HR Practices and Policies in Insurance Sector

By : Nirmal Sakhrani

Introduction
HRM

is defined as a process for the development of abilities and the attitude of the individuals, leading to personal growth and self actualization which enables the individual to contribute towards organizational objectives. Human resource management is responsible for how people are treated in organizations. Primary purpose of HRM is to make peoples strengths productive and to benefit customers, stockholders and employees. To provide the organization with well trained and well motivated employees. To increase employees job satisfaction and retain the employees for the betterment of the organization.

Objective
1.

Study of the project will help in understanding the practical implications which can be related to the theoretical concepts. Understanding the HR policies which are framed and the guidelines under which employees are supposed to work. The project includes the study of Human Resource Management which is necessary to be understood as it is extremely useful while working in the industry.

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Methodology

Primary data was collected from 3 HR Managers in insurance company with the help of questionnaire. Secondary data was collected in form of 10 research papers. Discussion was made with HR Managers through personal interview.

Inference

In insurance sector, the work is highly driven by the commission so paying monetary rewards or non monetary rewards is one most important function of HRM in insurance sector. The insurance sector faces high attrition rate. Orientation and induction programs are used by insurance companies. Training is provided to new employees on their joining and to old employees according to their needs. Insurance companies improve Knowledge, skills and abilities (KSAs) of employees through HRM. Buddy mentor system is used by insurance companies.

Appraisal is conducted every year by evaluating the performance. 360 degree appraisal is used by all the insurance companies. HRIS/HRMS/SAP modules are installed in the insurance companies and companies do not outsource any human resource functions. Insurance company try to attract and retain the talent. Skills and competencies are developed in employees to have competitive advantage. High incentives are provided to motivate employees towards their work.