EXECUTIVE SUMMARY

During the course of 2 ½ months of my summer Internship in the Retail Agency

Channel my focus area was activities for lead generation (for both customer and
Advisors). I carried out the Market Research to understand the customers and
advisors. My research is aimed at understanding the challenges faced by retail
agency in SBI LIFE in Anathapur and flagging issues relating to competition in this
sector. The life insurance sector has a small market and cover approx. 11% of
population in India. As a growing sector, it is important that all players get a level
playing field.SBI LIFE covers 7.7% market share in Individual New Business
Premium (overall Industry including LIC) and operate with multi dimensional
channel. In which retail agency channel contributes approx 42% of total business.
This channel is mainly driven by advisors as they are the grass roots. So this report
deals with various lead generation activities (LEADS-both in terms of IA and
Customers)

Through my study I have tried to substantiate this with facts and evidence proving
that which segment of IAs is most productive and least productive. Besides, which
segment is still unexplored to target as IAs. The purpose of this study is to better
understand the middle market for life insurance and to identify segments that would
allow the industry to better target customer needs. Methodology used is primary and
secondary research depicted by graphs and charts, qualitative analysis of top
performer IAs using sample test, brand awareness among people and customer
satisfaction by surveys. Few surveys were conducted for HNI segment covering
various government institutions like income tax department, central secretariat etc to
check penetration of our advisors and brand awareness among this segment. Since
may- June is recruitment time we are focusing more on recruitment activity for
Insurance Advisors. We will be focusing on both rural and urban segment. I have
also done brief study of this area and designed few activities which can be conducted
later on.

The data collected through the surveys was statistically analyzed after identifying
several variables from the survey results. The survey was carefully designed after
various rounds of discussions, pilot surveys and literature review related to the
Insurance Marketing.

The research draws attention to the fact that Insurance Advisors in the age bracket of
65-74 and 45-54 are most productive and education wise Diploma holders and post-
graduates and MBA people proved to be most efficient Insurance Advisors. Similarly
among different profiles in Unit Managers, Assistant Branch Sales Managers were
found to be most efficient. This once again proves how important it is to maintain
long term relationship with customers, despite of adverse condition (for example-
2007-08 crisis) as insurance selling is based on trust and faith. Many factors were
unveiled from the responses collected, but some factors were very prominently
visible. Factors like Networking, Self Motivating, Convincing Power, Customer
Centric approach were found more dominant in our top 50 Advisors. So while
recruiting and training these characteristics should be kept in mind.

Further investigations uncovered the perceptions of the customers some of which were
in contrast to the general perceptions. Although LIC being the legacy and market
leader few of the customers were dissatisfied from it and are ready to switch to private
players if they get better products and services are. In addition to this HNI Segment
working in government

Institutes like Income Tax office, Central Secretariat were never been approached by
our agents. Brand awareness and achievements about SBI Life was not known to
many of them.

It is recommended:

Encourage women employment in UM level so difficult to handle women IAs

(execute activities for lead generation designed for women in the report)

Quality of UM - UM appraisal should be based on both “G”(Goal) and

“M”(Managerial) level ,currently it is only G level because sometimes there is gap in
education profile of an well educated IA( ex-Doctor, CA…etc) and Unit Managers so
they find difficult to handle these high profile IA’s.

Innovative ideas should be encouraged and if certain activities are successful they
should be practised in other branches too.

Practise activities to create strong SBI Life brand and positioning our brand and
products before HNI segment. But to pitch them we require quality leads-so
recruitment activity and training and development should be structured and properly
planned.

New working youths (age-23 to 30) should be tapped as most of them had just started
their career and are not insured and are looking for tax saving products and good ROI.
 Chapter-1

Introduction

Insurance comes under the service sector and while marketing this service, due care
is to be taken in quality product and customer satisfaction. While marketing the
services, it is also pertinent that they think about the innovative promotional measures.
It is not sufficient that you perform well but it is also important that you let others
know about the quality of your positive contributions.

Insurance marketing
The term Insurance Marketing refers to the marketing of Insurance services with the
aim to create customer and generate profit through customer satisfaction. The
Insurance Marketing focuses on the formulation of an ideal mix for Insurance business
so that the Insurance organisation survives and thrives in the right perspective.

Marketing --Mix For Insurance Companies to best meet the needs of its targeted
market. The marketing mix includes sub-mixes of the 7 P's of marketing i.e. the
product, its price, place, promotion, people, process & physical attraction. Out of
Exclusive three P’s most important one is discussed below which is related to this
study:

People:
Understanding the customer better allows designing appropriate products. Being a
service industry which involves a high level of people interaction, it is very important
to use this resource efficiently in order to satisfy customers. Training, development
and strong relationships with intermediaries are the key areas to be kept under
consideration. Training the employees, use of IT for efficiency, both at the staff and
agent level, is one of the important areas to look into.

From the survey results of a recent poll among B2B sales and marketing executives,
the most often mentioned marketing goals for the year ahead are lead
generation and branding/awareness initiatives.

Lead Generation

In marketing, lead generation is the generation of consumer interest or inquiry into

products or services of a business. Leads can be created for purposes such as list
building, e-newsletter list acquisition or for sales leads. The methods for generating
leads typically fall under the umbrella of advertising, but may also include non-paid
sources such as organic search engine results or referrals from existing
customers. Businesses strive to generate "quality" leads, those with a higher
probability of a desired outcome.

Lead generation is the process of making contacts which may lead to a sale or other
favourable outcome. The leads may come from various sources or activities, for
example, digitally via the Internet, through personal referrals, through telephone calls
either by the company or telemarketers, through advertisements, events, and purchase
of lists of potential customers. A 2014 study found that 78% of respondents cited
email as the most-used channel for generating leads, followed by event marketing and
finally content marketing. Social media was found to play only a minor role in lead
generation. Another 2014 study found that direct traffic, search engines, and web
referrals were the three most popular online channels for lead generation, accounting
for 93% of leads.

Lead generation is often paired with lead management to move leads through
the purchase funnel.

Lead Management is a set of methodologies, systems, and practices designed to

generate new potential business clientele, generally operated through a variety
of marketing campaigns or programs. Lead management facilitates a business's
connection between its outgoing consumer advertising and the responses to that
advertising. These processes are designed for business-to-business and direct-to-
consumer strategies. Lead management is in many cases a precursor to sales
management and customer relationship management. This critical connectivity
facilitates business profitability through the acquisition of new customers, selling to
existing customers, and creating a market brand.

The purchase funnel

The purchase funnel, or purchasing funnel, is a consumer focused marketing model

which illustrates the theoretical customer journey towards the purchase of a product
or service.

In 1898, E. St. Elmo Lewis developed a model which mapped a theoretical customer
journey from the moment a brand or product attracted consumer attention to the point
of action or purchase. St. Elmo Lewis’ idea is often referred to as the AIDA-model -
an acronym which stands for Awareness, Interest, Desire, and Action. This staged
process is summarized below:

 Awareness – the customer is aware of the existence of a product or service

 Interest – actively expressing an interest in a product group
 Desire – aspiring to a particular brand or product
 Action – taking the next step towards purchasing the chosen product
The purchase funnel concept is used in marketing to guide promotional campaigns
targeting different stages of the customer journey, and also as a basis for customer
relationship management (CRM) programmes and lead management campaigns.

