“A STUDY ON JOB SATISFACTION OF EMPLOYEES IN

CHOLAMANDALAM MS GENERAL INSURANCE LIMITED

CHENNAI”

MAJOR PROJECT REPORT

Submitted by
R.MUTHUKUMAR
06BA078

Under the guidance of

Mr. BRIGHTON ANBU
Lecturer
KSM

Submitted in partial fulfillment of the requirements for the award of the degree of
” MASTER OF BUSINESS ADMINISTRATION” of Karunya university

KARUNYA SCHOOL OF MANAGEMENT

KARUNYA UNIVERSITY
COIMBATORE-641114

KARUNYA SCHOOL OF MANAGEMENT

KARUNYA UNIVERSITY
 DECLARATION

I hereby declare, the project work entitled “A STUDY ON JOB SATISFACTION IN

CHOLAMANDALAM MS GENERAL INSURANCE LIMITED, CHENNAI” for
partial fulfillment of the requirements for the award of the degree of “MASTER OF
BUSINESS ADMINISTRATION”, as a record of original work done by me under the
supervision and guidance of Mr. BRIGHTON ANBU, Karunya school of management,
Karunya university, COIMBATORE. This project work has not formed the basis for the
award of any Degree /Diploma/Associateship/Fellowship of similar titles to any
candidate of any university.

Place: Signature of the student

Date:
 ACKNOWLEDGMENT

I am indebted to the all powerful ALMIGHTY GOD for all the blessings he
showered on me and for being with me throughout the study.

I would like to express my sincere thanks to Mr. Dr. REVEES WESLY, HOS
Karunya School of management who provided me an opportunity to do this project.

I am deeply obliged to Mr. RAYMOND LOBO (VICE PRESIDENT-HR) AND

MS. MALINI (HR-MANAGER) for his exemplary guidance and support without
whose help this project would not have been success.

I would like to place on record my sincere gratitude and appreciation to my project guide
Mr. BRIGHTON ANBU Karunya school of management, for his kind co-
operation and guidance which enabled me to complete my project.

I also take this opportunity to express my deed gratitude to my loving parents and

friends who are a constant source of motivation and for their never ending support and
encouragement during this project.
 INTRODUCTION
Job Satisfaction:
Job Satisfaction is the favorableness or un-favorableness with
which the employee views his work. It expresses the amount of
agreement between one’s expectation of the job and the rewards that the
job provides. Job Satisfaction is a part of life satisfaction. The nature of
one’s environment of job is an important part of life as Job Satisfaction
influences one’s general life satisfaction.

Job Satisfaction, thus, is the result of various attitudes possessed by an

employee. In a narrow sense, these attitudes are related to the job under
condition with such specific factors such as wages. Supervisors of
employment, conditions of work, social relation on the job, prompt
settlement of grievances and fair treatment by employer.

However, more comprehensive approach requires that many factors are

to be included before a complete understanding of job satisfaction can be
obtained. Such factors as employee’s age, health temperature, desire and
level of aspiration should be considered. Further his family relationship,
Social status, recreational outlets, activity in the organizations etc.
Contribute ultimately to job satisfaction.
FACTORS INFLUENCING JOB SATISFACTION

The major factors influencing job satisfaction are presented below:

SUPERVISION
To a worker, Supervision is equally a strong contributor to the job
satisfaction as well as to the job dissatisfaction. The feelings of workers
towards his supervisors are usually similar to his feeling towards the
company. The role of supervisor is a focal point for attitude formation.
Bad supervision results in absenteeism and labor turnover. Good
supervision results in higher production and good industrial relations.

CO-WORKERS
Various studies had traced this factor as a factor of intermediate
importance. One’s associates with others had frequently been motivated
as a factor in job satisfaction. Certainly, this seems reasonable because
people like to be near their friends. The workers derive satisfaction when
the co-workers are helpful, friendly and co-operative.

PAY
Studies also show that most of the workers felt satisfied when they are
paid more adequately to the work performed by them. The relative
important of pay would probably changing factor in job satisfaction or
dissatisfaction.

