period of two months with Bharti AXA, it is learnt that the
company is a world of good as compared with other competitors available in the
market for a considerable period of time. However it is noted that the Bharti-AXA
can grow manifold in the years to come if it adopts the points mentioned under the
heading of suggestion of this project report.




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                        CHAPTER 9
                    Bibliography
9.1 BIBLIOGRAPHY

   SR. NO.   REFERENCE

     1       Career Adviser Program Work Book
         -   Bharti-Axa Life Insurance

     2       Human Resource Management[Text and Cases]
         -   S. S. KHANKA [S. Chand]

     3       Life Insurance [New Syllabus]
             S. Balachandran

     4       Mutual Fund
             Akhilesh [HABSG Consulting]

     5       Internet




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                           CHAPTER 10
                            Annexure
   “MOTIVATIONAL THEORIES USED IN INSURANCE
                    SECTOR”
      BHARTI AXA LIFE INSURANCE, NAGPUR

                        STAFF QUESTIONNAIR
Name: _______________________ DOB: ___________ Designation: ____________
Address: ______________________________________________________________
Educational Qualification: ________________________ Marital Status: __________
Department: ___________________________________ Date of Joining: _________

   1. How do employees feel about company?
        a. They feel safe, loyal, valued and taken care off
        b. Taken advantage, dispensable and invisible
   2. Are you free to find your own solutions?                       [Yes / No]
   3. Where you found yourself after one year?
        a. Promoter
        b. Constant
   4. Do you know your performance appraisal?                        [Yes / No]
   5. Does employee [you] feel empowered?                            [Yes / No]
   6. Are you satisfied with your work load?                         [Yes / No]
   7. What motivates you most?
        a. Performance
        b. Job Satisfaction
        c. Financial Rewards
   8. Do you know what is expected from you and are you fulfilling it. [Yes/No]

   9. Do you have proper materials and equipment you need to do work right?
                                                                   [Yes / No]
   10. At work do you have the opportunity to do what you can do best every day?
                                                                     [Yes / No]



                                                                                  52
11. Do you give your opinion and it seems to be counted?              [Yes / No]
12. The thing which demoralize you.
       a. Work load
       b. Working Environment
       c. Competition in market
13. Comment of satisfaction level for each of the following as highly satisfied,
    satisfied and dissatisfied.
        a. Work environment                            [low, medium, high]
        b. Working hours                               [low, medium, high]
        c. Work load                                   [low, medium, high]
        d. Nature and concept of load                  [low, medium, high]
        e. Availability of technology, equipment and infrastructure
                                                       [low, medium, high]
14. In the last year have you had any opportunity at work to grow and learn?
                                                     [Yes / No / NA]
15. Are your associate are committed in doing equality work (Joint work)?
                                                     [Yes / No]
16. Do you have inter-departmental meetings?         [Yes / No]
17. Do you find lack of communication between you and your superiors?
                                                       [Yes / No]
18. Do you have regular seminar workshops and live projects for learning and
    development?                                       [Yes / No]
19. Did you have any promotion till the date from the joining of organization?
                                                       [Yes / No]
20. What determines yours moral?
       a. Feeling of togetherness
       b. Need for a clear goal or objective to be achieved
       c. Supportive and simulative leadership
       d. Expectation of success towards to attainment of the goal
21. In motivation which kind of rewards can motivate you?
       a. Money
       b. Promotion
       c. Tours with family
       d. Gift voucher
22. Can you rate the effectiveness of the performance appraisal system in
    providing you with clear agreed training and development?
       a. Highly satisfied
       b. Satisfied
       c. Dissatisfied



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23. What is the need of motivating employees in an organization? From the
    point of view of employees?
       a. Psychological needs
       b. Self actualization need
       c. Esteem need
       d. To increase the productivity

24. Think of a person, in the past, did an excellent job of motivating you. Which
    of the following approaches did they use?
        a. ERG (Expectation Readiness and Growth) Needs
        b. Lower - order or higher order needs
        c. Behavioral modifications
        d. Motivational or maintenance factor




                                  *******




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