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CHALLENGE IN INSURANCE INDUSTRY

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CHALLENGE IN INSURANCE INDUSTRY

  1. 1. 1<br />Success means the attainment of ultimate<br />objectives. It means winning the war, not every battle.<br />AnandSoni<br />Sinhgad Institute Of mangement and Computer Apllication<br />
  2. 2. 2<br />
  3. 3. In all 22 companies<br />2 are only profit making <br />rest 20 are making big time losses.<br />3<br />Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org<br />
  4. 4. “CHALLENGES IN RETAINING & GETTING PRODUCTIVITY FROM COMMISSION BASED SALES PEOPLE IN INSURANCE INDUSTRY.”<br />4<br />
  5. 5. Primary Objective:-<br /><ul><li>To understand the impact of commission based sales people in insurance industry.
  6. 6. To study factors that affect their productivity of commission based sales people.</li></ul>Secondary Objective:- <br /><ul><li>To find out whether the companies should focus more on commission based people or on-roll sales people.</li></ul>5<br />Objectives<br />
  7. 7. Profile During Internship<br />Working Area – Channel Development Vertical <br />Duration - 2nd May to 22nd July 2010.<br />Job -<br /> To meet the client,<br /> Develop the channel by recruiting <br /> commission based sales people-<br /><ul><li>Financial consultants (Agents),
  8. 8. Business Leader (Channel Partner).</li></ul>6<br />
  9. 9. Research Methodology<br /><ul><li>Geographical Location- Bhopal
  10. 10. Sample technique – Non - Probability
  11. 11. Research design - Exploratory
  12. 12. Primary Data – Questionnaire
  13. 13. Secondary Data –
  14. 14. Website of IRDA
  15. 15. HDFC SLIC, IBEF.org
  16. 16. Sample Size – 80
  17. 17. 40 From Company management.
  18. 18. 40 those who are commission based sales people. </li></ul>7<br />
  19. 19. Industry Scenario<br />8<br />Source- “Annual Report FY08-09” IRDA. Authorized Website WWW.IRDAINDIA.org<br />
  20. 20. HDFC Standard Life:- Brief<br /> 23rd October, 2000.<br /><ul><li>First branch opened in church gate on 1st November 2000.
  21. 21. HDFC Ltd. holds 72.43%
  22. 22. Standard Life holds 26.00%
  23. 23. Rest is held by others.</li></ul>9<br />
  24. 24. 10<br />
  25. 25. BIG QUESTION<br />Why people generally are not inclined to working with insurance industry?<br />11<br />
  26. 26. Small Answer<br />12<br />Negative word of mouth<br />Growth <br />Opportunity<br />More of <br />mental <br />pressure<br />Other<br />Employee Dissatisfaction <br />Hard <br />Efforts <br />Financial Benefit<br />
  27. 27. Which is a bigger issue for the company?<br />Retention of customer.<br />Retention of FC & BL including core sales people.<br />13<br />
  28. 28. Support Point<br />Each industry has 1 big player but all player are involved in insurance industry. <br /><ul><li>Textile - Ambani – Reliance Life
  29. 29. Cement - Aditya Birla – Birla Sun Life
  30. 30. Automobile - Rahul Bajaj – Bajaj Allianz
  31. 31. Financial Services - UdayKotak – Kotak Life
  32. 32. Automobile / IT (TCS) - Ratan Tata – Tata AIG
  33. 33. Telecom - Sunil BhartiMittal – BhartiAxa
  34. 34. Airlines - Subrata Roy Sahara – Sahara India Life
  35. 35. Retail - KishoreBiyani – Future generali</li></ul>14<br />
  36. 36. Cont…<br /><ul><li>If the farmer without any corporate education sell rotten tomato then can’t we sell insurance…!!!
  37. 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. 38. Every good thing is only tested in bad situation. (Whether it’s a sales person or a customer).</li></ul>15<br />
  39. 39. Opportunity<br /> 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.<br />16<br />Indian = 25 Japan = 43 USA = 36<br />SOURCE - www.ibef.org<br />
  40. 40. Finding<br /><ul><li>Sales people concentrates more on quantity rather than quality.
  41. 41. Sales people do not work on the phenomena of long term relationship.
  42. 42. Those who are giving productivity to the company, Company starts building more of pressure to bring new business.</li></ul>17<br />
  43. 43. Suggestion<br /><ul><li>To reduce the fees for initial training and examination of commission based sales people.
  44. 44. Implementation of policies of having CUSTOMER CENTRIC APPROCH towards customer by sales people.
  45. 45. Regular motivation and appreciation.</li></ul>18<br />
  46. 46. <ul><li>Topic
  47. 47. Objective
  48. 48. Profile During Internship
  49. 49. Research methodology
  50. 50. Industrial scenario
  51. 51. Brief about company
  52. 52. Opportunity
  53. 53. Finding
  54. 54. Suggestion</li></ul>19<br />
  55. 55. My thanks to…<br /><ul><li>Mr. NitinLalwani (Territory Manager HDFC, Std. Life)
  56. 56. Prof. Vijay Kulkarni (Project Guide)</li></ul>20<br />Also to my <br /><ul><li>Parents,
  57. 57. Friends and
  58. 58. Almighty GOD…</li></li></ul><li>If you’d like a copy of my presentation<br />you can email me at anand.soni10@gmail.com<br />You can also find it on <br />http://www.slideshare.net/<br />With the name of “CHALLENGE IN INSURANCE INDUSTRY”<br />21<br />
  59. 59. 22<br />

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