Fig1.1 THE PURCHASE FUNNEL

Sales leads are generated on the basis of demographic criteria such as FICO score,
income, age, HHI, psychographic, etc. These leads are resold to multiple advertisers.
Sales leads are typically followed up through phone calls by the sales force. Sales
leads are commonly found in the mortgage, insurance and finance leads

1.2 INDUSTRY PROFILE

Indian Life Insurance industry was liberalised in 2001.The insurance industry of

India consists of 52 insurance companies of which 24 are in life insurance business
and 28 are non-life insurers. Among the life insurers, Life Insurance Corporation
(LIC) is the sole public sector company. Apart from that, among the non-life insurers
there are six public sector insurers. As per IBEF report, India’s life insurance sector is
the greatest in the world, which includes 36 cr policies, which are expected to
increase at a CAGR of 12-15 % over the next 5 years.

The growth of the life insurance industry is driven by the factors like nominal GDP
growth rate, favourable demographic profile, high household savings, rising income
levels and increasing urbanization, approvals by IRDA, declining saving interest rates
and the products offered. Also the government of India has taken various initiatives
to promote insurance penetration in the country like for example most recent one-
“Pradhan Mantri Suraksha Bima Yojna”.

India’s insurable population is anticipated to touch 75 crores in 2020, with life

expectancy reaching 74years.Furthermore, life insurance is projected to comprise35
% of total savings by the end of this decade, as against 26 % IN 2009-10.

In 1993 the Government of Republic of India appointed RN Malhotra Committee to

lay down a road map for privatisation of the life insurance sector. While the
committee submitted its report in 1994, it took another six years before the enabling
legislation was passed in the year 2000, legislation amending the Insurance Act of
1938 and legislating the Insurance Regulatory and Development Authority Act of
2000.The same year that the newly appointed insurance regulator - Insurance
Regulatory and Development Authority IRDA-started issuing licenses to private life
insurers.

Apart from Life Insurance Corporation, the public sector life insurer, there are 23
other private sector life insurers, most of them joint ventures between Indian groups
and global insurance giants.

Source: www.ibef.org (INDIA BRAND EQUITY FOUNDATION)

Fig 1.2 MARKE SHARE OF VARIOUS INSURANCE COMPANIES

1.3Need & Scope of the study

The papers which form part of this report entitled “Lead Generation-Activities” is an
attempt to understand and discuss the various issues that the SBI LIFE (Retail Agency
Channel) is dealing with, and to bring to the fore new activities and target unexplored
segment that will help in generating leads both in terms of Customers and IA.

Motivation:
SBI Life as a brand has high market value among private players in this sector.SBI
Life extensively leverages the State Bank Group relationship as a platform of cross
selling and has a ready distribution set up of over 18000 branches of SBI selling
various insurance products. Despite all the supporting factors SBI Life has not been
able to achieve a respectable market share.
Thus, the main managerial problem proposition which was intended to be solved was
to know the reasons behind various loopholes existing in retail channel and
subsequently devise a strategy to reduce the flagging issues and challenges faced by
this channel. The lacunae in company’s marketing and retail agency strategy need to
be found out to know the gaps between company and the market. There is a need to
find the target segment to generate best quality leads for this segment, customer’s
expectations to build a supporting strategy and increase SBI Life’s market share in
this region. An in depth insight into the problem proposed could only be gained by
directly interacting with intermediateries and with the end customers.

OBJECTIVE OF PROJECT is to design activities for lead generation and modify

various activities undergoing to strengthen the grass root of retail channel and to
generate "quality" leads, those with a higher probability of a desired outcome.

Business problem faced in retail agency channel:

 To convince people to become advisors, to generate good leads.

 Innovative ideas for lead generation, recruitment of efficient advisors and their
proper training so that they can bring good business, make use of their primary
and secondary network both.
 To attract HNI segment and to manage the HNI segment and attrition rate for
advisors, employ concepts that may prove more effective in customer creation
and retention.
 Chapter-2

COMPANY PROFILE

2.1 SBI LIFE:

SBI Life Insurance is a joint venture life insurance company between State Bank of
India (SBI), the largest state-owned banking and financial services company in India,
and BNP Paribas Assurance. SBI owns 74% of the total capital and BNP Paribas
Assurance the remaining 26% of the capital. BNP Paribas Cardif is the life and
property & casualty insurance arm of BNP Paribas, one of the strongest banks in the
world. BNP Paribas Group, having presence in more than 80 countries ranks highly
in Retail Banking, Investment Solutions and Corporate & Investment Banking. Along
with its 5 Associate Banks, State Bank Group has the unrivalled strength of over
18,000 branches across the country, arguably the largest in the world

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave the
company a AAA/Stable/P1+ rating.SBI Life is one the top private players in the
insurance sector of India. It offers life insurance policies, investment plans, unit linked
life insurance plans. There are around 17,000 employees in the company, working in
its 762 branches.

Business: Continuing its track record of sustainable growth, SBI Life Insurance has
posted a record profit of Rs. 820 crore, during the financial year ending March 31,
2015, an increase of 11% over the last financial year. Operational efficiency has been
the key driver of SBI Life’s profitability. The Company is the once again market
leader amongst the private life insurers, in New Business Premium (NBP), for the
financial year 2014-15.

Awards and Accolades of SBI Life Insurance (few latest ones):

 SBI Life wins and best practice in learning transfer for improving
business bottom line.SBI Life wins three awards at “World HRD Congress
2015” and “FINNOVITI”-Digital Innovation Award 2015, for Connect Life.
 Most Trusted Private Life Insurance Brand 2011, 2012 and 2013 by The
Economic Times, Brand Equity and Nielsen Survey
 Most Admired Life Insurance Company and The Best Life Insurance
Company in the Private sector by the BFSI 2014
 Non-Urban Coverage - Life Insurance by the Indian Insurance Awards, 2014
for its wide presence and market penetration,Golden Peacock National
 Training Award, 2014 by Golden Peacock Awards Secretariat – Institute of
Directors

2.1.1 Vision, mission and values of the company:

Vision: "To be the most trusted and preferred life insurance provider”

Mission:"To emerge as the leading company offering a comprehensive range of life

insurance and pension products at competitive prices, ensuring high standards of
customer satisfaction and world class operating efficiency thereby becoming a model
life insurance company in India in the post liberalization period ".

Values:

 Trustworthiness
 Ambition
 Innovation
 Dynamism
 Excellence

2.1.2 Lines of business

SBI Life has a unique multi-distribution model encompassing vibrant Banc

assurance, Retail Agency, Alternate Channel, Emerging Business and Corporate
Solutions distribution channels. SBI Life extensively leverages the State Bank Group
relationship as a platform for cross-selling insurance products .SBI’s access to over
100 million accounts across the country provides a vibrant base for insurance
penetration across every.

Multi Dimensional Model

CHANNELS

BANCA Retail Agency Alternate Channel Emerging Business CS

Fig 2.1 Multi-Dimensional Distribution Channel-SBI Life

BANCASURRANCE: Banc assurance in its simplest form is the distribution of life

insurance products through a bank’s distribution channel. Insurance companies see
banc assurance as a tool for increasing in their market penetration and premium
turnover. It was introduced in India when insurance industry was opened for private
players. In India, a bank can tie-up with one general insurance and one life insurance
companies as mandate by IRDA regulation. The banking sector in India comprises of
more than 67,000 branches and around 20 crores bank accounts.

RETAIL AGENCY: Another innovative distribution channel that could be used are
the non-financial organizations. Agency Channel, comprising of the most productive
force of over 110,000 Insurance Advisors, offers door to door insurance solutions to
customers. Conventionally, insurance products have been sold through agents, who
are not the regular employees of the organization but the organizational success,
however, critically depends on the effectiveness of these people. An agent is the
public face of an insurance company. Most of the insurance clients never get to see
anyone else besides the agent. They are known by a myriad of names like financial
advisors, insurance agents, life advisors and certified financial consultants. Due to
increasing competition, the skill set of these agents has also been undergoing a
change.

