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Chapter 1 RECRUITMENT and SELECTION

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Chapter 1 RECRUITMENT and SELECTION Chapter 1 RECRUITMENT AND SELECTION 1.1 Introduction: Recruitment and Selection system in insurance sector had become vital for maximum output and effective business results. This study will provide sufficient information about recruitment and selection systems carried out in Tata Aig. Meaning: Recruitment and Selection system refers to sourcing and building efficient human resource to the organization to attain its objectives. This policy complies with and supports the company’s equal opportunities policy by : a) Ensuring that every stage of the recruitment and selection process is carried out in a systematic way based on a pre agreed criteria to eliminate the potential for personal bias affecting the decision making process . b) Ensuring that all decision points are fully documented to assist with subsequent monitoring. c) Making the whole procedure as open as possible, to ensure that all candidates understand why decisions have been taken and where they wish to obtain meaningful feedback. d) Enabling demonstration of robust, transparent processes and thereby providing a basis for defense in the event of challenge. Analysing your workplace: To assist you analyse your workplace to identify recruitment or selection issues for women, we suggest you : Revisit your workplace profile to find where your female employees are. Consult with your employees Examine your existing recruitment and selection policies and practices. Developing policy and procedures: Put in place a policy requiring recruitment and selection processes to select the best person for the job. Develop a quality consistent process for recruitment that delivers diverse recruits. Have a recruitment strategy that links to your business plan and to a strategy to retain employees. OBJECTIVES OF THE RESEARCH The primary objective would be-: The main purpose of the project is to study the working of TATA AIG LIFE INSURANCE and to design out candidate selection process for insurance advisor program. The Other objectives would be: - Analysis of positive and negative things about the various means used to carry out the recruitment process. To see the availability of people and their willingness to indulge themselves in a part time career opportunity. Finally to conclude the findings and suggest the necessary corrective measures and recommendations regarding the future growth prospects. JOB DESCRIPTION The objective is to design out candidate selection process for insurance advisor program. Tata AIG is looking for insurance advisors to give advice and sell insurance. And it pays as much as one wants it to. Tata AIG Life, a company that combines the trust and integrity of the Tata Group with the expertise & financial strength of American International Group, Inc. The person receives World-Class training while the marketing & management support ensures their success. So, our main aim is to look out for eligible candidates who have the time to devote and desire to earn money and then recruit and select them as financial advisors. DETAILED JOB PROFILE The project required me to approach people and make them aware of the part-time business opportunity that Tata AIG is offering, wherein, they will be recruited and selected as Financial Advisors. Here, not only will they earn a lot, but the growth prospects would also be open to them. For this, we collected data through various means and some of it was provided by the company as well. We were supposed to make calls to people, undertaking surveys, etc., make them aware of this opportunity and arranging appointments with our manager. After this, they were interviewed and later on selected, if eligible, for the offered work. SWOT ANALYSIS OF TATA AIG SWOT ANALYSIS A SWOT (Strengths, Weaknesses, Opportunities and Threats) is a tool used to provide a general or details snapshot of a company’s health. An effective SWOT analysis will help determine in which areas a company is succeeding, allowing it allocate resources in such a way as to maintain any dominant positions it may have. Strengths: Tata AIG has the strong brand name of TATA & AIG with it. It offers a good career path for advisors. ( Advisor to Business Associate to a Senior Business Associate & finally to a Managerial Business Associate) Tata AIG has a good reputation among customers. It gives Ist year highest commission. Tata AIG has a strong training support Tata AIG is the only Insurance Company in the world rated AAA by SWP. It is the only company that provides whole infrastructure to new advisors. It ensures a long-term growth for the insurance advisors. WEAKNESS: Tata AIG is conservative in the context of advertising. It is an underwritten driven company. OPPORTUNITIES: Tata AIG provides protection against financial loss & helps in future planning. They also provide additional rewards for advisors. THREATS: Because of the mushrooming of the private insurance companies, there is increased competition. The training period of 18 working days/100 hrs and the fee of 1000/-, also stands as a hindrance for people who are interested to become insurance advisors. INSURANCE REGULATORY DEVELOPMENT AUTHORITY (IRDA) CHAPTER 2: PROFILE OF THE ORGANISATION HeadOffice 8,8thFloor,TextilePlaza,M.a.Jinnahroad,Karachi Phones:(92-21)2426761-2-4&241-2955-6-7 Fax:(92-21)241-7710 E-Mail: [email protected], [email protected] THE AIG GROUP American International Group, Inc. is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked insurer. AIG's global businesses also include retirement services, financial services, and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. American General Finance leads AIG’s growing global consumer finance business in the United States. AIG also has one of the largest U.S. retirement savings businesses through AIG Sun America and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. TATA AIG Tata AIG Life Insurance Company Ltd. is a joint venture of the Tata Group and American International Group, Inc. (AIG). The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake.Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines. Tata AIG Life Insurance Company Ltd is India's leading insurance company providing both Life and General Insurance. It represents the trust and integrity of TATA group combined with the international expertise and financial strength of AIG, Inc. For individuals: motor, health, and accident and health n travel. For Corporate: accident n health, travel, energy, property, marine n contingency. INSURANCE REGULATORY DEVELOPMENT AUTHORITY (IRDA) ABOUT IRDA IRDA is a government body that protects the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. The way RBI controls all the banks, in the same manner IRDA takes control of all the insurance companies. It includes registrations, licensing and laying down regulations for proper conduct of business. IRDA NORMS FOR TRAINING AS A FINANCIAL ADVISOR A financial advisor must possess a license issued by IRDA. The qualifications necessary before a license can be given are that the person must: Be at least 18 years old Have passed at least the 12th standard or equivalent examination Have undergone practical training for at least 100 hrs in life or general insurance business Have passed the pre-recruitment examination conducted by the IRDA. MISSION We are committed to the higher expectations of our customers. We strive for the production of best quality yarns for high value products. VISION While keeping fundamentals correct we shall build upon our recognition as a very good company known and established for our principled and honest business practices and higher quality standards with niche products and specialty items with a sustained growth in our capacities. THE TATA GROUP The Tata Group, easily India's most recognized business group, was founded by Jamsetji Tata and began with a textile mill in central India in the 1870s. From there, it has evolved into a truly diversified conglomerate spanning, among other sectors, Engineering, Energy, Chemicals, Consumer Products, and Communications & IT. The Tata Group is one of India’s best-known industrial groups with an estimated turnover of around US $14.25 billion (approximately 26% of India’s GDP). With more than 220,000 employees across 91 major companies, it is also India’s largest employer in the private sector. The Tata Group pioneered several firsts in Indian industry firsts, including: India's first private sector steel mill, first private sector power utility, first luxury hotel chain and first international airline, amongst others.
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