Sales Management Project

INTRODUCTION ABOUT KOTAK LIFE INSURANCE COMPANY PROFILE

Stock broking businesses in the UK. Kotak Group was established in 1985.Kotak Mahindra Bank is the parent company of the group. Kotak Group entered into the life insurance business in 2001. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (76%) and Old Mutual plc. (24%) Old Mutual plc is a world-Class international financial services company. It was established in South Africa before 160 years. OLD MUTUAL is the largest financial services business in South Africa, through its life insurance, asset management, banking and general insurance operations. The company serves 4 million life insurance policyholders and employs over 13 000 South Africans in its local operations.
In the USA, OLD MUTUAL is one of the top ten fixed annuity businesses offering an array of specialist asset management skills through its 23 asset management businesses. The company’s US Life business recorded sales of $4 billion at the end of 2002.

Operations in the United Kingdom are focused on wealth management, through Gerrard as one of the leading private client The OLD MUTUAL Group has the ability to cater for a variety of consumer segments and offers a comprehensive and innovative range of products for all income groups.

” .Mission “At Kotak Life Insurance. we aim to help customers take important financial decisions at every stage in life by offering them a wide range of innovative life insurance products. to make them financially independent.

We not only demand loyalty. We aim at improving the long term value in our relationship by continuous innovation and improvements. At Kotak Life Insurance the customer always comes first. employees and stakeholders. Cohesive Work Environment: We form long-term partnership with our employees by offering them an invigorating work experience. Kotak Life Insurance will like to offer its employees space to grow.Vision & values Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers. sincerity and values but also give it back in equal measures. . Increase Customer Value: Kotak Life Insurance has gone to the heart of its customer's requirements and developed products which are unique and serve the customer needs perfectly. We built a relationship of mutual trust and benefit to serve the Indian customer. We do this by our three-prong effort which strives to make Kotak Life Insurance a corporate with values. innovate and build a long-term career.

Anand Dewan • Head management development training . Suresh Agarwal • Head of alternate channel Mr.Mr. Andrew Cartwright • Appointed actuary Mr. Elizabeth Venkataraman • Sr. Mr. vice President Mr. Gaurang Shah • Managing Director. G Muralidharz • Chief operating officer Mr. Pankaj Desai • Executive manager Mr. Shekhar Bhandari • Head of Tied channel Mr.Uday Kotak • CEO of the company. Sugata Dutta • Head Human Resources Ms. Mr. Subhasish Ghosh • Financial Institutions group Mr.

Sales Structure of Kotak Life Insurance .

AVP BDM (Sr.(SM) 5-8 Sr.) ABDM (W) ABDM (PB) ABDM (B) ABDM (W) ABDM (PB) ABDM (B) ABDM B(D) ABDM B(DS) ABDM (DS) 5-8 Sr.(SM) SM (SM) Sr.) BDM (Sr.(SM) 5-10 15-20 15-20 (SM) 20-30 Sr.(SM) SA(D) .(SM) 5-8 5-10 5-8 Sr.) BDM (Sr.) BDM (Sr.

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Minimum graduate Either 2 years experience or post graduate refresher Recruitment & Selection Procedure     College Placement Reference through Employee Placement agencies After collecting Resume from above media they conduct written test GD .COMPANY STRETEGY: Now company applies the project “Turning Point” and in this project to decide the selection criteria for LIFE ADVISOR and life advisor is the basic requirement for sale the policy. and >25 for female Agent income 5 lakhs Agent stay in city belong > 5 years Family back ground strong. The selection criteria for advisor are: Like:      Agent age > 30 for male LA.

IV. It is depend upon the number of candidates. Similarly if there is any shortage of documents of the client the form will not be accepted.   There could be a likelihood of ethics being compromised in the following situations Having to choose between two plans.Training Process Once the selection is done then the next step is to train the Sales Manager. the Video conferencing. one giving much less commission than the other Temptation to recommend discontinuance of an existing policy and taking out a new one Product Knowledge: Unless how good you are in sales but the most important thing about selling is product knowledge. Generally training is done in office conference room by showing the presentation by the trainer. Like few product are mentioned below. Once the candidates is selected then the candidates have to go through four types of training I. . Kotak Life Insurance provide complete product Knowledge and its competitive product in the market so that sales person can tell the customer about benefits of his product and the drawbacks of competitor product. Some time training is also given through. all business and personal information pertaining to the client’s affairs  Making full and adequate disclosure of all facts to enable clients make informed decisions 1. if there is any cutting or error in the form the form will be reject by the underwriting team. Since the kotak life insurance have their own trainer. if there are large number of candidates then a big hall or auditorium is booked for the training. Without knowledge it is not easy to sell the product . So it is very important to the sales manager to understand the underwriting rules during the training secession. Underwriting Training Consumer Behavioral Training Product knowledge Sales training Underwriting Training -: This training is very necessary for the sales manager because sales manager has to fill the policy form which required all the information of the client in proper format an d proper place . III. II. Consumer Behavioral Training:  Placing the best interests of the client above one’s own direct or indirect benefits  Holding in the strictest confidence and considering as privileged.

