Consultant Refresher Program


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Consultants must understand the importance of this Sales Career. He or She must learn all four basic things which includes, Complete Knowledge of Takaful System, Develop Attitude to Conduct 3 face to face Sales Interviews, Improving their Skill like, Customer Presentation and Closing Attempts and finally Make them Habbit to do regularly and these activities of daily routine should become the part of their personality.

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Consultant Refresher Program

  1. 1. Dawood Family Takaful Limited Consultant Refresher Program Prepare by Shiraz S. Khoja
  2. 2. Tilawat-e-Quran-e-Pak & Introduction of Consultants
  3. 3. Contents 1. Career Planning 2. Introduction of Takaful Concept 3. Difference b/w Takaful and Insurance 4. Introduction of Dawood Family Takaful Limited 5. Who is a Consultant? 6. Sales Distribution Cycle 7. Paint the Picture or Fact Find of Customer 8. Solution Presentation 9. Closing Shots 10. Recording of Daily Activities 11. Daily Routine of a Successful Consultant
  4. 4. Career Planning
  5. 5. Career Planning There are three Opportunities of jobs, available for Fresh Graduates in the market: 1.Fixed Salary Job. 2.Business Operations 3.Effort Base Earnings
  6. 6. Career Planning - Continue The Fixed Salary Jobs available for fresh graduates in the market are: 1. Office Assistant Salary Rs. 8,000/- 2. Assistant Accountant Salary Rs.12,000/- 3. Assistant Admin Officer Salary Rs.10,000/- 4. Sr. Receptionist Salary Rs.10,000/- 5. Admin Assistant Salary Rs.12,000/- Lets take an example, I join as Assistant Accountant and my Salary is Rs. 12,000 1. Fixed Salary Job
  7. 7. What is the future of this kind of Job? Initially, I am happy because I was Jobless. There is Rs. 12,000/month earning produces. But after 6 months, my Approach become change because I am fed up with my fixed earning due to: 1. My expense on daily transport Rs. 1,500 2. My expense on daily food Rs. 1,000 3. My household expense Rs. 8,000 4. My personal expenditures Rs. 1,500 5. Total Salary Rs.12,000
  8. 8. What are demerits of Fixed Salary Job? The thinking of fixed salary job person is limited, as his monthly income. He or she never thinking that next month I am going to change my room split AC or change TV with LED, Following are the demerits of fixed salary: 1. Thinking approach is very limited. 2. Limited resources for resolving financial issues. 3. Rare chances of Promotions. 4. Very slow financial growth 5. No challenges in the job as well as in the life
  9. 9. Career Planning - Continue For Business, a person required 2 essential things: 1.Required Capital for Business; and 2.Business Expertise Any one of the above missing, will not possible to start a new business 2. Business Operation
  10. 10. Career Planning - Continue If a person avail a Bank Loan for New Business, then what is essential: 1. Right place and right market 2. Business Expertise is very important 3. Right Customer targeting Research Conducted by Financial Analyst, about the success and failure of New Business Operation by availing Bank Loans 2. Business Operation - Continue
  11. 11. Career Planning - Continue As per research conducted by financial analyst and they declared: 1. 70% of such Business are closed in 1st year. 2. Out of remaining 30%, another 15% are closed in the 2nd year. 3. Only success percentage is 15%. I am going to ask you, a question that do you attempt such type of Business, where success % is 15% 2. Business Operation - Continue
  12. 12. Career Planning - Continue If a person facing business loss and windup business, following are the demerits: 1. Recovery department behind to clear loan. 2. Relative and friends, hide themselves. 3. No income to cover their monthly expenses. 4. No challenges in life, beside this life is miserable due to loss in business. 2. Business Operation - Continue
  13. 13. Career Planning - Continue This type of income has an element of more efforts more earnings. Common Organization are: 1. Banks 2. Leasing Companies 3. Life and General Insurance Companies 4. Family and General Takaful Companies In this type of career, a person grow their income till Rs. 90,000/- within a span of 2 years 3. Effort Base Earnings
  14. 14. Merits Of Effort Base Earnings 1. More Efforts more Income. 2. This is a business for which, no capital required. 3. Quick personal growth in form of Promotions. 4. Quick financial growth of a Sales Consultant. 5. Standard of living improving very quickly. 6. A welfare feelings, while providing protection to the families. 7. A Concrete Career development opportunity. 8. Consultant improving their communication skills 9. Consultant finds Career path for him or herself 10. Consultant become BM or SBM, within span of 2 to 3 years.