CORPORATE SOLUTION GROUP: This group is responsible for bringing

business

from corporate institutes.

ALTERNATE CHANNEL: Initially it was known as Institutional alliance.

Alternative channels such as banks, brokers, online i.e. direct, corporate agents and
wire houses.

Emerging Business: It comprises of approaches like cross selling (selling an

additional product or service to an existing customer), Defence Marketing and Digital
Initiatives.

2.2 ORGANIZATION STRUCTURE

SBI Life operates in states in three zones. It has 14 regional offices as shown below.
This report is for SBI Life, Patna region which has 25 branches in Bihar and 17
branches in Jharkhand.

SBI Life was the top most private life insurer in Patna Region with 20% share of
New Business Premium amongst the private life insurance industry in the last
financial year. SBI Life has a strong force of over 6,000 well trained Insurance
Advisors spread across 42 branches and two Processing Centers in the Region. In
addition, there are over 1,200 Certified Insurance Facilitators selling insurance in
1,389 State Bank branches in the Region. Thus, SBI Life reaches 100% of the
districts of Bihar and Jharkhand through its own offices, its advisors and Certified
Insurance Facilitators at State Bank of India. SBI Life has been successful in insuring
9.5% of the total population of Bihar and Jharkhand, which is better than the
country’s average insurance penetration of 4%.
Table1: ZONE WISE REGIONAL OFFICE

ZONE 1 ZONE 2 ZONE 3

Mumbai Chandigarh Kolkata
Ahmadabad Delhi Bhubaneswar
Bhopal Lucknow North East
Bangalore Patna

Jharkhand Bihar

2.2 SBI LIFE ORGANISATION STRUCTURE

Fig 2.2 ORGANISATION STRUCTURE AND DEPARTMENTS

2.3RETAIL AGENCY CHANNEL: As already discussed above that in this channel

insurance products have been sold through agents, who are not the regular employees
of the organization but the organizational success however, critically depends on the
effectiveness of these people. An agent is the public face of an insurance company.
Each Agent/ Advisor is mapped under Unit Managers as shown in figure below.
So we can say they are the bottom of the pyramid but plays vital role for this channel.
This is the reason they are given various club membership on specific targets and
rewards and recognition too and apart from this there is also career progression
scheme for IAs. All this is discussed in detail below.

Fig 2.3 HIERARCHY IN RETAIL AGENCY CHANNEL

2.3.1 INSURANCE ADVISORS:

WHO CAN BECOME AN INSURANCE ADVISOR?

 Anyone-A businessman, distributor of financial products, housewife, agent-

post office, mutual fund, general insurance.
 Minimum 18 years of age.
  Education qualification-10th pass( As per new IRDA laws implemented from
April 2015 for both urban and rural).Earlier for Urban(with population>5000)
it was 12th pass.
 Willing to work hard and enjoys meeting people.

BENEFITS OF BEING AN INSURANCE ADVISOR:

 Unlimited earning potential

 Opportunity to have regular addition income
 No investment(capital/infrastructure/manpower)
 Be your own boss, have no pressure with flexible and convenient work timing

As per Industry Research, SBI Life Insurance Advisor’s productivity is around

three times that of the industry average (Productivity= No. of policies sold per
person per year)

REWARDS AND RECOGINITION FOR INSURANCE ADVISORS:

 Premium SBI Life Club Membership#

 Membership to International Clubs( MDRT/ COT/ TOT )
 Opportunity to join SBI Life Insurance Company as Sales Managers through
“Utkarsh” program
 Win exciting prizes by participating in regular contests announced time to time

 Prizes include gift cards, utility items, consumer durables and incentive trips
to exotic destinations

Annual
Premium or Annual
for Premium or
SBI LIFE CLUB Qualifying INTERNATIONAL for
Rising Star Club Rs.2 lakhs CLUB Qualifying#
Branch Million Dollar
Rs.3 lakhs Round Rs.33.8 lakhs in a
Manager Club
Divisional Table(MDRT) Calendar Year
Rs.5 lakhs Court of the Rs.1.01 Crore (3
Manager Club
Dy.RM club Table(COT) times MDRT)
Rs.10 lakhs Top of the Rs.2.02 Crore (6
Regional Table(TOP) times MDRT)
Rs.20 lakhs
Manager Club
Country Head
Rs.30 lakhs
Club
Executive
Rs.50 lakhs
Director Club
Managing
Rs.75 lakhs
Director Club
 Table 2: SBI LIFE CLUBS & Industry International Clubs

CLUB MEMBERSHIP BENEFITS:

 Rewards in cash ranging from Rs.750 to Rs.75,000

 Petrol Vouchers
 Office Allowance

CAREER PROGRESSION FOR IAs:

 Promotion to UM
 Further promotion within UM group to Branch Sales Manager, Divisional
Sales Manager, Area Sales Manager

An IA can aspire to join the Managerial Cadre of the company under the
“UTKARSH” Scheme.

EARNING POTENTIAL OF ADVISORS:

From the table below we can see earning potential of an IA over a period of 5 years. If
we assume an advisor in his first year sells on an average 5 policies in a month then
he/she can sell 60 in a year. Assuming by next year his efficiency will increase and so
will no. of policies. In addition to it average premium for SBI Life products is Rs.
25,000.Now applying the commission rate on new and renewed policies below chart is
prepared.

(All values in
Rs.)

YEAR YR 1 YR 2 YR 3 YR 4 YR 5
NUMBER OF POLICIES 60 80 100 120 150
PREMIUM(AVERAGE- 15,00,00 20,00,00 25,00,00 30,00,00 37,50,00
RS.25,000) 0 0 0 0 0
COMISSION @10 % (A) 1,50,000 2,00,000 2,50,000 3,00,000 3,75,000

15,00,00 35,00,00 60,00,00 90,00,00

RENEWAL PREMIUM NA 0 0 0 0
COMISSION @5 % (B) NA 75,000 1,75,000 3,00,000 4,50,000

TOTAL COMISSION
EARNED(A+B) 1,50,000 2,75,000 4,25,000 6,00,000 8,25,000
Table3: Earning Potential over a 5 Year Period

2.4 PRODUCT PROFILE

SBI Life Insurance products are of two types- Individual and Group Plans. Few of
them are discussed below:

1. Group Products

RiNn Raksha Scheme: - This scheme covers the House, Vehicle, Education and
Personal Loans. It is a Group Credit plan, where in unfortunate event of death the
loan outstanding amount (according to EMI Schedule) is adjusted with the claim
received from SBI Life Insurance Co.

2. Individual Products: - These products can be sold by the Certified Insurance

Felicitators (CIF, a staff member specifically trained, as per IRDA norms, for sale of
individual insurance products).At present the main products for sale are:-

Saral Shied

It is an individual without profit pure term insurance plan. Minimum age: 18 years
Max Entry age: 60 years Maturity/vesting age: 65 years Min. term 5 years, Minimum
Sum Assured Rs.7.50 Lacs/Maximum Rs. 24.00 Lacs, Riders: Preferred
Term/Accidental Death Benefit/Accidental Total Permanent Disability is also
available.

Smart Shield

It is an individual without profit pure term insurance plan. Minimum age: 18 years
Max Entry age: 65 years Maturity/vesting age: 70 years Min. term 5 years, Minimum
Sum Assured-Rs.25.00Lacs/Maximum-no limit, Riders: Preferred Term/Accidental
Death Benefit/Accidental Total Permanent Disability is also available

Smart Money Back

It is an individual endowment assurance product with money back plan where in case
policyholder is alive at specific durations (end of policy years).During the policy
term, a fixed % of the basic sum assured is paid to him as survival benefit in fixed
number of instalments. Minimum Age: 14 years Max Entry Age: 58 years
Maturity/vesting age: 70 years, Term 12/15/20/25 years.

