presentation1.ppt ppm 03

A Reliance Capital company

Presentation on

Organizational StructureDirecting and Communication

MotivationCommunication

&Controlling

in Reliance Life Insurance Company Ltd


Company backgroundReliance Life Insurance co. Ltd is a part of reliance capital Ltd. Of the Dhirubhai Ambani Group. Reliance capital is one of India’s leading private sector companies, and ranks among the top 3 private sector financial service and banks in terms of net worth. Reliance capital has interest in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other financial services.

Reliance capital Limited (RCL) is a non-banking financial company (NBFC) registered under Reserve Bank of India under section 45-IA of the reserve bank of India Act, 1934.

Reliance capital seems immense potential in the rapidly growing financial services to become a dominant player in this industry.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer Life Insurance solutions to individual and corporate. Reliance life Insurance also has presence in communications, natural resources, media entertainment, health care and infrastructure.


Vision and Mission: Vision:

Empowering everyone live their dreams.

Mission:

Create unmatched value for everyone through dependence, effective transparent and profitable life insurance and pension plans.

Goals:

Reliance Life Insurance would strive to achieve the 3 goals mentioned below:

Emerge as a transparent Life insurer of global scale and standard.

Create best values for customers, shareholders and stake holders.

Achieve impeccable reputation and credentials through business practices.


Organizational Structure

ASMJSMPSMSMSSM ESM BDMAssociate partnersSr BDM PartnerSr Partner

Advisor/Agent


Organizational structure of Reliance Life Insurance in Tura Branch


Directing & Communication

Directing: Directing is one of the basic function of management and is very essential for the success of any organization. Directing is also practices in Reliance Life Insurance Co. Ltd. In reliance Life Insurance Co. Ltd the lower level managers are directed by their immediate superior. For example the advisors are directed by their sales managers, sales managers are directed by branch managers or territory managers; branch or territory managers are directed by regional managers and Regional mangers are directed by Zonal business Managers and ZBM’s are directed by National heads and so the National heads are directed by Group President and CEO. Each manager is responsible for its subordinates.


Communication: Effective communication is very essential for any organization, so reliance Life Insurance also focuses on having an effective communication in their company. Reliance Life Insurance has both formal and informal type of communication, which is mostly in downward direction, but sometimes they even follow upward communication depending upon the situation, which may be written and verbal, but mostly they follow written communication. Superiors generally contact with their subordinates through their immediate boss or through emails over telephone.


4. Motivation

Commission: all the advisors in Reliance Life Insurance Co. Ltd are given

commission on all the policies they bring to the company, at a fixed rate.Contest Payouts: They run contests through out the year among the advisors to motivate them to work hard to get the benefits of commission.

Foreign trips: the company also gives foreign trips to the advisors with outstanding performance, with the motive to motivate the advisors.Career: The Company also provides the advisors with a scope of career advancement, if he/she gives a business of 3 lakh with 30 policies within a financial year, given that the person is a graduate. Then he/she will be promoted as a sales manager in the company.Club Membership: the company also runs a another type of contest known as club membership, in which if a advisor fulfills the criterion, he or she will be rewarded as a club member of the company. He following are the criterion to become the club member of Reliance life insurance co. Ltd:


Company Club Membership:


MDRT/COT/TOT The Premier Association of

Financial Professionals.

An exclusive honor achieved only by a small percentage of all life .

Insurance and financial services advisors worldwide.

the highest recognition in insurance internationally.

how to get there..?


01.01.2010 to 31.12.2010


Controlling

Controlling is very important process through which managers ensure that actual activities conform to planned activities. Reliance Life Insurance co Ltd also follows control techniques to ensure that their plans are best achieved. Since Reliance Life Insurance Co. Ltd is a sales oriented company its basic aim to maximize its sales. So control is Reliance Life Insurance Co. Ltd is basically carried out to ensure that the sales are at their peak. Controlling in Reliance Life Insurance Co. Ltd is done in many ways. Each manager‘s activity is observed by his/her immediate boss. Each manager have been given some specific set of routine which he or she has to follow and if any manager does not follows it the senior manager has to report it immediately to his immediate boss and take necessary action against the person.


Conclusion:Reliance Life Insurance is among the top ranked insurance company in the private sector. The company is running successfully because of good selection procedure, training programs, motivational tools, directing and communications and efficient and effective controlling. Reliance Life Insurance is successful with ethics. They require business but never misled public. They claim to follow all the rules and regulations issued by the company. They are amongst the top players in India to be certified with ISO 9000:2001 for all its processes

From the study conducted it can be concluded that Reliance life insurance successfully carries out all the functions like directing, communication, controlling, and motivation. The organizational structure of Reliance Life Insurance Co. Ltd is of Agency type and is a vertical and hierarchical and formal in nature; which consists of the top level managers; middle-level manager and the lower level managers.. In case of directing the lower level managers are directed by their immediate superior. And they communicate both in formal and informal type of communication, which is mostly in downward direction, but sometimes they even follow upward communication depending upon the situation, which may be written and verbal, but mostly they follow written communication.


Reliance Life Insurance also uses various motivational tools to motivate sales personnel and sales force. It motivates its sales force mainly through financial and non-financial tools like money or money’s worth, like wages and salaries, bonus, medical benefits, commission, incentives like praise, knowledge of results, participation in management opportunity for growth, conductive work environment, challenging job rewards and recognition facilitation and internal competition . The company takes special care to motivate its sales manager, apart from salary, the company also gives its employees incentive, promotion, rewards and recognition, foreign trips and the most important is the company’s share. It execute control over its sales force by giving them targets, sales quota, and giving them a routine, which every manager should follow.


Bibliography

1.Beri G.C, “ Marketing Research”3rd edition (new delhi:Tata Megraw –hill publishing company limited)

2.Khanka S.S, “Organizational Behavior” (New Delhi: S.Chand & Company Ltd.)

3.Koontz Harold and Weihrich Heinz,” Essentials of Management” sixth edition (new delhi:Tata Megraw –hill publishing company limited).

4.Internet(www.reliancelifeinsurance.com)

5.Triphati P.C, “Principlas of Management

http://www.reliancelifeinsurance.com/

presentation1.ppt ppm 03

Documents