A

PROJECT REPOERT

ON

“MOTIVATIONAL THEORIES USED IN

INSURANCE SECTOR”
BHARTI AXA LIFE INSURANCE, NAGPUR

A SUMMER INTERNSHIP PROJECT FOR PARTIAL FULFILMENT

OF REQUIREMENT OF

MBA [BUSINESS APPLICATION]

2008-2010

SUBMITTED BY,

MISS. NEERU R. YADAV

UNDER THE GUIDANCE OF

MISS. RIDDHI DESHPANDE

CENTUM LEARNING CENTER, NAGPUR

AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI

 CENTUM LEARNING CENTER, NAGPUR
AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI

CERTIFICATE

I here by certify that this project report entitled “MOTIVATIONAL

THEORIES USED IN INSURANCE SECTOR” in BHARTI AXA LIFE
INSURANCE, NAGPUR” submitted by Miss. Neeru Yadav to Centum
Learning Center [CLC], Nagpur is bonafied and original research work


carried out under my guidance and supervision. It is a peace of
research of sufficiently high standard to warrant its submission to
college for the award of said degree.

No part of the thesis has been submitted any degree or diploma or

published in any other form. The assistance and the help rendered
during the course of her investigation in the form of basic source
material and the information have been duly acknowledged.

Date:

Place:

Project Guide Director Project In charge

[Miss. Riddhi [Mr. Sanjay Choure] [Mrs. Smita
Deshpande] Choure]

2
 CENTUM LEARNING CENTER, NAGPUR
AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI

ACKNOWLEDGEMENT

I present this project report on “MOTIVATIONAL THEORIES USED IN

INSURANCE SECTOR” in BHARTI AXA LIFE INSURANCE, NAGPUR with
a sense of great pleasure and satisfaction. I undersigned with


pleasure take this opportunity to thank all those related directly or
indirectly in preparation of this project report.

I started working on this project under the invaluable guidance of

Honorable Miss. Riddhi Deshpande mam for which I am very much
thankful for her valued time given for the purpose. Without her co-
operation my project work would have been difficult to complete.

I express my sincere thanks to Mr. Chandan Sharma sir [sales

manager] in Bharti Axa Life Insurance, Nagpur and the clerical staff in
that organization. I am also thankful to Mr. Sanjay Choure sir
[Director of our college] and Mrs. Smita Choure [Project In charge] to
allow me to carryout this project.

Date:

Place:

Miss. Neeru Yadav

3
 CENTUM LEARNING CENTER, NAGPUR
AFFILIATED BY ANNAMALAI UNIVERSITY, CHENNAI

DECLARATION

I undersign the students of MBA [Business Application] hereby

declare that the project report entitled “MOTIVATIONAL THEORIES


USED IN INSURANCE SECTOR” in BHARTI AXA LIFE INSURANCE,
NAGPUR is my own work and completed by me, which is based on my
own work experience during Summer Internship training period, I am
submitting this report for partial fulfillment for the degree of MBA
[B.A.], conducted by Centum Learning Center, Nagpur Affiliated by
Annamalai University, Chennai.

I have not submitted this project report for fulfillment of any

examination in any college or University for any degree or diploma.

Date:
Place:

Miss. Neeru
Yadav

4
 
“MOTIVATIONAL THEORIES
USED IN INSURANCE
SECTOR”

BHARTI AXA LIFE

INSURANCE, NAGPUR

5
 CONTENT
SR. NO. TOPIC PAGE NO.
CHAPTER 1 COMPANY PROFILE
1.1 Bharti-AXA Life Insurance 1
1.2 Bharti Enterprise 1
1.3 AXA Financial Services 3
CHAPTER 2 PROJECT INTRODUCTION
2.1 Project Introduction 4
2.2 Meaning of Motivation 4
2.3 Definitions of Motivation 5
2.4 Motivation Cycle Process 5
CHAPTER 3 PROJECT RESEARCH
3.1 Importance of Motivation 6
3.2 General Theories of Motivation 7
3.3 Theories used in Insurance Sector 15
CHAPTER 4 THEORIES USED IN BHARTI-AXA
4.1 McClelland Theory in Bharti-AXA 16
4.2 Performance Appraisal 16
4.3 Employees Empowerment 18
4.4 Barriers to Empowerment 18
4.5 Customer Relationship[CR] 19
CHAPTER 5 DATA ANALYSYS AND INTERPRETATION
5.1 Data Analysis 20
CHAPTER 6 TRAINING CONCEPTS
6.1 Insurance 47
6.2 Share Market 47
6.3 Mutual Fund 48
CHAPTER 7 FINDINGS
7.1 Findings 50
7.2 Competitors of Bharti-AXA 50

CHAPTER 8 SUGGETIONS AND CONCLUSION

8.1 Suggestion 50
8.2 Conclusion 50
CHAPTER 9 BIBLIOGRAPHY 51

6
CHAPTER 10 ANNEXURE 52

7
 CHAPTER 1
Company Profile

1.1 BHARTI-AXA LIFE INSURANCE

Bharti-AXA Life Insurance is a joint
venture between Bharti, one of India’s
leading business groups with interests in
Telecom, Agri Business and Retail; and AXA,
world leader in Financial Protection and
Wealth Management. Bharti Group holds 74% of equity and AXA
holds 26% of the equity.
The company incorporated on 13th July 2007. Headquartered in
Bangalore and registered office is at “Bharti AXA Life Insurance Ltd,
Unit 601 and 602, 6th Floor, Raheja Titanium, Off Western Express
Highway, Goregaon [East], Mumbai:440063”. The company currently
has 203 branches across India. With a vision to become the leader
and preferred company for financial protection in India, Bharti AXA
General Insurance offers its customers - individuals and businesses- a
wide range of products and services that meet their insurance needs.
Mr. Nitin Chopra [CEO], Priya Ranjan [Director-HR], Shymal Saxena
[Chief Distribution and Marketing Officer]. The company will leverage
the Bharti Group’s large customer pool and develop a strong multi
channel distribution network in both urban and rural markets.

1.2 BHARTI ENTERPRISES

Company Background: Mr. Sunil Bharti Mittal
[Chairman and MD of Bharti Group of
Industries] got interested in push button
phones while on a trip to Taiwan, and in
1982, introduced the phones to India,
replacing the old fashioned, bulky rotary phones that were in use in
the country then. Bharti Telecom Limited (BTL) was incorporated and
entered into a technical tie up with Siemens AG of Germany for
manufacture of electronic push button phones. By the early 1990s,
Mittal was making fax machines, cordless phones and other telecom
gear. Presently this company is leading in Telecom Industry, awarded
as Best Employer in year 2004.