AGE
Age has also been found to have a direct relationship to level job of
satisfaction of employees. In some groups job satisfaction is higher with
increasing age, in other groups job satisfaction is lower and in other
there is no difference at all.

MARITAL STATUS

Marital status has an important role in deciding the job satisfaction.

Most of the studies have revealed that the married person finds
dissatisfaction in his job than his unmarried counterpart. The reasons
stated to be are that wages were insufficient due to increased cost of
living, educations to children etc.

EDUCATION
Studies conducted among various workers revealed that most of workers
who had not completed their school education showed higher satisfaction
level. However, educated workers felt less satisfied in their job.

WORKING CONDITION
The result of various studies shows that working condition is an
important factor. Good working atmosphere and pleasant surroundings
help increasing the production of industry. Working conditions are more
important to women workers than men workers.
JOB SATISFACTION OF EMPLOYEES
This study attempts to evaluate job satisfaction of bank officers in
Bangladesh. It focuses on the relative importance of job satisfaction
factors and their impacts on the overall job satisfaction of officers. It also
investigates the impacts of bank type, work experience, age, and sex
differences on the attitudes toward job Satisfaction.
The result shows that salary, efficiency in work, fringe
supervision, and co-worker relation are the most important factors
contributing to job satisfaction. Private bank officers have higher levels
of job satisfaction than those from public sectors as they enjoy better
facilities and supportive work environment. Sex and age differences have
relatively lower level of impact on it. The overall job satisfaction of the
bank officers is at the positive level.

Objective of the study:

1. To Study the job satisfaction of employees in Cholamandalam MS

General Insurance, Chennai.

2. To Measure the satisfaction levels of employees on various factors

and give suggestions for improving the same.

3. To find out whether experience have an effect on Job Factors.

4. To find the significance difference among age groups with respect

to job Factors.

5. To find the significance difference among male and female

employees with respect to job Factors.
Limitations of the study:

1. Sample size of the study is only 50.

2. Some of the respondents were not responding to some of the

questions.

3. Due to time constraint the researcher was not able to complete the
project to desired level.
INDUSTRY PROFILE

2.1 Industry
INSURANCE:

We face a lot of risks in our daily lives. Some of these lead to financial
losses. Insurance is a way of protecting against these financial losses.
For a payment (premium), an insurance company will take the
responsibility of compensating your financial losses.

Insurance can be termed as a form of risk management which is mainly

used to protect an individual against the risk of prospective financial
loss, if any. Insurance can be used as a tool to shield an individual
against potential risks like travel accidents, death, unemployment, theft,
property destruction by natural calamities, fire mishaps etc.
Life insurance:

Loss of a family member is a catastrophe which glooms a family’s life.

But even more tragic is the death of a sole bread earner for the family,
who then has to go through the pain of losing their loved one, as well as
the financial loss putting their survival in jeopardy.

This financial hardship due to a sudden death of a family member or a

disability resulting to a loss of job or inability to
Work can be avoided to a great extent by taking up a life insurance
policy.

A Life insurance or disability insurance covers such losses and pays a

family, compensation to restore the earnings lost by them due to a
Sudden death or disability.

The monthly premiums for a life insurance are generally based upon the
age, health, and occupation information of the applicant, in addition to
the total benefits to be paid to him for his policy.

General Insurance:

Insurance other than ‘Life Insurance’ falls under the category of General
Insurance. General Insurance comprises of insurance of property against
fire, burglary etc, personal insurance such as Accident and Health
Insurance, and liability insurance which covers legal liabilities. There are
also other covers such as Errors and Omissions insurance for
professionals, credit insurance etc.
Non-life insurance companies have products that cover property against
Fire and allied perils, flood storm and inundation, earthquake and so on.
There are products that cover property against burglary, theft etc. The
non-life companies also offer policies covering machinery against
breakdown, there are policies that cover the hull of ships and so on. A
Marine Cargo policy covers goods in transit including by sea, air and
road. Further, insurance of motor vehicles against damages and theft
forms a major chunk of non-life insurance business.

