Download - CHALLENGE IN INSURANCE INDUSTRY
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Success means the attainment of ultimateobjectives. It means winning the war, not
every battle.
Anand SoniSinhgad Institute Of mangement and Computer Apllication
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In all 22 companies2 are only profit making
rest 20 are making big time losses.
Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org
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“CHALLENGES IN RETAINING & GETTING PRODUCTIVITY
FROM COMMISSION BASED SALES PEOPLE IN INSURANCE
INDUSTRY.”
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• Primary Objective:- To understand the impact of commission
based sales people in insurance industry. To study factors that affect their
productivity of commission based sales people.
• Secondary Objective:- To find out whether the companies
should focus more on commission based people or on-roll sales people.
Objectives
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Profile During InternshipWorking Area – Channel Development Vertical Duration - 2nd May to 22nd July 2010.
Job -To meet the client,Develop the channel by recruiting commission based sales people-Financial consultants (Agents), Business Leader (Channel Partner).
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Research Methodology
Geographical Location- BhopalSample technique – Non - ProbabilityResearch design - ExploratoryPrimary Data – QuestionnaireSecondary Data –
Website of IRDA HDFC SLIC, IBEF.org
Sample Size – 8040 From Company management.40 those who are commission based sales people.
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Industry Scenario
Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org
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HDFC Standard Life:- Brief
23rd October, 2000.
First branch opened in church gate on 1st November 2000.
HDFC Ltd. holds 72.43% Standard Life holds 26.00% Rest is held by others.
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BIG QUESTION
Why people generally are not inclined to
working with insurance industry?
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Small AnswerNegative word of mouth
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10
15
20
25
30
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27
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Other More of mental pressure
Employee Dissatisfaction
Hard Efforts
Financial Benefit
Growth Opportunity
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Which is a bigger issue for the company?• Retention of customer.• Retention of FC & BL including core sales people.
Customer Sales People0
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No. Of responses
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Support Point• Each industry has 1 big player but all player
are involved in insurance industry. Textile - Ambani – Reliance LifeCement - Aditya Birla – Birla Sun LifeAutomobile - Rahul Bajaj – Bajaj AllianzFinancial Services - Uday Kotak – Kotak LifeAutomobile / IT (TCS) - Ratan Tata – Tata AIGTelecom - Sunil Bharti Mittal – Bharti AxaAirlines - Subrata Roy Sahara – Sahara India LifeRetail - Kishore Biyani – Future generali
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Cont…
If the farmer without any corporate education sell rotten tomato then can’t we sell insurance…!!!
People feel that they are safe than their environment, thus they pay the premium for their vehicle in advance than, why not for life?
Every good thing is only tested in bad situation. (Whether it’s a sales person or a customer).
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OpportunityIndia is among the world's youngest nations, with a median age of 25 years as compared to 43 in Japan and 36 in the US.
SOURCE - www.ibef.orgIndian = 25 Japan = 43 USA = 36
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Finding
Sales people concentrates more on quantity rather than quality.
Sales people do not work on the phenomena of long term relationship.
Those who are giving productivity to the company, Company starts building more of pressure to bring new business.
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Suggestion
To reduce the fees for initial training and examination of commission based sales people.
Implementation of policies of having CUSTOMER CENTRIC APPROCH towards customer by sales people.
Regular motivation and appreciation.
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Topic ObjectiveProfile During InternshipResearch methodology Industrial scenarioBrief about companyOpportunity Finding Suggestion
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My thanks to…
Mr. Nitin Lalwani (Territory Manager HDFC, Std. Life)Prof. Vijay Kulkarni (Project Guide)
Also to my Parents, Friends and Almighty GOD…
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If you’d like a copy of my presentation
you can email me at [email protected]
You can also find it on http://www.slideshare.net/
With the name of “CHALLENGE IN INSURANCE INDUSTRY”
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