  15. 15. Why I join Dawood Family Takaful Limited?
  16. 16. Because, Dawood Family Takaful is a Shariah Compliant Company & Working on Takaful (An Islamic System)
  17. 17. Our Associated Companies Under F.D.G. Pakistan’s Sixth Full-fledged Islamic bank with AA Rating for Shariah Compliance in 2009, spreading network of branches in all parts of Pakistan BRR Guardian Modaraba BRR Group Started Modaraba Operations in 1985, and since then became one of the best with Highest paid –up Capital in Pakistan of Rs. 780 Million! Capital Management Limited Under FDG and its collaboration with Asian Development bank, It offers Asset management opportunities - assets risen over Rs. 5.12 Billion First Dawood Investment Bank Ltd. Incorporated in 1994, listed on KSE 100 Index, achieved a balance sheet sixe of Rs. 12.22 billion by 2007- with profits of Rs. 180 in same year! Given as a gift by Registrar Modaraba to BRR Modaraba Management in 2006, upon its default, which has been recovering from losses rapidly – a proof of financial credibility and belief in expertise of FDG group!
  18. 18. Beside Shariah Compliant Company, What are the Features of DFTL?
  20. 20. Career Path in Dawood Family Takaful Limited
  21. 21. Job Description
  22. 22. Career Path in DFTL Consultant Career Takaful Consultant Takaful Executive Consultant Development Manager Sr Development Manager Takaful Manager Assistant Branch Manager Branch Manager Senior Branch Manager Regional Manager National Sales Director Sales Career Management Career
  23. 23. How Consultant Average Monthly Income becomes Rs. 90,000/month?
  24. 24. Quick Growth in Consultancy Job An Average Consultant Progress • Consultant Produces Only 3 Cases/month in 1st 6 months = 3x6 = 18 • And produce 5 Cases/month in next 6 months = 5x6 = 30 • Total Cases produced in first year = 48 • 48 Cases with the Case Average of Rs.25,000, (48x25000) =Rs. 1,200,000 • Consultant earnings in the 1st year is = (1,200,000 x 50%) =Rs. 600,000 • Average Earning Per Month in 1st year (600,000/12) =Rs.50,000 • In the 2nd year Consultant selling again 50 new policies with Case Average of Rs. 35,000 (50 x 35,000) =Rs. 1,750,000 • In 2nd year Commission on fresh policies (1,750,000x50%) =Rs. 875,000 • In 2nd year Commission on Renewals (1,200,000x10%) =Rs. 120,000 • Due to promotion at TEC, 5% Bonus avail by Consultant =Rs. 87,500 • Total earnings in the 2nd year (875,000 + 120,000) =Rs. 1,082,500 • Average earning/month in the 2nd year (1,082,000/12) = Rs. 90,206
  25. 25. Current Employment Situation in the Market
  26. 26. Current Employment Situation Every sector is cutting the employment e.g. Why .................................. ? 1.Bad Economic Climate 2.Over Staffing 3.Increasing competition in employment sector(More Qualified People) 4.Political Decision Which Sector is Growing ......................... ? Family Takaful ........................................... ? Business increase 300% every year.
  27. 27. I don’t know about Takaful? How I start my Work?
  28. 28. We Start Work By Learning? TRAINING 1.Three days pre-course Training. 2.Three days Foundation Training. 3.Three Days in-house Marketing skills Training. 4.Field training. Training & Motivation 1.Advance training 2.Weekly Branch Meeting (Skills & motivation Training) 3.Non Producer Clinic to help individual to achieve their targets. 4.Work shops
  29. 29. Standard Day of a Takaful Consultant
  30. 30. Standard Day Standard Day FOR Takaful Consultants Minimum Daily Activity Objectives for Consultant 3 Appointments Pre-Qualified Approaches 1 Fact Find Appointment : Fact Find 3 : 1 1 Service Call At Least 1 Service Call 6 Referrals (0r 20 Pre-qualified names) Daily 6 Referral CardsReferral Cards
  31. 31. Financial Opportunities and Rewards
  32. 32. Financial Opportunities & Rewards $ Above Average Income There is no limit to your income. It depends directly on your efforts and commitment. Other financial rewards : First Year Commission Renewal Commission Pension second year onwards Year End Bonus Monthly Incentives Achiever’s Awards Company Maintained Car And many many more…….
  33. 33. Why I join Takaful Industry? Why not Insurance?
