Final Lead Generation

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Lead Generation,

Sales Techniques &ClosureSubmitted In Partial Fulfillment Of The Requirements Of The DegreeOf Post Graduate Diploma In Management Chandragupt Institute Of

Management Patna

Manish Verma

13-Jun-11

CHANDRAGUPT INSTITUTE OF MANAGEMENT PATNA

The study tries to understand the insurance market in Patna region, identifythe factors affecting satisfaction levels of bank customers at Standard

Chartered and suggest relevant ways to increase sales for StandardChartered through innovative lead generation, sales and closingtechniques.


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1 Lead Generation, Sales Techniques & Closure, Manish Verma, 13- Jun-11

DECLARATION

This is to certify that this report entitled Lead generation, Sales techniques submitted

by Mr. Manish Verma to Chandragupt Institute of Management Patna, as a

requirement for the award of the Post Graduate Diploma in Management, is a bonafide

record of research work carried out by him under our supervision. The contents of this

report, in full or in parts, have not been submitted to any other Institute or University for

the award of any degree or diploma.

(Mr. Srinivas Ramamurthy) __________________________________ (Sign)

(Prof. Shireesh Thakur) ___________________________________ (Sign)

Date: ___________________


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ACKNOWLEDGEMENTS

I would like to express my gratitude to all those who gave me the possibility to completethis thesis. I would like to thank my college authorities and my Placement officer, Mr.

Kumar Alok first for providing me the opportunity to work with one of the most

prestigious organizations. I want to thank the Branch Manager of Standard Chartered,

Mr. Srinivas Ramamurthy, for giving me permission to commence this thesis in the first

instance, to do the necessary research work and to use departmental data.

I have furthermore to thank the staff members who encouraged me to go ahead with the

thesis and for their stimulating support.

I am deeply indebted to my Faculty Guide, Mr. Shireesh Thakur whose help, stimulating

suggestions and encouragement helped me in all the times of research for writing for this

thesis.

I would also like to extend my heartfelt gratitude towards the respondents who found

time to help us in conducting the survey.

My friends Garima, Richa, Mukul and many others supported me in my research work. I

want to thank them for all their help, support, interest and valuable hints.

Especially, I would like to give my special thanks to my parents for their love and

blessings that enabled me to complete this work.

(Manish Verma, Roll: 17)


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TABLE OF CONTENTSCertificate 2

Acknowledgements 3

1 Abstract 6

2 Introduction 8

2.1 Introduction To The Project 8

2.2 Objectives Of The Study 10

3 Literature Review 11

3.1 The History Of Indian Insurance Industry 11

3.2 Life Insurance 11

3.3 General Insurance 14

3.4 Major Policy Changes 14

3.5 Changing Face of Indian Insurance Industry 15

3.6 Analyst Insight 193.6.1 Leverage 19

3.6.2 Liquidity 193.6.3 Profitability 20

3.7 Other factors 21

3.8 Porters 5 Forces Analysis 22

3.8.1 Threat of New Entrants 22

3.8.2 Power of Suppliers 23

3.8.3 Power of Buyers 23

3.8.4 Availability of Substitutes 23

3.8.5 Competitive Rivalry 23

3.9 Key Ratio Terms 24

3.9.1 Return on Equity 24

3.9.2 Return on Assets 24

3.9.3 Return on Total Revenue 24

3.9.4 Lapse Ratio 25

3.10 Insurance Penetration (Select Countries) 26

3.11 Insurance Density in India 27

4 Company Overview 284.1 Key Facts284.2 Business Description 294.3 History 304.4 Key Employees 364.5 Major Products and Services 37

4.5.1 Consumer Banking 374.5.2 Wholesale Banking 38

4.6 Revenue Analysis39


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4.6.1 Overview 394.6.2 Revenue by Division 394.6.3 Revenue by Geography 40

4.7 SWOT Analysis 414.7.1 Strengths 43

4.7.2 Weaknesses 454.7.3 Opportunities 474.7.4 Threats 50

4.8 Top Competitors 534.9 Locations & Subsidiaries 54

5 Research Methodologies 555.1 Research Design 55

5.1.1 Sample Selection & Size 555.1.2 Sampling Procedure 555.1.3 Data Collection 555.1.4 Analytical Tools 56

6 Analyses of Data 58 6.1 Demographic Profile 58

6.2 Purpose of Buying an Insurance Policy 656.3 Observations 716.4 Survey 2, (Customer Satisfaction) 72

7 Lead Generation Techniques 747.1 Complementary Partner Referrals 747.2 Cold Calling 757.3 Live Seminars 767.4 Trade Shows 767.5 Mass Mailings 77

7.6 Advertising 787.7 Internet Advertising 787.8 Email Publications 79

8 Sales Techniques 808.1 Presentations 808.2 Demonstrations 808.2.1 Significance of Demonstrations 80

9 The Close 829.1 What is a Close 829.2 Features of Successful Closing 82

10 Recommendations 85

11 Conclusions86

12 Bibliography 87

Appendices 88

Lead Generation, Sales Techniques & Closure


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1. ABSTRACTIn todays tough competition, every company in the service sector tries hard to satisfy its

customers. In the insurance sector, various new private companies have entered the

industry by merging with foreign companies. They regularly offer new services, with the

basic plan to attract new customers and to retain the present ones. This paper tries to

understand consumer behavior in the insurance sector. The main objective of this paper is

to identify customer preferences regarding plans and company, their purpose of buying

insurance policies, their satisfaction level and their future plans for the new insurance

policy. This way the lead generation process can be made easier and we can augment the

profitability of our employer by making more sales. Data was collected with the help of a

structured questionnaire from 140 customers from Patna. The sample was taken on the

basis of the Convenience Sampling method. However, only 128 questionnaires were used

for analysis as the remaining 12 were not filled properly by the respondents. Percentage,

frequency and cross tabulation methods have been used for analysis in SPSS.Apart from the above research, we also had to take feedback of the existing customers of

Standard Chartered Patna to rectify the problems, if any. It was only for determining

satisfaction regarding tellers and branch facilities. 160 customers gave their feedback.

The analyses were done using SPSS. The results show that Money Back Plan is the

favorite among Patnaites. Most of the respondents have policies of LIC. Many interesting

findings are observed. The method of sampling was convenience sampling and the

respondents are from Patn


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When the factors are mostly related to infrastructure and human capital, some revamp

like implementing a CRM system, training the employees to deliver better results are

quite easy and justifiable.

Ultimately, customer is king and king should be treated like one.

Looking at the growth of insurance industry, it is recommended that Standard Chartered

becomes a wholly owned insurance subsidiary as well. Bancassurance is less profitable

and the company may not sell third party products aggressively. For doing good business,

it needs to improve considerably in improving customer services.


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2.2 OBJECTIVES OF THE STUDY The main objective of this paper is to identify customer preferences regarding plans and

the company, their purpose of buying insurance policies, satisfaction level and their

future plans for the new insurance policy.Another important survey we conducted was to gain useful insights regarding the factors

affecting satisfaction levels of bank customers.

The analyses based on the research conducted will help us design ideas to generate leads,

use effective sales techniques and convert more and more leads into sales in Patna region.

If Standard Chartered Bank Patna takes relevant steps to curb the dissatisfaction among

its customers, getting better revenues and selling more products, third party or otherwise

would become easier.


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3. LITERATURE REVIEWPeople seek security. A sense of security may be the next basic goal after food, clothing,

and shelter. An individual with economic security is fairly certain that he can satisfy his

needs (food, shelter, medical care, and so on) in the present and in the future. Economic

risk (which we will refer to simply as risk) is the possibility of losing economic security.

Most economic risk derives from variation from the expected outcome().

