monthly report september, 2011
DESCRIPTION
MONTHLY REPORT September, 2011. Planning Division David Liu. Agenda. Sale performance analysis by product Bankassurnace survey Adjustment of Compensation Scheme Planning project next month. Agenda. Sale performance analysis by product Bankassurnace survey - PowerPoint PPT PresentationTRANSCRIPT
MONTHLY REPORTMONTHLY REPORT September, 2011September, 2011
Planning DivisionPlanning Division
David LiuDavid Liu
Sale performance analysis by
product
Bankassurnace survey
Adjustment of Compensation
Scheme
Planning project next month
Sale performance analysis by
product
Bankassurnace survey
Adjustment of Compensation
Scheme
Planning project next month
4
Unit: Billion VNDNew Business Premium(2011 H1)
Our NB premium and market share grow strongly
FYP Market share GrowthPrudential 595 29.9% 21.6%Bao Viet 448 22.5% 18.0%ACE Life 198 10.0% 29.8%Manulife 228 11.5% 28.7%Dai-ichi 202 10.1% 53.8%
AIA 189 9.5% 39.2%Cathay 55 2.8% 131.5%Korea 37 1.9% 0.5%
G.Eastern 22 1.1% 1,218%VCLI 8.2 0.4% 4,716%
Prevoir 6.8 0.3% -53.1%Fubon 0.256 0.0% --Total 1,990 28.9%
NB Premium - Cathay
C11 and C12 are still our main product
NB Premium - Main Product
NB Premium - Rider
NB premium of Rider grow strongly too.
Endowment Investment TermWhole
lifeAnnuity rider
Market 49.0% 39.5% 2.1% 0.5% 1.2% 7.6%
In the market, Endowment and investment are main product ; Rider rate is about 7.6%.
Product distribution
Endowment Investment TermWhole
lifeAnnuity rider
Cathay 87.4% 0.0% 4.5% 5.1% 0.0% 3.1%
Offer customer more protection
Premium per policy↑ salary ↑
Increase company’s profit
Rider attached rate by product
Our main product C11 、 C12 rider attached rate is not good and the trend is decreasing
Basic plan Rider Purpose
C12 R02 + R04 Provide perfect protection to children
C10, C11 R04 Increase medical protection
C09 R01+R03 Increase accident benefit
Package product
1. Design some package product Easier to sell2. Promotion activity for selling package product
Sale performance analysis by
product
Bankassurnace survey
Adjustment of Compensation
Scheme
Planning project next month
Name Vietnam bank cooperation
Prevoir ABbank, Sacombank, ACB, Habubank, Tienphongbank…
VCLI Vietcombank, SeAbank
Bankassurance company
Name 2006 2007 2008 2009 2010 2011H1
Prevoir 16,946 27,958 29,737 43,909 38,031 6,786
VCLI -- -- -- 8 2,138 8,235
Market ratio 1.3% 1.5% 1.5% 1.5% 1.1% 0.8%
Premium income
Market ratio is decreasing because insurance market grow over 30% and Prevoir has bad business performance.
1. Number of bank cooperation (sign contract or MOU)
Over 60% company has cooperated with 2~5 bank, and we just cooperate with Sacombank collecting premium and sign MOU contract with IVB.
2. Main reason causing slow development
Over 30% said that income is not attractive.Nearing 20% said that economic status is the main reason (high inflation + high pricing rate)
3. Objective customer
Mass affluent becomes objective customer in the future.
4. Potential product
Some product related with bank business.
5. Future development key
Customer behavior and macroeconomic status are most important factors.
6. Development Time (Backassurance FYP ratio reach 25%)
Over 80% think that at least need 6 years
Need more time to develop bankcassurance.
Bank doesn’t pay attention to bankassurance channel
Customer’s demand of bankassurance is low.
Conclusion
1. Making a good cooperation relationship now.2. To develop our Bancassurance operation ability continuously and wait the opportunity.