Subh Nivesh

It is an individual participating traditional savings cum whole life endowment plan

primarily designed as savings vehicle with protection along with income generation
and wealth transformation. It is a regular premium plan for a term varies from 5 to 30
years with a minimum annual premium payment of Rs. 6000.00 per annum and
minimum/maximum entry age is 18/60 years.
Smart Wealth

It is an individual Unit Link single premium insurance product. This product provides
the policyholders two types of investment return, namely Guaranteed Return and
Market Linked Return. Minimum Term 10 years, Minimum Premium Amount
Rs.50000

Smart Pension

It is a ULIP pension product with minimum single premium mode of Rs. 50,000/-and
no maximum limit of premium. It has 4 fixed policy terms: 10/15/20/25 years. The
minimum & maximum entry age is 30 years and 65 years respectively Minimum
Term 10 years, Maturity Benefit: 1/3rd of commutable, 2/3rd Annuity (compulsory),
Death Benefit, Fund Value.

Smart Scholar

It is a unit-linked non-participating product for securing the future needs of the child.
The risk cover is on the life of the proposer who is the life assured. The nominee at
the point of sale must be a child whose interest the policyholder wants to protect.
Entry age for child-0 to17 years, for parents 18 to 57 years.

Smart Elite
It is an individual unit-linked product designed mainly for preferred (HNI) customer.
It offers Limited Premium paying Term and Single Premium payment option.
 Chapter3

RESEARCH METHODOLOGY

OBJECTIVE:

 To segment Insurance Advisors on the basis of Age, Education and

Occupation.

 To analyse which segment brings most business

 To segment various designations of Unit Managers and IAs mapped under

them, how much target achieved and remaining and business brought by them.

 To find behaviour analysis of Top performing IAs, what makes them more

successful than others, what lacks in other IAs

 To identify % of dissatisfied clients of SBI Life Insurance’ s biggest

competitor, knowing whether all individuals having spare income buy

insurance policies, most customer preferred which organization and their

awareness about SBI Life

RESEARCH DESIGN:

Present study is a Descriptive research conducted in SBI LIFE, Patna. It

specially focuses on IAs and UM’s of Bihar and Jharkhand region. I have used

Descriptive research because I am interested in knowing which segment brings

most business and is most productive so that accordingly I can design my

activities for lead generation.

3.1 PRIMARY RESEARCH

Beyond the secondary research, primary research was carried out in Patna. Primary

research involves collecting data about a given subject directly from the real world.

This report consists of two Primary researches.

1. Qualitative Analysis of the findings to determine the behaviour analysis of Top

performing IAs
2. Quantitative Analysis on Brand Awareness and Customer Satisfaction

SAMPLE SIZE: The research was conducted with the sample size of 75 for the first

primary research and 50 for second primary research.

PRIMARY DATA:

For surveys on top performer IAs and consumer brand awareness and customer
satisfaction primary data was collected.

The steps undertaken for the first primary research were:

Survey the concerned individuals from various Government Institution in Patna,

people visiting malls, shop owners of many areas etc.

Quantitative Analysis of the findings to determine the factors affecting the buying
behavior of the customers, brand awareness, satisfaction and scope of cross referral
and cross selling.

The target segment consisted of:

 Central Secretariat (New Sachivalaya), Patna

 Income Tax Office, Patna
 Central Water Commission, Kasturba Path, Patna
 P & M Mall, Kurzi, Patna
 Central Mall, Dakbangla Chowaraha, Patna
 Boring Road, Patna
 Gandhi Nagar, Patna
For the second primary research data was collected from various other branches of
SBI Life in Patna.

3.2 SECONDARY RESEARCH

The research was initiated by finding out details of existing Insurance Advisors and

Unit Managers in entire Bihar & Jharkhand Region

SAMPLE SIZE: The research was conducted with the sample size of 5578 and with

the sample size of 230 UMs and IA mapped under them.

SECONDARY DATA:

Secondary data is collected from company records & file.

This report consists of two secondary researches:

1. Demographic Analysis of IAs

2. Analysis of Unit Managers

 Chapter 4

DATA ANALYSIS

4.1 DATA ANALYSIS AND INTERPRETATION

DEMOGRAPHIC WISE ANALYSIS OF IA

As discussed in chapter 3, first secondary research was conducted to understand the

demography of Insurance Advisers. The following data analysis was done to examine
which segment is most efficient and productive and vice-versa.

1. Education of IAs
TABLE NO. 4.1

EDUCATION COUNT Business % business Per person

TYPE OF IA brought contribution Contribution
SSC 566 111335022.6 10.79132862 196704.9869
HSC 3767 608456398 58.97562858 161522.8028
Diploma 19 4728094 0.458278221 248847.0526
Graduate 1340 274321480.7 26.58905685 204717.5229
Post Graduate 99 31513440 3.054491561 318317.5758
MBA 7 1353768 0.131216171 193395.4286
Grand Total 5798 1031708203
(Source: - Data Records from company)
Graph No.1: Education wise Business brought by IAs
INTERPRETATION & SUGGESTION:Though the highest % of business is

brought by HSC group but their per person contribution is least. From the above table

we can interpret that per person contribution of post graduate is highest and per person

contribution of diploma holders is second highest.

Age group of IAs

TABLE NO. 4.2

year of Business COUNT per person

birth age brought % contri OF IA % count contri
18-
1991-97 24 73740748.01 7.147442249 729 12.57330114 101153.2895
25-
1981-90 34 352881452.7 34.20361024 2268 39.11693687 155591.4694
35-
1971-80 44 411074582 39.8440742 1893 32.64918938 217155.0882
45-
1961-70 54 167548996 16.23995966 766 13.21145222 218732.3708
55-
1951-60 64 21894843.58 2.122193418 122 2.104173853 179465.931
65-
1940-50 74 4567581 0.442720237 20 0.344946533 228379.05
total 1031708203 5798
(Source: - Data Records from company)

Graph No.2: Age wise count of IAs

Graph No.3:Age wise Business brought by IAs

INTERPRETATION & SUGGESTION: Out of the 5578 IAs in entire Bihar and

Jharkhand Region, max of them are from age bracket 25-34and then from age bracket

35-44.Max business is also brought by IAs under age bracket 35-44.

But when it comes to per person business contribution max business is made by IAs
under age bracket 45-54 and 65-74.As we can see no of IAs in age bracket 65-74 is
least but business brought by them is good enough. So we should focus in targeting
this retired segment of people.
 3. Area of IAs
Chart No.4:

Graph No.5: Area wise business contribution of IAs

INTERPRETATION & SUGGESTION:

28% Insurance Advisors (IAs) belongs to rural area and contribute 24% of business
and 72% IAs belongs to urban area and contribute 76% of business. So we can say
there is enough scope in rural segment to grow.

4.2 DATA ANALYSIS AND INTERPRETATION

ANALYSIS OF UNIT MANAGERS

As discussed in chapter 3, second secondary research was conducted to segment

various designations of Unit Managers and IAs mapped under them. The following
data analysis was done to examine which segment has achieved its target and which
segment is yet to achieve, business brought by them.
TABLE NO. 4.3

INTERPRETATION & SUGGESTION:

Out of total 258 UM’s Agency Manager are maximum in no. i.e. 48 and have
maximum no

of IAs mapped under them i.e. 1121.Inspite of being max in terms of sales force but
per person contribution is comparatively low. On the other hand Assistant Branch
Sales Manager are most efficient one as their- per person contribution is maximum.

