Training and Private Life Insurance Companys in India

Abstract

In today's scenario, insurance companies are seen to be moving f rom ·selling ' insurance to 'marketing ' an essential financial product. H ence, having a robust, well oiled & trained taslfo rce is para111011111 to the development, growth & spread of Life insurance in India. There are currently 23 private players in the Indian Life! ns11ra11 ce l,1c/ust1y. This write-up is basis a close observatorial study un a Jew of these pro111 i11 ent private players and the training and enablement in these Private Life insurance Companies (PL/Cs). While stu dying the Traininf!, r:eeds Identification, the one fa ctor found standing out in each of these PL/Cs, has been their respective Cost-Benefit Analysis. While researching the various Training & Leaning A/odels in vogue at most a.I these PL/Cs, specifically fo und the use of a) Th e Six Disciplines of Breakthroug h Learning f Roy 1 •. /-!. Pollock, rlndy Jefferson & Ca lhoun W. ll'ick/; b) Four Leve ls of Tra ining Eva luation lDonald L. Kirkpatrick, James D . & Wendy I; & c) Return 0 11 Jnvestme111 (ROI) l J J Philips] in practically eve,y case studied. Final(y, the government 's push towards 'Universal banking· has made most a.I the banks warm up to the 'Jee based Income' avenue in a big way. No wonder if one looks up the list of Insurance Companies as existing today, I of the 23 Life Insurance companies have a Bank tie-up fo r distribution purposes, and this 'bane assurance' number is going to get prolongedJimher. The open question then is, Are the Private Life insurance C'ompanies (PL/C's) manpower ready to bear the huge push towards Training & Development in these times of mass tie-ups in Ba11cass11 rance?