Sale performance analysis by
product
Bankassurnace survey
Adjustment of Compensation
Scheme
Planning project next month
23
2011.11th Working Month
NEW COMPENSATION SCHEME
24
2,040 2,180
2,400 2,606
2,800
1,786 1,977
1,500
1,684 1,900
723 834
1,034 1,056
1,168
HCM
HN
VIET NAM
GDP (USD)GDP (USD)
2006 2007 2008 2009 2010
2007 2008 2009 2010 2011
0
5
10
15
20
25
30
1/12/2006 1/12/2007 1/12/2008 1/12/2009 1/12/2010
23 %
CPI (%)CPI (%)
Economic grow strongly, inflation raise continuouslyResponsibility quota is too low
25
Increase Responsibility Quota
Adjust Promotion &Assessment
Standard
Adjust Agent and SM bonus
26
level SCAS CAS SEAS EAS SAS
PFYP 20M 12M 8M 5M 3.5M
Level SCAS CAS SEAS EAS SAS
PFYP 30M 20M 12M 8M 5M
Responsibility Quota
New
27
Promotion
Position
Serving time in previou
s position
PFYP
Period Average
SCAS 6 6 20M
CAS 6 6 12M
SEAS 3 3 8M
EAS 3 3 5M
SAS 3 3 3.5M
IA -
Promotion
Position
Serving time in previou
s position
PFYP
Period Average
SCAS 3 3 30M
CAS 3 3 20M
SEAS 3 3 12M
EAS 1 3 8M
SAS 1 3 5M
IA -
Personal PFYP≧5.0M Policy case reach at least 2
Personal PFYP≧5.0M Policy case reach at least 2
Personal PFYP 3.5M≧ Personal PFYP 3.5M≧
NewAgent Promotion Standard
28
Level SCAS CAS SEAS EAS SAS
FYC 8.0 4.8 3.2 2.0 1.4
FYC ratio
0~50% 15% 10% 5% 0% 0%
50~100% 25% 20% 15% 5% 0%
100~150% 35% 30% 25% 15% 5%
150%~ 40% 33% 28% 20% 10%
Level SCAS CAS SEAS EAS SAS
Standard FYC 12.0 8.0 4.8 3.2 2.0
FYC ratio
0~50% 30% 15% 5% 0% 0%
50~100% 35% 30% 15% 5% 0%
100~150% 40% 35% 30% 15% 5%
150%~ 50% 40% 33% 20% 10%
New
Agent meeting-requirement bonus
29
Promotion
Position Serving time in previous position
Organization SAS ;IA(SAS)
PFYP Period Average
SESM 1 year 10;(15,7) 6 55MESM 6 7;(10,5) 6 38MSSM 6 5;(8,3) 6 28MSM 6 (EAS↑) 2;(4,1) 6 11M
Promotion
Position Serving time in previous position
Organization SAS(EAS)
PFYP Period Average
SESM 6 16(4) 6 80MESM 6 12(3) 6 60MSSM 6 8(2) 6 40M
SM 3 (EAS↑) 4(1)6 20M3 30M
Personal PFYP 3.5M Excluding tracing ≧ PFYP 7.0M ≧Personal PFYP 3.5M Excluding tracing ≧ PFYP 7.0M ≧
Personal PFYP≧5.0M Excluding tracing PFYP ≧15.0M Personal PFYP≧5.0M Excluding tracing PFYP ≧15.0M
New
SM Promotion Standard
30
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 3.5M 5.0M 8.0M 12.0M 20.0M
PFYP Ratio(Personally only)
0% 0 0 0 0 01~69% 0 0 100 200 400
70~99% 100 150 300 500 900100~149% 200 300 600 1000 1800150~199% 350 550 1000 1600 2800200~299% 500 800 1400 2200 4000
300%~ 750 1200 2100 3300 6000
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 5.0M 8.0M 12.0M 20.0M 30.0M
PFYP Ratio(Personally only)
0% 0 0 0 0 01~69% 0 0 150 300 600
70~99% 150 250 450 850 1350100~149% 300 550 900 1600 2700150~199% 500 800 1500 2600 4200200~299% 600 1000 2100 3600 6000
300%~ 800 1300 3100 5500 9000
SM training bonus
New
31
Promotion
Position Serving time in previous position
Organization SAS;IA(SAS)
PFYP
Period Average
SBM 1 year 4 sub-unit40 ; 60(20) 6 400M
BM 1 year(SSM)
2 sub-unit20 ; 30(10) 6 200M
Promotion
Position Serving time in previous position
Organization SAS( EAS)
PFYP
Period Average
SBM 1 year 8 sub-unit60(20) 6 400M
BM 1 year(SSM)
4 sub-unit40(10) 6 200M
BM Promotion Standard
32
