Question

Y limited is a bank functioning in India. It is planning to diversifyinto insurance business. Lately, the government of India hasallowed the private sector to gain entry in the insurance business.Previously, it was the prerogative of LIC and GIC to do insurancebusiness. But now with liberalisation of the economy and to makethe field competitive other companies have been given licensesto start insurance business under the regulation of ‘InsuranceRegulatory and Development Authority’.Y limited plans to recruit high quality employees and agents andexercise effective direction to capture a substantial part of life andnon life insurance business.Questions1. Identify how the company can supervise its employees andagents effectively. What benefits will the company derivefrom effective supervision?2. What financial and non-financial incentives can the companyuse for employees and agents separately to motivate them.What benefits will the company get from them?3. How can the company ensure that higher order needs i.e.,esteem and self-actualisation as specified by AbrahamMaslow are met?4. Identify the qualities of leadership in this line of businessthat the company managers must possess to motivateemployees and agents.5. Give a model of formal communication system that thecompany can follow. Identify the barriers in this model. Howcan they be removed?6. How can informal communication help to supplement formalcommunication model given by you in answer to question 5?

Answer 1

Answer:

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