Michael Armstrong defines training as the systematic development of the knowledge, skills and attitudes required by an individual to perform adequately a given task or job. Training can also be defined as the mechanism that is used to enhance the skills of an individual or that of a team to help them work in a better and more effective manner. Training suggests methods of improving the efficiency and effectiveness of work. For the success of every training program, every employee should be convinced about the utility and effectiveness of the program. Every successful training program results in improving the individual's performance which in turn improves organizational performance. Other than improving performance, training also results in updating employee skills, avoiding managerial obsolesce, preparing for promotion and managerial succession, retaining and motivating employees and above all, creating an effective and efficient organization.
[...] In an insurance company, training is the back bone of the organization, especially to keep up with the changing trends of the insurance sector. The sales managers and life advisors have to keep themselves updated in order to stay ahead in the game. EMPLOYEE TRAINING METHODS: Training methods are mainly classified into the job' training and the job' training. The sub categorization is mentioned as below. On The Job Training: As the term suggests, the trainee is exposed to the actual work situation in the real job environment. [...]
[...] As investments and insurance policies become more and more complicated many individuals as well as businesses are finding that they lack both the time and knowledge to purchase such policies without the help of an agent. And, because most individuals and businesses consider insurance an important necessity, agents are not likely to face unemployment because of an economic recession. Product Training: The product training is carried out for a period of 45 hours which is covered in a span of five and a half days. [...]
[...] This is in large part due to the containment of costs which insurance carriers strive for. In effect, many companies are letting go of their captive agents, and are turning more to direct marketing, or independent agents. It is important for agents to integrate new technology into their already present businesses in order to remain competitive. Innovative technology such as the internet can be used to reach an extensive client base, and to expand business opportunities. And, because most clients appreciate their relationship with their agent and like discussing their policies directly with their agents, such uses of technology should not be seen as a threat to jobs. [...]
[...] The training institute will arrange to supply every agent an agents manual, service manual, list of all the products available in the market, a handbook containing specimen copies of proposal form, policy form, claim form, etc. from the insurance company who has nominated the agent for the training course. Sales agents employed by various agencies may be paid either a salary or a salary along with a commission, or a salary and a bonus. Independent agents are most often paid by commission only. [...]
[...] For example a sales manager doing well in recruitment does not require training in that area and it is better to give him focused training on sales. The process for life advisors involves coaching, mentoring and clubbing with sales managers. In certain cases, they are given on-the-field training where the trainers or mentors go along with their protégé and they have to learn by observation. ANALSIS AND INTERPRETATION The survey was carried out amongst 25 sales managers and the categorization and pictorial representations based on various categorizations is given below. [...]
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