Friday, May 7, 2010

Training Program Analysis At Bharti AXA

Introduction

Bharti AXA Investment Managers Pvt. Ltd. is a joint venture between Bharti Ventures Limited, part of Bharti group - one of the foremost business groups in India, AXA Investment Managers (AXA IM) and AXA Asia Pacific Holdings (AXA APH) (through NMIPL). They focus on excellence and performance, with their professional fund management taking care of our imperative financial needs, keeping tomorrow in check while tracking a dynamic today.
Bharti AXA Investment Managers Private Limited was incorporated on 13th August, 2007 and is headquartered in Mumbai, the commercial hub of India. With a presence in more than 34 locations across the country within one year of the launch, Bharti AXA Investment Managers boasts one of the largest footprints for any AMC in the country during launch. This indicates the retail focus of the AMC. With best practices brought in from world leaders in financial protection, Bharti AXA Investment Managers aim to be an aggressive player in the Indian Asset Management Industry.
Bharti AXA Investment Managers employs stringent risk control methodologies. With risk management at the forefront and knowledge sharing amongst nearly 500 professionals worldwide, our fund managers have access to an overwhelming pool of research. Risk Management is also an integral part of product development. With processes in place, our investment teams are empowered to take necessary decisions and are made accountable for every investment process.
Fund management constitutes an intricate understanding of global and local economic conditions. Always on the lookout for promising investment ideas, the fund managers are keenly tuned to the global and the local economy by accessing the research pool. This research capability coupled with the unimpeachable local understanding is an effective combination that Bharti AXA Investment Managers are equipped with.


Training program conducted recently at Bharti Axa:

Recently and every year the Pre – license training is held for new advisors. New and willing aspirants who wish to take agency as a career have to compulsorily go through this training before they actually give the final test. The training program is a 1st level mandatory program set by Ritu Nanda Insurance School. It is a 50 hrs online IRDA training, which consists of 11 chapters.
After the online training the agents go for a 3 day mandatory IRDA refreshers training at the insurance company. It is a 50 marks test with objective questions which is held 5 days prior to the final test.
After passing the test the agents are given product information and company introduction. A report of the code of conduct and product training for license is made by the HR manager of the company.
Apart from this STO i.e. Sales take off training is also held which is a skill based training held for enhancing the selling skills of the agents. And whenever a new product is launched a training program is held for all the agents within a few days of the launch.

Reasons for conducting the training

The pre – licensing training is held for all the new members willing to join the insurance industry. The training is held to make the new comers aware of all the work that is done in the insurance industry and its rules and regulations. It makes the agents aware of what they have to do and how.
Every agent has to sell at least 12 policies in a year so their license is not terminated. To see that the agents have proper selling skills the STO is conducted when the agents underperform.

 Achievement of results from training

  The insurance company achieves the desired results from all the training programs held. The effectiveness is measured by comparing the past results with the present.
For the pre – licensing training program the percentage of agents passing the test states the effectiveness of the training. After the training 60% pass the test and join the company. This means that the training program is effective enough for helping the agents join the company.
For the STO training effectiveness is measured by comparing the number of policies sold by the agent prior to the training with the number of policies sold after the training. The percent increase is the percent effectiveness of the training.

Suggestions
The training programs conducted by the company revolve completely around the selling skills only. I would suggest the management to give importance to communication skills, behavior, personality and nature of the agents as well. As, when communicating with various people the agents will require good communication skills and lots of patience. The personality of the agent should attract the client’s interest in what he is selling. In this way they will be able to have better sales.   

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