On the 7th October, 2016, the Institute of Management, Nirma University witnessed the Sixth Institute Seminar for the current academic year delivered by Mrs. Varsha Mondkar, Head-HR & Management Services, SBI Life, Mumbai.
The Kaizen Committee organized the lecture series to give the students a feel of the industry perspective of life insurance business. Mrs. Mondkar first elucidated about the operations of any insurance company and went on to explain the HR practices and policies of SBI Life.
She emphasized that the core function of HR remains the same in both public and private sector. Any business needs to balance out its business goals with the requirements of its employees. From her 29 years of experience at SBI, she shares her views on the growing interests towards insurance, attributing it to factors like innovative products and distribution channels, high population and rising per capita income in the country. She also expressed her concern over the fact that only 15% of the total Indian wealth is invested in insurance. This shows the low penetration of the insurance industry; but on the brighter side, it also brings with it a lot of scope for growth.
She then moved on to explain the HR functions practiced at SBI Life. She grouped them into “Hiring and On-boarding, Inspiring, Thanking, Listening, Speaking, Developing and Celebrating.” One of the very interesting HR activities that she shared was that they plant a sapling in their campus to celebrate their employees’ birthdays. This initiative is called “Grow Trees”.