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CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
CHALLENGE IN INSURANCE INDUSTRY
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CHALLENGE IN INSURANCE INDUSTRY

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Transcript

  • 1. 1
    Success means the attainment of ultimate
    objectives. It means winning the war, not every battle.
    AnandSoni
    Sinhgad Institute Of mangement and Computer Apllication
  • 2. 2
  • 3. In all 22 companies
    2 are only profit making
    rest 20 are making big time losses.
    3
    Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org
  • 4. “CHALLENGES IN RETAINING & GETTING PRODUCTIVITY FROM COMMISSION BASED SALES PEOPLE IN INSURANCE INDUSTRY.”
    4
  • 5. Primary Objective:-
    • To understand the impact of commission based sales people in insurance industry.
    • 6. 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.
    5
    Objectives
  • 7. Profile During Internship
    Working 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),
    • 8. Business Leader (Channel Partner).
    6
  • 9. Research Methodology
    • Geographical Location- Bhopal
    • 10. Sample technique – Non - Probability
    • 11. Research design - Exploratory
    • 12. Primary Data – Questionnaire
    • 13. Secondary Data –
    • 14. Website of IRDA
    • 15. HDFC SLIC, IBEF.org
    • 16. Sample Size – 80
    • 17. 40 From Company management.
    • 18. 40 those who are commission based sales people.
    7
  • 19. Industry Scenario
    8
    Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org
  • 20. HDFC Standard Life:- Brief
    23rd October, 2000.
    • First branch opened in church gate on 1st November 2000.
    • 21. HDFC Ltd. holds 72.43%
    • 22. Standard Life holds 26.00%
    • 23. Rest is held by others.
    9
  • 24. 10
  • 25. BIG QUESTION
    Why people generally are not inclined to working with insurance industry?
    11
  • 26. Small Answer
    12
    Negative word of mouth
    Growth
    Opportunity
    More of
    mental
    pressure
    Other
    Employee Dissatisfaction
    Hard
    Efforts
    Financial Benefit
  • 27. Which is a bigger issue for the company?
    Retention of customer.
    Retention of FC & BL including core sales people.
    13
  • 28. Support Point
    Each industry has 1 big player but all player are involved in insurance industry.
    • Textile - Ambani – Reliance Life
    • 29. Cement - Aditya Birla – Birla Sun Life
    • 30. Automobile - Rahul Bajaj – Bajaj Allianz
    • 31. Financial Services - UdayKotak – Kotak Life
    • 32. Automobile / IT (TCS) - Ratan Tata – Tata AIG
    • 33. Telecom - Sunil BhartiMittal – BhartiAxa
    • 34. Airlines - Subrata Roy Sahara – Sahara India Life
    • 35. Retail - KishoreBiyani – Future generali
    14
  • 36. Cont…
    • If the farmer without any corporate education sell rotten tomato then can’t we sell insurance…!!!
    • 37. People feel that they are safe than their environment, thus they pay the premium for their vehicle in advance than, why not for life?
    • 38. Every good thing is only tested in bad situation. (Whether it’s a sales person or a customer).
    15
  • 39. Opportunity
    India 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.
    16
    Indian = 25 Japan = 43 USA = 36
    SOURCE - www.ibef.org
  • 40. Finding
    • Sales people concentrates more on quantity rather than quality.
    • 41. Sales people do not work on the phenomena of long term relationship.
    • 42. Those who are giving productivity to the company, Company starts building more of pressure to bring new business.
    17
  • 43. Suggestion
    • To reduce the fees for initial training and examination of commission based sales people.
    • 44. Implementation of policies of having CUSTOMER CENTRIC APPROCH towards customer by sales people.
    • 45. Regular motivation and appreciation.
    18
  • 46. 19
  • 55. My thanks to…
    • Mr. NitinLalwani (Territory Manager HDFC, Std. Life)
    • 56. Prof. Vijay Kulkarni (Project Guide)
    20
    Also to my
  • If you’d like a copy of my presentation
    you can email me at anand.soni10@gmail.com
    You can also find it on
    http://www.slideshare.net/
    With the name of “CHALLENGE IN INSURANCE INDUSTRY”
    21
  • 59. 22

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