In respect of insurance of property, it is important that the cover is taken

for the actual value of the property to avoid being imposed a penalty
should there be a claim. Where a property is undervalued for the
purposes of insurance, the insured will have to bear a ratable proportion
of the loss. For instance if the value of a property is Rs.100 and it is
insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-,
the maximum claim amount payable would be Rs.25/- (50% of the loss
being borne by the insured for underinsuring the property by 50%). This
concept is quite often not understood by most insured.

Personal insurance covers include policies for Accident, Health etc.

Products offering Personal Accident cover are benefit policies. Health
insurance covers offered by non-life insurers are mainly hospitalization
covers either on reimbursement or cashless basis. The cashless service is
offered through Third Party Administrators who have arrangements with
various service providers, i.e., hospitals. The Third Party Administrators
also provide service for reimbursement claims. Sometimes the insurers
themselves process reimbursement claims.
Accident and health insurance policies are available for individuals as
well as groups. A group could be a group of employees of an organization
or holders of credit cards or deposit holders in a bank etc. Normally
when a group is covered, insurers offer group discounts.

Liability insurance covers such as Motor Third Party Liability Insurance,

Workmen’s Compensation Policy etc offer cover against legal liabilities
that may arise under the respective statutes— Motor Vehicles Act, The
Workmen’s Compensation Act etc. Some of the covers such as the
foregoing (Motor Third Party and Workmen’s Compensation policy) are
compulsory by statute. Liability Insurance not compulsory by statute is
also gaining popularity these days. Many industries insure against Public
liability. There are liability covers available for Products as well.
COMPANY PROFILE

2.2 The Murugappa Group:

The Murugappa Group, a century old group with a turnover of Rs.7300

crores, is a 1.85 billion USD conglomerate with business interests. It has
29 companies under its umbrella of which eight are listed and actively
traded as the National Stock Exchange and the Bombay Stock Exchange.
The Murugappa Group is the recipient of the Distinguished Family
Business Award – 2001 from the International Institute of Management
Development (IIMD) in Switzerland. It is the only business group in Asia to
have received this prestigious award.

The Murugappa Group, a century old group with a turnover of Rs.7300

crores.

• Diversified businesses – abrasives, engineering, farm inputs,

plantations, sugar, bio-products, chemicals, nutraceuticals and
financial services.
• Industry leader in many fields – first Indian corporate house that
evolved from being a family-owned business to a professionally run
organization, committed to corporate governance.
• Key Strengths – highly people-oriented people, with a workforce of nearly
28,000 satisfied employees.
• Deeply committed to various social concerns – be it healthcare,
education or field research to help rural India.

Group Companies

The Major group Companies are:

Tube Investments of India Ltd. – Core business areas are in the
manufacturing of bicycles, steel strips tubing and auto components.
Leading Brands – BSA and Hercules.

EID Parry India Ltd. – The Company has interest in Sugar and bio-
chemicals. Erstwhile Sanitary ware division was recently spun off as Joint
Venture with ROCA, Spain.

Carborundum Universal Ltd. – A pioneer and industry leader in

abrasives, electro chemicals, refractories and industrial ceramics. Leading
brands – Ball master, Ajax and Jawan.

Coromandel Fertilizers – Bringing world-class technology to the

Indian farmer enabling him to produce more from small land holdings.
Assisting India achieve self-sufficiency in food.

Godavari Fertilisers – Godavari Fertilizers, a Company acquired from

the Government of Andhra Pradesh manufacturers phosphatic fertilizers in
Kakinada.

Chola DBS Finance Company LTd. – Strong presence in the

financial service sector, with a solid reputation in automobile financing.

Parry Agro Industries Ltd. – Part of the Group’s plantation business,

has many firsts to its credit. It is the first tea factory in the world to be
computerized and the first CTC factory to obtain the ISO 9000 certification.

Parry Nutraceuticals Ltd. – A major player in the field of healthcare.

