Insurance

PUTTING HR IN STRATEGIC POSITION AT SMC INSURANCE BROKERS PVT. LTD.
(A Project Study Submitted In Partial Fulfilment for The Requirement Of The TwoYear Post Graduate Diploma In Management 2009-2011)
Industry Guide
Navneet Kaushik Vice President (HR) SMC Insurance Brokers Pvt. Ltd.
Faculty Guide
Dr. Manosi Chaudhuri Associate Professor OB/HR Birla Institute of Management Technology
Submitted by: Tushar Jindal PGDM(HR Majors) 2009-11
CERTIFICATE OF APPROVAL- FACULTY GUIDE
Birla Institute of Management Technology
Summer Project Certificate

This is to certify that Mr. Tushar Jindal , Roll No. 124 , a student of
Post Graduate Diploma in Management has worked on Summer Project titled Putting HR in Strategic Position at SMC Insurance Brokers PVT. LTD. after trimester III in partial fulfilment of the requirement
for the programme. This is her original work to the best of my knowledge.
Date: Signature
BIMTECH | SMC Insurance
52
Seal: (Faculty Guide)
CERTIFICATE OF APPROVAL- INDUSTRY GUIDE
The following Summer Internship Report titled Putting HR In Strategic Position At SMC Insurance Private Limited is hereby approved as a certified study in management carried out and presented in a manner satisfactory to warrant its acceptance as a prerequisite for the award of Post Graduate Diploma in Management for which it has been submitted. It is understood that by this approval the undersigned do not necessarily endorse or approve any statement made or opinion expressed therein but approve the Summer Internship Report only for the purpose it is submitted.
Signature......... Name : Mr. Navneet Kaushik Desig nation: VP (HR) SMC Insurance Pvt. Ltd
52
DECLARATION
I hereby declare that the project report titled Putting HR in Strategic Position at SMC Insurance Brokers PVT. LTD. is my own work and has been carried out under the able guidance of Dr. Manosi Chaudhuri, Faculty, BIMTECH and Mr. Navneet Kaushik, VP HR SMC Group.
All care has been taken to keep this report error free and I sincerely regret for any unintended discrepancies that might have crept into this report. I shall be highly obliged if errors (if any) be brought to my attention.
Thank You.
(Tushar Jindal)
52
Place: Greater Noida
E-mail: tushar.jindal11@bimtech.ac.in
ACKNOWLEDGEMENT
No one who achieves success does so without acknowledging the help of others. The wise and confident acknowledge this help with gratitude. Alfred North Whitehead British Mathematician and Philosopher, 1861-1947
My experience of working in SMC Group Insurance division was a great learning experience and for this I am really grateful to my mentor Mr. Navneet Kaushik Vice President Human resources who did not just support me and guide me in my endeavours but also showed great confidence in me and gave me wonderful opportunities to work on.
I am also thankful to my reporting manager Ms. Sonia Dalal Assistant Manager Human Resources under whose supervision I got the chance to have hands on experience of various HR functions especially Recruitment and Database Management.
My Faculty Guide Dr. Manosi Chaudhuri has been a great mentor and I am highly indebted to her for all her support. Her vision inspired me and her approach made me strive harder.

52
And lastly I would like to state that its the constant love and support of my family, friends and colleagues which is the one source of my dedication and determination.
Tushar Jindal 124
EXECUTIVE SUMMARY
PUTTING HR IN A STRATEGIC POSITION AT SMC INSURANCE PRIVATE LIMITED The existence of HR department at SMC Insurance has not been realized by the management and employees in its real sense because of the lack of structure in the various functions performed by the employees of HR department.
Hence the basic purpose of this initiative is to streamline the various HR functions such as Recruitment, Performance Management, Policy Manual, Grievance Redressal etc. The whole purpose was to design a procedure for the various activities.
The essence of strategic HRM lies in the extent of the alignment of HR strategies with the business strategy. In this case one of the vital business strategies was Cost Effectiveness.

52
TABLE OF CONTENTS
CERTIFICATE OF APPROVAL- FACULTY GUIDE........................................................2 CERTIFICATE OF APPROVAL- INDUSTRY GUIDE....................................................3 DECLARATION........................................................................................................4 ACKNOWLEDGEMENT............................................................................................5 No one who achieves success does so without acknowledging the help of others. The wise and confident acknowledge this help with gratitude. ...............5 Alfred North Whitehead ..................5 British Mathematician and Philosopher, 1861-1947..............................................5 EXECUTIVE SUMMARY............................................................................................6 INTRODUCTION TO THE INSURANCE INDUSTRY.................................................9 History and Origin...........................................................................................9 Present Scenario ..........................................................................................10 INTRODUCTION TO INSURANCE BROKERAGE...................................................11 COMPANY PROFILE...........................................................................................13 Companys Vision..........................................................................................13 Core Values ..................................................................................................13 Products and Services...................................................................................14 Value addition for customers .......................................................................16 PROJECT 1............................................................................................................17

52
PURPOSE ......................................................................................................... 18 OBJECTIVES...................................................................................................... 18 INTRODUCTION.................................................................................................18 What Is Recruitment?....................................................................................18 Lead Handling In Telemarketing....................................................................23 Sources Of Recruitment @ Smc Insurace:.....................................................24 WORK DONE AT SMC:.......................................................................................26 LEARNINGS:......................................................................................................30 PROJECT 2............................................................................................................34 PURPOSE.......................................................................................................... 35 INTRODUCTION.................................................................................................35 Meaning Of Company Policies.......................................................................36 Areas Covered By Company HR Policies........................................................37 Merits of Human Resource Policies...............................................................37 Making Changes to Existing HR Policies........................................................38 METHODOLOGY ...............................................................................................38 LEARNINGS:......................................................................................................40 REFERENCES....................................................................................................... 41 ANNEXURE...............................................42 SMC Insurance Brokerage Pvt.Ltd ...................................................................47 Pratap Nagar, Parsavnath Mall Metro Mall, New Delhi......................................47 Phone:011-66222266 ......................................................................................47 Website:www.smcindiaonline.com...................................................................47

