Training and Private Life Insurance Company’s in India | Original Article

ABSTRACT:

In today’s scenario, insurance companies are seen to be moving from ‘selling’ insurance to ‘marketing’ an essential financial product. Hence, having a robust, well oiled trained taskforce is paramount to the development, growth spread of Life Insurance in India. There are currently 23 private players in the Indian Life Insurance Industry. This write-up is basis a close observatorial study on a few of these prominent private players and the training and enablement in these Private Life Insurance Companies (PLICs). While studying the Training Needs Identification, the one factor found standing out in each of these PLICs, has been their respective Cost-Benefit Analysis. While researching the various Training Leaning Models in vogue at most of these PLICs, specifically found the use of a) The Six Disciplines of Breakthrough Learning [Roy V. H. Pollock, Andy Jefferson Calhoun W. Wick] b) Four Levels of Training Evaluation [Donald L. Kirkpatrick, James D. Wendy] c) Return on Investment (ROI) [ J J Philips] in practically every case studied. Finally, the government’s push towards ‘Universal banking’ has made most of the banks warm up to the ‘fee based Income’ avenue in a big way. No wonder if one looks up the list of Insurance Companies as existing today, 18 of the 23 Life Insurance companies have a Bank tie-up for distribution purposes, and this ‘banc assurance’ number is going to get prolonged further. The open question then is, Are the Private Life Insurance Companies (PLICs) manpower ready to bear the huge push towards Training Development in these times of mass tie-ups in Bancassurance?