3.1 THE HISTORY OF INDIAN INSURANCE INDUSTRY

The story of insurance is probably as old as the story of mankind. The same instinct that

prompts modern businessmen today to secure themselves against loss and disaster existed

in primitive men also. They too sought to avert the evil consequences of fire and flood

and loss of life and were willing to make some sort of sacrifice in order to achieve

security. Though the concept of insurance is largely a development of the recent past,

particularly after the industrial era past few centuries yet its beginnings date back

almost 6000 years().

3.2 LIFE INSURANCE

In 1818 the British established the first insurance company in India in Calcutta, the

Oriental Life Insurance Company. First attempts at regulation of the industry were made

with the introduction of the Indian Life Assurance Companies Act in 1912. A number of

amendments to this Act were made until the Insurance Act was drawn up in 1938.

Noteworthy features in the Act were the power given to the Government to collect

statistical information about the insured and the high level of protection the Act gave to


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3.3 GENERAL INSURANCEThe General insurance business in India started with the establishment of Triton

Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The

Mercantile Insurance Ltd . was set up to transact all classes of general insurance business.General Insurance Council, a wing of the Insurance Association of India in 1957, framed

a code of conduct for ensuring fair conduct and sound business practices. In 1968 the

Insurance Act was amended to regulate investments and to set minimum solvency

margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The

General Insurance Business (Nationalization) Act was passed to nationalize the general

insurance business in India with effect from 1st January 1973. For these 107 insurers was

amalgamated and grouped into four companys viz., the National Insurance Company

Ltd ., the New India Assurance Company Ltd ., the Oriental Insurance Company Ltd ., and

the United India Insurance Company Ltd . General Insurance Corporation of India was

incorporated as a company

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a

code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.


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1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the

general insurance business in India with effect from 1st January 1973. 107 insurers

amalgamated and grouped into four companies, viz. the National Insurance Company

Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and

the United India Insurance Company Ltd. GIC incorporated as a company.()

3.4 MAJOR POLICY CHANGES

Insurance sector has been opened up for competition from Indian private insurance

companies with the enactment of Insurance Regulatory and Development Authority Act,

1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and

Development Authority (IRDA) was established on 19th April 2000 to protect the

interests of holder of insurance policy and to regulate, promote and ensure orderly growth

of the insurance industry. IRDA Act 1999 paved the way for the entry of private players

into the insurance market which was hitherto the exclusive privilege of public sector

insurance companies/ corporations. Under the new dispensation Indian insurance

companies in private sector were permitted to operate in India with the following

conditions:

Company is formed and registered under the Companies Act, 1956; The aggregate

holdings of equity shares by a foreign company, either by itself or through its subsidiary

companies or its nominees, do not exceed 26%, paid up equity capital of such Indian

insurance company;

The company's sole purpose is to carry on life insurance business or general insurance


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business or reinsurance business.

The minimum paid up equity capital for life or general insurance business is Rs.100

crores.

The minimum paid up equity capital for carrying on reinsurance business has been

prescribed as Rs.200 crores.

The Authority has notified 27 Regulations on various issues which include Registration

of insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation

of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection

of policy holders' interest etc. Applications were invited by the Authority with effect

from 15 th August, 2000 for issue of the Certificate of Registration to both life and non-life

insurers. The Authority has its Head Quarter at Hyderabad.()

3.5 CHANGING FACE OF INDIAN INSURANCE INDUSTRY

Indian life-insurance market is the target market of all the companies who either want to

extend or diversify their business. To tap the Indian market there has been tie-ups

between the major Indian companies with other International insurance companies to

start up their business. The government of India has set up rules that no foreign insurance

company can set up their business individually here and they have to tie up with an

Indian company and this foreign insurance company can have an investment of only 24%

of the total start-up investment.

Indian insurance industry can be featured by:

Low market penetration.


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So it is clear that the face of life insurance in India is changing, but with the changes

come a host of challenges and it is only the credible players with a long term vision and a

robust business strategy that will survive. Whatever the developments, the future and the

opportunities in this industry will surely be exciting.

Various types of life insurance policies:-

Endowment policies: This type of policy covers risk for a specified period,

and at the end of the maturity sum assured is paid back to policyholder with

the bonuses during the term of the policy.

Money back policies: This type of policy is for periodic payments of partial

survival benefits during the term of the policy as long as the policy holder is

alive.

Group insurance: This type of insurance offers life insurance protection under

group policies to various groups such as employers-employees, professionals,

co-operatives etc it also provides insurance coverage for people in certain

approved occupations at the lowest possible premium cost. Term life insurance policies: This type of insurance covers risk only during

the selected term period. If the policy holder survives the term, risk cover

comes to an end. These types of policies are for those people who are unable

to pay larger premium required for endowment and whole life policies. No

surrender, loan or paid up values are in such policies.

Whole life insurance policies: This type of policy runs as long as the

policyholder is alive and is covered for the entire life of the policyholder. In


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this policy the insured amount and the bonus is payable only to nominee on

the death of policy holder.

Joint life insurance policies: These policies are similar to endowment policies

in maturity benefits and risk cover, but joint life policies cover two lives

simultaneously such as married couples. Sum assured is payable on the first

death and again on the death of survival during the term of the policy.

Pension plan: a pension plan or annuity is an investment over a certain

number of years but does not provide any life insurance cover. It offers a

guaranteed income either for a life or certain period.

Unit linked insurance plan: ULIP is a kind of insurance plan which provides

life cover as well as return on premium paid over a certain period of time. The

investment is denoted as units and represented by the value called as net assetvalue (NAV)().

3.6 ANALYST INSIGHT

There are three major factors that we must consider when analyzing an insurance

company.

3.6.1 . Leverage. The first things you want to check when considering an insurance

company are the quality and strength of the balance sheet. Everyday insurers are taking in

premiums and paying out claims to policyholders. The ability to meet their obligations


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toward these policy holders is extremely important. Companies should strike a balance

between high returns while keeping leverage intact. A company that is highly leveraged

might not be able to meet financial obligations when a large catastrophic event occurs().

The following three things act to increase leverage: 1) Writing more insurance policies 2)

Dependence on reinsurance 3) Use of debt Reinsurance allows a company to pass off

some of the risk exposure to other insurers (usually a good thing), but be careful. Too

much dependence on reinsurance means that the company is not keeping a fair portion of

responsibility for each premium dollar.

3.6.2 . Liquidity. The first test of an insurer's ability to meet financial obligations is the

acid test. It tests whether a firm has enough short-term assets (without selling inventory)

to cover its immediate liabilities. Also take a close look at cash flow. An insurer should

almost always have a positive cash flow. Other things to keep an eye on are the

investment grades of the company's bond portfolio. Too many high and medium risk

bonds could lead to instability.

3.6.3 Profitability. As with any company, profitability is a key determinant for deciding

whether to invest. For an insurance company, there are two components of profits that we

must consider:

P remium/underwriting income and investment income. Underwriting income is just that:

any revenue derived from issuing insurance policies. By averaging the premium's growth

rates of several past years, you can determine the growth trends. Growing premium

income is a "catch 22" for insurance companies. Ideally, you want the growth rate to

exceed the industry average, but you want to be sure that this higher growth does not


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come at the expense of accepting higher-risk clients. Conversely, a company whose

premium income is growing at a slower rate might be too picky, looking for only the

highest quality insurance opportunities. The one thing to remember is that higher

premium collections do not equate to higher profits. Lower numbers of claims (via low

risk clients) contribute more to the bottom line. The second area of profitability that you

need to include in your analysis is investment income. As we mentioned earlier, a greater

proportion of an insurer's income comes from investments. To evaluate this area, take a

look at the company's asset allocation strategy (usually mentioned in the notes of the

financial statements). You aren't likely to find any secrets in this area. A majority of the

assets should be invested in low-risk bonds, equities or money market securities. Some

insurers invest a substantial portion of their assets in real estate. If this is so, take a look at

what type of property it is and where it is located. A building in New York City is much

more liquid than one in Boise, Idaho. ROA, ROE, and the lapse ratios (discussed above)

are also useful for evaluating the profitability of the insurer. Calculate the ROA and ROE

numbers over the past several years to determine whether management has beenincreasing return for shareholders. The lapse ratio will help to tell whether the company

has managed to keep marketing expenses under control. The more policies that remain in

force (are not cancelled), the better.