52
INTRODUCTION TO THE INSURANCE INDUSTRY

Insurance is a contract in which sum of money is paid to the assured in consideration of insurers incurring risk of paying a large sum upon a given contingency. --- Justice Tindall Insurance is a contract by which one party for a compensation called in the premium assumes particular risks of the other party and promises to pay to him or his nominee a certain sum of money on a specified contingency. --- E.W.Fitterson Insurance may be described as social device whereby a large group of individuals, Through a system of equitable contribution, may reduce certain measurable risk of economic loss common to all members of the group. --- Encyclopedia Britannica
History and Origin

The origin of insurance is very old .The time when we were not even born; man has sought some sort of protection from the unpredictable calamities of the nature. The basic urge in man to secure himself against any form of risk and uncertainty led to the origin of insurance. The insurance came to India from UK; with the establishment of the Oriental Life Insurance Corporation in 1818 The Indian life insurance company act 1912 was the first statutory body that started to regulate the life insurance business in India. By 1956 about 154 Indian, 16 foreign and 75 provident firms were been established in India. Then the central government took over these companies and as a result the LIC was formed. Since then LIC

52
has worked towards spreading life insurance and building a wide network across the length and the breath of the country. After the liberalization the entrance of foreign players has added to the competition in the market. 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. In 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. In 1972 The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. It was after this that 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.
Present Scenario
The government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) bill. Policies come under the purview of the government appointed Tariff Agency Committee. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also restructuring and revitalizing of the public sector companies. A host of private insurance companies operating in both life and non life segments have started selling their insurance policies since 2001. Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. Although the public sector companies still dominate the general insurance business, the private insurance companies have a 10 percent share of the market, up from 4 percent in 2001.

52
INTRODUCTION TO INSURANCE BROKERAGE

A broker is an individual or firm employed by others to plan and organize sales or negotiate contracts for a commission. A broker's function is to arrange contracts for property in which he or she has no personal interest, possession, or concern. The broker is an intermediary or negotiator in the contracting of any type of bargain, acting as an agent for parties who wish to buy or sell stocks, bonds, real or Personal Property, commodities, or services. Rules applicable to agency are generally relevant to most transactions involving brokers. The client is considered the principal and the broker acts as the client's agent. An agent's powers generally extend beyond those of a broker. A distinguishing feature between an agent and a broker is that a broker acts as a middleperson. When a broker arranges a sale, he or she is an agent of both parties. An insurance broker is an independent agent who represents the buyer, rather than the insurance company, and tries to find the buyer the best policy by comparison shopping. An insurance broker is not committed to any particular insurance company and therefore can compare and contrast the different policies, coverage and premiums from a wide range of companies. The broker will do the shopping around for you To run a brokerage firm one has to get registered with Insurance Regulatory and Development Authority (IRDA). As PER the IRDA website a total 0f 299 brokerage firms are listed in India. The various players in Insurance brokerage in our country are India Infoline, Unicon, SMC, HSBC Insurance broking, Marsh India broking Ltd., Bajaj Capital Insurance broking Ltd., Mahindra Insurance Broking, Karvy Insurance Broking, Religare Insurance broking and Reliance retail insurance broking etc. There is also an association called Insurance Brokers Association of India (IBAI) was formed on 25th July 2001 with the main objective to promote interaction among the Insurance/Reinsurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training

52
and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations. Currently 244 members are listed under this association.

52
COMPANY PROFILE
SMC Group, a leading financial services provider in India is a vertically integrated investment solutions company, with a pan-India presence. Over the Years, SMC has expanded its domestic as well as international operations. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Bangalore, Cochin, Ahmedabad, Jaipur and Hyderabad plus a growing network of more than 2000 offices across over 425 cities/towns in India. The company has expanded internationally, and has established office in Dubai. SMC has entered into a 50:50 joint venture with Sanlam Group, one of the largest listed financial services group in South Africa for setting up wealth Management and Asset Management business in India, Sanlam is operating in over 30 countries globally including UK, USA, Switzerland, Luxembourg, Dublin, Australia and others. SMC Capitals is the SEBI registered Merchant Banking division of SMC group. SMC Insurance is one of the leading Insurance brokers for both Life and General insurance needs of both individuals as well as corporate clients.
Companys Vision
To be a global major in providing complete investment solutions, with relentless focus on investor care, through superior efficiency and complete transparency.
Core Values
Ethical deals: Honesty is the only policy. Experience and trust: Over 20 years of experience has made SMC earn the trust of more than 5, 75,000 Investors. Expertise: Know-how and skills to provide investors an edge. Personalised Solutions: Every investor is unique. Every solution is unique.

