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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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
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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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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)
Frequency Percent Valid Percent
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
Frequency Percent Valid Percent
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
Frequency Percent Valid Percent
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
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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.
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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
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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)
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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
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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.
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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.
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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.
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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.
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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:
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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
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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?
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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] -
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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/ -
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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