3.7 OTHER FACTORS

Another major item that affects the performance of an insurance company is interest rate

fluctuations. Insurance companies invest much of the collected premiums, so the income

generated through investing activities is highly dependent on interest rates. Declining


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market. What would it take for a bank or investment bank to start offering insurance

products? In some countries only regulations that prevent banks and other financial firms

from entering the industry. If those barriers were ever broken down, like they were in the

U.S. with the Gramm-Leach-Bliley Act of 1999, you can be sure that the floodgates will

open.

3.8.2 Power of Suppliers . The suppliers of capital might not pose a big threat, but the

threat of suppliers luring away human capital does. If a talented insurance underwriter is

working for a smaller insurance company (or one in a niche industry), there is the chance

that person will be enticed away by larger companies looking to move into a particular

market.

3.8.3 Power of Buyers . The individual doesn't pose much of a threat to the insurance

industry. Large corporate clients have a lot more bargaining power with insurance

companies. Large corporate clients like airlines and pharmaceutical companies pay

millions of dollars a year in premiums. Insurance companies try extremely hard to get

high-margin corporate clients.

3.8.4 Availability of Substitutes . This one is pretty straight forward, for there are plenty

of substitutes in the insurance industry. Most large insurance companies offer similar

suites of services. Whether it is auto, home, commercial, health or life insurance, chances

are there are competitors that can offer similar services. In some areas of insurance,

however, the availability of substitutes is few and far between. Companies focusing on

niche areas usually have a competitive advantage, but this advantage depends entirely on


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particularly because insurance companies pay high commissions to brokers and agents

that refer new clients.


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3.11 INSURANCE DENSITY IN INDIA

*Insurance density is measured as ratio of premium (in US Dollar) to total population

Source: ()


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4. COMPANY OVERVIEW

Standard Chartered is a financial services provider. The group is active in retail and

wholesale banking. The group operates in the Asia Pacific Region, South Asia, the

Middle East, Africa, the UK, and the Americas. It is headquartered in London, the UK

and employs 85,231 people. The group recorded revenues of $16,062 million during the

financial year ended December 2010 (FY2010), an increase of 5.8% over FY2009. The

operating profit of the group was $6,122 million in FY2010, an increase of 18.9% over

FY2009. The net profit was $4,332 million in FY2010, an increase of 28.2% over

FY2009.

4.1 KEY FACTS

Head Office Standard Chartered PLC1 Aldermanbury Square

London, EC2V 7SB

GBR Phone 44 20 78858888

Fax 44 20 78859999Web Address http://www.standardchartered.com

Revenue/Turnover

(USD Mn)

16,062.0

Financial Year End December LSE Ticker STANNSE Ticker STAN

Hong Kong Stock

Exchange Ticker

02888


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4.2 BUSINESS DESCRIPTION

Standard Chartered is a UK based banking group. The group has a history of over 150

years in banking and operates in some of the world's fastest-growing markets. Standard

Chartered has a global network of over 1,700 branches and outlets and 5,600 ATMs

spread across 70 countries. The group leverages its onshore presence across Asia, Africa

and the Middle East to offer up to date local market information, access to a range of

currency markets, country-specific global risk management strategies, and customized

capital raising and liquidity management solutions. Standard Chartered has presence in

the Asia Pacific Region, South Asia, the Middle East, Africa, the UK and the Americas.

The group operates through two business divisions: consumer banking and wholesale

banking. The consumer banking division serves millions of customers across Asia, Africa

and the Middle East. This division provides a range of products and services such as

credit cards, personal loans, mortgages, auto finance, deposit taking and wealthmanagement services to individuals and small and medium enterprises (SMEs). The

wholesale banking division provides corporate and institutional clients with services in

trade finance, cash management, lending, securities services, foreign exchange, debt

capital markets and corporate finance.

4.3 HISTORY

Standard Chartered began its operations in 1853 as the Chartered Bank of India, Australia

and China (Chartered Bank). According to a grant by a Royal Charter by Queen Victoria,


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Transaction banking

Islamic banking:

Personal banking

Wholesale banking

4.6 REVENUE ANALYSIS

4.6.1 Overview

The group recorded revenues of $16,062 million during FY2010, an increase of 5.8%over FY2009.

For FY2010, Other Asia Pacific, the group's largest geographic market, accounted for

19.7% of the total revenues.


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global regulatory reform and general conditions in the banking industry which may

impact its profitability .

Source: ()

Strengths WeaknessesDiversified revenue with a strong base in

Asia

Strong capital and liquidity position

Strong cost management sustaining

operating margins

Inorganic growth helping in geographicexpansion

Shift towards wholesale banking could

affect its growth prospects

Weak asset liability management

Exposure to Lehman Brothers has

tarnished image and caused financial

damage

Opportunities ThreatsAcquisition of GE Money in Singapore

increases market share in auto-loans

Growth in Islamic banking to help in

improving revenue from Middle East and

South Asia region

Investments in technology could help in

increasing customer reach and efficiency

Partnership with Chinese firms helping

increase penetration in China

Likely rise in wholesale funding cost

could affect margins

Inconsistent global regulatory reform

likely to increase compliance cost

Inability to deal with financial crime

could result in huge financial liability

Political turmoil in some Middle

Eastern and African markets likely to

result in contraction of geographic

footprint


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Inorganic growth has helped it to expand its geographic footprint from 50 countries in

2001 to 70 countries in 2010.

4.7.2 WEAKNESSES

Shift towards wholesale banking could affect its growth prospects in the last three to four

years; Standard Chartered has shifted its focus to wholesale banking led growth. Income

from wholesale banking registered a year-on-year growth of 24.1% in FY2009 while in

2010 the growth was 7.4%. During the same time, consumer banking division grew by

-5.4% in FY2009 and 7.9% in FY2010. The wholesale banking strategy seems to be

working well. However, unlike in consumer banking, banks find it hard to squeeze

margins in wholesale banking. Moreover, there seems to be a shift towards consumer

banking and growth prospects in wholesale banking look limited.

W eak asset liability management:

Standard Chartereds asset and liability management was adversely impacted in FY2010.

This happened primarily because the group re-invested its maturing investments at lower

yields in the early part of 2010. As a result, accrual income was lower, largely because of

flatter money market yields, especially in markets such as the US and Hong Kong.

Additionally, the groups cash balances increased $14.6 billion compared with 2009,

because of $5.2 billion collected from rights issue and strong growth in deposit. As the

alternate deployment of this surplus cash is pending, it has parked surplus fund at central


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banks. This will further affect the earning capability of the company as deposits and cash

will outgrow loan book accounts. Weak asset liability management would affect the

earnings of the group.

Exposure to Lehman Brothers has tarnished image and caused financial damage:

Standard Chartered has some exposure to Lehman Brothers that was declared bankrupt in

2008. The group has sold a Lehman Brothers-linked structured derivatives product to its

Hong Kong customers. Bankruptcy of Lehman Brothers triggered the Securities and

Futures Commission and Hong Kong Monetary Authority to seek damages from

Standard Chartered. In its 2010 annual report, the group mentioned that it settled the suit

relating to Lehmans structured notes by agreeing to pay $192 million. Though, the group

has settled the suit, it is still to emerge from the reputation damage suffered due to the

sale of Lehman Brothers-linked structured derivatives product. The groups sales of

structured products are likely to see a dip in the months to come.