52
Products and Services

1. Broking Equities, Derivatives, Currency, Commodities, Online Trading, Commodities trading in international market through DGCX 2. Investment Banking IPOs, Follow on offers, M andA, Private equity, Debt syndication, ESOP, valuation, etc. 3. Distribution of Financial Products Insurance broking for life and Non-Life products, Distribution of IPOs and Mutual Funds (with web based capabilities) Mobilization of company fixed deposits and non convertible debentures, Distribution of bond products- Capital gain/tax saving bonds, Govt. of India 8% taxable bonds, etc. 4. Depository and Clearing Services Depository Services for shares and commodities, Clearing Services in NSE (F and O, Currency), BSE (FandO, Currency) MCX (Commodities, Currency) and DGCX. 5. Wealth Management Wealth Advisory and Arbitrage Management for HNIs and Corporate
6. NRI and Institutional Desk Dedicated team for NRI and Institutional Desk
7. Research Research support to clients through intraday SMS and E-mails, Weekly research magazine Wise Money covering wide range of asset classes and Wise Fund Focus a monthly magazine on mutual funds, Regular investor education programme

52
8. Margin Funding Expertise in Financial short term loan facility to buy securities from Capital market
9. Insurance Brokerage For Both Life and General Insurance.
SMC offers risk management services and a complete range of insurance solutions through its subsidiary company SMC Insurance Brokers Pvt. Ltd. The company holds a Direct Insurance Broker's license from Insurance Regulatory and Development Authority (IRDA) and provides a wide array of Life Insurance and General Insurance products under professional guidance of experts in the field. SMC provides customized solutions to individual clients, small and medium enterprises as well as to the leading corporate houses and institutions across the country. Our philosophy We believe that "a transaction is for a moment but a relationship is forever". Hence we give all transactions equal importance and strive to offer our esteemed clientele an unmatched service. Our edge
Pan India presence with own branches in over 48 locations and 2000+ offices of group companies 3000+ strong team of employees 1,00,000+ customers 1500+ man years of General Insurance experience Robust IT Infrastructure with over 1 lakh Sq. ft. office space Widest possible product range A team of passionate professionals with strong Domain knowledge and expertise Flexibility to choose product of any insurance company Quality of services Customized solutions

52
Value addition for customers

Comprehensive Risk Portfolio Management including identification, measurement, assessment and handling of the risk, of which insurance is an integral part. Designing of customized and qualitative insurance programme Offer of choices while recommending suitable insurance policies Assistance in deciding sum insured to avoid under-insurance Due to our volume of business, knowledge of market and expertise, we are able to obtain the best possible premium rates. Selection of Policy wording and clauses where choice is available Assistance in processing of claims to obtain fair and prompt settlement from Insurance Companies Extensive rapport and liaison with insurance companies Outsourcing of major part of insurance function

52
PROJECT 1

52
PURPOSE
The basic purpose was to make the recruitment department more efficient and more effective.
OBJECTIVES
To understand and work in the Recruitment department of SMC Insurance. To provide formalized structure to various activities in the Recruitment department. To maintain the database for analysing the effectiveness of current Recruitment strategy. To map some institutes and small sized placement agencies for the development of cost effective source of recruitment.
INTRODUCTION
What Is Recruitment?
Recruitment originally meant reinforcement, but came to mean any enlistment of personnel for military purposes. This is one of the few immutable factors in warfare. To initiate any type of large-scale conflict, be it on the basis of ideology, religion, nationality, or even financial gain, a leader must first muster a force sufficient to execute his plans. When an armed force is divided according to how its personnel was recruited, we may expect to find career soldiers, volunteers, and conscripts, while the proportions of each may be expected to vary greatly depending upon the purposes, nature, and scale of a war. And its not a surprise to see that even in the terms of business, recruitment holds the same meaning. According to Edwin B. Flippo, Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organisation. Recruitment is the activity that links the employers and the job seekers. A few definitions of recruitment are:

52
Recruitment is a process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applications from which new employees are selected. It is the process to discover various sources of manpower to meet the requirement of staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient working force. Recruitment of candidates is the function preceding the selection, which helps create a pool of prospective employees for the organisation so that the management can select the right candidate for the right job from this pool. The main objective of the recruitment process is to expedite the selection process. Recruitment is a continuous process whereby the firm attempts to develop a pool of qualified applicants for the future human resources needs even though specific vacancies do not exist. Usually, the recruitment process starts when a manager initiates an employee requisition for a specific vacancy or an anticipated vacancy.
Recruitment Needs Are Of Three Types

PLANNED i.e. the needs arising from changes in organization and retirement policy. ANTICIPATED Anticipated needs are those movements in personnel, which an organization can predict by studying trends in internal and external environment. UNEXPECTED Resignation, deaths, accidents, illness give rise to unexpected needs.
General Steps In Recruitment
Identifying vacancy Preparing the job description and person specification. Locating and developing the sources of required number and type of employees (Advertising etc). Managing the response

52
Short-listing and identifying the prospective employee with required characteristics. Arranging the interviews with the selected candidates. Conducting the interview and decision making
Recruitment And Selection

Both recruitment and selection are the two phases of the employment process. The differences between the two are: Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organisation WHEREAS selection involves the series of steps by which the candidates are screened for choosing the most suitable persons for vacant posts. The basic purpose of recruitments is to create a talent pool of candidates to enable the selection of best candidates for the organisation, by attracting more and more employees to apply in the organisation WHEREAS the basic purpose of selection process is to choose the right candidate to fill the various positions in the organisation. Recruitment is a positive process i.e. encouraging more and more employees to apply whereas selection is a negative process as it involves rejection of the unsuitable candidates. Recruitment is concerned with tapping the sources of human resources whereas selection is concerned with selecting the most suitable candidate through various interviews and tests. There is no contract of recruitment established in recruitment whereas selection results in a contract of service between the employer and the selected employee.
Recruitment @ SMC Insurance

SMC Insurance division employs more than 5000 employees and currently is in the state of expansion. The branch at which this project was carried out had around 750 employees working there. There are two basic categories of insurance: Life Insurance