9
The turning point came in 1992 when the Indian government was
awarding licenses for mobile phone services for the first time. One of
the conditions for the Delhi cellular license was that the bidders have
some experience as a telecom operator. Mittal clinched a deal with
the French telecom group Vivendi. Two years later, Sunil secured
rights to serve New Delhi. In 1995, Bharti Cellular Limited (BCL) was
formed to offer cellular services under the brand name AirTel. Within
a few years Bharti became the first telecom company to cross the 2-
million mobile subscriber mark. The company is also instrumental in
bringing down the high STD/ISD, cellular rates in the country by
rolling the countries first private national as well as international
long-distance service under the brand name IndiaOne. In 2001, the
company entered into a joint venture with Singapore Telecom
International for a $650-million submarine cable project, the
countries first ever undersea cable link connecting Chennai in India
and Singapore.

Fig 2.1 Bharti Enterprises

Bharti Enterprises: Bharti Enterprises has successfully focused its

strategy on telecom while straddling diverse fields of business. From
the creation of ‘Airtel’, one of India’s finest brands, to becoming the
largest manufacturer and exporter of world class telecom terminals
under its ‘Beetel’ brand, Bharti has created a significant position for
itself in the global telecommunications sector. Bharti Airtel Limited is
today acknowledged as one of India’s finest companies, and its

10
 flagship brand ‘Airtel’, has over 10 million customers across the
length and breadth of India.
While a joint venture with TeleTech Inc., USA marked Bharti’s
successful foray into the Customer Management Services business,
Bharti Enterprises’ dynamic diversification has continued with the
company venturing into telecom software development. Recently,
Bharti has successfully launched an international venture with EL
Rothschild Group owned ELRO Holdings India Ltd., to export fresh
Agri products exclusively to markets in Europe and USA.

1.3 AXA FINANCIAL SERVICES

AXA Group Profile: Henri de Castries,
Chairman of the AXA Group's Management Board.
Having 80 Million Clients, 214044 employees,
400,000 Shareholders and Revenues of €91.2
billion in 2008*. *(International Financial Reporting
Standards)
AXA Vision: Help clients be life confident: this is how to see
business and how it should be done.
AXA Strategy: Attain leadership in every one of our markets
through operational excellence.
AXA Brand: Do business worldwide under a global brand name.
Local AXA: Key markets located in Europe, North America and Asia
Pacific.
Corporate Profile: Bharti AXA Life Insurance is a joint venture
between Bharti, one of India’s leading business groups with
interests in telecom, agri business and retail, and AXA, world
leader in financial protection and wealth management. The joint
venture company has a 74% stake from Bharti and 26% stake of
AXA. The company launched national operations in December
2006. Today, they have over 8000 employees across over 12
states in the country and a national footprint of distributors
trained to provide quality financial advice and insurance solution
to the large Indian customer base. An AXA financial service is
largest in the insurance industry (in terms of revenue).

11
 CHAPTER 2
PROJECT INTRODUCTION

2.1 PROJECT INTRODUCTION

In service industry the best soft skills of employees can improve the
productivity and not the physical capabilities. And the soft skills of
employees can be improved by triggering motivation. The motivation
of an employee can be defined as his willingness towards his
responsibilities, work and job. The motivation can be internal
motivation and external motivation for an individual. The internal
motivation is the motivation done by an individual to himself by
his/her own thinking process whereas the external motivation is done
by an individual to the other individual or group of individuals by
passing certain comments of doing some activities. The external
motivation can also be classified as monetary or non-monetary
motivation. Only one kind of motivation technique can not be used
for long time for an individual as the need and expectations of an
individual from company gets changed after some interval of time. To
motivate an individual or group of individual at different level of
management scientists have developed different theories of
motivation. The theories developed are based on Human Need,
Human Nature and Expectancy of Human Being. Maslow, Herzberg
and McClelland have developed the theories on the basis of Human
Needs, McGregor, Urwick and Argyris have developed theories on the
basis of Human Nature and Vroom and Porter & Lawler have
developed theories on the basis of Expectancy of Human being.
Among all these motivational theories except Urwick’s Theory Z all
theories are used in different Insurance companies. Bharti-AXA also
uses few of these motivational techniques. Different insurance
companies use different motivational techniques depending on the

12
different kinds of needs of their employees. The aim of this project is
to find out the general theories of motivation, then search the
theories used in insurance sector and finally the theories used in
Bharti-AXA.

2.2 MEANING OF MOTIVATION

The term motivation has been derived from the word ‘motive’. Motive
may be defined as an inner state of or mind that activates and directs
our behavior. It makes us move to act. It is always internal to us and
is externalized via our behavior. Motivation is one’s willingness to
exert efforts towards the accomplishment of an individual’s goal.

2.3 DEFINITION OF MOTIVATION

Fred Luthans: “A process that starts with a physiological or
psychological deficiency or need that activates behavior or a drive
that is aimed at a goal or incentive.”

Stephen P. Robbins: “Motivation is the willingness to exert high

levels of efforts toward organizational goals, conditioned by the effort
ability to satisfy some individual need.”

Gray and Starke: “Motivation is the result of process, internal or

external to the individual that arouses enthusiasm and persistence to
pursue a certain course of action.

2.4 MOTIVATION CYCLE OR PROCESS

Motivation is a process or cycle aimed at accomplishing some goals.
The basic elements included in the process are motives, goals and
behavior.

13
Motives: Almost all human behavior is motivated. Motives prompt
people to action. Hence, these are at the very heart of motivational
process. Motives provide an activating thrust towards reaching a
goal.

Goals: Motives are generally directed towards goals. Motives

generally create a state of physiological or psychological imbalance.
Attaining goals restores balance.

Behavior: Behavior is a series of activities to be undertaken.

Behavior is directed to achieve a goal.

CHAPTER 3
PROJECT RESEARCH
3.1 IMPORTANCE OF MOTIVATION
1. Organizations are run by people; hence, managers can not
afford to avoid a concern with human behavior at work. This is
because the motivated employees are more productive and
quality-conscious than apathetic ones.

2. Motivation as a pervasive concept affects and is also affected

by a host of factors in the organizational milieu. It enables
managers to understand why people behave as they behave.

3. Organizational effectiveness becomes, to some extent, the

question of management’s ability to motivate its employee.
Hence, an appreciation of motivation helps the managers how
to motivate their employees.

4. Machines become necessary in case of complex technology.

However, these remain inefficient vehicles of effective and
efficient operations without man to operate them. Therefore.
Organizations need to have employees with required capability

14
 and willingness to use the advanced complex technology to
achieve the organizational goal.

5. With the realization that organizations will run in more complex

milieu in future, an increasing attention has been given to
develop employees as future resources [a talent bank]. This
facilitates the managers to draw upon them as and when
organizations grow and develop.