4.7.3 OPPORTUNITIES


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financial institutions offering Islamic products and services are estimated to have reached

to approximately $300 billion, registering a growth of 25% year-on-year over the past

decade. Islamic banking assets are expected to grow at a faster rate than non-Islamic

banking assets. By 2013, Islamic banking assets are expected to touch $1 trillion. Since,

Standard Chartered has strong presence in Middle East and South Asia, the group is

expected to benefit from the growth in the industry.

Investments in technology could help in increasing customer reach and efficiency:

Standard Chartered has been deploying significant resources (though it doesnt disclose

R&D spend) to transform its banking infrastructure. For instance, recently, the bank has

standardized its platforms, re-engineered its processes and directed its activities towards

its principal shared service centers in Chennai, Kuala Lumpur, and Tianjin. These

initiatives has helped it to drive down technology and operating running costs as a

percentage of income from just over 12% six years ago, to less than 8% currently, evenduring a period of substantial volume growth. Additionally, the bank is also registering

reducing unit transaction costs and has markedly reduced service failures, down by 70%

in three years.

The company has also been investing in technology in order to increase its customer

reach. For example, in Africa, it partners with telecommunication providers in several

markets to enable people to use their mobile phones for payments and transfers, whether

or not they hold a bank account. Additionally, in Singapore and Malaysia, it launched

Breeze, an iPhone banking application that enables customers to pay bills, transfer


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money, and find ATMs though their Apple phone. Investments in technology could help

the group in increasing customer reach and efficiency().

P artnership with Chinese firms helping increase penetration in China:

Standard Chartered has been operating actively in the Chinese securitization market. The

group assisted many organizations in China in this market. Standard Chartered assisted

Industrial and Commercial Bank of China (ICBC) in the issuance of assets-backed

securities. The bank provided the whole-process securitization value-added service

including professional experience and the high-efficiency trading system and

securitization products for the Chinese lender. Standard Chartered also assisted ICBC on

its internal preparation work of securitization business and also in the product promotion.

The bank also offered its services to many Chinese banks including China Construction

Bank, China Development Bank, China Merchants Bank, China CITIC Bank, and Fujian-

based Industrial Bank in the assets-backed securitization pilot. In 2010, the groupinvested $500 million in Agricultural Bank of China Limited's H-Share in Hong Kong.

The two firms signed an agreement to develop new business opportunities together.

Standard Chartered can leverage its partnerships with Chinese firms to increase its

penetration in China().

4.7.4 THREATS

L ikely rise in wholesale funding costs could affect margins:


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The Independent Commission on Banking (ICB), which has been given the task of

structural and related non-structural reforms to the UK banking sector, released its

Interim Report on April 11, 2011. Under the proposals set out in the ICB interim report,

UK bank's retail arms will be ring-fenced, holding their own capital. This means that

investment banking arms will not have to fund on a standalone basis, as they will be

allowed to move capital about within the group once a level of 10% core tier one capital

is achieved in the retail subsidiary. However, with these retail operations ring-fenced,

costs of funding are likely to rise. According to the ICB report, the proposals if

implemented could result in a cost of $20 billion to $24.6 billion for UK banks. Since, the

group is registered and listed in the UK; the likely rise in wholesale funding could affect

its margins.

Inconsistent global regulatory reform likely to increase compliance cost:

Inconsistent global regulatory reform remains one of the biggest concerns for Standard

Chartered bank. Rather than seeing increasing global co-ordination and consistency of

regulation, Standard Chartered is seeing increased fragmentation and unilateral action.

For example, the UKs recent announcement that the bank levy will be implemented in

full during 2011 means that the levy will cost it around $180 million post-tax this year.

Whilst it is broadly supportive of much of the regulatory reform agenda, the sheer scale


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4.9 LOCATIONS AND SUBSIDIARIES

Head Office

Standard Chartered PLC

1 Aldermanbury Square

London, EC2V 7SV

GBR

P: 44 20 78858888

F: 44 20 78859999

http://www.standardchartered.com

Standard Chartered India

Standard Chartered Bank 90 Mahatma Gandhi Road

Mumbai 400 001

IND

http://standardchartered.co.in
http://www.standardchartered.com/http://standardchartered.co.in/http://standardchartered.co.in/http://www.standardchartered.com/


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55/100


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Respondents are mostly from the age grouping 26-30 (25%), followed by 20-25 (21.1%),

and 31-35(20.3%).

Table 3: Age

Frequency Percent Valid Percent

Cumulative

Percent

Valid20-25 27 21.1 21.1 27.3

26-30 32 25.0 25.0 52.3

31-35 26 20.3 20.3 72.7

36-40 11 8.6 8.6 81.3

41-45 18 14.1 14.1 95.3

>50 8 6.3 6.3 6.3

Total 128 100.0 100.0


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Again, 28.9% of the respondents have an annual income in the range of 2-3 lacs.

Table 5: Income Range (in lacs)


Cumulative

Percent

Valid 5 7 5.5 5.5 25.0

Total 128 100.0 100.0


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Most of the respondents (43.8%, 56 out of 128) are private employees. The respondents

demographic profile, in terms of the frequency and percentage, is detailed in Tables and

graphically as well.

Table 6: Occupation


Cumulative

Percent

Valid Business 10 7.8 7.8 7.8

Farmer 1 .8 .8 8.6

Govt. Employee 32 25.0 25.0 33.6

Others 19 14.8 14.8 48.4

Private Employee 56 43.8 43.8 92.2

Self Employed 10 7.8 7.8 100.0

Total 128 100.0 100.0


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Table 7: Insurance Company * Type of policy Cross tabulation

Count

Type of policy

TChild Benefit Money Back pension plan Simple Term ULIP

Insurance Company Aviva 0 3 0 0 3

Bajaj Allianz 1 6 0 2 1

Birla Sun 0 3 0 1 0

CanaraHSBC 0 0 0 0 2

HDFC Life 3 1 0 3 0

Kotak Mahindra 0 2 0 4 2

LIC 2 48 2 24 4

Reliance 0 0 0 1 0

SBI Life 0 3 0 5 2

Total 6 66 2 40 14


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As shown in table 62.5% respondents have policies of LIC and 37.5% have policies of

private companies like HDFC Standard Life, Kotak Life, Aviva, Birla Sun Life, Bajaj

Allianz etc.

Of the respondents, 51.6% have Money Back Plan, out of which 72.72% plans are of

LIC. 31.3% of the respondents have Simple Term Plan, out of which 60% are of LIC,

which means that customers still prefer public sector companies when compared to

private sector companies. In the ULIP (Unit Linked Insurance Polices) Plan category,

37% of the total policies (11%) belong to LIC again. Only 1.6% and 4.7% of the total 128

respondents have Pension Plans and Child Benefits Plans respectively.

6.2 PURPOSE OF BUYING AN INSURANCE POLICY


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The results of this survey (Table 8) show that protection is the main purpose of buying an

insurance policy. It accounts for almost 50% of the purposes. Many respondents cited

Income Tax rebate as the main purpose of buying a policy.

Table 8: Purpose


Cumulative

Percent

Valid Income Tax 29 22.7 22.7 22.7

Protection 59 46.1 46.1 68.8

return 4 3.1 3.1 71.9

Return 6 4.7 4.7 76.6

returns 1 .8 .8 77.3

Savings 29 22.7 22.7 100.0

Total 128 100.0 100.0


63/100


64/100


Private players like Kotak, HDFC Life, and CanaraHSBC didnt register any problem and

that shows the efficiency and competitive environment these players have brought in.

It is also observed from the data (Table: 10) that 77.34% of the respondents will suggest

to a friend or relative about their insurance company and its services.

100% customers of Birla Sun and CanaraHSBC said they will definitely suggest to their

friends, which means they are totally satisfied with company policies and services.