  34. 34. What Takaful Is? The word Takaful is derived from the Arabic verb Kafala, which means to guarantee; to help; to take care of one’s needs. This concept has been practiced in various forms for over 1400 years.
  35. 35. What Takaful Is? Takaful comes from an Arabic word “Kafala” or “Kafalat”, which means “guaranteeing each other” or joint guarantee. Takaful is a tool to mitigate a loss which is provided by a fund created by the participating members who contributed and agreed to assist each other.
  36. 36. How Old Takaful System is?
  37. 37. How Old Takaful System Is? Takaful is not a new invented System. This is a mandatory system of the period Prophet Muhammad (PBUH), used by the tribe of Al-Bani Ashr. They used this system through Bait- ul-maal (Waqf Pool) and normally using while traders travelling long journeys b/w city to city or b/w country to country.
  38. 38. How Takaful System Operates?
  39. 39. How Takaful Operates in the Ancient Time? Due to long Journey of number of months, b/w cities, while travelling between countries, time costing more than a year, vice-versa. The traders died normally, due to long journey, the problem of Family Breading occurred. To resolve this problem, they formed “Bait ul maal”, with this system, every trader of the troop will pay donations from their goods to the Bait ul maal before going to trade journey.
  40. 40. How Takaful Operates in the Ancient Time? (Continue) The objective of this donation was that, from start of the journey till come back, if any body caught by any accidental or incidental mishap during the journey or took loss in this trading journey, will pay claim through “Bait ul maal” to their families and to them, respectively. All traders were the participants of these Claims, such System are called TAKAFUL System.
  41. 41. History of Takaful System
  42. 42. History Of Takaful 1. In 1961, first time Takaful Act passed in parliament of Damishk. 2. Within 3 to 4 years, Takaful System introduced in Malaysia, Indonesia and Sudan. 3. In 1970s, Takaful introduced in Arab Countries, firstly in Saudi Arabia and then in all Middle East Countries. 4. Onwards, this Islamic System followed by all Muslim Countries. 5. Unfortunately, in Pakistan Takaful Act passed in the parliament in 2005.
  43. 43. History Of Takaful (Continue) 6. In 2006, the first investment came in Pakistan from Qatar with the name of Pak Qatar Family Takaful Limited. 7. In 2007, Dawood Family Takaful Limited got the license from SECP for Takaful. 8. There are four more General Takaful Companies got their Family Takaful licenses in this Takaful System. 9. These Takaful Companies are working as a alternative to the Conventional Insurance, as a Shariah Compliant Businesses in Pakistan and the rest of the World.
  44. 44. What DFTL is?
  45. 45. What DFTL is? 1. Dawood Family Takaful Limited, a subsidiary part of First Dawood Group. 2. First Dawood Group already in the various businesses in Pakistan, with the name of First Dawood Investment Bank, Dawood Mudarbah Bank, Dawlance Pakistan, Burj Islami Bank, Dawood Group of Companies, Nagina Group of Companies, Sarena Group of Companies, Yamaha Motorcycle and many other sectors of Businesses in Pakistan.
  46. 46. What DFTL is? 3. Other than Takaful Company, First Dawood Group are mainly do business in the sectors, which includes Islamic Banking, Cotton Spinning, Textile, Garments, Electronics, Motor Vehicles, Chemicals and many other sectors. 4. The first Company of Dawood family started in the year 1917, with the name of Dawood Cotton Factory in Gujrat, India before partition. 5. An authentic group which are in businesses since last more than 9 decades in Sub Continents.
  47. 47. Wakala Waqf Fund Model
  48. 48. Wakala Waqf Fund Model
  49. 49. Shariah Board of DFTL
  50. 50. Shariah Board of DFTL There are three members in the Shariah Board of DFTL: 1. Mufti Muneeb ur Rehman Chairman 2. Mufti Syed Sabir Hussain Member 3. Mufti Syed Zahid Siraj Member
  51. 51. Role of Shariah Board in DFTL
  52. 52. Role of Shariah Board Role of Shariah Board in Dawood Family Takaful Limited are: 1. All decisions of Claims; 2. All investments decisions; 3. All Waqf Pool decisions; 4. All Compliance decisions; and 5. Following all Shariah Regulations, owned by Shariah Board.
  53. 53. Difference Between Takaful and Insurance System
  54. 54. Difference Between Takaful and Conventional Insurance 1. Shariah Board : Takaful System never works without Shariah Board, while in Insurance, there is no Shariah Board exist. 2. Claim Payments : In Takaful, Claims paid through Waqf Pool and Waqf Pool owned by Allah Subhan’w Tallah. While in Insurance, Claims paid from Company’s own pocket. 3. Claim’s Decision : Shariah Board is only, who take decisions of Claim in Takaful System, vice-versa in Insurance, Company herself take decisions.