Leading Brands - Beta Carotene and Spirulina, both highly successful
nutritional supplements.
Mitsui Sumitomo Insurance Group

Mitsui Sumitomo Insurance Group is one of the largest insurance groups in

the world. Today the group operates in non-life insurance, life insurance,
financial services and risk management services.

With non-life insurance as its core business, the Mitsui Sumitomo

Insurance Groups operations span 38 countries across the globe. With A
GWP of 13.74 billion USD in 2005, MS is the second largest insurance
group in Japan, in terms of net premium and is rated AA – Standard &
Poor and Aa3 by Moody’s

Mitsui Sumitomo Insurance has 733 sales bases, 257 claims handling
offices and approximately 75,000 agents throughout Japan to form a sales
network of the highest class in the industry. The company also offers global
services with 61 sales bases in 38 countries and regions overseas.

Cholamandalam Financial Services Group

Chola DBS Finance Company LTd. is a financial service conglomerate that

has achieved a high compound annual growth rate. Cholamandalam today
has a strong presence in the financial service sector, with a solid reputation
in automobile financing. With a strong focus on growth, Cholamandalam
has widened its services by diversifying into mutual funds, insurance sector
and recently into personal finance.
The Business Units

The business units within Cholamandalam are:

• Cholamandalam MS General Insurance Company Ltd. (General

Insurance )
• Chola DBS Finance Company Ltd (CDFL)

(Asset Finance: Leasing, Hire purchase, Corporate Finance, Capital

market Finance)

• DBS Cholamandalam Asset Management Co. Ltd. (CAMC)

(Mutual Funds)

• DBS Cholamandalam Distribution Services Ltd. (CDS)

(Retail Distribution of Financial Products)

• DBS Cholamandalam Securities Ltd. (CSec)(Stock Broking)

• Cholamandalam MS Risk Management Services Ltd. (CMSRS)(Risk
Inspection and Management Consulting)

Cholamandalam MS General Insurance Company Ltd:

Cholamandalam MS General Insurance Company Ltd. is a Joint Venture

between the $2.0 billion Murugappa Group, one of India’s largest family-
promoted, professionally managed business groups enjoying leadership
position in many of its several diversified businesses and Mitsui
Sumitomo Insurance Group of Japan, one of the top ten General
Insurance companies globally and Japans second largest Insurance
Group.

Cholamandalam MS offers a rich range of comprehensive product

solutions panning almost all non-life Insurance offerings ranging from
Motor Insurance, Health, Home, Travel, to Accident, Property, Marine
and Engineering. The Organizations’ commitment to consumer
orientation is seen right from Underwriting and product development, its
product differentiation, high operational efficiency for policy issuances, to
excellent customer redressal mechanisms for fair and quick Claims
settlement. With its competencies and consumer focus, Cholamandalam
MS is poised to become one of the large players in the Industry.

The company was incorporated as Cholamandalam General Insurance

Company Limited on November 2, 2001 under the companies Act, 1956
and received its Certificate of Registration from the Insurance Regulatory
and Development Authority on July 15, 2002 to transact general insurance
business.

During the year 2003-2004 the company inducted Mitsui Sumitomo

Insurance Company Limited, Japan as a strategic alliance partner with a
26% stake and the company’s name was consequently changed to
Cholamandalam MS General Insurance Company Limited effective May 8,
2003.

Board of Directors
M A Alagappan Chairman
M Anandan Managing Director
(w.e.f. April 1, 2006)
V Natarajan Director
R Srinivasan Director
Suresh N Talwar Director
Makoto Toyoshima Director
Isamu Endo Director
(w.e.f. April 25, 2006)
Susumu Uchida Director
(till April 25, 2006)
Junichi Kitamura Wholetime Director
Senior Management Team
M Anandan Managing Director
Junichi Kitamura Wholetime Director
S S Gopalarathnam Executive Vice President
V Suryanarayanan Vice President -Finance
Shivkumar Shankar Business Head-Retail
M Subramanian Business Head-Commercial
S N Roy Head-Information Technology
Kaira Gangaiah Head-Human Resources
Suresh Krishnan Company Secretary

Auditors
M/s. Price Waterhouse, Chennai
M/s. S.B. Billimoria & Co., Chennai
Bankers
Standard Chartered Bank, Chennai
Hongkong & Shanghai Banking Corporation, Chennai
HDFC Bank Ltd., Chennai
ICICI Bank Ltd., Chennai
Bank of Tokyo- Mitsubishi Ltd., Chennai
American Express Bank Ltd., Chennai

RESEARCH METHODOLOGY:
The methodology followed for conducting the study includes the specification of research
design, sample design, questionnaire design, data collection and statistical tools used for
analyzing the collected data.