65/100


66/100


However, a considerable 15% of the LIC policy holders would not suggest their friends

and relatives to buy policies from LIC. This indicates that there is a good market for

private players and they can really take a leap forward to gain a significant market share.

Customers of Bajaj Allianz are mostly dissatisfied and would not suggest others to go for

it.

When the question was asked to the respondents regarding how they would cover an

additional insurance need in the near future, and whether they would acquire a policy

from some other company, or from the same insurance company, 60.9% told that they


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Table 11: Insurance Company * Go with the same insurer Cross tabulation

Count

Go with the same insurer

TotalNo Yes

Insurance Company Aviva 4 2 6

Bajaj Allianz 7 3 10

Birla Sun 1 3 4

CanaraHSBC 2 0 2

HDFC Life 5 2 7

Kotak Mahindra 8 0 8

LIC 18 62 80

Reliance 1 0 1

SBI Life 4 6 10

Total 50 78 128


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would buy from the same company, while 39.06% told that they would buy from other companies. By doing a cross tabulation of company name vs. new insurance (Table: 11),

it is found that 77.5% customers of LIC will again go to the same insurer for additional

policies in future. It can be a set-back for the private players operating in Patna to know

that there is still a huge demand for LIC. Though private companies are coming up with

many innovative and moneymaking policies, LIC holds a better brand image here. Many

customers of private players say that they would not go to the same insurer for additional

policies. This can be attributed to their desire to try out other insurers who are giving

better offers and product features.


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6.3 OBSERVATIONS

The following observations can be derived from the analysis:

73.4% respondents are male while 23.6% are female; Respondents are mainly from the age group 26-30 (25%);

Most of the respondents (43.8%, 56 out of 128) are private employees;

62.5% respondents have policies of LIC and 37.5% have policies of private

companies like HDFC Standard Life, Kotak Life, Aviva, Birla Sun Life, Bajaj

Allianz etc;

51.6% have Money Back Plan, out of which 72.72% plans are of LIC. 31.3% of

the respondents have Simple Term Plan, out of which 60% are of LIC. This

means that money back policy is the hot favorite among the Patnaites;

Only 11% of the respondents have ULIP ;

Only 1.6% and 4.7% of the total 128 respondents have Pension Plans and Child

Benefits Plans respectively;

Protection is the main purpose of buying an insurance policy;

A significant 15% LIC policy holders faced problems;

77.34% of the respondents would suggest their friends and relatives to take

policies from their insurers;

Only 60.93% of the respondents will buy additional policies from the same

insurer.


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6.4 Survey 2 (Customer Satisfaction)

Case Processing Summary

N %

Cases Valid 160 100.0

Excluded a 0 .0

Total 160 100.0

a. Listwise deletion based on all

variables in the procedure.Reliability Statistics

Cronbach's

Alpha N of Items.715 12

Factor Analysis Output


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KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling

Adequacy.

.699

Bartlett's Test of

Sphericity

Approx. Chi-Square 73.684

df 66

Sig. .839


72/100



73/100


Component Matrix a

Component1 2 3 4 5

Friendly &

Courteous Manner

.559

Knowledge of bank's products &ServicesWillingness to listen andrespond to your needFast and efficientservice

.580

Recognition of you asvalued customer Professional andattractive appearance

.511

Clean & well caredfacilitiesEfficient, no waitservice

.652

No long line ups atcounter

.595

Availability of

information brochuresPleasant &attractive decor

-.569

Automatic bank machines in convenientlocations

.721

Extraction Method: Principal Component Analysis.a. 5 components extracted.


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Rotated Component Matrix a

Component1 2 3 4 5

Friendly &Courteous Manner

.591

Knowledge of bank's products &ServicesWillingness to listen andrespond to your need

.519

Fast and efficientservice -.651

Recognition of you asvalued customer

.572

Professional andattractive appearance

.645

Clean & well caredfacilities

.517

Efficient, no waitservice

.721

No long line ups atcounter

.727

Availability of information brochures

.630

Pleasant &attractive decor

-.579

Automatic bank machines in convenientlocations

.695

Extraction Method: Principal Component Analysis.Rotation Method: Varimax with Kaiser Normalization.

a. Rotation converged in 12 iterations.


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6. FACTORS DERIVED OUT OF FACTOR ANALYSIS

(SPSS) Speedy response of customer service team

(Willingness & ready to respond to your need + Efficient No wait Service + No

Long line ups at counter)

Professionalism at work place

(Friendly & Courteous manner + professional & attractive appearance )

Branch infrastructure & maintenance

(Clean and well cared facilities + Pleasant & Attractive dcor + Automatic Bank

machines at convenient locations)

Recognition as a valued customer

Resource Availability

(Fast & Efficient service + Availability of information brochure)


76/100


7 LEAD GENERATION TECHNIQUES

In order to generate sales leads, you need three things:

A written profile of your target prospect,

A list of suspects containing potential prospects,

A method of reaching your sales prospects.

So how important is lead generation? For any business, products or services, selling is the

only way of sustenance. It is one of the primary activities that marketers indulge in. If

you are not doing good sales, probably you need to look back on your sales lead

generation efforts. It is possible that you are not doing the right things required for

generating leads in your industry. You need to spend more time on analyzing and

creating a strategy that will effectively work for you.

One should never rest on the laurels. Customers do switch, die, get choosy and these

things lead to attrition. The result is you having very few or no prospects for your product

or services. So it should be kept in mind that lead generation has to be continuous in

nature. Businesses do flourish because of customer retention and customer acquisition.

New customers are to be added in order to keep the sales revenue on the go.

In this section, I am going to discuss eight methods of reaching sales prospects.

7.1 COMPLEMENTARY PARTNER REFERRALS

I put this sales lead generation method first because this one generates the highest quality

sales leads. How you do this depends on the market you are in.


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If you are selling business to business, you want to strike up relationships with sales reps

from companies who call on the same businesses as you do. An example is if you sell car

insurance service, then partner with a few car dealers. These reps call on the same

customers as you and you complement each other by sharing leads and information about

customers and prospects().

D isadvantages: In this technique, it may so happen that the person who is giving a

reference of another person may already have the product. Moreover, for complementary

partner referrals to work, the company needs to keep a high degree of sales and services

satisfaction. If the customers are not satisfied, they would refuse to give any reference.

This is why the company should maintain a good name in the market in terms of their

offerings and their utilities have to be better than the competition.

7.2 COLD CALLING

As much as nearly everyone dislikes this one, it is very effective for sales lead generation

when executed properly. If you consistently prospect for leads by phone, you will

consistently generate sales leads.

D isadvantages: Cold calling is quite a traditional way of lead generation and still

preferred by the sales team. But there are a few disadvantages to be looked at.

Government regulations state that no company can disturb people between 10PM &

10AM. Apart from that, people get annoyed and disturbed when they get a cold call when

they are busy or even generally. This has resulted in DND (Do not Disturb) service by the

telecom service providers. So, one cannot call anyone and everyone. Non-adherence to

the rules and regulation or unscrupulously making cold calls may have legal implications

and the company may find itself in soup.


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7.3 LIVE SEMINARS

Live seminars are a great sales lead generation technique because you are usually

delivering youre a pitch to a prospect very early in their buying process. The key to a

successful seminar is offering a solution to a problem that your target market really wants

to solve. You can give the pitch yourself, or get one of your company executives to do it

(sometimes business "celebrity" can help pull more sales prospects in).

Live seminars can be done inexpensively. The costs for in-person seminars are comprised

of room rental, refreshments, audio-visual equipment, and promotion. Teleseminars are

the least expensive, with the only costs being conference phone line rental and

promotion. Webinars are actually more expensive due to the hefty fees the online meeting

services charge to use their services.

D isadvantages: The flip side is you may not get a homogenous set of people.

Consequently, there would be only few takers out of the crowd. This will lead to

increased cost per head.