  55. 55. Difference Between Takaful and Conventional Insurance (Continue) 4. Nature of Contract : In Takaful System Contract called “Aqd-e-Tabbaru”, while in Insurance, Contract called Sales/Purchase Contract or “Aqd-e-Muawza”. 5. Distribution of Surplus : In Takaful, Surplus distributes among Takaful Members, vice- versa in Insurance Surplus owned by the Company. 6. Investment Portfolio : Shariah Board never allow to do Investments in the business, other then Shariah Compliant businesses, while in Insurance, its depends on Company’s discretion, either in stocks or in short term or long term bank deposits.
  56. 56. Merits of Takaful System
  57. 57. Merits Of Takaful System 1. Takaful is a pure Shariah Compliant Business. 2. Claims belongs to Waqf Pool & Waqf Pool owned by Allah Subhan’w Tallah. 3. Claims decision taking by Shariah Supervisory Board. 4. Either any Participant received claim amount or not, there is no discretion of Takaful Company. 5. Surplus distributes among Takaful Member. 6. Investments of Participants fund, only in Shariah Compliant Businesses.
  58. 58. Demerits of Insurance System
  59. 59. Demerits Of Conventional Insurance 1. Insurance is not a Shariah Compliant Business. 2. No Shariah Board exist in Insurance Companies. 3. Decision of Claims, taken by Company herself. When Claim paid, Company face losses and when claim disqualify, Company is in profits. 4. Surplus owned by the Company in Insurance System. 5. In Insurance, the Investments are depend upon the Company’s discretion.
  60. 60. Who is a Consultant? And Who is a Takaful Consultant?
  61. 61. Who is a Consultant? When we use term ‘CONSULTANT’, normally we understands, this Consultant is a medical Practitioner. May be he or she is a Pediatrician, an Ophthalmologist, a Cardiologist, an Otolaryngologist or Obstetric/Gaynecologist. CONSULTANT means a person providing their best possible advice, relate to their own field. Either he or she is Physician, Advocate, Architecture, Dress Designer, Interior Decorator or Any specialist of any other field. (All providing CONSULTANCY)
  62. 62. Who is a Takaful Consultant? A person who is expert in the field of Takaful Advisories, Who are capable to identify the need Of a takaful prospects and Provide them, a best possible solution for the future losses, are called TAKAFUL CONSULTANT.
  63. 63. Sales Distribution Cycle
  64. 64. Sales Distribution Cycle 1 2 3 4 5 6 10 9 8 7 Closing Preparation of Appointment Sales Interview Need Establishment Need Assessment Financial Commitment Solution Designing Solution Presentation Sales Distribution Cycle After Sales Meeting Prospecting
  65. 65. 12 Steps of Sales Interview
  66. 66. 12 Steps of Sales Interview 1. Entrance 2. Self Introduction 3. Rapport Building 4. Clarify the Purpose 5. Setting Arrangement 6. Introduction of Takaful 7. Company Introduction 8. Painting the Picture 9. Financial Commitment 10.Solution Designing 11.Solution Presentation 12.Closing
  67. 67. Painting the Picture
  68. 68. Painting the Picture Information required for Painting the Picture: 1. Family Structure 2. Human Life Expenses 3. Need Establishment 4. Need Assessment 5. Closing Attempt
  69. 69. Family Structure Name: ____________ DOB:______________ Father Mother Wife C1 C2 C3 C4 C5 C6 Prospect Data Objective of Probing 1. Resided in Joint Family or in Separate Family System 2. Monthly Home and Business Expenses 3. Any Life Insurance Policy
  70. 70. Human Life Expenses Human Life Expense Short Term Middle Life Long Term Monthly Expenses 1. Rent 2. Utilities 3. Food 4. Education 5. Transportation 6. Medical 7. Miscellaneous Middle Life Expenses 1. Higher Education 2. Marriages 3. Purchase New House 4. Purchase Land 5. New Business 6. Purchase Gold Long Run Expenses 1. Retirement Fund 2. Savings for Children behind 3. Land for Family 4. Business for Family
  71. 71. Need Establishment Today, Higher Education cost on BE = 600,000 After 10 years fund required for the same= 1,200,000 After 12 years fund required for the same= 1,400,000 Total Higher Education fund required = 2,600,000 Fund reqd for daughter marriage, today = 800,000 After 16 years fund required for the same= 2,400,000 After 18 years fund required for the same= 3,000,000 Total daughter marriage fund required = 5,400,000 TOTAL FUND REQD FOR ALL EXPENSES = 8,000,000 =========