52
General Insurance
SMC insurance deals in both the categories and is the service provider to various players like Max Newyork Life insurance, Tata AIG, ICICI Prudential, ICICI Lombard, Reliance, Bharti Future, Birla Sunlife Insurance etc. Now this task is done through three different business verticals:
Customer Interaction Department Direct Sales Marketing Associates
There is not much difference in the hierarchy of the marketing associates department and direct sales department but the Customer Interaction department differs significantly than other two in terms of hierarchy and functioning. Basically the major chunk of recruitment in this branch is done for the Customer Interaction Department for the particular branch itself. Other than that various other profiles are also taken care of such as Zonal Head, Cluster Manager Area Manager, Senior Sales Manager, Sales Manager, Relationship Manager etc for PAN India Locations such as Mumbai, Pune, Guragaon etc. To have a better understanding about the Customer Interaction Department few facts about it are given below:

52
Hierarchy Of Customer Interaction Department
VICE PRESIDENT
CENTRAL HEAD /AVP
REGIONAL HEAD
MANAGER
ASSISTANT MANAGER
TEAM LEADERS
GROUP LEADERS TELECALLERS
52
Lead Handling In Telemarketing

52
TELECALLERS
MAKE CALLS AND SEND IT TO THE GROUP LEADER FOR VERIFICATION
GROUP LEADER
HE VERIFIES THE CALL AND SENDS IT TO THE SLOTTER
SLOTTER
HE SELECTS THE SALESMAN ACCORDING TO THE CALL AND THE CUSTOMER
FINALLY SELLS THE SERVICE.
SALESMAN
Sources Of Recruitment @ Smc Insurace:
Job Portals: Naukri.com and Monster.com These are the two job portals which are used extensively by the Recruitment department at SMC Insurance. Different jobs are posted though the Job Posting feature of the job Portals and resumes are received. Otherwise

52
keeping the job description in mind resumes are searched using different keywords and then on the selected resumes calling is done.
Employee Referral Programmes: As the customer interaction department demands bulk hiring various employee referral programmes are launched in the company in which employees whose references are selected are given a certain amount of money at a certain time interval. Under this initiative various special schemes are being launched such as Referral week or Refer whom you prefer etc.
Consultants: The process is also outsourced to various consultants at PAN India locations with different rates, depending upon the region for which the service is taken and the respective job profile. Presently they are taking services from many consultants to name a few Shomuk consultancy services, Aithents Services, V serve, Pearl Consultancy Services, GRD InfoTech etc. For senior profiles the commission is usually on the percentage basis i.e. a fixed percentage of the CTC offered to the selected candidate, whereas for entry level profiles especially those of customer interaction department it is on fixed amount payment terms. For senior profiles the applicants are sent to the respective office directly but for bulk hiring sometimes applicants are sent to the office and sometimes HR executive and a person from sales are sent to the consultancy itself to speed up the process.
Newspaper Advertisements: Attractive advertisements are given in various newspapers for example Times of India (TOI) at regular intervals depending upon the requirement of the company.
Institutes, Small Placement Agencies and NGOs: For the tele-calling profiles different English speaking coaching institutes, call centre training institutes and small sized placement agencies are also targeted. The advantage of these tie-ups is that they work for the company free of cost or on very low commission basis. Various NGOs running for women or the needy are also contacted and this way company along with fulfilling their own requirement does something for the society as well.

52
Self Sourcing: Anyone who works in the Recruitment department can rope in candidates through personal contacts or resources. Any such resource is termed as Self Sourcing.
Walk-In: A lot of job applicants come to know about the job from the people who presently do not work in the company or because they live in the nearby area of respective offices, or for that matter any candidate whose source cannot be traced are kept under the category of Walk-In.
WORK DONE AT SMC:

Line Up Of Candidates: Lining up of candidates was a multistep process:
Firstly the confirmations regarding the number of positions, job responsibilities, salary and timings etc are to be made from the respective requisition owners.

52
After the confirmations are made relevant resumes are searched / jobs are posted/ or the requirement is to be intimidated to the consultant.
When resumes are selected, the calls are made to those applicants and they are convinced and an interest is aroused in them for the respective job. Finally, those who show interest are lined up for the interviews. If the requirement is outsourced to the consultant then a lot of coordination work is done.
Interviews: To coordinate and also conduct the interviews.
Firstly it was observed how interviews are taken by the respective HR manager and what are those KSAs which are sought for the respective profiles. After that an in-depth study of the job descriptions of few profiles such as Tele Marketing Executives (TME), Group Leader (GL) and Team Leader (TL) was done. Then for a week interviews were taken.
For further improvement Expert Interviews were taken those of the sales managers and trainers in the sales department and also of Quality Control experts to understand the minute details of their requirements.
Also at regular intervals a feedback was also taken from the sales people that why a particular candidate was selected or rejected so that the wastage of time and resources could be minimized in future.
As a result after two weeks the percentage of candidates selected in the second round out of those who were shortlisted in the HR round reached up to 90 percent.