As they are the seniors ones and with the company since long term we can say one of
the reason behind their success is their long term relation with customers. In spite of
2007-08 crisis they didn’t turned faces from their customers, they faced them and
convinced them that market will become stable and grew in long term.

So it is very important to maintain long term relationship with customers and should
not avoid them during crisis or mishap

4.3Univariate Statistical Analysis- One Sample Test

4.3.1 Instrument
To analyze the data collected from first primary research i.e. behavior analysis of
Top Performer IAs and perform Statistical test to get the results SPSS Tool from
IBM has been used
Refer the APPENDIX G: Analysis from SPSS

4.3.2 Data analysis: As explained in the previous section, data was collected using
the survey of concerned people (Top Performer Insurance Advisors) from various
Unit Managers in Patna Region. The qualitative analysis technique used on the
gathered data
The parameters were rated by the respondents on a scale of importance, giving the
level of importance they feel the parameter holds for them while judging the Top
Performer IA mapped under them. The response was collected on a Likert scale.

The responses to these parameters were then coded into numeric data by assigning
each level of importance a numeric value:

Very Good 1
Good 2
Neutral 3
Poor 4
Very Poor 5

Objective: One sample test will be used

Justification: Interval scale is required to use one sample test

Data analysis

H0: µ=3

The average perception of the managers for all the characteristics to become
successful Advisors is not different from 3 i.e. central or neutral

H1: µ<>3

The average perception of the managers for all the characteristics to become
successful Advisors is different from 3 i.e. central or neutral

Factors Hypothesis p-value Dec(alpha/2=.025)

Communication H0: µ=3 .000 P<a reject
Skill
H1: µ<>3
Convincing Power H0: µ=3 .000 P<a reject

H1: µ<>3
Stout(Dabang) H0: µ=3 .061 P>a accept

H1: µ<>3
Networking H0: µ=3 .000 P<a reject

H1: µ<>3
Customer Service H0: µ=3 .000 P<a reject

H1: µ<>3
Self-Motivating H0: µ=3 .000 P<a reject

H1: µ<>3
Street- H0: µ=3 .000 P<a reject
smart(Jugaad)
H1: µ<>3

Interpretation: From the above table it is observed that only for one characteristic i.e.
Stout, null hypothesis is accepted as p>alpha so we can say that there is no significant
difference in average perception for this characteristic, therefore we conclude that
there is no favourable and unfavourable opinion of managers w.r.t the above
mentioned characteristic.

For the rest characteristics networking with friends p value < alpha so we reject null
hypothesis and we accept alternative hypothesis so we can say there is significant diff
in avg perception for the mention characteristics.

We will refer one sample statistic one sample statistic

parameter Mean decision

Networking 1.5882 Strongly favourable
Convincing Power 1.8235 favourable
Communication Skill 2.000
Customer Service 1.8824 favourable
Self-Motivating 1.5588 Strongly favourable

From above table it is observed that managers think that the networking and self
motivating characteristics are extremely useful to become top performer IA,
convincing power and customer service is also quite useful characteristic that makes
an IA top performer. Communication skill and street smart can be useful depending on
an individual
4.4.1 DESIGN PHASE OF ACTIVITIES FOR LEAD GENERATION

After undergoing both primary and secondary research various activities have been
designed for lead generation. Major findings from research such as- target women to
bridge gap between Women IA and Unit Managers, target retired people and post
graduates as they are most productive segment, have been covered while designing
activities. Since rural segment covers only 26% and contributes 24% of business, few
activities are exclusively designed to promote this segment as we know rural market is
emerging market and next upcoming market of our country. Apart from this these
activities are targeting to unexplored segment and also modified version of few past
successful activities.

ACITIVITY 1: APPARTMENT DRIVE

Target Segment: Women living in societies and apartments through secretary of

those apartments (we can even target these secretaries).

Why: Women prefer flexibility in work, women are more social, good convincing
power, prefer to earn extra money if given opportunity.

Example-‘FENOMENA’-initiative to enrol women (Tata AIG), helps women to

become stronger & deal with real world better.

Discuss success story by giving Real Scenario examples- Few top MDRT member are
females(in Sbi Life)-Anju Singh, Sahanaj Parween,Asha Kumari, Usha Kumari
(earning more than 50k/month).

Activity to be taken place-Canopy activities in apartments or societies involving

secretary of those apartment to convey message and ask them to join AWARENESS
about any disease or small health camp in their own apartment initiated by SBI LIFE.
But requires 1-2 days pre buzz to gather enough crowd on the day of activity (pre buzz
can be created by paper inserts two day before and few posters relating to the topic,
time and venue of activity)

Time-4 to 5(can be changed as per their convenience), best time for activity is 8th
may-women’s day

Also describe benefits given to our advisors, various club member ship, success
stories of our top women performer if possible call one of them on the spot.

Few products such as SMART CHAMP need to be discussed – so that selling of

policies based on life-stages can be done. (so that if not IA then they can become our
customer).
ACITIVITY 2: Morning Activity #2-“FAVOURITE DADAJI/DADIJI contest”

Target Segment: Old age, retired people (VRS), or 50+

Why: Retired govt officials such as Advocate, CAs, Clerks have good social network
(lot of clients during their service period) and also their word of mouth matters as their
experienced is countable. Also in our research we have seen this segment brings good
business.

Activity to be taken place-Canopy activities in parks or roads where they go for

morning walk and sit with their friends and discuss retirement plan.

Conduct some customer engagement activity such as-ask them to fill survey on choose
best post retirement activity, FAVOURITE DADAJI contest/FAVOURITE
DADIJI (ask few sets of question related to their grand children like how much time
you spent with them? which game you play with them? how you convince them if
they don’t listen you, best story you have told them and they have told you…..poems
recited by them.. etc.).

Award to be given is small piggy bank by SBI LIFE for their grand kids…

Time-6 to 7:30(can be changed as per their convenience)

MESSAGE to be conveyed is they still have chance to earn much extra money apart
from pension by leveraging on their social contacts. Flexible work hours

Also describe benefits given to our advisors, various club membership, success stories
of our old age performer (age group 50+ constitute 20% of our Advisors)

Few products such as SMART CHAMP,(so that if not IA then they can become our
customer for their grand children or ask their children to buy our products etc).

ACITIVITY 3: UNIVERSITIES/COLLEGE DRIVE-#BACK TO COLLEGE

Target Segment: COLLEGE Students –Bcom, BBA, MBA grad who want to do
summer internship+ want to build career in insurance field (even various girls’
college-Patna Women College, CIMAGE, A.N College, and L.N Mishra College).

Why: Prefer to earn extra money, can leverage their network as well as their parents,
not much problem with communication skills and good convincing power. Though
this age group is not
Activity to be taken place-Guest lecture to be conducted in their colleges to convey
them concept of insurance advisors, growth in this field(as per “UTKARSH”),align
company’s mission, vision & values with IA’s mission ,vision ,values ,leverage on
BRAND of company-emphasis on accreditation of company(ranked 36th in best place
to work, most trusted private life insurance as per Nielsen and ET)

Time-prefer morning slot (can be changed as per discussion with placement

committee)

MESSAGE to be conveyed is that reward for a hard working insurance advisors are
comparable to other professionals-engineer, doctor, CA’s etc

Also describe benefits given to our advisors, various club membership , success
stories of our top performers ,between 25-35 age group(how this group constitute 40%
of our sales force in IA’s and contribute 35% of business),Foreign exposure to
MDRT members etc.