3.2 GENERAL THEORIES OF MOTIVATION

15
16
A. THEORIES BASED ON HUMAN NEED

1. Maslow’s Need Hierarchy Theory

Maslow’s theory is based on the human needs. In essence he
believed that once a given level of need is satisfied, it no longer
serves to motivate man. Then, the next higher level of need has to be
activated in order to motivate the man.

I. PHYSIOLOGICAL NEED: These needs are basic of human life and

hence include food, clothing, shelter, air, water and necessities
of life. These needs relate to the survival and maintenance of
human life. They exert tremendous influence on human
behavior. These needs are to be met first at least partly before
higher level needs emerge. Once physiological needs are
satisfied, they no longer motivate the man.

II. SAFETY NEED: After satisfying the physiological needs, the next
needs felt are called safety and security need. These needs find
expression in such desires as economic security and protection
prompted to work more. Like physiological needs, these become
inactive once they are satisfied.

III. SOCIAL NEEDS: Man is a social being. He is, therefore, interested

in social interaction, companionship, belongingness, tec. It is this
socializing and belongingness why individuals prefer to work in
groups and especially older people go to work.

IV. SELF ESTEEM NEEDS: These needs refer to self-esteem and self-
respect. They include such needs which indicate self-confidence,
achievement, competence, knowledge and independence. The

17
 organization. However, inability to fulfill these needs results in
feeling like inferiority, weakness and helplessness.

V. SELF ACTUALISATION NEEDS: This level represents the

culmination of all the lower, intermediate and higher needs of
human beings. In other words, the final step under the need
hierarchy model is the need for self-actualization. This refers to
fulfillment. The word self-actualization was coined by Kurt
Goldstein and means to become actualized in what one is
potentially good at.

According to Maslow, the human need follow a definite sequence of

domination. The second need does not arise until the first is
reasonably satisfied, and the third need does not emerge until the
first two needs have been reasonably satisfied and it goes on. The
other side of the need hierarchy is that human needs are unlimited.
However, Maslow’s need hierarchy theory is not without its
detractors.

2. Herzberg’s Motivation Hygiene Theory

The psychologist Frederic Herzberg extended the work of Maslow and
proposed a new motivation theory popularly known as Herzberg’s
Motivation Hygiene [Two Factors] Theory. Herzberg conducted a
widely reported motivational study on 200 accountants and
engineers employed by firms in and around Western Pennsylvania.
He asked these people to describe two important incidents at their
jobs: [1] When did you feel particularly good about your job and [2]
when did you feel exceptionally bad about your job? He used the
critical incident method of obtaining data.
The responses when analyzed were found quite interesting and fairly
consistent. The replies respondents gave when they felt good about
their jobs were significantly different from the replies given when
they felt bad. Reported good feelings were generally associated with
job satisfaction, whereas bad feeling with job dissatisfaction.
Herzberg labeled the job satisfiers motivators, and he called job
dissatisfies hygiene or maintenance factors. Taken together, the
motivators and hygiene factors have become known as Herzberg’s
two-factor theory of motivation.
According to Herzberg, the opposite of satisfaction is not
dissatisfaction. The underlying reason, he says, is that removal of
dissatisfying characteristics from a job does not necessarily make the

18
job satisfying. He believes in the existence of a dual continuum. The
opposite of satisfaction is ‘no satisfaction’ and the opposite of
‘dissatisfaction’ is ‘no dissatisfaction’.
According to Herzberg, today’s motivators are tomorrow’s hygiene
because the later stop influencing the behavior of persons when they
get them. Accordingly, one’s hygiene may be the motivator of
another.

3. McClelland Need Theory

McClelland developed his theory based on Henry Murray’s developed
long list of motives and manifest needs used in his early studies of
personality. McClelland’s need-theory is closely associated with
learning theory, because he believed that needs are learned or
acquired by the kinds of events people experienced in their
environment and culture. He found that people who acquire a
particular need behave differently from those who do not have. His
theory focuses on Murray’s three needs; achievement, power and
affiliation.

a. Need for Achievement: This is the drive to excel, to achieve in

relation to a set of standard, and to strive to succeed. In other words,
need for achievement is a behavior directed towards competition
with a standard of excellence. McClelland found that people with a
high need for achievement perform better than those with a
moderate or low need for achievement, and noted regional/ national
differences in achievement motivation.

b. Need for Power: The need for power is concerned with making
an impact on others, the desire to influence others, the urge to
change people, and the desire to make a difference in life. People
with a high need for power are people who like to be in control of
people and events

c. Need for Affiliation: The need form affiliation is defined as a

desire to establish and maintain friendly and warm relations with
other people.

*Summary chart of three need theories of motivation just discussed.

The chart shows the parallel relationship between the need s in each
of the theories. Maslow’s refers to higher-lower order needs, whereas
Herzberg refers to motivation and hygiene factor.

19
B. THEORIES BASED ON HUMAN NATURE

1. McGregor’s Participation Theory

Douglas McGregor formulated two distinct views of human being
based on participation of workers. The first basically negative,
labeled Theory X, and the other basically positive, labeled Theory
Y.
Theory X is based on the following assumptions:
i. People are by nature indolent. That is, they like to work as
little as possible.

ii. People lack ambition, dislike responsibility, and prefer to be

directed by others.

iii. People are inherently self-centered and indifferent to

organizational needs and goals.

iv. People are generally gullible and not very sharp and bright

20
Theory Y based on following assumes that:
i. People are not by nature passive or resistant to
organizational goals.
ii. Thy want to assume responsibility.
iii. Thy want their organization to succeed.
iv. People are capable of directing their own behavior.
v. They have need for achievement.
McGregor tried to dramatize through his theory X and Y is to outline
the extremes to draw the fencing within which the organizational
man is usually seen to behave. The fact remains that no
organizational man would actually belong either to theory X or theory
Y. In reality, he/she shares the traits of both. What actually happens
is that man swings from one set or properties to the other with
changes in his mood and motives in changing environment.

2. Urwick’s Theory Z
Much after the propositions of theories X and Y by McGregor, the
three theorists- Urwick, Rangnekar, and Ouchi-propounded the third
theory labeled as Z theory. The two propositions in Urwicks’s theory
are that:
i. Each individual should know the organizational goals
precisely and the amount of contribution through his effort
towards these goals.

ii. Each individual should also know that the relation of

organizational goals is going to satisfy his/her needs
positively.
In Urwick’s view, the above to make people ready to behave
positively to accomplish both organizational and individual goals

However, Ouchi’s Theory Z has attracted the lot of attention of

management practitioners as well as researchers. It must be noted
that Z does not stand for anything, is merely the last alphabet in the
English Language.
Theory Z based on following four postulates:
i. Strong Bond between Organization and Employees

ii. Employee Participation and Involvement

iii. No Formal Organization Structure

iv. Human Resource Development

21
Ouchi’s Theory Z represents the adoption of Japanese management
practices [Group decision making, social cohesion, job security,
holistic concern for employees, etc.] by the American Companies. In
India, Maruti-Suzuki, Hero-Honda, etc apply the postulates of theory
Z.

