summer trainee ppt_new
TRANSCRIPT
HDFC Standard Life Insurance Company Limited
Welcome to
The Company
June 17, 2011
History of The Joint Venture • Discussions commenced - January 1995• Joint venture agreement signed - October 1995• Joint venture agreement renewed - October 1998• Life Insurance project team established - January 2000
(Mumbai)• Company officially incorporated - 14th August 2000• First private sector Life Insurance company to be granted a
certificate of registration - 23 October 2000• Shareholding -HDFC 81.4 %
Standard Life 18.6 %
Vision Statement
““The most successful and The most successful and admired life insurance admired life insurance
company, which means that we company, which means that we are the most trusted company, are the most trusted company, the easiest to deal with, offer the easiest to deal with, offer the best value for money, and the best value for money, and
set the standards in the set the standards in the industry. In short, “The most industry. In short, “The most
obvious choice for all”.obvious choice for all”.
June 17, 2011
Our Mission
• We aim to be the top new life insurance company in the market.
• This does not just mean being the largest or the most productive company in the market, rather it is a combination of several things like-
Customer service of the highest order Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of
different customers Use of technology to improve service standards
Increasing market share
June 17, 2011
Values that will be observed while we work with HDFCSL:
IntegrityIntegrity
InnovationInnovation
Customer CentricCustomer Centric
People CarePeople Care
Team Work - One for all & all for oneTeam Work - One for all & all for one
Joy & SimplicityJoy & Simplicity
Housing Development Finance Housing Development Finance Corporation LimitedCorporation Limited
June 17, 2011
Corporate StrengthsCorporate Strengths
• Strong Brand • Customer base of over 2 million• Stable and experienced management • High service standards• High quality loan portfolio• Provision for contingencies • Constant technological upgradation of systems• One of the best capital adequacy ratio
Integrated Financial ServicesIntegrated Financial Services
SECURITISATION
Future Activities
DISTRIBUTION HDFC CHUBB GENERAL INSURANCE
CO. LTD.
June 17, 2011
Awards & Accolades India’s best managed company by Asiamoney magazine - 1995 and 1996 Most competitive Indian company by Euromoney - 1997 One of the 5 best Indian Boards by Business Today -1997 Best presented accounts 1994-95 and 1996-97 (3rd place) - in the SAARC region by the South Asian
Federation of Accounts in the financial sector category Rated as one of the best companies in India for strategy & management and investor relations by
Asiamoney - 1998 Excellence in service industry by the Indian Institute of Marketing Management & Top Management
Club (Pune) -1998 Shield for the best presented accounts for banks and financial institutions - over 11 times (8 years in a
row) 1999 IMC Ramakrishna Bajaj National Quality Award in the service category CII-EXIM Bank Comendation Certificate for commitment to Total Quality Management - 2000 Asiamoney declared HDFC as the second best managed company in India - 2001 Euromoney identified HDFC as one of Asia’s top 10 best managed companies in the finance sector -
2001 Rated as the Best Non-Banking Financial Company in Asia by Institutional Investor Research Group -
2002
The Standard Life Insurance Assurance Company
June 17, 2011
BackgroundBackground
• Founded in 1825
• Mutual Life Insurance Company since 1925
• Largest mutual life insurance company in Europe
• Assets under management over Rs 5,81,000 crores (£ 83.2 bn)
June 17, 2011
Head Office - Edinburgh, Scotland (UK)Presence United Kingdom: 31 branches Canada 11 "Ireland 7 "Germany 1 "Austria 1 sales officeSpain 31 branchesHong Kong 1 representative officeChina 2 representative office
June 17, 2011
Financial Strength
• Total assets under management : Rs. 5,81,000 Crores
• New premium income 2001 :Rs. 58,000 Crores
• AA2 rated by Standard & Poor’s and Moody’s
June 17, 2011
Unrivaled Reputation For Quality
Year Award• 2002 Company of the Year• 2001 Best Personal Pension Provider• 2000 Company of the Year• 1999 Company of the Decade• 1996-99 Company of the year• 1995 4 star service award• 1992-94 Overall best company• 1991 3 star service award• 1990 Best mortgage services
June 17, 2011
Experience In The Indian Market
• First market entry - 1847
• Innovative products & processes
• Last claim settled in 1997
June 17, 2011
Launched on 1st January 1998Savings balances of £ 4.4 billion
Mortgage lending above £ 6 billion
UK’s leading private medical insurers since 1988Fourth in the private medical insurers market
Best Individual PMI provider for the year
Assets under management £ 76 billion5 million retail and institutional clients
Global coverage of investment instruments and markets
June 17, 2011
What is Insurance ?
• It is a system by which the losses suffered by a few are spread over many, exposed to similar risks.
• Insurance is a protection against financial loss arising on the happening of an unexpected event.
• It is essential that :– The calamity is either natural or unexpected– The insured person does not gain out of this arrangement
June 17, 2011
Life Insurance
• Scope– Pure - Term Insurance
– Savings – Endowment, Money Back Policies
– Investment - Single Premium Policies
– Income / Pension - Annuities
– Market / Unit Linked
• Gamut– Individual – Group– Salary Savings
June 17, 2011
Benefits of Insurance
Safeguards oneself and one's family for future requirements.
Peace of mind-in case of financial loss. Encourage saving.Tax rebate.Protection from the claim made by creditors.Security against personal loan, housing loan or other types
of loan.Provide a protection cover to industries, agriculture,
women and child.