52
Once candidates were selected they were informed about the salary packages and in a number of cases a lot of convincing was done to convert them with the salary offered by the company. Also they were told about all the various documents they were supposed to bring on the joining day and in addition to this one day before the joining dates the confirmation calls used to be made to all the selected employees of that batch to remind them about the timings and the documents.
There were visits made to different consultancies along with a sales manager to coordinate and conduct interviews for bulk hiring. The biggest advantage of this method was that it was time saving.
Maintaining Database: A database file named Master MIS was maintained under
which there were various sheets such as Recruitment Tracker and Training Status etc in which the data was entered on the daily basis to keep the records of the candidates interviewed, selected, rejected, source of the candidate that whether he/she had come through a consultancy or employee reference etc, interview date, joining date, contact no., training status that whether they qualified training or not, etc.
Uses of this Database:
Firstly a record of each and every activity of the recruitment department was at hand for any kind of reference.
It also helped in showing that how much targets are being achieved by the recruitment department. It became the source to make the monthly reports which are to be sent to the directors of the company that in a particular month : How many candidates were interviewed?
What is the selection- rejection ratio? How many out of selected joined the training? How many out of those qualified the training and joined the floor? How many out of those left the job in first one week?

52
To analyse the sourcing mix i.e. how much recruitment is done from which source out of consultants, employee referral schemes, job portals, walk in etc.
To determine the Return On Investment (ROI) of different sources such as advertisements or referral programmes which in turn helped in finding out which ways are more cost effective and what should be the optimum Sourcing Mix. To make the list of payments this included the amount and the due date to different consultants and employees under referral schemes. It was also used to make everyday report which is to be sent to the directors stating the number of selections of that particular day and their source as well. Along with this everyday attrition from floor was also reported.
Note: The task of maintaining such a database was huge and it could only be made possible with the help from various departments such as Sales and Training etc. The sample of the database and all the various reports can be seen in the Annexure.
Formalizing Structure: To provide formal structures for various things formats were
made and revised for the following

News paper advertisement Interview Assessment Sheets for various profiles. Manpower Requisition Form Proposal to be sent to consultants, placement agencies etc. Attendance sheet for the training batches.
Mapping of Institutes and Small placement Agencies: In NCR region there are
thousands of English speaking coaching institutes, Call centre training agencies and small level placement agencies. These coaching institutes and training centres send the candidates for free as for them it counts as the placement assistance for their own students. Other than that some of these small sized placement agencies work without any cost to the company because they charge commission from the candidates and some of them work on a very low commission as compared to full time consultants.

52
To map such institutes, training centres and placement agencies, a lot of field work was done in the areas like Laxmi Nagar, Rohini and Shahadra etc. These areas were selected on the basis of factors like high density of such institutes and agencies in these areas, optimum distance from the office and easy commutation through metro. As a result of this field work few tie-ups were made and candidates were received with the help of these tie-ups.
LEARNINGS:
Learn everything you can, anytime you can, from anyone you can - there will always come a
-Sarah Caldwell (American Impresario)
Use of Job portals: How are the jobs posted, how are the resumes searched, while putting the keywords how to use the competitors name, how to shortlist the resume and how to make the search more accurate, etc.
Honing the Convincing Skills: At many steps of recruitment, especially when the recruitment is done for a voice process, a lot of convincing skills are required, As a lot of calling was done in the pursuit of lining up people, over time an expertise was developed due to practice and feedback about how to get people to first talk to you and then convince them with your proposal. An important learning was how to strike deals with the consultants, placement agencies, etc. at your terms and conditions by convincing them.
Interviewing Skills: During interviewso How to observe o How to probe

o
How to put the candidate under stress

52
o How to put the candidate at ease o How to guide the candidate

o
How to give feed-back
Other than the mentioned above there was one more thing which was learnt during the process i.e. Interview with an open mind and information about all the various openings. For example: Many times it had happened that while interviewing anyone it was realized that the person is not appropriate enough for the profile for which he/ she has applied. If the interviewer just knows about that particular position then he/she will reject the candidate. Now if the interviewer knows about what are the other openings and what are KSAs required for those jobs he/she can probe further to find out more about the candidates profile. At SMC Insurance other than the constant openings of telesales profile- Tele Marketing Executive (TME), Group Leader (GL), Team Leader (TL) etc. Few other openings used to come in voice process such as Customer Care Executive (CCE), Welcome Caller, so it used to be the job of the interviewer to find out which candidate is more appropriate for these profiles rather than what he has applied for. Communication: How to communicate a message without spoiling the relations. A situation, rather a problem, is worth mentioning here. What was happening in the organization was that the attrition was very high from the customer interaction department due to which in spite of bulk hiring the recruitment department did not seem to be completing the targets. Even after communicating a number of times, the sales department did not bother to ponder upon this. So to solve this problem the format of every day report to be sent to the director regarding the everyday selection was revised. A column was added in it to show the directors the attrition on the floor. It worked in two ways: it stopped the underrepresentation of the performance of the recruitment department and secondly it made the directors intimate to the sales department that attrition needs to be controlled.
Relevance of database management: Any kind of analysis can be done if the relevant data is available. There were many kinds of reports made from the database. o Calculation of ROI o Bottlenecks in the recruitment process
o
Payment Lists, etc.

52
Significance of Follow Up and Coordination: Though the task identity of work like follow up and coordination might seem low but it was realized that they are an integral part of any work system. Targets can only be achieved in the competitive world by following up. A lot of efforts put in to build a contact can get wasted if the follow is not substantial enough. Coordination Is the key to efficiency, one can be effective with the lack of coordination but efficiency can never be achieved without coordination.
Importance of Feedback: Feedback is the backbone of improvement Feedback is a very essential activity. Both giving and receiving of feedback are equally important.
While working in Recruitment department there were few observations made which are not directly related to the Recruitment but surely gives a good exposure in the HR domain. The concept of Third Party Rolls was observed and understood. In a third party roll system the employees are on the rolls of some other party. They just work in the premises of the company and mark their attendance. This attendance is sent to the third party and the salary is processed by them. Companies are in this practice because it saves a lot of work and the company is also free from any kind of legal bindings related to those employees. This is a very common practice in BPO sector.
Another practice which was observed was the outsourcing of work within the organization. SMC Insurance has a department called Insurance Support which does the following activities related to HR:
Request forward to HR by Insurance Support:
Offer letter request forward to HR after getting the approval from Head of Department (HOD).