3. Argyris Theory
Argyris has developed his motivation theory based on proposition
how management practices affect the individual behavior and
growth. In his view, the seven changes taking place in an individual
personality make him/her a mature one. In other words, personality
of individual develops from immaturity to maturity as follows:

Immaturity Maturity
Passivity Activity
Dependence Independence
Capable of behaving in a Capable of behaving in
few ways many ways
Shallow interest Deep interest
Short-term perspective Long-term perspective
Subordinate position Super ordinate position
Lack of self-awareness Self-awareness and
control
Argyris views that immaturity exists n individuals mainly because of
organizational setting and management practices such as task
specialization, chain of command, unity of direction, and span of
management. In order to make individuals grow mature, he proposes
gradual shift from the existing pyramidal organization structure to
humanistic system; from existing management system to the more
flexible and participative management. He states that such situation
will satisfy not only their physiological and safety needs, but also will
motivate them to make ready to make more use of their
physiological and safety needs. But also will motivate them to make
ready to make more use of their potential in accomplishing
organizational goals.

22
C. THEORIES BASED ON EXPECTENCY OF HUMAN BEING
1. Vroom’s Expectancy Theory
One of the most widely accepted explanations of motivation is
offered by Victor Vroom in his Expectancy Theory. It is a cognitive
process theory of motivation. The theory is founded on the basic
notions that people will be motivated to exert a high level of effort
when they believe there are relationships between the effort they put
forth, the performance they achieve, and the outcomes/rewards they
receive.

Thus, the key constructs in the expectancy theory of motivation are:

i. Valence: Valence, according to Vroom, means the value or
strength one places on a particular outcome or reward.

ii. Expectancy: It relates efforts to performance.

iii. Instrumentality: By instrumentality, Vroom means, the

belief that performance is related to rewards.
The Vroom’s motivation can also be expressed in the form of an
equation as follows:
Motivation = Valence × Expectancy ×
Instrumentality
Being the model multiplicative in nature, all the three variables must
have high positive values to imply motivated performance choice. If
any one of the variables approaches to zero level, the possibility of
the so motivated performance also touches zero level.

23
However, Vroom’s expectancy theory has its critics. The important
ones are:
i. Critics like Porter and Lawler labeled it as a theory of cognitive
hedonism which proposes that individual cognitively chooses the
course of action that leads to the greatest degree of pleasure or
the smallest degree of pain.

ii. The assumption that people are rational and calculating makes the
theory idealistic.

iii. The expectancy theory does not describe individual and situational
differences.
But the valence or value people place on various rewards varies. For
example, one employee prefers salary to benefits, whereas another
person prefers to just the reverse. The valence for the same reward
varies from situation to situation.
In spite of all these critics, the greatest point in the expectancy
theory is that it explains why a significant segment of workforce
exerts low level of efforts in carrying out job responsibilities.

2. Porter and Lawler’s Expectancy Theory

Porter and Lawler’s theory is an improvement over Vroom’s
expectancy theory. They posit that motivation does not equal
satisfaction or performance. The model suggested by them
encounters some of the simplistic traditional assumptions made
about the positive relationship between satisfaction and
performance. They proposed a multi-variate model to explain the
complex relationship that exists between satisfaction and
performance. What is the main point in Porter and Lawler’s model is
that effort or motivation does not lead directly to performance. It is,
in fact, mediated by abilities and traits and by role perceptions.
Ultimately, performance leads to satisfaction.
There are three main elements in this model. Briefly explained as
follows,
i. Effort: Effort refers to the amount of energy an employee
exerts on a given task. How much effort an employee will put in
a task is determined by two factors [1] Value of reward and [2]
Perception of effort-reward probability.

ii. Performance: One’s effort leads to his/her performance. Both

may be equal or may not be. However, the amount of
performance is determined by the amount of labor and the

24
 ability and role perception of the employee. Thus, if an
employee possesses less ability and / or makes wrong role
perception, his/her performance may be low in spite of his
putting in great efforts.

iii. Satisfaction: Performance leads to satisfaction. The level of

satisfaction depends upon the amount of rewards one achieves.
If the amount of actual rewards meet or exceed perceived
equitable rewards, the employee will feel satisfied. On the

country, if actual rewards fall short of perceived ones, he/she

will be dissatisfied.

Rewards may be of two kind- intrinsic and extrinsic rewards.

Examples of intrinsic rewards are such as sense of accomplishment
and self-actualization. As regards extrinsic rewards, these may
include working conditions and status. A fair degree of research
support that the intrinsic rewards are much more likely to produce
attitudes about satisfaction that are related to performance
There is no denying of the fact that the motivation model proposed
by Porter and Lawler is quite complex than other model of
motivation. In fact, motivation itself is not a simple cause-effect
relationship rather it is a complex phenomenon. Porter and Lawler
have attempted to measure variables such as the values of possible
rewards, the perception of effort-reward probabilities, and role
perceptions in deriving satisfaction. They recommended that the
managers should carefully reassess their reward system and

25
structure. The effort-performance-reward-satisfaction should be
made integral to the entire system of managing men in organization

3.3 THEORIES USED IN INSURANCE SECTOR

1. Maslow’s Need Hierarchy Theory
2. Herzberg’s Motivation Hygiene Theory
3. McClelland Need Theory
4. McGregor’s Participation Theory
5. Porter and Lawler’s Expectancy Theory
6. Vroom’s Expectancy Theory

CHAPTER 4
Theories in Bharti-axa

4.1 McClelland NEED THEORY USED IN BHARTI-

AXA FOR MOTIVATION
Management believed that needs are learned or acquired by the
kinds of events people experienced in their environment and culture.
They found people who acquire a particular need behave differently
from those who do not have. This theory focuses on Murray’s three
needs; achievement, power and affiliation.
a. Need for Achievement: Need for achievement is a behavior
directed towards competition with a standard of excellence.
McClelland found that people with a high need for achievement
perform better than those with a moderate or low need for
achievement, and noted regional/ national differences in
achievement motivation. For example offer for higher incentives,
offer for gifts, etc.

26
b. Need for Power: The need for power is concerned with making
an impact on others, the desire to influence others, the urge to
change people, and the desire to make a difference in life. People
with a high need for power are people who like to be in control of
people and events. This results in ultimate satisfaction of man. For
example offer for Promotion.

c. Need for Affiliation: The need form affiliation is defined as a

desire to establish and maintain friendly and warm relations with
other people.