7.4 TRADE SHOWS

Trade shows are a good way to generates sales leads if you can find events highly

targeted to your prospect audience. Often such events yield low-quality sales leads

because they are attended by the recommenders and influencers and rather than the true

decision-makers.

This method is lower on the list, yet it is a valuable one if your company has the budget

and there are industry events well-targeted to your audience.


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D isadvantages: As mentioned above, these shows are not generally attended by the

decision-makers, the purpose is lost. The cost is also relatively higher than other lead

generation techniques.

7.5 MASS MAILINGS

Sales letters are one of the more underused sales lead generation methods. There is an

entire industry of people dedicated to selling this way called direct marketing. But most

field sales reps and business professionals don't know how to use this technique well.

Success with this method comes as a result of mailing a well-written letter to a good

quality list of names (quality = targeted at your audience).

D isadvantages: Nowadays, people dont even care to read mails sent by companies and

they go straight to Trash. Though mass mailing is inexpensive, it has some considerable

cost implications. Due to negligible positive responses from the targeted audience, the

efforts go in vain. People even mark such mails as Spam in order to do away with the

annoyance it brings along according to some.

7.6 ADVERTISING

This method can be highly effective when done right. You must find publications that are

able to deliver your target audience. You must run ads that stimulate people to take

action. To generate sales leads, you must avoid big-company style image ads().

I am no expert on advertising, but I do know that if you can't do this one right don't do it

at all because you can blow through your marketing budget fast.

D isadvantages: Utmost care has to be taken right from the initial phase. The content,

idea, execution, media vehicles and many other factors need to be looked at carefully.

Advertising generally increase the sales as per the advertising agencies. But one should


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keep in mind that a bad advertisement may tarnish the brand image of your company.

Consequently, you will end up losing ground and the sales generation might get affected.

More than that, advertisements cost a fortune.

7.7 INTERNET ADVERTISING

This one is very appropriate for small businesses and some independent professionals.

With a well-designed website, you can generate sales leads through "ads" that the search

engines create from your WebPages. If you know what keywords your prospects are

likely to search for you with, then you can generate very targeted and qualified leads.

D isadvantages: This method is not for everyone though, as your prospects must be

searching for something related to your products, services or the problems that you solve.

Apart from that, a very meager percentage of our population has access to internet. You

need a lot of knowledge to actually make use of it. Over and above, too many scams

happen over the internet and many people do want to play safe.

7.8 EMAIL PUBLICATIONS

A sales rep or business owner could create an email newsletter and mail it to sign-ups

from an offer presented at a seminar, at a trade show, in a mass mailing, in an

advertisement, or on a cold call.

If youre a sales rep, why not create your own email newsletter? You could send out

industry news and tips to suspects in your market. Eventually a few of them will become

customers because you are on their mind more often than your competition.

D isadvantages: Though it is extremely affordable, companies have to shell out a good

sum to get a writer and graphic designer to make a high quality of work. More than that,


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the unsolicited mails go straight to the Spam. The target audience would not even open

the mail. So it is time, efforts and money wasted at times.

8 SALES TECHNIQUES

Undoubtedly, it is the main body of the sale which provides an opportunity to the

salesman to present his product physically before the potential buyers.

8.1 PRESENTATION

In salesmanship, presentation means proper arrangement and decoration of the products

so as to increase the outward decorum. Presentation also includes the interior decoration

of your place. Effective presentation is highly essential in selling goods as well as

services because generally customers come to a place attracted by the appearance of the

salesman, counter, displays etc().

8.2 DEMONSTRATION

Demonstration means pointing out clearly the quality and features of the product and proving them with certainty. In salesmanship, demonstration is nothing but providing the

statement about the quality, utility, performance and service of a product put up for sale

by means of evidences, experiments etc.


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The final stage of the selling process is closing the sale. This is the climax of the various

efforts made during the earlier stages of selling process which includes prospecting,

presentation, demonstration and overcoming objections. The ultimate objective of the

selling plan is to sell products and services to the consumers. If the salesman is not able

to close the sale successfully, all the earlier efforts simply go waste. So it becomes the

most important and crucial stage from the point of business

9.1 WHAT IS CLOSE

Closing is the action on the part of the salesman to close the sales transaction. Closing the

sale is nothing but making the prospect say YES to the salesmans proposition. It is the

simple and logical conclusion to a satisfactory and successful completion of the various

steps of the selling plan.

9.2 FEATURES OF SUCCESSFUL CLOSING

As pointed out earlier, closing a sale is of the most crucial test for the salesman. At this

stage of the selling process, the prospect is converted into a customer, the desire of the

prospect is converted into an expressed demand and the indecision is converted into a

specific decision. There are certain important requisites which help the salesman in

making a successful close. They are as follows:

Positive Attitude: As the salesman and the prospect move along the various stages

of the selling process, automatically they become tense. However, it is better on

the part of the salesman to remain calm and handle the situation with enough

confidence. He should always remain alert and wait for the appropriate moment to

close a sale.


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Effective Presentation and Demonstration: The salesman should always try to

convince the prospect through an effective presentation and demonstration. This

is important because through effective demonstration and presentation only the

prospect is able to know the benefits and utilities of the product. This makes the

prospect think that he will get his moneys worth by buying the product offered

for sale.

Hold the Attention: The salesman, in order to be successful, should always try to

hold and capture attention of the prospect towards the project. He should always

avoid diverting the prospects attention to other things. It may also happen that the

prospect may be mentally absent at the time of the sales talk. Therefore, before

starting the sales talk, the salesman should put his initial efforts to ensure the

concentration of the prospect of his sales talk. So, the salesman has to make all

efforts to keep the prospect hooked.

Allow questions: A wise salesman always encourages the prospects to ask

questions about the producer and tries to remove the doubts from their minds. At

no point of the selling process, the prospect should think that the sale is being

forced upon him. Rather, the prospect should accept the sales proposition

willingly. All possible queries and doubts must be removed so that the prospect

accepts the product gladly and without any hesitation.

Let the Prospect Decide: The salesmans duty is to assist the prospect in taking a

wise decision to ultimately buy a product by which not only the salesman but also

the prospect will be benefitted. But the final decision to purchase the product is to

be left entirely on the prospect and he should be given complete freedom to make


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the buying decision himself. At no point of time, the prospect should feel that the

sale is being forced on him by the salesman.

Reserve Selling Points: An intelligent salesman never discloses all the selling

points during the course of the sales talk itself. Rather, he should reserve some

selling points often referred as unique selling propositions to be applied at

appropriate moments. Such reserved selling points are also known as surprise or

premium points. These points are used at crucial junctures when the prospect

remains undecided about the purchase. Use of these reserved selling points at the

right moment can be used to convert the prospects no into yes().

10 RECOMMENDATIONS

The demand for insurance products is increasing as people are more aware

nowadays and they understand the importance of being insured. So the bank

should reap the benefits of the changing trend.

Products of private players can be sold because of the targeted customers being

choosy and looking for better services and innovative product offerings. A better


86/100


and thorough marketing research on consumer behavior and latest economic

trends can give a profound understanding to do business more profitably.

It is observed that most of the issues are related to the human capital. To keep the

satisfaction levels of Standard Chartered Patna customers, a robust CRM System

has to be in place.

The Customer Relationship Management or CRM system refers to the computer

software designed to help companies keep track of and easily access information

about the customers or clients the business is dealing with. It has become widely

used in recent years. A CRM system may also refer to the Sales Automation

Force (SFA) software and contact management software. These are usually part of

a good CRM system. A good software package will generally be in a range of 1.5-

2.5 crores. E.g. Avidian CRM software.

The role of employee training and development is becoming more important as

companies are increasingly relying on the knowledge, skills and abilities of their

human capital to drive firm performance. So an exhaustive training program candefinitely help in keeping the banks performance healthy.