Research design:

The research design used for this study is of the descriptive type. Descriptive research

studies are those studies which are concerned with describing the characteristics of a

particular individual or a group.

3.3 Sampling design:

Since it is difficult to contact the entire population, sampling technique was adopted. The
employees were interviewed using convenience sampling techniques.

Data collection
The primary data was collected by using questionnaires. The questionnaire has 28
questions excluding marital status, age, factor prompted to join reliance. A five point
scale was used such as strongly disagree, disagree, neutral, agree and strongly agree.

Statistical tools used for analysis:

The collected data were analyzed by using following techniques:

• Percentage analysis

DATA ANALYSIS AND INTERPRETATION

Table1:
 Gender
80

60

40

20
Frequency

0
male female

Gender

Table2:

Chart no: 2
 Monthly AIncome
50

40

30

20
Frequency

10

0
below rs.10000 10000-20000 20000-30000 above 30000

Monthly AIncome

Table No: 3

Chart No: 3
Education qualification
60

50

40

30

20
Frequency

10

0
P.G U.G

Education qualification

Table No: 4
Chart no: 4

Marital Status
60

50

40

30
Frequency

20

10

0
married Unmarried

Marital Status

Table No: 5

Chart Mo: 5
 Years of Experience
30

20

10
Frequency

0
Less than 1yr 1-2 yrs 2-3yrs 3-4yrs Above 4yrs

Years of Experience

Table:6

Chart No: 6
 Working hours are convenient for me
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

W orking hours are convenient for me

Interpretation:
From the above chart and table it is clearly evident that 34% of the
respondents strongly agree that working hours are convenient from them and
32% agree with that and 18% neither agree nor disagree and 13% disagree with
the working hours and 3% are strongly against working hours.

Table No: 7

Chart No: 7
 I'm happy iwth my work place
50

40

30
Frequency

20

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I'm happy iwth m y work place

Interpretation:
From the above table it is clear that 30% respondents strongly agree and
39% respondents agree that they are happy with their work place only
13% disagreed and 18% have no idea towards their work place.

Table No: 8

Chart No: 8
 I feel i have too much work to do
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I feel i have too much work to do

Interpretation:
From the above table it is quite clear that the work load is not
high, 37% of the respondents disagreed with the question” I feel I have
too much work” and another 22% strongly disagreed, 18% admits they
have too much work and 23% have no idea towards this question.

Table No: 9

Chart No: 9
 safety measures provided by the company
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

safety measures provided by the company

Interpretation:
From the above table it is evident that the safety measures
provided by the organizations are good as 28 and 31% of the respondents
agree with that and only 11& 6% disagreed and 24% neither agreed nor
disagreed.

Table No: 10

Chart No: 10
 I'm satisfied with the refreshment facilities
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I'm satisfied with the refreshment facilities

Interpretation:
From the above table it is clear that the employees are not satisfied with
the refreshment facilities offered by the company as 26% of respondents
disagreed and 15% strongly disagreed and 30% neither agreed nor disagreed
and only 29% agreed.

Table No: 11

Chart No: 11
 We are provided with the rest and lunch room and they ar
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

W e are provided with the rest and lunch room and they are good

Interpretation:
From the above table it is quite evident that 24% strongly disagreed and
30% of the respondents disagreed and 22% neither agreed nor disagreed and
only 24% of the respondents are satisfied with the rest and lunch room provided.

