Mutually Supportive management system at IDBI Fortis life Insurance Company

Limited

1. Infrastructure: Infrastructure pertains to organization structure and patterns of autonomy.

Patterns of autonomy include designations of responsibility and accompanying measurement
methods. IDBI Fortis was formed by the joint venture between three leading financial
conglomerates – India’s premier development and commercial bank, IDBI Bank, one of India’s
leading private sector banks, Federal Bank and Europe’s banking and insurance giant, Fortis,
each of which enjoys a significant status in their respective business segments. In this venture,
IDBI Bank owns 48% equity while Federal Bank and Fortis own 26% equity each . IDBI Fortis is
headed by Mr. G.V. Nageshwara Rao. Since its inception in March 2008, IDBI Fortis is marching
strongly into the Indian Insurance market with 150 branches and having Bancassurance facilities
with IDBI and Federal bank. Its flagship product Wealthsurance is making all heads turn with its
unique benefits of 11 riders combined in a single product.
2. Management Style and culture: Managerial styles can be of 2 types: autocratic style
(external style) and participative style (internal style). Corporate culture consists of shared
values, common perceptions, and common decision premises applied by organizational
participants to the activities and problems of the organization. At IDBI Fortis, the managerial
style is participative in nature. Wealthsurance advisors and their respective managers from
different branches participate to understand and satisfy a potential and existing customer. The
culture at the organization is also very encouraging. The vision statement says that IDBI Fortis
wants to be a leading provider of wealth management, protection and retirement solutions that
meets the needs of our customers and adds value to their lives. For achieving this objective, it
has values like Transparency, Value to customers, Rock solid delivery to promise, Customer
friendly and profit to shareholders impregnated into its management culture. For not achieving
the target set for the Wealthsurance advisors, the management style is constructive and not
punitive. Employees are given motivation by their seniors on how to strike a cord with their
customers and illustrate the benefits of the Wealthsurance plan to its customers.
3. Rewards system: Rewards are the incentives to the value contributions of individuals to the
organization. Incentives can be both tangible and non tangible and include monetary
compensation as well as non- monetary compensation such as organizational purpose, desirable
associations, acceptance, status, increased autonomy, pride of workmanship, and desirable
physical conditions. Informal rewards are stature oriented. These rewards are bestowed upon
the key team members within the informal system. They are usually more intrinsic in nature. At
IDBI Fortis the rewards system plays a major role in motivating employees to attain their goal. In
my SIP days, the company glorified the rewards system and encouraged us to attain our goals.
Programs like Quick Starter king/Queen, Hero March, Super April, Best performer and Best
Project augmented the morale of the interns. Monetary compensation in the form of commission
and non monetary compensation (Stature oriented) like Best performer and Best project really
gave us the drive to work in for the company.
4. Coordination and Integration: coordination was proper between the different functional
groups at IDBI Fortis. The Training and development team and the Sales and Marketing team
regularly coordinated to provide all information’s pertaining to the company and the products to
the students. The company was well integrated on how to approach its customers. Its 3 pronged
strategy to create a personalized plan for its customers helped to integrate the core values of
the company with the working of the Summer Interns.
5. Control: Like every other Insurance company in India, IDBI Fortis was controlled in its
operations by its parent companies and the Insurance Regulatory development authority (IRDA)
externally. Employees in the organization were controlled by Rewards system which was
promotions and a constructive approach was undertaken to identify and help the under-
performers. As Summer Interns, we were also controlled by the level of our performance. The
company fixed a minimum level of business for us which was Rs. 1.5 lacs. As our performance
increased which was selling of more no. of policies, we were given more marks as allocated to
the company guide and exceptional performance wereassured PPO. We were also controlled by
the fact that as we were the brand ambassadors of the company when we came across
customers as so needed to work with the customer adhering to full principles of TCF (treating
customers fairly).