June 17, 2011
Life Insurance Milestones• 1818 - Oriental Insurance Company set up in Calcutta• 1912 - The Indian Life Assurance Companies Act enacted - first
statute• 1928 - The Indian Insurance Companies Act enacted to enable
the government to collect statistical information about both life and non-life insurance businesses.
• 1938 - Passing of the Insurance Act
• 1956 - Nationalisation of life insurance companies and formation of LIC
• 1956-1999 - Monopoly of LIC for nearly 44 years
• 1999 - Privatisation initiated
June 17, 2011
Privatisation - Objectives• Broad
– Increased coverage of the population
• Specific– Customer has a wider choice & range of products– Service standards to customer
• Economic– Savings mobilisation
June 17, 2011
Today
• 21 Life insurance business companies
• Multiple players, products
• Increased awareness
• Flexible products
June 17, 2011
Indian Investor Preferences
• Insurance is a popular avenue in rural & urban areas
Instruments All India Urban RuralUTI Schemes 8.45 19.52 4.05Other MFs 5.45 12.02 2.84Fixed Deposits 76.23 83.89 73.18Bonds 6.21 11.56 4.08Provident Fund 20.92 40.24 13.24Life Insurance 39.21 57.31 32.01Chit Funds 5.94 9.51 4.52Post off ice Recurring Deposits 44.73 40.77 46.3Small Savings 27.46 35.98 24.07Preference Shares 2.63 6.59 1.06Others 8.75 11.85 7.52
Source: SEBI-NCAER Survey of Indian Investors, June 2000
June 17, 2011
Only ONE out of FIVE insurable population in India have insurance coverage
In terms of insurance premium per capita and premium per GDP, India ranks as one of the lowest in the world.
Life Insurance premium constitutes only 9% of domestic savings.
By 2010, hundred million elderly look to planning for old age pension and annuities.
More than 325 million labor forces have no social security.
Talking about potential ...
CAREER
HDFC SLIC
Career Growth-HDFC LIFE
• ABHIMAANFinancial Consultant to Sales Manager
Goal sheet 3lac
On completion of Goal sheet FC becomes eligible for assessment for Sales Manager
June 17, 2011
Career Growth -HDFCLIFE
• Sales Manager to Business Development Manager (BDM)
Goal Sheet 12 lac
• BDM to Assistant Sales Manager Goal Sheet 19 Lac (27 lac 150% of goal
sheet)
June 17, 2011
Career Growth – HDFC LIFE
• ASM to Branch Manager Goal Sheet 27 lac
Becomes eligible for assessment for Branch Manager
June 17, 2011
Career Growth-HDFC LIFE
• Branch Manager to Territory Manager
• Territory Manager to Regional Manager
• Regional Manager to Zonal Manager
June 17, 2011
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CHANNEL DEVELOPMENT
Project Trainee / Management Trainee
ProgrammeObjective
PrimaryTo leverage the Trainees resource for Financial Consultant Recruitment and
thereby beefing up the sales force
SecondaryTo provide the trainees with valuable ‘On-Job’ training with an opportunity to ‘Earn while you Learn’ with regular
stipend and an Incentive based Scheme
Promoting their communication/networking
/convincing skills – equipping them with experience pre-requisite for any
sales related job
June 17, 2011
The Process• Channel Development to select Project / Management Trainees
from Business schools or referred by SM’s
• CD team then to give basic training/handholding to the trainees on recruitment and give each trainee a weekly target
• The trainees will pitch an opportunity for a ‘Business Partner’
– The TG• Age – 30+, men / women, at least 12th pass, salaried,
self employed, housewives, professionals
– The Pitch• Work for just 5 hours a week and earn more than
Rs. 20,000/- per month • Zero Investment• World Class Training• Part time / full time option
June 17, 2011
The Approach• Trainees to first leverage their natural market –
immediate contacts: friends/relatives/neighbors
– Each trainee to list down names of at least 50 people or more, who they can approach directly
– Each trainee to service their respective list
– CD team to support the Project trainees by giving them leads so generated from on ground contact program activities.
CD Team to also support them with Sales tools such as presentation, Audio visual etc made for different TG to help them to achieve their target
June 17, 2011
The Control
• SM/RM/ARMs to monitor daily progress of Trainees
– Weekly status report to be submitted by SM to the CD team– Trainees to submit filled-up FC application forms
• FC application forms to be validated by SM/RM/ARMs
• Recruitment Log-in Day– Trainees to submit validated application forms every Friday– Candidate ids of FC’s to be captured
June 17, 2011
Incentives
Rules• All Summer trainees will work for atleast 60 days• All Summer Trainees to be Finalised by CD Team of all
Summer Trainee recruited by CD or Sales team• They will compulsory have to undergo one day training (To
be conducted by CD Team in presence of the respective SM's)
• All Incentive to be paid only after proper documentation received of the FC so recruited and completed 50 hrs IRDA Training.
• Certification of Summer Trainees to be done by CD-Team only after the project period
• Summer trainees will not be paid any allowances.
June 17, 2011
PT Payout Structure for the period April 2011 to Mar’12A> Licensing Payout Slabs
10001-5Bronze13006-15Silver150016-25Gold
Tier / Club
Licensing Nos (From Recruitment done during applicable period )Cumulative count for Financial
Year Apr2011 to Mar-2012
Payout per license (Rs)
Gold Plus 26-35 1750Platium 36-45 2250Platium
Plus 46& Above 3000
SUMMER TRAINEES
June 17, 2011