Activity3.1- Similar activity but target audience here is professor and teachers of
these institutes. As seen during surveys penetration of SBI Life among these
teachers is very less so they can be our target customer and if possible pitch few of
them for becoming advisors as it will generate quality leads both in terms of
customers and advisors

ACITIVITY 4:

Target Segment: Small and Medium scale business-medical shops, boutiques,

parlour-saloons, internet café, photo copy shop, kirana stores, and coaching centres

Why: Prefer to earn extra money, can leverage their network, these individuals are
well established& in regular contact with their client & if paid well can go long way in
selling insurance plan.

They even interact with their client on daily basis & often provide even credit service
in terms of monthly billing.

Activity to be taken place-Divide area wise all such places ,prepare small pamphlets
specially for these target segment depending on their interest and how they can earn
more money out of their existing business .Give examples of few IA’s working in this
field and how successful they are along with their business

Time- afternoon time when not much customer in their work place so that they can
give you their valuable time

Also describe benefits given to our advisors, various club membership, success stories
of our top performers, foreign exposure to MDRT members etc.
Few products can be explained which are related to them.
ACITIVITY 5:
Target Segment: Few unexplored Segment till now that can bring good business if
targeted properly.
GROUPS
PHARMACIST/ MR’s
NURSES/Compounders/
Attendants of Doctors
ACCOUNTANTS/ Small
Advocates/ Clerks
BHMS/BAMS Doctors
PLACE ACTIVITY
On their seminars or Since they have selling
monthly meeting or experience and their
associations work require them to
meet hundreds of people
daily can leverage their
skills and become good
financial advisors.
They can get easy access
to data of hospital(for
example-list of newly
born parents).So there
comes need and occasion
to give them advise to be
financially secure. Even
these people meet 10-20
new people daily and
talk to them so enough
databases to leverage.
Various government offices- Activity is to approach
Central Secretariat ,Patna such people who work
High Court etc for senior government
officials because they are
street smart people and n
no of people approach
them for favour so in
return they can sell our
products.
Sponsorship snacks in their Present small ppt on why
association meeting to become IA and how
they are the family
doctors of many families
 so they know in and out
about their needs and can
easily pitch

Seasonal NAVY Institutes in Bihar- Merchant Navy people

Employees(merchant Indian Ocean Marine need to be extra secure
navy, sugar industry…etc) Academy, Amanatullah about their family since
Marine Academy, they are far away from
them for a long period so
B P Marine Academy (many
easy to sell them various
others around 10-15).
product as a customer
also they have huge
network among
themselves so can also
work as advisor during
their off role period.
Even students pass out
from these academies get
their first ship after 7-8
months by that time they
are in need of money so
can be targeted to
leverage this
opportunity.

Government retired Sponsorship Show them various

/Railway retired/CRPF snacks/Garlands in their products beneficial for
farewell or retirement them (try to pitch them
ceremony as customer because they
get huge sum of money
that day and can easily
invest certain amount in
insurance).Meanwhile
also discuss their post
retirement plan and give
them an option to
become our financial
advisors(tell them
benefits of various club
membership, foreign
exposure etc)

Wives of Civil Service Sponsorship their kitty These are HNI Segment
Officers-IAS/PCS parties or club meetings they can be our good
customer for policies
like-

Also this region has total

ACITIVITY 6:

Target Segment: Primary and junior school teachers

Why: Prefer to earn extra money, can leverage their network, can target customers
from both rural and urban area and “word of mouth” of teacher really counts, teachers
can easily communicate their ideas and have good convincing power. They have
huge network (there are more than 50k employee in these posts)

Activity to be taken place-Canopy activity in front of office where their monthly

meeting (BRC Meeting, CRC meeting) takes place OR can sponsorship snacks for
them after meeting and then convey their idea

Time-after meeting

MESSAGE to be conveyed is that this profession requires three simple things-Client

First, Networking and Perseverance Pays and they are already good in these things
.Besides reward for a hard working insurance advisors are comparable to other
professionals-engineer, doctor, CA’s etc

Also describe benefits given to our advisors, various club memberships, success
stories of our top performers, how many contract teachers are doing well in rural
segment, foreign exposure to MDRT members etc.

Few products can be explained which are related to them.

ACTIVITY 7: “My Papa Is the Best” Event to be organized on Father’s Day. Such
occasions should not be missed to create touch points and awareness.

VENUE: Apartments and Societies

ACTIVITY: “Card Making Competition” in which students from entire apartment

can participate and showed the love for father by making beautiful cards. Then call
both parents at the time of award distribution and show them beautiful cards made by
their kids. Then our advisors can talk to them as have they secured their child’s
future…etc
ACTIVITY2:

VENUE: Malls and if possible arrange projector and play latest advertisement of Sbi
life (#papa hain Na), also “great dad campaign” advertisement…etc

ACTIVITY: Games such as:

Small games like fathers who had their children pictures on their wallet or vice versa-
give chocolates etc as prize.

Keep a white board near the canopy and ask to write messages for their father and ask
them to write phone number below it then we will call and gift the best winning
message.

Do you have selfie with your father…? (If yes, show and take chocolate)

Give them small quizzes to be filled by both fathers and children. Example-complete
the sentences-1.Responsible fathering is………………, 2.To secure my children’s
future……….., 3)……………makes me happy father etc.

GIFTS: Chocolates, mugs on father’s day, small batches written “great dad” or “best
dad”…etc

Since only generating Leads is not enough –follow up leads, recruit efficient
candidates, train them well, convert into customer or advisors and than last but not
the least feedback and customer satisfaction is also equally important. So last three
activities are designed keeping accordingly:

ACITIVITY 7:

Target Segment: HR and Managers who recruit IA’s

Why: Because another challenge in this industry is attracting committed & quality
talent to the industry. Important to have good quality sales manager and agent advisors
to ensure “need-based selling & right selling” because we have lost many customers
due to wrong selling and dissatisfied customer creates lot of negative publicity.

Activity to be taken place-Train them to take structured interview, take behavioural

oriented notes during interview, ask open ended question,

Time-during IA’s interview

ACITIVITY 8:

Target Segment: Selected IA’s

Why: Because another challenge in this industry is attracting committed & quality
talent to the industry. Important to have good quality sales manager and agent
advisors to ensure “need-based selling & right selling” because we have lost many
customers due to wrong selling and dissatisfied customer creates lot of negative
publicity.

Activity to be taken place-In post recruitment training:

 ORIENTATION: align mission , vision , goal ,culture of company with IA’s

mission , vision , goal and culture
 CASE METHOD-Identify problem(need in this case) , analyze problem(of
customer) ,propose solution ,choose best solution(let customer choose best
solution )
 ROLE PLAYING: Situation –real life
 IN-BASKET TECHNIQUE: Allow them to take no of decisions in allocated
time, quality of decision , priority chosen
 OFF JOB TRAINING: Supported by audio visual ,include session to show
various campaigns of SBI LIFE and tell them how to connect with them to
people(for ex-recent : “GREAT DAD” Campaign, #PAPA HAI NA )

Time-Post recruitment training

Message to be conveyed is that with increasing level of income, cost of living, and
longer life expectancy, IA need to be trained and be their primary source of financial
advisors. The Customer-Advisor relation need to be deepened by suggesting life-stage
related selling.

ACITIVITY 9:

Target Segment: Existing Customer/New Customer

Why: It is not only imp to focus on new customer but also in retaining old or existing
one .As we can see there is significant % of customer who collapse their policies in
between or surrender it.

