Description
The objective this presentation is on marketing financial products.Skill,profile required. It includes recruitment selection,selling process,compensation.Takes example of ICICI Prudential
Marketing of Financial Products Sales Management Project Cliquez pour modifier le style des soustitres du masque
1/21/13
Financial Services Industry Overview Marketing of Financial Products
•
1/21/13
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 industry – flexibility of riders, market linked plans, Symbiotic relationship LIC is the market leader
1/21/13
•
•
•
•
•
•
ICICI Prudential 2nd in the market, leading private
MD/CEO HEAD OF SALES SVP/ VP SALES ZONAL MGR/ AVP REGIONAL MGR AREA MGR BRANCH HEAD/SALES MGR UNIT MGR/ DEV MGR
ORGANISATIONAL HIERARCHY
1/21/13
ADVISOR S
ADVISOR S
Job Profile of a Sales Manager
•
Lot of Non-Sales Skills Unit Managers – major job is to recruit and motivate the advisors
•
•
Training & Setting objectives Activity Planning & Forecasting Promotions & Evaluation Staff Management
1/21/13
•
•
•
•
Customer Portfolio
Life Stage Young – Unmarried Young – Newly Married Married with kids Primary Need Asset Creation Asset Creation & Protection Education plans, Asset Creation & Protection Life Insurance Product Wealth Creation Plans Wealth Creation Education, Wealth Creation Retirement Solutions Health Insurance
Middle aged and above Planning for retirement and asset protection Across all life stages 1/21/13 Health plans
Selling Jobs
•
Marketing of Financial Products
1/21/13
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
1/21/13
Selling Jobs – ICICI Prudential
Source: ICICI Prudential Website
1/21/13
Recruitment/Training/Evalu ation Marketing of Financial Products
•
1/21/13
Recruitment Methods
1/21/13
Training - Types
1/21/13
Training – Sales Process
Source: ICICI Prudential Website
1/21/13
Rewards/Compensation
•
Advisors – Commission 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 vouchers, Gift items etc
trips, Gold , Gift
•
Insurance sales managers are often paid a flat
1/21/13
salary, plus bonuses
UDAAN
•
Campus Program for Executive Trainees (ETs) Effective Email Effective Sales Calls Time Management Sales Letter
•
•
•
•
1/21/13
•
Marketing of Financial Products
Major Accounts
1/21/13
Major Accounts
•
Mixed Customer Profile – Salaried & Business Class Age Group: 27- 40 Retirement Plans [ULIPS] – Major Chunk Child Related Plans – Also Popular
•
•
•
1/21/13
Reaching the Customer: Distribution Channels/Value Added Marketing of Financial Products Services
•
1/21/13
Distribution Channels
•
Individual Agents (Advisors) Corporate Agents – Restrictions: India Infoline, Religare, Blue Chip Banks - Bancassurance Brokers – products of different insurers can be sold
1/21/13
•
•
•
•
Direct Marketing Channel
Distribution Systems - Types
The channel can be distinct on the basis of 2 factors:
1/21/13
Distribution Strategy
•
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
1/21/13
Distribution Systems: I-Pru
ICICI Prudential continues to create a nationwide agency network, complemented by increased focus on non-agency distribution 1/21/13
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 1/21/13 Unit statements
•
•
•
•
Sales Support/Automation
•
Marketing of Financial Products
1/21/13
Sales Support/Automation
1/21/13
•
Complete employee database – Personal Profile of Employee Relocation Separation Payroll & Compensation Superannuation Details Leave and Attendance details Learning and Development Internal job postings, etc.
1/21/13
PACE Personalized, Accessible, Convenient, Easy
•
•
•
•
•
•
•
Reference : Internal
Sales Support/Automation
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 1/21/13 Repository for Processes and Product
•
•
•
•
•
Motivating/Differentiating
•
Marketing of Financial Products
1/21/13
Motivating the Sales Force
•
Relentless Pressure Personal Selling Champion’s Club Rewards -> Recognition Self Actualization
•
•
•
•
1/21/13
Differentiating the Sales Force
•
Several Companies -> Coveted Client Same Product Tweak the Product Brand Proposition Sales Support
•
•
•
•
1/21/13
Thank You
Questions??? Click to edit Master subtitle style
1/21/13
Distribution Channel
1/21/13
DISTRIBUTION SCENARIO IN INDIAN MARKET
Background:
•
Traditionally tied agents have been the primary channels for insurance distribution in the Indian market Public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents Great excitement in industry over impending broker regulations & companies are planning all possible channels to increase volumes
1/21/13
•
•
Traditionally tied agents have been the primary channels for insurance distribution in the Indian market; the public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents. The agents are from various segments in society and collectively cover the entire spectrum of society. Agents continue to be the prime channel for insurance distribution in India, as is the case in most markets, supported by call 1/21/13 centers to a small extent. However there is
Distribution Scenario in the Indian market
USE OF IT
•
Using analytical CRM insurance companies can enhance Cross- and up-selling capability to provide market opportunities within an existing customer database. Predictive capability to determine customer behaviour. Information regarding customer retention or attrition helps determine the likelihood of policy lapses and helps identify customers worth targeting for retention campaigns. Customer segmentation that leverages data to create accurate categories for use in marketing 1/21/13
•
•
•
•
USE OF IT
•
ICICI was earlier using GoldMines (a sales and marketing tool) and HEAT (an operational CRM solution) CRM has helped ICICI Prudential Life capture customers through effective event-based marketing and lead tracking to cross-sell and up-sell products The company has adopted IT as an essential part of its operations and customer service than CRM tools, ICICI Prudential
•
•
• 1/21/13 Other
Sales & Distribution
CRM
1/21/13
doc_590678886.pptx