4.2 PERFORMANCE APPRAISALS AS MOTIVATION

Eagle view on performance means appraising the performance;
which could be first stepping stone forward achieving the objective of
company. Performance appraisal is the step where the management
finds out how effective it has been at hiring and placing employees.
Performance appraisal can be either formal or informal. Usage of formal
system schedule regular sessions in which an employee’s performance
is discussed, and informal appraisals are unplanned. But most
organizations use a formal appraisal system.

BENEFITS OF PERFORMANCE APPRAISALS

For the one who is, Appraisal: (by this he can)
 Know how they are working
 Know what is expected of them
 Receive recognition and praise.
 Be hard and respected.
 Receive help and encouragement

Appraiser: (by this he can)

 Improve their communications and relations with staff.
 Full understanding the performance contribution.
 Get to know performer better.
 Have a consistent approach for giving more effective.

The importance of Performance Appraisal:

1. It unifies the appraisal procedure.

27
 2. It provides information, which is useful in making and forming
important decisions.
3. It provides information form of record about rating.
4. It serves to stimulate and guide employee’s development.
5. A periodic and accurate appraisal constraint a supervision to be
alert and competent in his work.

Objectives of Performance Appraisal

Success of an organization depends upon 3p’s product, process and
people. Here people play key role. And some people believe that
human resource have capability to appreciate with time. Hence if
organization wants to ride on the path of success, it must vigil on
performance of its people.

Performance appraisal system is based on psychological behavior of

people which states that people perform for their feelings and
responses and also the performance appraisal plans are designed to
meet the needs of the organization and the individual. The future
oriented performance appraisal is concerned with the identification of
employee’s training on development needs and setting of new
targets.

4.3 EMPLOYEE EMPOWERMENT

Introduction: In simple words, empowerment is giving power .the
word empower means to give the means, ability and authority.
Definition: “Empowerment is any process that provides greater
autonomy through the sharing of relevant information and provision
of control over factors affecting job performance”.
“A participative process that uses the entire capacity of employees
and is designed to encourage increased commitment to the
organization’s successes”.
Approaches to empowerment: The real problem is how to
empower employees. Like other behavioral problems, the
researchers have studied the problem and have suggested five
approaches to empowerment. These are,
1. Helping employees achieve job mastery [Giving proper training,
coaching and guide experience that will result in initial
successes].

28
 2. Allowing more control. [Giving them discretion over job
performance and then holding them accountable for
outcomes].
3. Providing successful role models [Allowing them observe peers
who have already performed successfully on their jobs].
4. Using social reinforcement and persuasion [Giving praise,
encouragement and verbal feedback designed to raise self
confidence].
5. Giving emotional support [Providing reduction of stress and
anxiety through better definition, task assistance and honest
caring].

4.4 BARRIERS TO EMPOWERNENT:

Of the several barriers to effective empowerment, the important ones
are as follows,
 Some sort of organizational culture is found incongruent with
the concept of employees’ empowerment. In these
organizations the management philosophy is molded by the
whims and fancies of the CEO. These CEOs are hardly
enlightened with education but enriched by wealth. As such
they follow dictatorship and run the administration with an iron
hand.
 There are organizations where employees have no inclination
towards the concept of empowerment
 Some employees may have fear in their minds that they will be
punished if they will take initiative in the matter of
empowerment.
 Employees who are either under prolonged autocratic
leadership or possessing external locus of control, with the
security of having some one to tell them what to do and when
to do, they will therefore resist empowerment.
 The superior who are power hungry never would like to part
their authority with subordinate.

29
4.5 CUSTOMER RELATIONSHIP [CR]
Meaning: It is a strategy used to learn more about customers' needs
and behaviors in order to develop stronger relationships with them.
Good customer relationships are at the heart of business success.CR
is an integrated information system that is used to plan, schedule
and control the presales and postsales activities in an organization.
CR embraces all aspects of dealing with prospects and customers,
including the call center, sales force, marketing, technical support
and field service. The primary goal of CR is to improve long-term
growth and profitability through a better understanding of customer
behavior.
CR is both a business strategy and a set of discrete software tools
and technologies, with the goal of reducing costs, increasing
revenue, identifying new opportunities and channels for expansion,
and improving customer value, satisfaction, profitability, and
retention.
There are three parts of application architecture of CR.
1. Operational CR: Operational CR means supporting the so-
called "front office" business processes, which include customer
contact (sales, marketing and service).
2. Analytical CR: In analytical CR, data gathered within
operational CR are analyzed to segment customers or to
identify cross- and up-selling potential.
3. Collaborative CR: Collaborative CR facilitates interactions
with customers through all channels (personal, letter, fax,
phone, web, e-mail) and supports co-ordination of employee
teams and channels.
Advantages of CR:
• Understanding the value of a particular customer during
their entire life cycle
• Consistent structured and complete customer
information, customer identification
• Greater emphasis on customer retention through loyalty-
building programmes
• Planning product cross-marketing strategies
• Measuring marketing campaigns and sales activities
impact
• Optimizing, automation and control of marketing, sales
and service processes
• Rationalization of operations saving time and money

30
 CHAPTER 5
Data analysis and interpretation
5.1 DATA ANALYSIS
The following observations are done on the basis of responses got
from all employees. The questionnaire provided to employees is
given in Chapter 10 ANNEXTURE.
1. Respondent by age.

Objective: To know different motivational theories to be used on

different age group of employees, because same motivational
technique can not motivate all employees varying in age group.

Sr. No. Age Group Respondent Percentage

1 15-25 9 18 %

2 25-35 29 58 %

3 35-45 10 20 %

4 45 and above 2 4%

Total 50 100%

Graphical Representation:

Conclusion: Maximum employee belongs to 25-35 age group as

they are highly job oriented so this age group needs maximum
motivation to improve their performance.

2. Respondent by Date of Joining.

31
Objective: To know the experience and stability of employee in
Bharti AXA Life Insurance, Nagpur.

Sr. No Date of joining Respondents Percentage

1 2008-2009 40 80 %

2 2007-2008 10 20 %

3 2007 and before 0 0%

Total 50 100%

Graphical Representation:

Conclusion: With this graph we get to know that maximum

employee joined Bharti-AXA Nagpur branch in the year of 2008 –
2009.

3. Respondent by Department.

32
Objective: To know number of employees working in different
department, so that we could get to know motivational hierarchy
used in Bharti AXA Life insurance, Nagpur.

Sr. No Department Responde Percentag

nts e

1 HRM 1 2%

2 Operation 2 4%

3 Sales 47 94 %

Total 50 100%

Graphical Representation:

Conclusion: According to above graph 94% employees are working in

sales department and 4% in operational level and left 2% in HR
department.

33
4. How do employees feel about company?

Objective: To know what an employee feels as an employee about

company which will decide job satisfaction and affiliation of
employees.