Table No: 12

Chart No: 12
 I fell I'm paid a fair amount for the work i do
50

40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I fell I'm paid a fair amount for the work i do

Interpretation:
From the above table it is evident that the respondents are satisfied with
their salary as 39% agree and 15% strongly agree. Only `3% disagree and 8%
strongly disagree, 25% neither agree nor disagree.

Table No: 13

Chart No: 13
 The salary we receive are good as other organizations o
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

The salary we receive are good as other organizations offer pay to their

Interpretation:
From the above table it is quite clear that the salary in this organization is
at par to the industry as 37% agree and 27% strongly agree. Only 6% disagree
and 4% strongly disagree, 26% neither agree nor disagree.

Table No: 14

Chart No: 14
 I'm satisfied with the allownaces provided by the organizat
50

40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I'm satisfied with the allownaces provided by the organization

Interpretation:
From the above table it is clear that the employees are satisfied with the
allowances and other benefits provided by the organization as 42% agree and
19% strongly agree. Only 11% disagree and 7% strongly disagree, 21% neither
agree nor disagree.

Table No: 15

Chart No: 15
 I feel my boss motivate me to achieve the organizational go
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

I feel my boss motivate me to achieve the organizational goals

Interpretation:
From the above table it is evident that employees boss are motivating to
achieve organizational goals as 33% agree and 11% strongly agree. 22%
disagree this is quite high compared to other factors and 9% strongly disagree
and 25% neither agree nor disagree.

Table No: 16

Chart No: 16
 My supervisor motivates me to increase my efficiency a
50

40

30
Frequency

20

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

My supervisor motivates me to increase my efficiency at times when i'm n

Interpretation:
From the above table it is evident that employees boss motivates the
employee when he is unproductive and help him to be productive as 44% agree
and 18% strongly agree. Only 7% strongly disagree and 7% disagree, 18%
neither agree nor disagree.

Table No: 17

Chart No: 17
 W ork assignments are explained clearly to me
50

40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

W ork assignments are explained clearly to me

Interpretation:
From the above table it is evident that respondents are quite happy with
the way work assignments are explained as 41% agree and 17% strongly agree.
Only 10% strongly disagree and 17% agree, 15% neither agree nor disagree.

Table No: 18

Chart No: 18
 Overall I'm satisfied with my job
40

30

20
Frequency

10

0
strongly agree neither agree nor di strongly disagree
agree disagree

Overall I'm satisfied with m y job

Interpretation:
From the above table it is evident that Overall satisfactions of the
respondents are good as 33% agree and 21% strongly agree. Only 6% strongly
disagree and 15% disagree and 25% neither agree nor disagree.
 Questionnaire
“A study on Job Satisfaction of Employees in
Cholamandalam MS General Insurance Ltd”

1. Name: ……………………………………………………………………
…

2. Age: …………
3. Gender: Male Female

4. Monthly Income:
A) Below Rest. 10,000 B) 10,000- 20000 C) 20,000-30000 D) Above
30,000

5. Education Qualification:
A) Under graduation B) Post – graduation

6. Marital Status
A) Married B) Unmarried

7. Years of experience:
A) Less than 1yr B) 1-2 yrs C) 2-3 yrs D) 3-4 yrs E) Above 4yrs

Please indicate your level of agreement in connection with various

factors:
1. Strongly agree 2. Agree 3. Neither agree nor disagree 4. Disagree
5. Strongly Disagree
Work Environment and nature of work
S. Particulars 1 2 3 4 5
No
1. Working hours are convenient for me
2. I’m happy with my work place
3. The lighting and other arrangements in
the office are satisfactory
4. I feel I have too much work to do
5. I’m satisfied with the safety measures
provided by my company
6 I feel I’m being paid a fair amount for the
work I do
7 The salaries we receive are good as other
organizations pay to their employees.
8 I’m satisfied with the allowances provided
by my organization

S. Particulars 1 2 3 4 5
No
9 I feel that my Boss motivate me to achieve
the organization goal
10 My supervisor motivates me to increase
my efficiency at times when I’m not
productive
11 Work assignments are explained clearly to
me

12 Overall, I’m satisfied with my job