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 3.5M 5.0M 8.0M 12.0M 20.0M
PFYP Ratio(Personally
only)
0% 0 0 0 0 01~69% 0 0 50 100 20070~99% 0 50 200 300 500
100~149% 200 250 300 500 800150~ 200 350 500 800 1400
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 5.0M 8.0M 12.0M 20.0M 30.0M
PFYP Ratio(Personally
only)
0% 0 0 0 0 01~69% 0 0 80 160 30070~99% 0 100 300 500 750
100~149% 300 400 450 850 1200150~ 300 500 750 1350 2100
BM training bonus
New
33
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 3.5M 5.0M 8.0M 12.0M 20.0M
PFYP Ratio(Personally
only)
0% 0 0 0 0 01~69% 0 0 0 5 1070~99% 0 5 10 20 40
100~149% 10 15 25 40 70150~ 10 25 40 65 120
LevelSASIA
EAS SEAS CAS SCAS
Standard PFYP 5.0M 8.0M 12.0M 20.0M 30.0M
PFYP Ratio(Personally
only)
0% 0 0 0 0 01~69% 0 0 0 5 1570~99% 0 5 15 30 60
100~149% 10 20 35 65 105150~ 10 40 60 105 180
BDO training bonus
New
34
New comer RecruiterLevel PFYP Standard Bonus PFYP Standard Bonus
IA5.0M 0.5M 5.0M 0.5M
10.5M 1.1M 10.5M 1.1M
SAS10.5M 1.2M 10.5M 1.2M15M 1.5M 15.0M 1.5M
EAS15M 1.5M - -24M 3.0M 24.0M 2.0M
New comer RecruiterLevel PFYP Standard Bonus PFYP Standard Bonus
IA10.5M 0.6M 10.5M 0.6M15M 1.2M 15.0M 1.2M
SAS15M 1.2M 15.0M 1.2M24M 2.0M 24.0M 2.0M
EAS24M 2.0M -36M 4.0M 36M 4.0M
New comer fails to meet policy case standard, no bonus to both ※policy case standard: Policy case reach at least 2
New comer fails to meet policy case standard, no bonus to both ※policy case standard: Policy case reach at least 2
Agent Bonus
New
35
SM fails to meet recruitment standard, get 80% bonus(Recruitment standard: 1 new comer and he/she sales 1 policy)
SM fails to meet recruitment standard, get 80% bonus(Recruitment standard: 1 new comer and he/she sales 1 policy)
Old New
PFYP (M) Bonus (M) PFYP (M) Bonus (M)PFYP < 20 0 PFYP < 30 0
20≦PFYP < 30 3.2 30≦PFYP < 40 430≦PFYP < 40 4.5 40≦PFYP < 60 540≦PFYP < 60 6.0 60≦PFYP < 80 7
60≦PFYP 8.0 80≦PFYP 9
1st ~6th working month1st ~6th working month
7th ~13th working month7th ~13th working month
Old New
PFYP (M) Bonus (M) PFYP (M) Bonus (M)
PFYP < 30 0 PFYP < 40 030≦PFYP < 40 3 40≦PFYP < 50 440≦PFYP < 50 4 50≦PFYP < 60 550≦PFYP < 60 5 60≦PFYP < 80 660≦PFYP < 80 6 80≦PFYP < 100 8
80≦PFYP 8 100≦PFYP 10
New
SM Bonus
36
Item level period Content
Responsibility quota and salary
All -Form 2011.11th working monthResponsibility quota and salary calculation apply new compensation scheme
Assessment All -※Form 2011.11th working month Assessment apply new compensation scheme※Next assessment time is 2012.1st working month
Promotion All 1 wkm※Promotion in 2011.12th wkm apply old scheme※Promotion after 2011.13th wkm apply new
scheme
Reward regulation
Agent 1 wkm
※New comer is promoted in 2011.12th wkm, his/her bonus is higher amount between new and old reward regulation.※Other case apply new reward regulation
SM - Form 2011.11th working monthSM reward apply new reward regulation.
Transitional Method
Sale performance analysis by
product
Bankassurnace survey
Adjustment of Compensation
Scheme
Planning project next month
New Product Launch
Performance Incentive
Activity
Related work of New Agency
Compensation System
Thank you
Planning DivisionPlanning Division
David LiuDavid Liu