LEAD Awards 2018: Interview with Parimal Rathod, Kotak Mahindra Life Insurance Limited

Improving Skills for Business Effectiveness

  Category: Best Use of Classroom and Traditional Training
  LEAD AWARD RANK: 2
 
  Organization: Kotak Mahindra Life Insurance Limited
  Program: Converting Opportunities into Results through Excellence (CORE)
  Program Director: Parimal Rathod
  Visit: http://insurance.kotak.com
 
   
Our editorial team interviewed Parimal Rathod from Kotak Mahindra Life Insurance Limited at the LEAD2018 Awards this past February. Here are some excerpts from the exclusive interview.
 
What is the overall objective of your program?
The overall objective of our ‘CORE’ emerged out of the vision and purpose of the sales channel. Channel’s vision of sustainability, scalability and profitability has defined required competencies for key roles in the channel.
 

These competencies resulted in two-fold objectives of “CORE” program. Primary objective was to impart the knowledge and skill for must-have competencies for business effectiveness. Second objective was skill enhancement to impart the differentiating competencies for career development.

To achieve this, we used a diverse approach of "Informing,” “Demonstrating,"  "Guiding" and facilitating a "Head Start". In ‘Informing’ stage, necessary information were shared with Managing Partners (MP), in ‘Demonstrating’ stage, MPs were oriented with business challenges and processes, in ‘Guiding’ stage, MP present product and business model to their supervisor and in last stage ‘Head Start, they share business plan with their supervisors.

Program curriculum was holistic in nature and uses blended approach and 70-20-10 principles for competency development.

Who do you impact with your program?
Our target audience for “CORE” Classroom and Traditional program MPs who are managing the distributors.
 
MPs are leaders in their respective unit of distributors. Their role is to recruit, engage and manage distributors to achieve business results. They have experience in life insurance and sales.
 
In this program, MPs get completely aligned with the business model and also equipped with the necessary skillset to recruit and manage the APs. The program is so robust that even if an employee is not familiar to the business or the model, by the end of the program he/she is fully ready to perform. This program is also backed by a strong on-boarding process that helps in managing the early attrition due to improper orientation and hand holding.
 
What are the lessons you’ve learned this year from facilitating your program?
Three most important lessons that I learnt from facilitating this program.
 
First, MPs are first level leaders of the sales channel. They should not only be well-versed with the business but also focussed on developing and motivating distributors to perform consistently. MP’s knowledge of business model and processes will help their distributors to start producing earlier than expected.
 
Secondly, they should know how to impact and influence their distributors as they do not have direct authority over them. MP should lead the team of distributors by demonstrating the business processes and guiding to overcome challenges faced.
 
And last but not the least; they must learn to manage large team of distributors without losing the focus of business. MP should excel in managing large team distributors without affecting their performance.
 
How do you measure the return on investment and success of the program?
MPs are vital link between company and distributors. Therefore, success of the program depends on the MP’s managing capability of large team and achieving the excellence in distribution. We measure the success of the program through two ways.
 
First one is learning effectiveness evaluation which was measured at reaction, knowledge transfer, and performance improvement. This evaluation provides us the knowledge and skill transfer in MPs.
 
Second way is DC (Development Centres) which is used as an evaluation tool to assess whether the participants have acquired the desired level of competencies. In this evaluation, we observe whether acquired competencies are applied on the job or not.
 
What lies ahead for the program and how will it continue to succeed?
For continuous improvement and sustenance of the program, we conduct regular surveys and assess governance processes.
For improvement of the program, we review it from learning, training and delivery perspective.

Learning Evaluation helps us to improve training content, learning elements, and methodology. Time-bound and upgraded content keep the program up to date with changing industry scenario. Whether certain learning elements or methods are working and required to be replaced with a better learning element or method.

Training Evaluation supports us to improve MP’s skills and competencies to manage and excel distribution. In this evaluation, knowledge and skills transfer is evaluated through supervisor’s feedback and observation. This help MP fill-up skill gaps identified.

Delivery Evaluation provides us new mode delivery such electronic media, business engagement, participant’s behavioural changes and process and tools improvement. This evaluation helps in providing better user experience and convenience in learning.
 

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