The objective this presentation is on marketing financial products.Skill,profile required. It includes recruitment selection,selling process,compensation.Takes example of ICICI Prudential
Marketing of Financial Products Sales Management Project Cliquez pour modifier le style des soustitres du masque
1/21/13
Financial Services Industry Overview Marketing of Financial Products
•
1/21/13
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 industry – flexibility of riders, market linked plans, Symbiotic relationship LIC is the market leader
1/21/13
•
•
•
•
•
•
ICICI Prudential 2nd in the market, leading private
MD/CEO HEAD OF SALES SVP/ VP SALES ZONAL MGR/ AVP REGIONAL MGR AREA MGR BRANCH HEAD/SALES MGR UNIT MGR/ DEV MGR
ORGANISATIONAL HIERARCHY
1/21/13
ADVISOR S
ADVISOR S
Job Profile of a Sales Manager
•
Lot of Non-Sales Skills Unit Managers – major job is to recruit and motivate the advisors
•
•
Training & Setting objectives Activity Planning & Forecasting Promotions & Evaluation Staff Management
1/21/13
•
•
•
•
Customer Portfolio
Life Stage Young – Unmarried Young – Newly Married Married with kids Primary Need Asset Creation Asset Creation & Protection Education plans, Asset Creation & Protection Life Insurance Product Wealth Creation Plans Wealth Creation Education, Wealth Creation Retirement Solutions Health Insurance
Middle aged and above Planning for retirement and asset protection Across all life stages 1/21/13 Health plans
Selling Jobs
•
Marketing of Financial Products
1/21/13
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
1/21/13
Selling Jobs – ICICI Prudential
Source: ICICI Prudential Website
1/21/13
Recruitment/Training/Evalu ation Marketing of Financial Products
•
1/21/13
Recruitment Methods
1/21/13
Training - Types
1/21/13
Training – Sales Process
Source: ICICI Prudential Website
1/21/13
Rewards/Compensation
•
Advisors – Commission 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 vouchers, Gift items etc
trips, Gold , Gift
•
Insurance sales managers are often paid a flat
1/21/13
salary, plus bonuses
UDAAN
•
Campus Program for Executive Trainees (ETs) Effective Email Effective Sales Calls Time Management Sales Letter
•
•
•
•
1/21/13
•
Marketing of Financial Products
Major Accounts
1/21/13
Major Accounts
•
Mixed Customer Profile – Salaried & Business Class Age Group: 27- 40 Retirement Plans [ULIPS] – Major Chunk Child Related Plans – Also Popular
•
•
•
1/21/13
Reaching the Customer: Distribution Channels/Value Added Marketing of Financial Products Services
•
1/21/13
Distribution Channels
•
Individual Agents (Advisors) Corporate Agents – Restrictions: India Infoline, Religare, Blue Chip Banks - Bancassurance Brokers – products of different insurers can be sold
1/21/13
•
•
•
•
Direct Marketing Channel
Distribution Systems - Types
The channel can be distinct on the basis of 2 factors:
1/21/13
Distribution Strategy
•
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
1/21/13
Distribution Systems: I-Pru
ICICI Prudential continues to create a nationwide agency network, complemented by increased focus on non-agency distribution 1/21/13
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 1/21/13 Unit statements
•
•
•
•
Sales Support/Automation
•
Marketing of Financial Products
1/21/13
Sales Support/Automation
1/21/13
•
Complete employee database – Personal Profile of Employee Relocation Separation Payroll & Compensation Superannuation Details Leave and Attendance details Learning and Development Internal job postings, etc.
1/21/13
PACE Personalized, Accessible, Convenient, Easy
•
•
•
•
•
•
•
Reference : Internal
Sales Support/Automation
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 1/21/13 Repository for Processes and Product
•
•
•
•
•
Motivating/Differentiating
•
Marketing of Financial Products
1/21/13
Motivating the Sales Force
•
Relentless Pressure Personal Selling Champion’s Club Rewards -> Recognition Self Actualization
•
•
•
•
1/21/13
Differentiating the Sales Force
•
Several Companies -> Coveted Client Same Product Tweak the Product Brand Proposition Sales Support
•
•
•
•
1/21/13
Thank You
Questions??? Click to edit Master subtitle style
1/21/13
Distribution Channel
1/21/13
DISTRIBUTION SCENARIO IN INDIAN MARKET
Background:
•
Traditionally tied agents have been the primary channels for insurance distribution in the Indian market Public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents Great excitement in industry over impending broker regulations & companies are planning all possible channels to increase volumes
1/21/13
•
•
Traditionally tied agents have been the primary channels for insurance distribution in the Indian market; the public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents. The agents are from various segments in society and collectively cover the entire spectrum of society. Agents continue to be the prime channel for insurance distribution in India, as is the case in most markets, supported by call 1/21/13 centers to a small extent. However there is
Distribution Scenario in the Indian market
USE OF IT
•
Using analytical CRM insurance companies can enhance Cross- and up-selling capability to provide market opportunities within an existing customer database. Predictive capability to determine customer behaviour. Information regarding customer retention or attrition helps determine the likelihood of policy lapses and helps identify customers worth targeting for retention campaigns. Customer segmentation that leverages data to create accurate categories for use in marketing 1/21/13
•
•
•
•
USE OF IT
•
ICICI was earlier using GoldMines (a sales and marketing tool) and HEAT (an operational CRM solution) CRM has helped ICICI Prudential Life capture customers through effective event-based marketing and lead tracking to cross-sell and up-sell products The company has adopted IT as an essential part of its operations and customer service than CRM tools, ICICI Prudential
•
•
• 1/21/13 Other
Sales & Distribution
CRM
1/21/13
doc_590678886.pptx