  72. 72. Need Assessment Mr. X set the fixed installment to save in Bank: - Required Fund is Rs. 8,000,000 - 20 equal installments of Rs. 400,000 Submission of Installments in Bank 1st Installment Rs. 400,000 2nd Installment Rs. 400,000 3rd Installment Rs. 400,000 4th Installment Rs. 400,000 Before 5th Installment Mr. X died, how much family availed from Bank? Rs. 1,600,000
  73. 73. Result Objective of Saving will not be fulfill
  74. 74. What He Required? He required that kind of saving, if he died in future before Marriages, the Objective Of the saving will going to be fulfilled, Automatically
  75. 75. On Spot Plan Designing
  76. 76. How Can I Give Solution, On Spot? Total Need is Rs. 8,000,000 in 20 years Formula for Total Investment = Total Need/2.3 = 8,000,000/2.3 = 3,500,000 (aprox) Formula for Annual Contribution = 3,500,000/20 Annual Contribution = 175,000
  77. 77. On Spot Plan Designing for Commitment Annual Contribution = Rs. 175,000/- Accidental Death Cover = Rs. 3,500,000/- Family Income Benefit = Rs. 175,000/- Plan Continuation Benefit = Rs. 175,000/- Amount at Maturity = Rs. 8,052,494/- plus Surplus
  78. 78. Financial Commitment
  79. 79. Financial Commitment to Close If I prepared a proposal, what we Discussing today for your family and If proposal accepted by you, YOU WILL GIVE ME CHEQUE THEN AND THERE? Repeat this question again and again, until Mr.XYZ not replying that, Ok, If proposal accepted by me, I WILL DELIVERED CHEQUE, THEN AND THERE
  80. 80. Closing Shots
  81. 81. Closing Shots Closing shots are the techniques to get close your participant on spot. There are five major closing shots are using by expert Consultants: 1. Draw a picture of disturb home. 2. Make a family environment 3. Family feelings After Death of Bread Earner 4. Re Constructing Needs 5. Do for others, Allah Subhan’w Tallah do for you.
  82. 82. Closing Activities of a Consultant
  83. 83. Closing Activity 1. Once you get financial commitment, the first act of Consultant is start filling proposal form. 2. Secondly, demand for the Copy of CNIC. 3. Thirdly, demand for the job visiting card or proof. 4. Than start probing Addresses home and Office 5. Start probing medical and family history. 6. Get signature of the participant on proposal form. 7. Finally, put every thing in the form and demand for the Cross Cheque in favor of ‘Dawood Family Takaful Limited”.
  84. 84. Daily Activity Recording
  85. 85. Recording of Daily Activities of a Consultant 1. Referrals record in Project 250. 2. Transfer these records into Prospecting Cards. 3. Do evaluation of Prospecting Cards with your reporting manager. 4. Your Manager is responsible to guide, which Prospect is more valuable. 5. Make Appointments and each Appointment with the gap of 90 minutes. 6. Conduct Sales Interview.
  86. 86. Standard Day Standard Day FOR Takaful Consultants Minimum Daily Activity Objectives for Consultant 3 Appointments Pre-Qualified Approaches 1 Fact Find Appointment : Fact Find 3 : 1 1 Service Call At Least 1 Service Call 6 Referrals (0r 20 Pre-qualified names) Daily 6 Referral CardsReferral Cards
  87. 87. Activity Formats for Consultant & Manager
  88. 88. Activity Formats for Consultant 1. Desire Income Report (DIR) Once a month 2. Daily Referral Sheet (DRS) Daily Report 3. Daily Appointment Sheet Daily Report 4. Monthly Activity Report Daily Report _______________________________________ Manager Maintaining Formats of Consultant 1. All 1-4 plus Consultant Counseling Sheet 2. Consultant Strength and Weaknesses Sheet 3. Non Producers Clinic Activity Sheet
  89. 89. Life time Golden Quotation
  90. 90. Bring a person, who is willing to meet Only 3 fresh faces daily and convey our Company’s message to them. I will make them top salesperson of the Company of 10 Consultants list.
  91. 91. Endorsement by Shakespeare
  92. 92. It is so simple to make things difficult, but it is very very difficult to makes things easy. (Shakespeare)
  93. 93. Thanks for the Cooperation