Sr. Response Responde Percentag

No nts e

1 They feel safe, valued and taken 50 100 %

care off

2 Taken advantage, dispensable 0 0%

and invisible

Total 50 100%

Graphical Representation:

Conclusion: Employees feel that they are safe, valued and taken
care off by there company.

34
5. Are you free to find your own solutions?

Objective: To know whether employees have freedom to solve their

problem by themselves or not, which will decide the empowerment
techniques used by the company because empowering authority and
responsibility is also one kind of motivation technique.

Sr. No Response Responde Percentage

nts

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: All employees have freedom to solve their small

problem with their own relevant ideas.

35
6. Where you found yourself after one year?

Objective: To know future planning of employee with the company,

this will determine their determination toward their job and life. This
will be evaluated by their present performance.

Sr. No Response Respondents Percentage

1 Promoter 50 100 %

2 Constant 0 0%

Total 50 100%

Graphical Representation:

Conclusion: In this graph we can see that all employees want to be

promoted after a year that shows their positive attitude towards their
work.

36
7. Do you know your performance appraisal?

Objective: To know the awareness of an employee towards his

performance appraisals, this will determine his attitude towards his
achievement.

Sr. No Respon Respond Percenta

se ents ge

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: This graph shows that all employees know about

awards which are given to them on their performance which makes
their performance more batter.

37
8. Does employee [you] feel empowered?

Objective: To know whether employees have any rights to take

different decision at their level or the decisions are only compiled.
This will determine freedom of work towards his job.

Sr. No Response Respondents Percentage

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: In this figure we can see that employees know the

importance of power and wanted to be empowered.

38
9. Are you satisfied with your work load?
Objective: To know whether employees are satisfied with the work
load they have, which will determine their attitude towards work.

Sr. No Responses Respondents Percentage

1 Yes 40 80 %

2 No 10 20 %

Total 50 100%

Graphical Representation:

Conclusion: 80% employees are satisfied with their work and 20%
are unsatisfied they feel over workload.

39
10. What motivates you most?

Objective: This will determine how an employee can be motivated

more so as to make his work done effectively. This will also tells
about expectation of employee from his job.

Sr. No Response Respondents Percentage

1 Performance 15 30 %

2 Job Satisfaction 5 10 %

3 Financial 30 60 %
Rewards

Total 50 100%

Graphical Representation:

Conclusion: In this graph as we can see employees feel that

financial reward give them max motivation as 30% of them feel that
performance motivate them more but 60% employees feel that
financial reward motivate them more and 10% of them think that job
satisfaction motivates them more than anything else.

40
11. Do you know what is expected from you and are you fulfilling it?

Objective: This will tell about whether an employee know what is

expected from him and fulfilling it or not, this will explains about job
performance and job satisfaction of individuals.

Sr. No Department Respondents Percentage

1 Yes 45 90 %

2 No 5 10 %

Total 50 100%

Graphical Representation:

Conclusion: With this graph we get to know that maximum

employees know what is expected from them and they are properly
fulfilling it, but some of them are unable to fulfill the expected
requirement.

41
12. Do you have proper materials and equipment you need to do
work right?

Objective: To know whether an employee is satisfied with the

material and equipment provided for work.

Sr. No Response Respondents Percentage

1 Yes 50 100 %

2 No 0 0 %

Total 50 100%

Graphical Representation:

Conclusion: This graph shows that employees are provided with

requisite material and equipment needed to fulfill the assigned task
with positive motivation.

42
13. At work do you have the opportunity to do what you can do best
every day?

Objective: To know about the empowerment, delegation of authority

and responsibility from superior to subordinate.

Sr. No Response Respondents Percentage

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: This graph indicates that the employees are satisfied

with delegation of authority and power to solder the responsibility for
high degree of task accomplishment.

43
14. Do you give your opinion and it seems to be counted?

Objective: To know about is there any importance to the opinion

and suggestions of subordinates.

Sr. No Response Respondents Percentage

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: In this graph we can see that employees give required

set of opinion and maximum time it is taken into consideration.

44
15. The thing which demoralize you?

Objective: To know about the reasons due to which employee gets

demoralize.

Sr. Response Respondents Percentage

No

1 Work Load 20 40 %

2 Working 5 10 %
Environment

3 Competition in 25 50 %
Market

Total 50 100%

Graphical Representation:

Conclusion: Here 40% of the employees feel that over work load
demoralize them but 50% of them think that competition in market
and 10% of employees feel that working environment demoralize
them.

45
16. Comment of satisfaction level for each of the following as highly
satisfied, satisfied and dissatisfied.

Objective: To get the knowledge of satisfaction level of employees

belonging to following categories.

Sr. No Response Respondents Percenta

ge
L 0 0

1 Work environment M 5 10 %

H 45 90 %

50 100 %

L 0 0

2 Working hours M 20 40 %

H 30 60 %

50 100 %

L 5 10 %

3 Work load M 15 30 %

H 30 60 %

50 100 %

L 5 10 %

4 Nature and concept of load M 20 40 %

H 25 50 %

50 100 %

L 5 10 %

5 Availability of technology, M 10 20 %
equipment and
H 35 70 %
infrastructure

Total 50 100

46
Graphical Representation:

Conclusion: On the basis of satisfaction level 90% of employees feel

that the working environment is highly satisfactory and 10% think
that its medium.60% of employees feel that the working hours are
highly satisfied but 40% think its medium. 60%of employees feel that
they are satisfied with their work load. 30% think medium and 10%
are dissatisfied. 50% of them are highly satisfied with nature and
concept of work but 40% feel it’s satisfying and 10% feel that it is
dissatisfying.

47
17. In the last one year have you had any opportunity at work to
grow and learn?

Objective: To know about how many employees got promoted to the

next level which will explain about performance appraisal programs
of the company.

Sr. Response Respondents Percentage

No
1 Yes 45 90 %

2 No 5 10 %

3 Not Applicable 0 0%

Total 50 100%

Graphical Representation:

Conclusion: 90% of employees said that they got the opportunity at

work to grow and learn but 10% of them said they are not able to get
any such opportunity.

48
18. Are your associates committed in doing equality work [Joint
work]?
Objective: This will tell about whether employees are working
together for each other or selfish, whether they take care of their
own work [calls] or help the others [joint calls], this will also tells
about their working nature with colleagues.

Sr. No Response Respondents Percentage

1 Yes 40 80 %

2 No 10 20 %

Total 50 100%

Graphical Representation:

Conclusion: As we can see that 80% employees say that their

associates are committed in doing equality work but 20% of them
feel that they are undertaken by their co-workers.

49
19. Do you have inter-departmental meetings?
Objective: To know about employees [Management] from different
department does the business communication with each other.

Sr. No Response Respondents Percentage

1 Yes 40 80 %

2 No 10 20 %

Total 50 100%

Graphical Representation:

Conclusion: 80% employees said that some of the departments do

have interdepartmental meetings but 20 % say that they don’t have
any such meetings.