Training cost per

employee=

Total training costs

Headcount

In 2010, the average annual expenditure per employee increased to $955 after

remaining steady at $820 over the previous two years. Standard Chartered Patna

has 29 employees so the total expenditure will probably stand at $ 27695 or INR

1384750.


87/100


The cost involved is reasonable for a big foreign bank operating in India with

revenue of $2,028 million in FY2011

Training Costs

Development costs (e.g., salaries and benefits of personnel, equipment).

Direct implementation costs (e.g., training materials, technology costs, facilities,

travel, equipment, instructors salary and benefits).

Indirect implementation costs (e.g., overhead, general and administrative).

Compensation for participants.

Lost productivity or costs of backfilling positions during training.

Source: U.S. Office of Personnel Management. (2000). A guide to strategically planning

training and measuring results. Washington, DC: Author.

It is observed that in Patna, the number of Standard Chartered ATMs is very few.

To be precise, there are only 2 ATMs available in the whole of Patna. One is

located at East Boring Canal Road and the other one at Exhibition Road. One of

the major factors derived out of factor analysis shows that availability of

Automated Teller Machines at convenient locations is an important factor

affecting satisfaction levels of the banks customers(). Setting up a few ATMs at

some of the busiest and dense locations like Kankarbagh Colony, Patna City,

Station Road etc. Generally one NCR ATM machine, which is one of the largest

selling machines, will cost 8-10 lakhs. Over a period of 2 years at least, 4 ATMs

can easily be set up to ensure convenience for the bank customers. The cost will

spread over a period of 2 years and the budget will not be distorted in this way.

More convenience means more customers for Standard Chartered Patna.


88/100


As of now Standard Chartered bank is into bancassurance but being a big player,

it should consider starting its own insurance products. The bank channels are

robust enough to support this new business. However, proper industry analysis,

market, consumer preferences etc are to be considered before taking any step

further.

.

11 CONCLUSIONS

The success of bancassurance greatly depends on banks ensuring excellent customersrelationship; therefore banks need to strive towards that direction. Bancassurance is going

to be a norm in the Indian markets. The banks want to give customers the comfort by

providing everything under one roof. This trend is likely to increase competition in the

insurance market as todays distributors would probably become wholly owned insurance

subsidiaries of these banks. The environment is also quite conducive as the use of ATMs

and internet banking is increasing tremendously.

It can be inferred from the results how important the infrastructure and human capital

matter to become a successful banker in this competitive sector. If the factors are taken

care of, the satisfaction levels of customers are most likely to be on the better side.


89/100


Though these factors and their importance are known to everyone, proper execution of

the same is not done by many. Consequently, the impacts can be seen in their financials.

Many banks have done wonders within a short span of time by looking at the factors

minutely and worked tirelessly to generate better results. One of the best fitting examples

is Axis Bank, which was formerly known as UTI bank.

To reduce defection and remain competitive in this sector, high levels of customer

satisfaction must be one of the top priorities. Thoughtful planning and budgeting is

needed. Robust CRM system, advanced training for the employees and infrastructure

development will lead the bank to success. India is one of the hottest markets with over

18% CAGR for the banking sector. Standard Chartered PLC can leverage this trend to

add a few more billions to its revenue through its Indian subsidiary.

Innovative lead generation techniques will result in a win-win situation for all the parties

involved- the customer, the insurance companies and the banks. Tie-up arrangements

with more than one insurance company will also lead to better customer satisfaction dueto the variety they will bring. Better leaders and dedicated sales team will definitely bring

in better revenues in days to come. Some strategic thinking, thoughtful planning and

execution will do wonders. The possibilities are there to sell more through innovative

lead generation tools and techniques. The information era is going to assist the company

in a bigger way.

Private players will gain ground provided they come up with better services and products

range. The customers are ready to do some experiments and try out new products from

new insurers.


90/100


12 BIBLIOGRAPHY

Anderson, J. F., & Brown, R. L. (2005, January 5). Soa. Onttrek May 5, 23 uitSoa Website: http://www.soa.org/files/pdf/P-21-05.pdf

Brown, S. (2010, October 10). Professional Sales Tips . Onttrek May 25, 2011

uit Professional Sales Tips Website: http://sales-tips.industrialego.com/sales-

articles/043003.htm

Checketts, D. (2006). Leverage: How to Create Your Own "Tipping Points" in

Business and in Life. New Jersey: The Career Press, Inc.

Datamonitor. (2011, April 25). Datamonitor. Onttrek May 20, 2011 uit

Datamonitor Website: http://web.ebscohost.com/ehost/pdfviewer/pdfviewer?

sid=cce44033-ce68-408f-b308-31c4360f434b

%40sessionmgr112&vid=8&hid=105

FICCI. (s.j.). FICCI. Onttrek 05 21, 2011 uit FICCI Website: http://www.ficci-

b2b.com/site/FINANCE.pdf

IRDA. (2007, 07 12). IRDA. Onttrek 5 15, 2011 uit IRDA Official Website:

http://irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?

page=PageNo4&mid=2

Karunagaran, A. (2006, November 1). Reserve Bank of India. Onttrek May 27,

2011 uit RBI Website:

http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/80595.pdf

Kotler, P., Keller, K. L., Koshy, A., & Jha, M. (2009). Marketing Management A

South Asian Perspective 13th Edition. New Delhi: Dorling Kindersley (India)

Pvt. Ltd.

LIC. (2007, June 25). Life Insurance Corporation . Onttrek May 20, 2011 uit LIC

Website: http://www.licindia.in/history.htm

Malhotra, N. K., & Dash, S. (2011). Marketing Research An Applied

Orientation Sixth Edition. New Delhi: Dorling Kindersley (India) Pvt. Ltd.

Narayan, J. H. (2010). IRDA Annual Report 2010. IRDA, Insurance Regulatory

Body (India). Hyderabad: IRDA.

Sadhak, H. (2009). Life Insurance In India. New Delhi: Sage Publications.


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Sahu, P. K., & Raut, K. C. (2006). Salesmanship and Sales Management. New

Delhi: Vikas Publishing House Pvt. Ltd.

STANCHART. (2008, April 5). Standard Chartered India . Onttrek May 20, 2011

uit Standard Chartered India Website:

http://www.standardchartered.co.in/financial-

consulting/insurance/insurancepolicies.html

Wikipedia. (2011, February 14). Wikipedia . Onttrek May 20, 2011 uit

Wikipedia Website: http://en.wikipedia.org/wiki/Insurance_in_India

APPENDICES

Survey Questionnaire- 1

Insurance Industry- A SurveyIntroduction: Thank you for taking some time out to complete this survey about the InsuranceIndustry in Patna. This survey should not take more than 5 minutes to complete. The survey isanonymous and any information gathered through this will be treated as confidential.Furthermore, the results will be used solely for academic purposes.Required

Top of Form

Your Name *

Your Email ID


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1. Please select your gender

Male

Female

Other:

2. Please select your age range (in years)

20-25

26-30

31-35

36-40

41-45

46-5050 and above

3. What is your marital status?

Single

Married

Other:

4. What is your annual income?(PLEASE SELECT YOUR RANGE IN INR)

Upto 1 lakh

1-2

2-3

3-4

4-55 and above

5. What is your occupation?

Govt. servant

Private employee


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Self-employed

Businessman/Woman

Farmer

Other:

6. What is the main purpose of buying an insurance policy according to you?

Income tax rebate

Protection

Return

Saving

Other:

7. Do you have a life insurance policy?(IF NO, YOU HAVE COMPLETED THE SURVEY )

Yes

No

8. What is the type of your plan?(CHECK THE BOXES AS APPLICABLE TO YOU)

Simple Term Plan

Money Back Policy

ULIP

Pension Plan

Child benefit plan

Other:


94/100


9. Please let us know the name of your insurance company.

10. Have you faced any problem with your insurer?

(IF NO, PLEASE JUMP TO QUESTION 14)Yes

No

11. What was the problem type?(YOU CAN SELECT BOTH, IF APPLICABLE)

Claim settlement

Information12. Did the company solve your problem regarding claim settlement or information, if any?