52
Letter Of Intent (LOI)request forward to HR. Employee Code request forward to HR. Email Id/Password reset request forward to HR. Appointment letter forward to HR. Id Cards forms given to HR.
Dispatch and Forward: Offer letters/LOIs/Appointment letter received by HR and same dispatched by Insurance Support. Employee codes and Email ids forward to branch coordinators by Insurance Support. Id Cards dispatched by Insurance Support. Receiving of Offer letter/LOIs/Appointment letter received by Branches and same forward to HR. Salary Cheques/Incentive Cheques/Arrear Cheques received by HR and same dispatched by Insurance Support.
Joining Kit handover to HR by Insurance Support: Joining kits received by the branches and handover to HR after checking. Pendency in joining kit cleared by Insurance Support. Modification and correction request in joining details forward to HR after getting approval on the same.
Bank Account Updation: Bank account Updation details forward to HR.
Monthly Attendance: Attendance sheet forward to HR. Receiving of Salary cheques received by branches and same forward to HR.
Full and Final Settlement request forward to HR by Insurance Support:
Employee Clearance Forms (ECFs) handed over to HR. Exit Employees Id Cards hand over to HR. Full and Final settlement cheques dispatched by Insurance Support.

52
PROJECT 2

52
PURPOSE
To update, rework, reframe and consolidate all the company policies which are being taken care of by the HR Department in the policy manual.
INTRODUCTION
According to the Stanford web dictionary Policy is A statement of principles and/or values that mandate or constrain the performance of activities used in achieving institutional goals. As mentioned on the NCSU website A "policy" is any standard, statement, or procedure of general applicability adopted by the Board of Trustees pursuant to authority delegated by law or the Board of Governors.

52
According to online business dictionary Organizational Policies/ Company Policies are set of basic principles and associated guidelines, formulated and enforced by the governing body of an organization, to direct and limit its actions in pursuit of long-term goals.
Meaning Of Company Policies

Company policies are the formal rules and guidelines that businesses put in place to hire, train, assess, and reward the members of their work force. These policies, when organized and disseminated in an easily used form, such as policy manual or large postings, can go far toward eliminating any misunderstandings between employees and employers about their rights and obligations in the business environment. Recognition of this necessity may occur when management realizes that an increasing amount of time is being devoted to human resource issues: time that could be devoted to production, marketing, and planning for growth. Effective, consistent, and fair human resource decisions are often made more time consuming by a lack of written, standardized policies and procedures. Moreover, when issues concerning employee rights and company policies come before courts, the decisions generally regard company policies, whether written or verbal, as being a part of an employment contract between the employee and the company. Without clearly written policies, the company is at a disadvantage. It is particularly important for large as well as small business establishments to implement and maintain fairly applied human resource policies in their everyday operations. Businesses and especially business start-upscannot afford to waste valuable time and resources on drawn-out policy disputes or potentially expensive lawsuits. The business owner who takes the time to establish sound, comprehensive human resource management policies will be far better equipped to succeed over the long run than will the business owner who deals with each policy decision as it erupts. For as many small business consultants, human resource policies that are inconsistently applied or based on faulty or incomplete data will almost inevitably result in declines in worker morale, deterioration in employee loyalty, and increased vulnerability to legal penalties. To help ensure that personnel management policies are fairly applied, business owners and consultants alike recommend that small business enterprises produce and maintain a written record of its HR policies and of instances in which those policies came into play.

52
Areas Covered By Company HR Policies

HR should make sure that they address the following basic human resource issues when putting together their personnel policies:

Professional Code of Conduct Leave Policy Holidays Policy Recruitment Policy Separation Policy Overtime Policy Transfer Policy Dress Code Policy Business Travel Policy etc
Merits of Human Resource Policies

Business owners who have prepared and updated good personnel management policies have cited several important ways in which they contribute to the success of business enterprises. Many observers have pointed out that even the best policies will falter if the business owners or managers who are charged with administering those policies are careless or incompetent in doing so. But for those businesses that are able to administer their HR policies in an intelligent and consistent manner, benefits can accrue in several areas:
Curbing litigation. Members of the legal and business communities agree that
organizations can do a lot to cut off legal threats from disgruntled current or exemployees simply by creatingand applyinga fair and comprehensive set of personnel policies.
Communication with employees. A good, written human resource policy manual can
be an enormously effective tool in disseminating employer expectations regarding worker performance and behaviour.
Communication with managers and supervisors. Formal policies can be helpful to
managers and other supervisory personnel faced with hiring, promotion, and reward decisions concerning people who work under them.