50
20. Do you find lack of communication between you and your
superiors?

Objective: To know whether there is communication gap between

superior and subordinates.

Sr. No Response Respondents Percentage

1 Yes 40 80 %

2 No 10 20 %

Total 50 100%

Graphical Representation:

Conclusion: 20% employees feel lack of communication between

them and superiors and 80% of them say that they do not have any
such problem.

51
21. Do you have regular seminar workshops and live projects for
learning and development?

Objective: To know about development programs running in

company are attended by the employees and conducted by higher
level of management or not.

Sr. No Response Respondents Percentage

1 Yes 50 100 %

2 No 0 0%

Total 50 100%

Graphical Representation:

Conclusion: Yes they have regular seminar workshops and live

projects for learning and development.

52
22. What determines yours moral?

Objective: To know the reason which represents the employee’s

moral towards achievement.

Sr. Response Responde Percentag

No nts e
1 Feeling of Togetherness 0 0%
2 Need for a clear goal or objective 5 10 %
to be achieved
3 Supportive and simulative 25 50 %
leadership
4 Expectation of Success towards 20 40 %
to attainment of goal
Total 50 100%

Graphical Representation:

Conclusion: Feelings that determine employee’s moral are as 50%

feel that supportive and simulative leadership improve their moral
but 40% of them think that expectations to success towards
attainment of the goal affect their moral and 10% think that need for
a clear goal or objective to be achieved motivates their moral.

53
23. Which kind of rewards can motivate you more?

Objective: To know what motivate them more monetary or non

monetary

Sr. Response Respondents Percentage

No
1 Money 20 40 %

2 Promotion 25 50 %

3 Tours with family 0 0%

4 Gift voucher 5 10 %

Total 50 100%

Graphical Representation:

Conclusion: 50% employees feel that promotion motivate them a lot

but 40% of them think that money motivates them more and 10 %
employees get motivated more when they get gift vouchers.

54
24. Can you rate the effectiveness of the performance appraisal
system in providing you with clear agreed training and development?

Objective: To know about whether an employee is satisfied with

performance appraisals schemes used by the company to their
betterment.

Sr. No Response Respondents Percentage

1 Highly satisfied 30 60 %

2 Satisfied 20 40 %

3 Dissatisfied 0 0%

Total 50 100%

Graphical Representation:

Conclusion: 60% employees are highly satisfied with their

performance appraisals whereas 40%of them are just satisfied and
say that it should be more transparent.

55
25. What is the need of motivating employees in an organization,
from the point of view of employee?

Objective: To know, why the motivation is important from the point

of view of employee.

Sr. Response Respondents Percentage

No
1 Psychological Need 5 10 %

2 Self Actualization Need 0 0%

3 Esteem Need 5 10 %

4 To Increase Productivity 40 80 %

Total 50 100%

Graphical Representation:

Conclusion: The need of motivating employees in an organization is

important to manifold the productivity of the organization which
intern will benefit the employees too.

56
26. Think of a person, in the past, did an excellent job of motivating
you. Which of the following approaches did they use?

Objective: To know motivating techniques used on an individual by

their superior during his/her training sessions.

Sr. Response Responde Percenta

No nts ge

1 ERG(Expectation Readiness & 20 40 %

Growth) Needs

2 Lower - order or higher order 0 0%

needs

3 Behavioral modifications 10 20 %

4 Motivational or maintenance 20 40 %
factor

Total 50 100%

Graphical Representation:

Conclusion: 40% employees feel that their superiors have used ERG
approach where as the equal numbers of them feel that their

57
superiors have used motivational or maintenance factors but 20%
feel that behavioral modification motivated those most.

CHAPTER 6
Training concept
6.1 INSURANCE
Every asset has value. Insurance is to protect economic value of
assets. The assets would have been created through the efforts of
the owner, in the expectation that through the income generate,
some of its need would be met. The asset is valuable to the owner,
because it meets some of his needs. The benefit may be an income
or some other form. In case of the business, the production is sold
and income is generated. In the case of vehicle, it provides comfort
and convenience in transportation. There is no direct income. There
is a normally expected life time for the asset during which time it is
expected to perform. The owner, aware of this, can so manage his
affairs that by the end of that life time, a substitute is made available
to ensure that the value or income is not lost. However, if the asset
gets lost earlier, being destroyed or made non-functional, through an
accident or other unfortunate event, the owner and those deriving
benefits suffer. Insurance is a mechanism that helps to reduce
adverse consequences.

PURPOSE AND NEED OF INSURANCE: Assets are insured, because

they are likely to be destroyed or made non-functional before the
expected life time, through accidental occurrences. Such possible
occurrences are called perils. Fire, floods, breakdowns, lightning,
earthquakes, etc are perils. If such perils can cause damage to the
asset, we say that the asset is exposed to that risk. Perils are the
events. Risks are the consequential loses or damages. The risk to an
owner of building, because of the peril of an earthquake, may be a
few lakhs or a few crores of rupees, depending on the cost of the
building, the contents in it and the extent of damage.

6.2 SHARE MARKET

EQUITY MARKET: The market in which shares are issued and
traded, either through exchanges or over-the-counter markets. Also
known as the stock market, it is one of the most vital areas of a
market economy because it gives companies access to capital and

58
investors a slice of ownership in a company with the potential to
realize gains based on its future performance.

Bombay Stock Exchange (BSE):-

The Bombay stock exchange is the oldest stock market of India.
“Sensex” stands for sensitive index. It was created in 1978-79 with a
base value of 100. It comprises of thirty stocks of leading Indians
companies and it is well diversified with representation of almost 18
sectors of the economy like Banking, Information Technology,
Cement, Autos, Manufacturing, Capital goods, etc. The sensex is
revised from time to time to incorporate companies belonging to
emerging sectors of the economy. The movement in sensex values
on working days is computed on a real time basis.

National Stock Exchange (NSE):-

Nifty is the stock market index of National Stock of Exchange.
It comprises the stocks of 50 of the largest and the most liquid
companies from about 25 sectors in India. It was introduced in 1995
keeping in mind that it would be used for modern applications such
as index fund and index derivatives, besides reflecting the stock
market behavior. NSE maintains it till July 1998 and subsequently it
has been managed by IISL (India Index Services and Products Ltd.)
NSE is one of the first de-metalized stock exchanges in the country,
where the ownership and management of the exchange is completely
divorced from the right to trade on it.

Securities and Exchange Board of India [SEBI]

The central government has constituted a board by the name
of the SEBI under section 3 of SEBI Act, 1992 to established SEBI with
statutory powers for:
A) Promoting the interest of the investors in securities.
B) Promoting the development market, and
C) Regulating the securities market.
The head office of SEBI is in Mumbai. Its regulatory jurisdictions
extends over companies listed on stock exchange , and companies
intending to get their securities listed on any recognized stock
exchange issuance of securities and transfer of securities, in addition
to all intermediaries and persons associated with the securities
market.

