financial products final 1 finally

7/31/2019 Financial Products Final 1 Finally

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Marketing of Financial Products

Sales Management Project


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Financial Services Industry OverviewMarketing of Financial Products


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Introduction

Rising population and increase in disposable income

Huge growth potential

Insurance a booming industry, increased FDI investments

ASSOCHAM projects the Indian Insurance to be worth USD 60 bn by 2010 (Source : The

Financial Express)

Dynamic industryflexibility of riders, market linked plans, Symbiotic relationship

LIC is the market leader

ICICI Prudential 2nd in the market, leading private player

1st insurance company to implement Six Sigma


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MD/CEO

HEAD OF SALES

SVP/ VP SALES

ZONAL MGR/ AVP

REGIONAL MGR

AREA MGR

BRANCH HEAD/SALES

MGR

UNIT MGR/ DEV MGR

ADVISORS ADVISORS

ORGANISATIONAL

HIERARCHY


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Job Profile of a Sales Manager

Unit Managersmajor job is to recruit and motivate the advisors

Training & Setting objectives

Activity Planning & Forecasting

Promotions & Evaluation

Staff Management

Dealing with high profile clientelemanaging key accounts


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Customer Portfolio

Life Stage Primary Need Life Insurance Product

Young Unmarried Asset Creation Wealth Creation Plans

Young

Newly Married Asset Creation & Protection Wealth Creation

Married with kids Education plans, Asset

Creation & Protection

Education, Wealth Creation

Middle aged and above Planning for retirement and

asset protection

Retirement Solutions

Across all life stages Health plans Health Insurance


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Selling Jobs Overview

Products -> Relationships

Customers -> Clients

Major Challenges

Trust

Benefits

Alleviating Concerns

Fear of Salesman

Fear of Change

Fear of Losing Ownership

Fear of Losing Self Esteem

Source: 22 Keys to Sales Success: How to Make it Big in Financial Services


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Selling Jobs ICICI Prudential

Source: ICICI Prudential Website

Life InsurancePlans

Households/

Individuals

Telecalling/

Sales Visits/

Advertisement

RetirementSolutions

Individuals

Telecalling/

Sales Visits/

Advertisement

HealthSolutions

Individuals

Telecalling/

Sales Visits/

Advertisement

Group Plans

Corporate/

Societies

Corporate

SalesDepartment -HR Contacts

Rural Plans

Families/

Individuals

Tie up withMFIs


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Recruitment/Training/EvaluationMarketing of Financial Products


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Recruitment Methods

Direct Method

On Campus

Analytic, Numeric,

Psychometric Tests

Summer InternsPPOs

Indirect Method

Advertisements

Segment based

advertisement

Third party

Employment Agencies

Recruitment Firms

Professors


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Training - Types

17 day Training

Schedule

Align the

Workforce

Core Values of I-

Pru

IRDA Training

Requirements

Product SpecificTraining

Revision Session

Licensing Exam

Preparation

Tiger Program

High Performers

Tiger Trainers

Pinnacle

Program

AdvisorsMeet

Performance

Criteria


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Training Sales Process

Pre Closing Summary

List of Objections

File Testimonials, Photos, Specification Sheets

Selling points from Product Benefits

List Benefits

Review known Facts - Prospect

Objective of Sales Call

Source: ICICI Prudential Website


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Rewards/Compensation AdvisorsCommission based, not on payrolls

Membership of the I Prudential Star International, Star India Club, MDRT (Million Dollar

Round table)

Contests: Attractive R&R structures in place to award the performing Sales team members

International and national trips, Gold , Gift vouchers, Gift items etc

Insurance sales managers are often paid a flat salary, plus bonuses

Provides the motivation to continue to sell products and up sell existing clients

Bonus is tied to the productivity. This combination creates a highly motivated manager who

will find the best ways to increase sales


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UDAAN

Campus Program for Executive Trainees (ETs)

Effective Email

Effective Sales Calls

Time Management

Sales Letter


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Major AccountsMarketing of Financial Products


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Major Accounts

Mixed Customer ProfileSalaried & Business Class

Age Group: 27- 40

Retirement Plans [ULIPS]Major Chunk

Child Related PlansAlso Popular


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Reaching the Customer:

Distribution Channels/Value Added ServicesMarketing of Financial Products


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The channel can be distinct on the basis of 2 factors:

: Includes all channels like agencies of different

models and brokerages, bancassurance, and work site marketing

: Includes method whereby the clientpurchases the insurance directly

Distribution Systems - Types


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Continuous Expansion

New Branch Roll out[Approx.] 2/Day: 2006-08

Exploring Direct/Partnership Distribution

3,300 Touch Points - India

Direct Distribution Channel - 53 cities

Launched Pharmacy Channel

Widening International Reach

Offices in Dubai & Bahrain

Distribution Strategy


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ICICI Prudential continues to create a nationwide agency network, complemented by

increased focus on non-agency distribution

Distribution Systems: I-Pru


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Value Added Services

Online payment gateway on Website for customers to choose from various options available

like Bill Junction, Credit Card, Direct Debit, Infinity etc

Information like Policy fund value, Claim status etc made available to customers through

SMS, Current NAV (Net asset value)

Online policy revival facility available for customers

Online application for retirement, wealth, health policies

Online Unit statements

Quarterly newsletter for customers

Product information readily available to customers on website and information sent

periodically through SMS

Special NRI section on Website


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Sales Support/AutomationMarketing of Financial Products


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Sales Support/Automation

CRM

Single View -

Customer

Up-to-date

information

Selling Activities

Enhanced

Sales Training

Automation

Measure and

Monitor

Agency

Management

System

Pre-Licensing:

Profiling,

Training and

Licensing

Post-Licensing:

Agent Servicing

Re-Licensing:

License Renewal

Process

Sales Commercial

Application

Computation of

Payouts


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PACE

Complete employee databasePersonal Profile of Employee

Relocation

Separation

Payroll & Compensation

Superannuation Details

Leave and Attendance details

Learning and Development

Internal job postings, etc.

Personalized, Accessible, Convenient, Easy

Reference : Internal Company Sources


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Very Robust IT system in place

Inventory Management System (to order online stationery)

Advisor recruitment related data entry software

Travel portal for travel related bookings and claim reimbursement thereof

Reports to track performance

Receipting, Underwriting and Policy Issuance software

Knowledge Repository for Processes and Product information

Sales Support/Automation


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Motivating/DifferentiatingMarketing of Financial Products


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Motivating the Sales Force

Relentless Pressure

Personal Selling

Champions Club

Rewards -> Recognition

Self Actualization


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Differentiating the Sales Force

Several Companies -> Coveted Client

Same Product

Tweak the Product

Brand Proposition

Sales Support


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Thank You

Questions???

financial products final 1 finally

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