52
Time Savings. Prudent and comprehensive human resource management policies can
save companies significant amounts of management time that can then be spent on other business activities, such as new product development, competitive analysis, marketing campaigns, etc.
Making Changes to Existing HR Policies

Companies typically have to make revisions to established HR policies on a regular basis, as the company grows and as the regulatory and business environments in which it operates evolve. When confronted with the challenge of updating HR policies, however, it is important for businesses to proceed cautiously. For example, if an employee asks the owner of a small business if he might telecommute from his home one day a week, the owner may view the request as a reasonable, relatively innocuous one. But even minor variations in personnel policy can have repercussions that extend far beyond the initially visible parameters of the request. If the employee is granted permission to work from home one day a week, will other employees ask for the same benefit? Does the employee expect the business to foot the bill for any aspect of the telecommuting endeavour (purchase of computer, modem, etc.?) Do customers or vendors rely on the employee (or employees) to be in the office five days a week? Do other employees need that worker to be in the office to answer questions? Is the nature of the employee's workload such that he can take meaningful work home? Can you implement the telecommuting variation on a probationary basis? Business owners need to recognize that changes in HR policy have the potential to impact, in one way or another, every person in the company, including the owner. Proposed changes should be examined carefully and in consultation with others within the business who may recognize potential pitfalls that other managers, or the business owner himself, might not detect. Once a change in policy is made, it should be disseminated widely and effectively so that all employees are made aware of it.
METHODOLOGY

52
The solution was to collect and analyse all the existing policies of SMC Insurance, not only to consolidate and review them, but also to review policies of other major players in the industry. It included considering the current regulations of the government, updating all the required policies accordingly and, preparing an altogether new policy manual. All this, being never done before in SMC Insurance, was to be done carefully in the shortest possible time. To start with this gigantic task, a good collection of all the policy documents was extracted. After that rather than consolidating all the policies and updates first and then editing the policy in soft copy, it was decided to first discuss the policy with the concerned person, get the facts and all the updates in place, and only then create a soft copy of that policy. It was to be done for all the policies one by one. The process started and went on for every policy. The format in which the policies were to be designed is given below
[SMC Insurance] April 20, 2010
NAME OF THE POLICY

PURPOSE
APPLICABILITY
PRACTICE TO BE FOLLOWED
EXCEPTIONS

52
This particular format was used because it covered every aspect of the policy and it gave clarity to the reader about the policy and its applications. After discussing all the policies at length with the mentor and other managers in HR, approval had to be taken on each and every policy by the Director before making it the final policy and before making a soft copy out of it. With a great support from them, this task started getting momentum. Though it had to be paused at different occasions, slowly but surely it was going on. An index was prepared so that every policy can be dealt with one by one and no important one is left out. To get an idea of policies prevalent in other companies of the same industry, a reference to their policies was required. After referring to them e.g. Business Travel Policy, some new changes were being brought into some policies. Some better alternatives were being chosen and were being implemented. These aspects gave a good idea about not only prevalent trends in the market but also about employee needs in todays world. Finally a policy manual was created and sent to the HR Director for approval. Some of the policies had to be discussed at length and were not included in the manual at that time.
LEARNINGS:

Exposure to all the policies of a brokerage firm. Knowledge and experience on how policies are being designed. Increased understanding of different policies in a company and their importance. How little phrases can change the complete meaning and how one should be very careful while writing on such important issues.
Increase in efficiency in working on Microsoft word.

52
REFERENCES
Cooper Dominic, Robertson Ivan T & Tinlin Gordon Recruitment and Selection, U.K. Thomson Learning Ivancevich John M, (2008) Human Resource Management,10th edition, New Delhi, Tata McGraw Hill. http://www.businessdictionary.com/definition/policy.html www2.slac.stanford.edu/policy/definitions.asp

52
http://recruitment.naukrihub.com/recruitment-process.html http://legal-dictionary.thefreedictionary.com/brokerage+firm http://www.scribd.com/doc/31431401/Brokerage-Industry-in-India http://www.investorwords.com/2512/insurance_broker.html http://www.sbcentre.ca/downloads/handouts/insurance.pdf http://www.ibai.org/aboutus.htm http://www.irdaindia.org/ www.google.com www.scribd.com www.smcindiaonline.com
ANNEXURE

52
NEWS PAPER ADVERTISMENT

52
INTERVIEW ASSESSMENT SHEET (FOR TL and GL) NAME : CURRENT ORGANISATION:

52
AGE(Yrs) : POST APPLIED FOR:
DATE REFERRED BY
: :
FOR OFFICE USE ONLY S No. PARAMETER ROUND HR (SCALE 1 TO 5) INTERVIEWED BY 1 Communication Skills 2 Personality 3 Leadership skills 4 Attitude 5 Subject Knowledge 6 Relevant Experience 7 IQ Level 8 Analytical skills 9 Stress handling Ability 10 Cultural Fitment Total Signature of the interviewer (Minimum 50% criteria for selection) ROUND 2 (DEPT.) INTERVIEWD BY
FOR HR USE ONLY RESULT DATE OF JOINING SALARY OFFERED DESIGNATION OFFERED DEPARTMENT HEAD HR Signature Sales Signature
INTERVIEW ASSESSMENT SHEET(FOR TME) NAME : CURRENT ORGANISATION:

52
AGE(Yrs) : POST APPLIED:
DATE REFERRED BY :
FOR OFFICE USE ONLY S No. PARAMETER ROUND HR (SCALE 1 TO 5) INTERVIEWED BY 1 Communication Skills 2 Voice clarity 3 Confidence/Energy 4 Attitude 5 Education 6 Product Knowledge 7 Relevant experience 8 Selling skills 9 Stress handling Ability 10 Cultural Fitment Total Signature of the interviewer (Minimum 50% criteria for selection) FOR HR USE ONLY RESULT DATE OF JOINING SALARY OFFERED DESIGNATION OFFERED DEPARTMENT HEAD ROUND 2 (DEPT.) INTERVIEWD BY
HR Signature
Sales Signature
PROPOSAL TO BE SENT TO CONSULTANTS/PLACEMENT AGENCIES