Yes

No13. Were you satisfied with the solution?

Yes

No14. If you take a new policy, would you go to the same insurance company?

Yes

No

15. Will you suggest someone to get insured from your insurer?

Yes

No

Survey Questionnaire 2Bank Customer Survey

Please help us give you better services. Thank you for finding some time out for thesurvey.

* Required

Top of Form

Name *

Please assess the Following at Our Branch


95/100


CUSTOMER SERVICE RELATED

1- Strongly Disagree, 2- Disagree, 3- Neutral, 4- Agree, 5- Strongly Agree

Our employees have friendly & courteous Manner 1 2 3 4 5

StronglyDisagree

StronglyAgree

Tellers have the knowledge of bank's products & Services1 2 3 4 5

StronglyDisagree

StronglyAgree

We are willing to listen and respond to your need1 2 3 4 5

StronglyDisagree

StronglyAgree

We give fast and efficient service1 2 3 4 5

StronglyDisagree

StronglyAgree

We recognize you as a valued customer 1 2 3 4 5

StronglyDisagree StronglyAgree

Our people have professional and attractive appearance1 2 3 4 5

StronglyDisagree StronglyAgree

Bottom of Form

Top of Form

BRANCH FACILITIESHow do you assess the following aspects of the branch facility?


96/100


97/100


S.No NAME OF THE COMPANY NAMEOF

PRINCIPAL

OFFICE

R

NAME OFAPPOINTE

D

ACTUARY

TELEPHONE NO./FAX No./E-MAIL & WEB ADDRESS

1. Bajaj Allianz Life Insurance Company Limited .GE Plaza, AirportRoad , YerawadaPune411 006

Mr.Kamesh Goyal

Mr.AnilKumar Singh

Tel : 020 - 66026777Fax : 020 -66026789.

2. Birla Sun Life Insurance Co. Ltd Reg. Office: One India BullsCentre, Tower 1, 16th Floor,Jupiter Mill Compound,841 , Senapati Bapat Marg,Elphinstone Road,Mumbai-400013.

Mr. Jayant Dua

Mr. Fa bien Jeudy

Tel : 020 - 66026777Fax: 020 - 66026789Email:[email protected]

3. HDFC Standard Life InsuranceCo. Ltd2nd Floor, Trade Star Kondivita JunctionAndheri Kurla RoadAndheri EastMumbai 400059.

Mr. Amitabh Chaudhry

Mr.AshleyEdwar dRebello

Tel : 022-67516666Fax: 022-2822 8844

4. ICICI Prudential Life InsuranceCo. LtdICICI Prulife Towers , 1089, Ap

pasahebMarathe Marg, Prabhadevi, Mumbai 400 025.

SriV. Vaidyanathan

Mr. Avijit Chatterjee

Tel :022-56621996Fax: 022-56622031

5. ING Vysya Life InsuranceCompany Ltd.ING Vysya Home, 5thFloor, #22Mahatmagandhi Road Bangalore-560 001.

Mr.Kshitij Jain

Ms. HemamaliniR amakrishnan

Tel : 080-25328000Fax: 080-25559764

6. Life Insurance Corporation of India Yogakshema, Jeeva BimaMarg, Post Box No. 19953MUMBAI 400 021

Shri TS. Vijayan

Mr.T Bhar gava

Tel 56598701;56598702Fax: 22824386E-Mail ; [email protected]
http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.birlasunlife.com/birlasunlife/insurance/bsli_mp/index5.aspxhttp://www.birlasunlife.com/birlasunlife/insurance/bsli_mp/index5.aspxhttp://www.birlasunlife.com/birlasunlife/insurance/bsli_mp/index5.aspxmailto:[email protected]://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.licindia.com/http://www.licindia.com/mailto:[email protected]://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.birlasunlife.com/birlasunlife/insurance/bsli_mp/index5.aspxmailto:[email protected]://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysyalife.com/http://www.ingvysyalife.com/mailto:[email protected]:[email protected]://www.licindia.com/http://www.licindia.com/mailto:[email protected]


98/100


7. Max New York Life InsuranceCo. Ltd11 th Floor, DLF Square , Jacaranda Marg,DLF City , Phase-II,GURGAON 122 002.

Shri Rajesh Sud

Mr.John Char lesPoole

Tel : 0124-2561717Fax: 0124-2561764

8. Met Life India InsuranceCompany Ltd.Brigade Seshamahal, No.5, Vani VilasRoad , Basavanagudi, BANGALORE-560 004.

Mr.Rajesh R elan

Mr. MS VSPhanesh

Tel : 080-26438638Fax: 080-26521970Toll Free No. 1-600-44-6969

9. Kotak Mahindra Old Mutual Life Insurance Limited9th Floor, Godrej Coliseum,Behind Everard Nagar,Sion (East),MUMBAI-400 022..

Mr.PankajDesai

Mr.AndrewWillisCartwr ight

Tel : 022-6621 5999Fax:022-6621 5757, 6621 5858

10. SBI Life Insurance Co. Ltd Turner Morrison Building,2nd Floor, 16,Bank Street, FortMumbai-400 023.

Mr. Mahadev NagendraRao

Mr. SanjeevKumar Pujari

Tel : 022-56392000Fax: 022-56621471

11. Tata AIG Life Insurance Company Limited5th 7 6th Floor, Peninsula

Tower,Peninsula Corporate Park Ganpatrao Kadam Marg,Lower Parel,MUMBAI 400 013.

Mr. M.Suresh

Mr. Heerak Basu

Tel : 022-66516000Fax : 022-66550711

12 Reliance Life InsuranceCompany Limited.1st Floor,Midas, Sahar Plaza,AndheriKurla Road, Andheri East,Mumbai 400059.

Mr.Malay Ghosh

Ms. PournimaGupte

Tel : 022-30883434/ 30887261Fax: 022-30886587

13 Aviva Life Insurance Company India LimitedAviva Tower, Sector Road, Opposit Golf Course,DLF-Phase V, Sector-43,Gurgaon - 122 003

Mr. T.R.Ramachandran

Mr. K.K.Dharni

Tel: 0124-270 9000/01,Fax: 0124-270 9007.
http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.co.in/http://www.metlife.co.in/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.reliancelife.com/http://www.reliancelife.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.co.in/http://www.metlife.co.in/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.sbilife.co.in/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.reliancelife.com/http://www.reliancelife.com/http://www.avivaindia.com/http://www.avivaindia.com/


99/100


14 Sahara India Life InsuranceCo, Ltd.Sahara India Bhawan,Kopoorthala Complex,Lucknow 226024

Mr. N.P.Bali,CEO( Officiating)

Mr. Pr avir Chandra

Tel: 0522-2337777Fax: 0522-2378200

15 Shriram Life Insurance Co, Ltd.Regd. Office : 3-6-478, 3rdFloor, AnandEstate, LibertyRoad, Himayat Nagar,Hyderabad - 500029

Mr R Duruvasan

Mr.TheoBernhardScheffler

Tel: 040-23434466-72Fax: 040-23434488

16 Bharti AXA Life Insurance Company Ltd. 601-602 6th Floor,Raheja TitaniumOff Western Express HighwayGoregaon (E)Mumbai 400 063

Mr.GlennWilliams

Mr. GL

N Sar ma

Tel: 022 40306300/6301Fax: 022 - 40306347

17 Future Generali India LifeInsurance Company Limited 001, Delta Plaza, GroundFloor, 414,Veer Sarvarkar Marg, Prabhadevi

Final Lead Generation

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