SBI Life Insurance Company LtdKota

Presented by:

Anchal Sankhla

PGPM

Introduction to Insurance Insurance

-related to the protection of the economic value of asset.

- promises to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.

-. It spreads losses of an individual over the group of individuals who are exposed to similar risks.

History of Insurance The Chinese traders, Babylonian traders would agree to pay

additional sum to lenders, as the price for writing off the loans , in case of shipment being stolen.

In India, Insurance began in 1818 with Life Insurance being transacted by an English company , the Oriental Life Insurance Co Ltd..

1st Indian Insurance Company - Bombay Mutual Assurance Society Ltd, formed in 1870 in Mumbai.

By the year 1956, life insurance business nationalized & LIC was formed on Sep 1st 1956.

Indian insurance industry as on April 1st 2000,comprised of only 2 players in the state sector:

Life Insurance Corporation of India

General Insurance Corporation of India

Insurance Regulatory & Development Authority

Key provisions of IRDA Act – Single company cannot carry life & non-life insurance

business ;separate application & separate companies in case the same set of bidders desires license in both.

Foreign equity capped at 26% in life general & reinsurance ventures.

Minimum capital= Rs 1 billion (Life Insurance)

= Rs 2 billion (General Insurance)

SBI Life Insurance Joint venture between the State Bank of India & BNP Paribas ,

France.

Registered with an authorized capital of Rs 2000 crores & a paid – up capital of Rs 1000 crores.

SBI owns 74% of the total capital & BNP Paribas remaining 26%.

SBI is the largest banking franchise in India along with its 6 associated banks.

BNP Paribas –

-largest French company & rank 5th in banking industry worldwide.

SBI Life has a unique multi-distribution model encompassing Banc assurance ,Agency & Group Corporate .

SBI Life mission-

To emerge as the leading company offering a comprehensive range of life insurance & pension products at comprehensive prices, ensuring high standards of customer satisfaction & world class operating efficiency,& become a model firm in the liberalized life insurance industry in India.

Meaning of Research

Research comprises –

-defining & redefining problems

- formulating hypothesis or suggested solution

-collecting, organizing & evaluating data

-making deduction & reaching conclusion

-& at last carefully testing the conclusion to determine whether they fit the formulating hypothesis.

Objective of the study

To sell the products of the company in a professional & ethical manner.

The research design used in the project is of Descriptive type.

Overall purpose of the study To find out the customer’s response towards SBI Life. To set, monitor & achieve sales targets for self. To positively promote the company’s brand, its mission, aims &

values

RESEARCH METHODOLOGY

Research Methodology is the way to systematically solve the research problem.

Universe - Kota

Unit - SBI Life Insurance Co.

Sample size - 30

Data source - Survey

Method - Convenience Sampling

Instrument - Questionnaire

Negotiating & closing sales

Negotiation is a discussion between two individuals regarding a contract, agreement or relationship.

Closing a sale is a skill. This is a short guide to the techniques we should have in our armoury when having a sales meeting.

Sales Process

The set of steps a salesperson

goes through in a particular

organization to sell a particular

product or service.

Steps in the Selling Process

Generate LeadsGenerate Leads

Qualify LeadsQualify Leads

Probe Customer NeedsProbe Customer Needs

Develop SolutionsDevelop Solutions

Handle ObjectionsHandle Objections

Close the SaleClose the Sale

Follow UpFollow Up

Generating Leads

Cold callingCold callingAdvertisingAdvertising PublicityPublicityDirect mail/

Telecommunicating

Direct mail/Telecommunicat

ing

Trade shows/conventions

Trade shows/conventions

Internet website

Internet website ReferralsReferrals NetworkingNetworking

Company records

Company records

Sources of Sales Sources of Sales leadlead

Sources of Sales Sources of Sales leadlead

Cold Calling

A form of lead generation in

which the salesperson

approaches potential buyers

without any prior knowledge of

the prospects’ needs or financial

status.

Qualifying Leads

Recognized NeedRecognized Need

Buying PowerBuying Power

Receptivity & Accessibility

Receptivity & Accessibility

Characteristics ofCharacteristics ofQualified LeadsQualified Leads

Characteristics ofCharacteristics ofQualified LeadsQualified Leads

Needs Assessment

A determination of the

customer’s specific needs and

wants and the range

of options a customer has for

satisfying them.

Probing Needs

Product or ServiceProduct or Service

CustomerCustomer

CompetitionCompetition

IndustryIndustry

Salesperson must Know

everythingAbout..

Salesperson must Know

everythingAbout..

Developing and Proposing Solutions

Sales ProposalSales Proposal

Sales PresentationSales Presentation

Handling Objections

Handling objectionsHandling objections

Handling objectionsHandling objections

Use the objection to close the sale

Use the objection to close the sale

Anticipate specific objections

Anticipate specific objections

View objections as requests for information

View objections as requests for information

Closing the Sale

Closing theClosing theSaleSale

Closing theClosing theSaleSale

NegotiateNegotiate

Keep an open mindKeep an open mind

Look for customer signalsLook for customer signals

1.Awareness about SBI Life

95% respondents aware 5% respondents not aware

2.Any account in SBI. 50% respondents have

account. 50% don’t have.

3.Investment plans of SBI Life 36% respondents have

investment plans . 64% respondents don’t

have investment plans.

4.Invested in any other life

insurance. 40% respondents have

invested in other. 60% have not invested.

5.Judge any investment on the basis of

13% respondents judge

investment on the basis of Returns. 6.66 % respondents judge

investment on the basis

of Brand image & goodwill. 20 % respondents judge

investment on the basis

of Sum assured. 60 % respondents judge

investment on the basis of all .

6.To take any investment plan of SBI Life

53% respondents wants to take. 46% respondents don’t wants to take.

Implications Cut throat competition as new insurance companies are also

opening branch. People accepts ULIP readily. People are beginning to look beyond LIC for their insurance needs

& are willing to trust private players with their hard earned money. People also viewing insurance as a tax saving & investment

instrument as much as protective one. To sell the plans & products is crucial function of an organization. Contributes to profits & attain long term growth.

Suggestions

State & Central Government employees should be targeted. SBI Life recruits its advisors mainly through personal reference,

through advertisement. they must also recruit them through placement agencies on trial basis.

Marketing should be done via advertisements on tv to small commercials on FM, hoardings & signage etc. has to be made because there were respondents who haven't heard about SBI life.

SBI Life must build its reputation by focusing on service quality. Awareness camp for urban areas should be focused

Thank you for your time....