“INSURANCE SECTOR- the opportunities and challenges!” – talk at VJIM, Hyderabad for budding managers of tomorrow

5^TH February 2016, Hyderabad: 

The institute-industry interaction sessions are very common in the ecosystem of Vignana Jyothi Institute of Management, Hyderabad. On 5^thFebruary, 2016, Mr. P Naresh Kumar, Cluster Manager- Sales training, PNB MetLife India Insurance Co. Ltd. graced the week’s interaction session.

Mr. Naresh started the session by decoding the real meaning of “insurance”. The word “Insurance” is often perceived as a policy meant for “life”. Whereas“Insurance” is a policy in which an individual receives financial protection. Insurance can provide protection for an individual, his assets and his business. The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and remaining 29 are non-life insurers.

For insurance we need mainly financial planning determining an individual’s financial goals, purpose in life and life’s priorities, considering his/her resources, risk profile and current lifestyle, and detailing a balanced and realistic plan to meet the goals. The scope of planning would usually include 1.Risk Management and Insurance Planning, 2.Investment and Planning Issues, 3.Retirement Planning, 4. Tax Planning and Estate Planning, 5.Cash Flow and Liability Management, 6.Relationship Management and Education planning for Kids and the Family members.Why financial planning? To control inflation- cost of education/medical increasing exponentially, rising life expectancy, appropriate allocation, and protect lifestyle of family.

Net worth is the difference between the totals of your assets and liabilities. Determining the net worth is the first step in financial planning.

Cash flow plans are commonly used by business houses. Without a viable cash flow plan, a company could easily spend more than its revenue, putting it in peril. Unfortunately, most of us do not realize that a cash flow plan is important for even students. The principles that apply to corporate finance and to our personal lives are largely the same.

Budgeting is a process of tracking, planning, controlling inflow and outflow of income. Budgeting is important for insurance planning. Making personal budget is very easy and important too. In order to have the personal budget sorted, one needs to cultivate the habit of collecting bills, receipts and other documents which will help one monitor ones spending for the month.

Goal setting is deciding the end point of an individual’s planning exercise- determining where one aspires to be. “The more tangible the goals, the easier it is to plan toward their realization. Always ensure that your goals are S.M.A.R.T.,” says Mr. Naresh. “SMART- Specific Measurable Actionable Realistic Time bound.”

Specify your goal, the goal should be measurable, actionable. It should be realistic in nature and the most important thing is and should be complete within the time bound.

Thus the session on INSURANCE was finished with useful information about the insurance sectors.

J Lakshmi Sowjanya

PGDM,

PR Committee

VJIM

Choose the correct B-school for your career in Human Resources

MBA colleges in Hyderabad

Vignana Jyothi Institute of Management (VJIM), Hyderabad is one of the top MBA colleges in Hyderabad, ranked as 59th Best B-School on All India basis and No.1 in Telangana State by MBA Universe. The school has also been located as the 46th “Best B-School All Over India” in the Private B-School Category by Business World, the leading business magazine. VJIM offers Post graduate diploma in human resource management. The core subjects offered are-

• Organisational Behaviour
• Human Resources Management

And the electives offered are-

• Learning and Development
• Talent Acquisition
• Labour Laws
• Performance Management Systems
• Organisation Development
• Employee Relationship Management
• Competency Based HRM
• Strategic HRM
• Compensation Management
• Global HRM

People management is not the same, that it was a few years ago, it is in the process of tremendous change as employees have become the biggest asset for any organization. Their performance and attitude can result in the success or failure of your business. With different HR policies being introduced for the welfare of employees, the managers are applying a mix of old school approach and modern approach in managing their valuable employees. A HR manager is required to lead, motivate, train, inspire and encourage its employees.

VJIM’s programme is designed to put special focus on-

Human Resource Management

     ·         Making the students aware of Indian labour laws and practices.

     

    ·         Training them to focus on both hiring the right people and then getting the most out of these people.

   ·         As the world has become a single market place as an outcome of globalization, so the programme focuses on global human resource management.

                

   ·         Preparing the students from the beginning to be capable of responding effectively to management issues.

                       

   ·         The students are also trained on compensation, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration and training.

People management is the most challenging profession; hence it requires one to choose the best B-School as it is the first step to ensure success. The HR department of VJIM organizes many mock plays on real life HR issues that employees face in an organization and the students enact it and try solving the situation in their own way, the faculty members guide them after the process by providing them with valuable suggestions and the best one gets awarded, and it is part of the curriculum. One of VJIM’s HR faculties Ms. Poonam Jindal is a member of the esteemed organization like Ministry of Human Resource Development (MHRD) and is University Grants Commission National Eligibility Test bureau (UGCNET) qualified, hence keeping the students industry updated. VJIM’s curriculum is one of the best in India for Post graduate diploma inhuman resource management. Starting from its curriculum to its faculty members, it offers the best and ensures the stepping stone to success for its students.

VJIM, Hyderabad ranks 46th amongst Top Private B Schools in India, in the latest Businessworld Survey, 2015

Vignana Jyothi Institute of Management (VJIM), Hyderabad has added another feather to its cap on being ranked 46^th amongst Top Private B Schools in India, according to a recent survey by Businessworld. What makes the ranking even more commendable and consolidates the position of the institute is the fact that it has come close on the heels of the recognition it got in the AIMA Business Standard Survey - May 2015. VJIM, Hyderabad was ranked No. 1 in South India and Telangana besides getting Rank A2 amongst the Best B Schools in the country. The much respected and highly anticipated Businessworld rankings go on bolstering its credentials.

These rankings where VJIM Hyderabad left behind other renowned B Schools like Welingkar, Mumbai and New Delhi Institute of Management, have gone on to prove the mettle of the institute on many levels. Of the several factors that have been considered for the rankings, it has done exceptionally well in certain categories including Competence of Faculty. In fact, the strong faculty team of the institute has been one of its biggest attractions since its inception. More than 23 years of academic experience of the institute has also reflected in other aspects of the rankings.

VJIM, Hyderabad strives to create well-groomed industry professionals and leaders amongst its students. The institute, which has been drawing management hopefuls from over 24 states and 100 cities in the country, has several initiatives including Student Club and Multimedia Communication Club for their overall growth. More than 200 students graduating from the institute are also offered immense industry exposure so that they are ready for the challenges of corporate life. It’s no surprise then that the B School did well in the Industry Interface parameter of the BW rankings; even beating some of the big names ranked above it.

The state of the art infrastructure at VJIM, Hyderabad includes the Learning Resource Centre that has a collection of knowledge resources and innovative information resources. Students are offered a wide range of corporate and economic information in the form of Company annual reports, Pfeiffer & Company collection and Economic Intelligence Service Reports of Centre for Monitoring Indian Economy (CMIE). Thus students are kept abreast with the latest in the industry and are informed about the latest business practices. It makes management graduates from the institute much sought after amongst corporate recruiters.

VJIM, Hyderabad has had a consistent placement record, with more than 100 companies coming to the campus for placements every year. Some of the top rung recruiters at the B School include Asian Paints, Airtel, ICICI Bank, Godrej, Deloitte and Coca Cola. According to PS Ravindran, RHRC, South, HDFC Bank Ltd, "Students of VJIM are adaptable and willing to go the extra mile. Our experience with campus recruits from the B School has been quite positive.” That seems to be the unanimous voice of recruiters, which speaks highly for the institute that has a 1500+ strong alumni list in reputed organizations. Its high score for placement in the BW rankings stand testimony to that.