Activity to be taken place-

  PROVIDING GOOD SERVICE( CRM Department at zone ,division and
branch level for providing better and quicker service to policy holders, solving
queries)
 REFERALS through existing customer and giving certain gifts (suppose if they
referred 5 and out of them 3 converted)
 TARGET MARKETING(taking data from nearby hospitals about newly born
babies parents and pitching them for products related to education etc , newly
married couples from courts …etc)
 CRE(Customer Relation Executive) ensures efficient delivery by making
customer touch points, ensure retrieval of service failures, should conduct
campaign for closer customer relationship, study “customer satisfaction level”
and also conduct time bound surveys to assure the service quality & suggest
appropriate measures for improvement.

ACITIVITY FOR RURAL AREAS:

As we know in rural areas best tool of marketing is “word of mouth”. So target those
people whose word of mouth really influences these people. Even while interacting
these segment it was found brand awareness about SBI Life is almost nil in this
segment.

Target Segment: Rural segment

Why: In India bottom of pyramid can’t be neglected as they contribute huge no in our
population. Also seen from data analyses that rural sector contributes 28% of IA’s and
contributes almost 24% of business.

Activity to be taken place-Follow COI Model for Rural Segment

Fig4.1 COI MODEL FOR RURAL SEGMENT

Meet people in villages (mainly opinion leaders ),village sarpanch, panchayats and
influence them to become our IA’s as they comes under SEC R1 who have exposure
to urban environment and people in villages come to them to seek advice .

 REFERALS: Rural communities tend to be closer than urban societies and

reference groups have greater importance. Relatives and people from the same
cast and community are important reference groups.
 HEALTH CAMPS: Organize health camps in villages to increase awareness
of SBI LIFE also take leverage on parent name.(Conduct camps for awareness
of few major diseases which might affect them and their children, then relate
with videos how life insurance is protection shield for their family if any
mishap takes place)
 CROSS-SELLING via RELATIONSHIP PROGRAMS: Relationship
programs have also been aimed to cross sell other products of same company.
Example-SBI launched SBI Tiny, deposit scheme for rural areas where
depositors could open accounts as small saving account in SBI with zero
balance and deposit amount as small as 5 RS.
This initiative was essentially aimed at developing a relationship with
villagers, which could evolve opportunities to offer loans and insurance to
same customers.
Even participating in more CSR activities, tie-up with NGO’s will built
good relations with rural segment.

4.4.2 ACTIVITIES UNDER TAKEN FOR LEAD GENERATION (For IAs)

ACTIVITY EXECUTED IN RURAL SEGMENT

1)“RECRUITMENT ACTIVITY”

VENUE: Activity took place in “Dhanaura block”-Patna from 15-17 may.

3 days pre buzz event-our team visited various village panchayats talked to people
there. Even hired auto n 4 wheelers with loud speaker announcing for main event
going to held on coming Sunday –“Financial sector” recruitment activity- avail
chance to become Insurance Advisors @ SBI LIFE (all announcement in Hindi
).Besides distributing small form to fill personal information and asking them to
bring it in Sunday at BDO office for further activity .
Grand Finale-On Sunday around 500 people appeared .After taking their details
presentation was showed and shortlisted people were called to office interview.
Finally around 300 people were called for interview in three days in slot of 100
each.

Suggestion: Interview was structured one as proposed in one of the activity in design
phase so that candidate took it as a serious one and was counselled to fill the skill gap
by our training program.

During interview to check their networking they were given a form to fill at least ten
names with their phone number, occupation, income whom they will like to give
advice about our financial products.
Later on selected candidates were called for training .Since enough no. of people did
not turn up for these training sessions so this was another major challenge in this
field. So this time counselling done during interview regarding skill gaps turned
fruitful and ratio of people turning up in trainings increased from 50% to almost
80%.

ACTIVITY EXECUTED IN URBAN SEGMENT

1.“ROJGAAR MAILA(JOB-FAIR) ACTIVITY”

VENUE: Activity took place in “Miller School”-Patna from 11th June.

Rojgaar Mela is funded by Bihar Sarkaar and organised twice in a year.

Our team organised our canopy from 9am in the morning. There were various other
competitors too like HDFC Life, ICICI Prudential, and Max Life etc. So in order to
increase our visibility we displayed two banners of SBI Life along with one umbrella
and one standee.

Also since it was a huge ground I asked one or two member to enquire few candidates
where they were filling form .I myself asked few candidates what sort of profile they
are looking for ,their educational background etc.

In return when they asked who I am I told we are from SBI Life stall no 24, we are
looking for confident people like you for our Sales Officer and Financial Advisor post.
This helped in diverting the creamy layer towards our stall in that huge activity. We
collected more than 250 forms till mid day. While collecting form we marked few
forms seeing their profile and body language and networking area whom we will
definitely contact.
SUGGESTION: This activity could be more fruitful if our Unit Managers are bit
agile and active. They should respond to people’s query regarding job profile etc.
Banners displayed were related to SBI Life products-smart champ etc. Rather it would
be good if it was related to IA and their rewards and recognition(in Hindi).There was
mismatch in the profile entered while online registration and displayed in stall(such
small mistakes should be kept in mind though both term mean same but still created
confusion among participants)

2) CROSS REFERAL IA- ACTIVITY

In this activity each IA is asked to refer 5-10 friends or relatives. But who do not share
much common network. Once list of friends is prepared then convince them to
become our advisors.

SUGGESTION: Since in this activity it is possible advisors have fear that their
referral will eat out their network if comes in same business. So to convince them is
difficult. So managers should first enrol one customer under that IA. Then take that
advisor for small treat like a cup of coffee or lunch their they can just glance through
his contacts while chatting and ask him about his friends and list down 5-10 names
from his contacts and then from next day onwards try to meet all of them and try to
convince them

Even I have designed one such activity for “cross referral customers”. In this
activity few loyal customers are contacted and asked to refer few potential friends or
relatives who can buy our products. We can give them certain incentives like gift
hampers if 2 or 5 of their referred friends turn out to be our customer.
 CHAPTER 5

FINDINGS & INTERPRETATION

4.1 Interpretations and Findings

The following were the findings based on the quantitative analysis of the gathered
data

Primary research done on brand awareness and customer satisfaction:

 22% people do not have life insurance and they are mainly in age bracket of
23-30.Out of these 22% uninsured segment 64% belong to income group A,
21% belong to income group B,14% belong to income group C

Graph No.6:

 Among 78% insured people, 76% have their life insurance from LIC, 8% from
SBI Life .But among these 8% mainly people chose SBI Life because their
relatives are employed either in SBI or SBI Life.10% any other include mainly
GIC(Group Insurance) ,PLI()which is mandatory for few government
institutes.
 Out of 76% LIC customer,16% are dissatisfied from LIC, they can be potential
targets for SBI Life.

Out of 76% LIC customers, 84% said reason for selecting LIC is that it is govt
and most reliable, whereas 13% said due to good service and 3% due to their
customer centric approach. We can change mindset of these 16% by
improving our services and customer centric approach.

Graph No.8:

 13% People rated SBI Life as No.1 Insurance Company. Our Biggest
Competitor is Bajaj Allianz and HDFC Life. Even Other contribute significant
ratio of 10% which can’t be ignored (it comprises mainly Birla Sun Life,
GIC,PLC etc).We should try to capture their market.
 82% People said that they have never been contacted by SBI Life Insurance
Advisors, out of these mainly belong to HNI Segment (falling under income
group B and C).Beside this 38% people are dissatisfied from SBI Life mainly
because of extra deduction ,

raph No.10

 Only 19% were aware about this fact that SBI Life Equity Fund gives more
than 20% return in last ten years. Many showed their interest about this after
knowing it and showed their willingness towards it. So achievements need to
be marked more aggressively and Brand Awareness need to be increased.