6.3 MUTUAL FUND

A mutual fund is a pool of money, which is collected from many
investors and is invested by an asset management company to

59
achieve some common objective of the investors. Thus mutual fund is
collective investment process. An asset management company [AMC]
collects many investors’ money. It invests this money in various
securities to generate returns for the investor. Investors get the net
returns after deducting the related expenses.

60
 CHAPTER 7
Findings
7.1 FINDINGS
1. Bharti Axa uses McClelland need theory of motivation to motivate
employee.

2. They have satisfactorily implemented McClelland need theory of

motivation.

3. According to employee motivation is used to improve productivity.

4. All employees are satisfied with their work load.

5. Everybody feel that they have freedom to work as they like and
their suggestions are seems to be counted.

6. Maximum employees get de-motivated due to heavy competition

in market.

7. Everybody have an equal opportunity to grow as all employees

are committed to their work.

8. There is very less communication gap exist between superior and

subordinates due to non-performing subordinates.

9. All employees are aware about their performance appraisals, they

all feel empowered and maximum employees are satisfied with their
work load.

7.2 COMPETETERS of BHARTI AXA

1. LIC (Life Insurance Corporation)

2. ICICI Prudential life insurance.

3. Bajaj Allianze life insurance.

4. SBI life insurance.

5. Aviva life insurance.

6. Tata aig life insurance.

7. Reliance life insurance.

8. Kotak dynamic life insurance.

9. Birla individual life insurance.

61
10. Max New York life insurance.

62
 CHAPTER 8
Suggestions AND Conclusion
8.1 SUGGESTIONS
1. Number of Branches should be increased covering a wider area
in various states.

2. A wide publicity to be given about the organization and its

products through
various means of communications.

3. More number of training and educational programmes should

be included in working.

4. Developing a learning culture through continuous learning

process.

8.2 CONCLUSIONS
The general techniques of motivation to motivate employees
are based on Human Needs, Human Nature and Expectancy of
Human Being. The Human Need theory consists of Maslow’s Need
Hierarchy Theory, Herzberg’s Motivation Hygiene Theory, and
McClelland Need Theory. Theories depending of Human Nature
consist of McGregor’s Participation Theory, Urwick’s Theory Z and
Argyris’s Theory. And theories depending of Human Being consist of
Porter and Lawler’s Expectancy Theory, Vroom’s Expectancy Theory.
Amongst these motivational theories insurance sector uses following
theories Maslow’s Need Hierarchy Theory, Herzberg’s Motivation
Hygiene Theory, McClelland Need Theory, McGregor’s Participation
Theory, Porter and Lawler’s Expectancy Theory, Vroom’s Expectancy
Theory. From these motivational theories Bharti-AXA uses only
McClelland Need Theory which is further categorized as Need for
Achievement, Need for Power and Need for Affiliation.

During out SIP period of two months with Bharti AXA, it is learnt that
the company is a world of good as compared with other competitors
available in the market for a considerable period of time. However it
is noted that the Bharti-AXA can grow manifold in the years to come
if it adopts the points mentioned under the heading of suggestion of
this project report.

63
64
 CHAPTER 9
Bibliography
9.1 BIBLIOGRAPHY

SR. REFERENCE
NO.

1 Career Adviser Program Work Book

- Bharti-Axa Life Insurance

2 Human Resource Management[Text and Cases]

- S. S. KHANKA [S. Chand]

3 Life Insurance [New Syllabus]

S. Balachandran

4 Mutual Fund
Akhilesh [HABSG Consulting]

5 Internet

65
 CHAPTER 10
Annexure
“MOTIVATIONAL THEORIES USED IN INSURANCE
SECTOR”
BHARTI AXA LIFE INSURANCE, NAGPUR

STAFF QUESTIONNAIR
Name: _______________________ DOB: ___________ Designation:
____________
Address: -
______________________________________________________________
Educational Qualification: ________________________ Marital Status:
__________
Department: ___________________________________ Date of Joining:
_________

1. How do employees feel about company?

a. They feel safe, loyal, valued and taken care off
b. Taken advantage, dispensable and invisible
2. Are you free to find your own solutions? [Yes
/ No]
3. Where you found yourself after one year?
a. Promoter
b. Constant
4. Do you know your performance appraisal?
[Yes / No]
5. Does employee [you] feel empowered? [Yes
/ No]
6. Are you satisfied with your work load? [Yes
/ No]
7. What motivates you most?
a. Performance
b. Job Satisfaction
c. Financial Rewards

66
8. Do you know what is expected from you and are you fulfilling it.
[Yes/No]

9. Do you have proper materials and equipment you need to do

work right?
[Yes /
No]
10. At work do you have the opportunity to do what you can do
best every day?
[Yes / No]

11. Do you give your opinion and it seems to be counted?

[Yes / No]
12. The thing which demoralize you.
a. Work load
b. Working Environment
c. Competition in market
13. Comment of satisfaction level for each of the following as
highly satisfied, satisfied and dissatisfied.
a. Work environment [low, medium,
high]
b. Working hours [low, medium, high]
c. Work load [low, medium, high]
d. Nature and concept of load [low, medium,
high]
e. Availability of technology, equipment and infrastructure
[low, medium,
high]
14. In the last year have you had any opportunity at work to grow
and learn? [Yes / No / NA]
15. Are your associate are committed in doing equality work
(Joint work)? [Yes
/ No]
16. Do you have inter-departmental meetings? [Yes
/ No]
17. Do you find lack of communication between you and your
superiors? [Yes / No]
18. Do you have regular seminar workshops and live projects
for learning and development? [Yes
/ No]

67
19. Did you have any promotion till the date from the joining of
organization? [Yes / No]
20. What determines yours moral?
a. Feeling of togetherness
b. Need for a clear goal or objective to be achieved
c. Supportive and simulative leadership
d. Expectation of success towards to attainment of the goal
21. In motivation which kind of rewards can motivate you?
a. Money
b. Promotion
c. Tours with family
d. Gift voucher
22. Can you rate the effectiveness of the performance
appraisal system in providing you with clear agreed training
and development?
a. Highly satisfied
b. Satisfied
c. Dissatisfied

23. What is the need of motivating employees in an

organization? From the point of view of employees?
a. Psychological needs
b. Self actualization need
c. Esteem need
d. To increase the productivity

24. Think of a person, in the past, did an excellent job of

motivating you. Which of the following approaches did they
use?
a. ERG (Expectation Readiness and Growth) Needs
b. Lower - order or higher order needs
c. Behavioral modifications
d. Motivational or maintenance factor

*******

68