52
SMC Insurance Brokerage Pvt.Ltd Pratap Nagar, Parsavnath Mall Metro Mall, New Delhi. Phone:011-66222266 Website:www.smcindiaonline.com
Unlimited job opportunities for aspiring and deserving candidates
JOB DESCRIPTION

52
Job Title: Eligibility: Location: Experience: Timing :
Telemarketing Executive / Sr. Telemarketing Executive 10+2 / Graduates (Freshers may also apply) Delhi (Pratap Nagar) (Near Pratap nagar Metro station) 6 Months and above experience in Tele sales 10 am to 7 pm
JOB DESCRIPTION1. Should be confident, aggressive. 2. Should have flair for sales and marketing. 3. Should be very convincing with positive attitude. 4. Eager to take challenge.
SALARY Fixed Salary - (6000 7500) + leave encashment + TA + meal + Incentives. Skill Set: Incumbent should have good communication skill, No Stammering, MTI or any voice related issue, should be patient and confident at the same time. CONTACT PERSON: Sonia Dalal PHONE NO. : 011-66377777 9311291260 email - soniadalal@smcindiaonline.com
MONTHLY REPORTS TO BE SENT TO THE DIRECTORS

52

52

52
FORMAT FOR RECRUITMENT MIS
Name of the Candidate
Contact
Father Name
Position
Status-HR
Status-OPS
Source
Source Name
Salary
Month
Date of Interview
Date of Joining
Department
Concerned Head
Final Status
Remarks
FORMAT FOR TRAINING MIS
Trainee Name
Contact No.
Position
Date of Training
Month
Trainer
Batch No.
Certified / Decertified
DAILY HIRING STATUS
Acti ve
Left tod ay
Selected today Con Walki Porta R s n l ef
Current Batch
BIMTECH |
Propos ed Batch
52
SMC Insurance
6th April 7th April 8th April 9th April 10th April
216 213 210 207 204
0 3 4 3 3
0 4 2 6 1
3 0 0 0 0
0 0 0 0 0
3 4 4 1 1
27 24 24 19 Batch Handover18
6 8 6 7 2
MANPOWER REQUISITION FORM

52

52
Manpower Requisition Form General Inform ation Requisition Owner Designation: Location : _____________________ Nature of Requirement :
(MRF)
Date of Requisitio
n: _____ __ ________
Departm ent: _____________________
New Budget / Replacement ________________ Fresher / Experienced / MT_________________
Position In
form ation
Job Title:
No of Positions: Educational Qualification: Job Description: Any Specific Professional Qualification
Salary Range: Experience Range: Location: Remarks (If Any)
Prim ary Recruiting Contact Name:
(All applications
/ resumes will be forwarded to this person) Contact Details: ______________________
* Only com pleted MRF form with perusal. Thanks & Regards Hum an Resources
required
approval
will be considered for further

52
ROI ON NEWPAPAER ADVERTISMENT
Cost of advertisement=12000(tied up with third party i.e. shoumuk). No. of candidates hired through advertisement= 35 Per candidate cost = 12000/35 = 340(approx) As compared to Consultant & Reference schemes in which
Per candidate cost = 1500 Thus we have saved = (1500-350)*35 = 40000(approx) In addition High Candidate turnover give boost to friends and family references. Brand Awareness is increased.

52
SOURCING MIX

52

Insurance

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Insurance

Uploaded by

Copyright:

Available Formats

PUTTING HR IN STRATEGIC POSITION AT SMC INSURANCE BROKERS PVT. LTD.

Submitted by: Tushar Jindal PGDM(HR Majors) 2009-11

CERTIFICATE OF APPROVAL- FACULTY GUIDE

Birla Institute of Management Technology

Summer Project Certificate

Seal: (Faculty Guide)

CERTIFICATE OF APPROVAL- INDUSTRY GUIDE

Place: Greater Noida

BIMTECH | SMC Insurance

Tushar Jindal 124

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

INTRODUCTION TO THE INSURANCE INDUSTRY

History and Origin

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

INTRODUCTION TO INSURANCE BROKERAGE

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

Products and Services

BIMTECH | SMC Insurance

9. Insurance Brokerage For Both Life and General Insurance.

BIMTECH | SMC Insurance

Value addition for customers

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

Recruitment Needs Are Of Three Types

General Steps In Recruitment

BIMTECH | SMC Insurance

Recruitment And Selection

Recruitment @ SMC Insurance

BIMTECH | SMC Insurance

Customer Interaction Department Direct Sales Marketing Associates

BIMTECH | SMC Insurance

Hierarchy Of Customer Interaction Department

CENTRAL HEAD /AVP

GROUP LEADERS TELECALLERS

Lead Handling In Telemarketing

BIMTECH | SMC Insurance

MAKE CALLS AND SEND IT TO THE GROUP LEADER FOR VERIFICATION

HE VERIFIES THE CALL AND SENDS IT TO THE SLOTTER

HE SELECTS THE SALESMAN ACCORDING TO THE CALL AND THE CUSTOMER

FINALLY SELLS THE SERVICE.

Sources Of Recruitment @ Smc Insurace:

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

WORK DONE AT SMC:

BIMTECH | SMC Insurance

Interviews: To coordinate and also conduct the interviews.

BIMTECH | SMC Insurance

Uses of this Database:

BIMTECH | SMC Insurance

BIMTECH | SMC Insurance

-Sarah Caldwell (American Impresario)

Interviewing Skills: During interviewso How to observe o How to probe

How to put the candidate under stress

BIMTECH | SMC Insurance

o How to put the candidate at ease o How to guide the candidate

How to give feed-back

Payment Lists, etc.

New Budget / Replacement Fresher / Experienced / MT_