Graph No.11:
 CROSS SELLING & CROSS REFERRAL: 42% People said that they may
purchase new product from SBI Life. Few already existing customers said they
may prefer purchasing another product if any such product comes of their
interest. Beside this 45% said that they may recommend their friends/Relatives
for SBI life. Whereas, 51% said they Can’t say until they purchase and are
satisfied

Graph No.12:
 Chapter 6

CONCLUSION

6.1 Results

The managerial Decision Problem in the start of the project was to find ways and
segment target to generate LEADS (in terms of IA and Customers both) and increase

efficiency of Retail Agency channel by resolving various problems existing in this

channel. The managerial decision problem was divided in different research
objectives covering different aspects of the research.

 Demographic analysis to understand the performance of the Advisors

based on –age, education, area etc
Secondary Research on the existing IAs of this region gave a vivid picture on
their demography wise performance like which age group people , education
profile are most successful. So while designing new activities those segment
were targeted.

 Derive the prime factors existing in Top performers IAs

Many factors were unveiled from the responses collected, but some factors
were very prominently visible. Factors like networking, Self Motivating,
Convincing Power, Customer Centric approach were found more dominant in
our top 50 Advisors. Also factors like communication skills, street-smart were
considered to be important factors. Few of these activities can be inculcated
through proper training and development program.
 Understanding Customer’s perception, Brand awareness and satisfaction
level

The responses working in government institutes like Income Tax office,

Central Secretariat were never been approached by our agents. Lack of women
employment in UM level so difficult to handle women IA’s

 Special training program exclusively for women

 UM appraisal should be based on both “G” (Goal) and “M”(Managerial) level
,currently it is only G level because sometimes there is gap in education profile
of an well educated IA( ex-Doctor, CA…etc) and Unit Managers so they find
difficult to handle these high profile IA’s.
 Portal should have place for innovative ideas where employees can share their
innovative ideas and certain monetary awards can be tied up for such activities
so that such innovative practices can be shared and excelled.
 Strategy implemented in most successful branch can be replicated in other
branches too so that overall SBI Life can get benefit.
  Few stringent practices need to be followed as their rivals are doing .For
example- 10/10 Rule followed in Max Life(where IA’s are required to have 10
leads ready by 10 am in the morning at any cost)
 Follow NEED and BENEFIT based segmentation in order to avoid miss-
selling. It will increase customer satisfaction and will be a WIN WIN situation.
 While follow up we should follow “pull strategy” rather than “push strategy”.
For example-when an IA is called for Recruitment interview make sure do not
use words –Please come to our venue etc rather it should be –Congratulations
you have been selected for interview round in India one of the leading
company in life insurance, make sure to bring all your documents and be on
time.
 While advice based sales through agency distribution remains the most
suitable distribution channel, to expand the reach there is a need to utilize the
existing retail distribution networks available in the both rural and urban areas

Generate Brand Awareness in the customers

As the results are evident the awareness of brand is low, and majority of the people
who fall in the aware category are just familiar with the name of the brand or Parent
brand and not with the achievements or product portfolio or the offerings. This need
to be taken care of at the earliest and needs some aggressive marketing. Following are
some steps which would help initiate the process:

• Increase visibility

– Promotional Activities in malls- on special events like-Father’s day, Independence

Day etc

– Increasing touch points for the already existing customers

– Educating customers about your USPs

Tapping the New Consumers

As the end customers are getting more and more aware about the various brands
present in the market, they need to be tapped immediately before our rivals do so. As
seen from analysis many new customers can be engaged who have just started
working in age group of (23-28) and are not insured. The emerging middle class
population, growing affluence and the absence of a social security system combine to
make India one of the world’s most attractive life insurance markets

– Educating these customers bout our USPs-greatest return in equity fund compared to
any other player.
– Increase penetration in this segment because it easy to convince them as they are not
much loyal for LIC compared to their parents. In short we can say that it is to
convince millennial than baby boomers for insurance by private players
– In order to penetrate in HNI segment-organize activities in their area of residence-
C.R Colony, ASHIYANA nagar etc
6.3Limitations and Challenges

 The most crucial amongst all the limitation is that of time constraint two

month was not enough to conduct all designed activities.

 The sample Area and Sample size was limited due to time constraints.

 The locations of the sites for Interview were scattered all over the cities,
making it difficult to cover
 Spokespeople and respondents were skeptical and reluctant to divulge
information.
 There is no verification for the statements made by them.
 All the observation and recommendation are based on the feedback and
responses obtained from the survey.

 During survey’s respondents didn’t have time, they were busy in their work,
they even denied to spare their one minute on listening word “insurance”. It
was hard to convince them that, I am not an agent.
 It was difficult to meet the concerned people and had to make multiple trips to
the same place
 Some responses were contrasting to the my perception
 There is no verification for the statements and claims made by the respondents
 BIBLIOGRAPHY

Journals, Blogs & Reports

References: Media Reports, Press Releases, IRDA Journal

IBEF REPORT

Rural Retail Banking-2020

PWC-Life Insurance-2020-competiting for a future

Bandhan and Regional E-Magazine (SBI Life)

Research paper and HBR cases

HBR Case study-LIC

Recent Trends in the Market Strategies of Life Insurance Corporation of India

Customer Service Strategies for the Insurance Industry-GENESYS

Web Site:

1. www.sbilife.co.in

2. E-bandhan (Sbi Life portal)-www.ebandhan.net

 ANNEXURE

Appendix D: Survey Form -1

QUESTIONNAIRE

NAME: AGE:
CONTACT NO:

OCCUPATION:

AREA OF RESIDENT: CITY:

Q.1 Income Group:

A) Up to 3 Lakhs B) 3 to 5 Lakhs C) More than 5 Lakhs

Q2. Do you buy insurance products?

Yes NO

If Yes, with whom?

LIC SBI Life Bajaj Allianz ICICI Prudential HDFC Life Any
other

Why do you prefer the above organization?

A) Reliability B) Good Services C) Customer centric D) Good Returns E) NOT

How much satisfied are you with your product and organization?

A) Very Satisfied B) Satisfied C) Dissatisfied D) Very Dissatisfied

Q.3. Rate the names of the following organization from 1 to 4 in the order that they
come to your mind when you hear the name “insurance”?(1-most preferred)
 LIC SBI Life Bajaj Allianz ICICI Prudential HDFC Life Any
other

Q. 4. Why do you invest in insurance? Rate the following from 1 to 4.(1-most

preferred)

Life Cover Tax Rebate Gives good ROI Secured

Future

Q.5. Has any SBI LIFE INSURANCE advisor contacted you during the past 6 month?

Yes NO

Q. 6. Have you ever purchased product of SBI LIFE?

Yes NO

If Yes, which one

Q.8.How much satisfied are you with your preferred product of SBI?

A) Very Satisfied B) Satisfied C) Dissatisfied D) Very Dissatisfied

Q.9.Do you know SBI Life Equity Fund has given more than 20% Return in last ten
year?

Yes NO

Q.10.Would you prefer to buy another policy/or new policy from SBI LIFE?

A) Definitely Purchase B) May Purchase C) Can’t say D) May not purchase

E) Definitely will not purchase

Q.11.Would you recommend SBI Policies to your friends/Relatives?

A) Strongly recommend B) May recommend C) Can’t say D) May not

recommend E) Will not recommend
 Abbreviation Full form

1. CS Corporate Solutions Group

2. COI Centre of Influence
3. COT Centre of Table
4. IA Insurance Advisor
5. FA Fashion Assistant
6. GC Green Card
7. HNI High Network Individual
8. MDRT Million Dollar Round Table
9. TOT Top of the Table
10. UM Unit Manager