                    Kotak Single Invest Kotak Second Innings Plan Kotak Platinum Advantage Plus Kotak Retirement Investment Plan Kotak Long Life Secure Plus Kotak Long Life Wealth Plus Kotak Smart Advantage Kotak Eternal Life Plans Kotak Headstart Child Plans Kotak Term/Preferred Term Plan Kotak Money Back Plan Kotak Child Advantage Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Kotak Retirement Income Plan Kotak Retirement Income Plan (Unit Linked) Kotak Secure Retirement Plan Kotak Flexi Plan Kotak Easy Growth Plan Kotak Premium Return Plan Sales Training : Kotak life Insurance believes in long term customer relation so it continuously focus on sales training Like : How to interact and communicate with client? How to convince the client? How to deal with the client? How to make the decision? How to follow-up? .

The DARE Dollars® earned may be exchanged for gifts from the DARE Dollars® store (refer The rewards include electronics & lifestyle products. Redeemed for gifts from the DOLLAR STORE at this contest or 2. Rewards & Recognisation: SLAB LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 LEVEL 5 LEVEL 6 NO OF POLICIES 2 4 6 10 15 20 REWARDS Reebok Travel Bag Combo Cordless Phone Vacuum Cleaner Oven Toaster Grill Nokia Xpress Music Mobile Phone Philips Home Theatre With DVD Player Another Motivation Strategy of Kotak Life Insurance is that every year it come up with Dare Programme to encourage the Sales Managers CONTEST STRUCTURE FOR SALES MANAGERS The Sales Managers will be evaluated on any / both the following two parameters: 1.STRETEGY TO MOTIVATE SALES: Kotak Life Insurance Company has strategy like. overseas & domestic trip packages. Achievement of Period Income Budget Pls find the finer details of the contest for Sales Managers: Each supervisor has to over achieve the period CPI (Aug to Oct 09) target by a minimum specified percentage. Rolled over & accumulated with winnings of future contests & redeemed for higher rewards either At the end of any future contest or At the end of the year. The specified no of topmost overachievers will win DARE Dollars®. The DARE Dollars® earned at the end of DARE Unlimited may either be: 1. Achievement of Period Premium Budget 2. Converted into equivalent I-Mint points. motorcycles & cars. The Managerial role wise details are as under: . 3.

But at the time above 5 KRA should be accomplish. In this KRA record of the Sales Manager is verified whether he is able to solve the problem of the client in given channel (Branch) Whether the Channel Management is happy with his performance or whether there is any complaint against regarding his attitude or work. if the sales manager able to achieve 80% Persistency ( Good). Behavioral In Organization: It also considered the overall behavior of the sales manager with the organization and as well as the channel Management. Compensation In kotak life insurance compensation of salary generally based upon qualification experience and job profile.But for the senior Manager. For lower work profile Fixed salary + Incentives at the end of the 3rd month. Persistency Target Channel Management Product Knowledge Behavioral In Organization Persistency: It Means that how much Premium amount manager able to collect from those client who has taken the policy. if the Sales manager able to achieve the target in a given time period he will be put in the appraisal list. Performance Appraisal : Since the company is involve in selling the life insurance products. Channel Management: It is the 3rd criteria for the selection of performance appraisal. Product Knowledge: It is another criteria for the selection of performance appraisal. target is based on the market phenomenal. Good). above 95% ( excellent). and higher profile Fixed salary and commission is given after ending financial year. V. It also depend what kind of work profile is allocate to the employee. IV. II. so the performance appraisal is based on following KRA ( Key Result Area) I. Kotak Life Insurance Provide Foreign Trip If the achieved their annual Target.95% ( V. Target: It is another criteria for the selection of performance appraisal. But for sales manager they provide few fix salary and rest on the basis of target and commission. It also based upon the monthly incentive as well. . in this case a written test is taken to know that whether he/ she has complete knowledge about the new as well as running products. 85% . III. it also depend on the profile as well as if the employee is fresher he will get less salary package as compare to the experienced.

the sales manage allocate two or three Bank branch to generate the business.Target Allocation: Fixed annual target is allocate to each Sales Manager at the beginning of the financial year. IV. Size of the Branch: It is another factor that help to allocate the target of the Sales Manager. if the branch allocate to the Sales Manager is in wealthy colony then target will also high. Book Value of the Branch: In this it is estimated that how much business has been generate from that branch in past and how much business can be generate in near future. III. Seasonality ( Market condition ) Area Book Value of Branch Size of the Branch Seasonality ( Market condition ): Kotak life Insurance follow the market rules. of employees are more as compaired to that branch then the target will high else Low. criteria of allocation of target is base on the following factors I.e No. . i. II. if the size of the branch is big. Area: Another factor effecting the target is area. if the market (share Market) is doing good and over all forecasting of the market is good then the target is also high else Low.

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