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MARKETING & PROMOTION RURAL POSTAL LIFE INSURANCE

MARKETING & PROMOTION RURAL POSTAL LIFE INSURANCE. Introduction. VISION :- PLI/RPLI : To be a market leader in the insurance sector. To create brand name known for excellence and high quality of its products and services. MISSION :- PLI/RPLI :

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MARKETING & PROMOTION RURAL POSTAL LIFE INSURANCE

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  1. MARKETING & PROMOTION RURAL POSTAL LIFE INSURANCE

  2. Introduction VISION :- PLI/RPLI : • To be a market leader in the insurance sector. To create brand name known for excellence and high quality of its products and services. MISSION :- PLI/RPLI: • we constantly strive to fulfill our clients expectations and demands through a vast network of department of posts.

  3. Introduction • RPLI premia are payable at all the post offices. • Organization provides risk coverage's and generates high revenue and also has great concern for rural areas. • Customer gets service at door steps with low premium and high bonus and also gets rebate for advance payments. • Employees guide and satisfy the customer with good impression about our product and services

  4. Farmer Worker NREGA payments …….Accounts Panchayat, Block Office Family Family of Migrant Worker Receive MO Branch Post Office – Name of Village served by BO College Students Dairy, Industry School Use Pin Code BPM as a Business Manager – Products and Services of Indiapost Financial Services

  5. Can you multiply these? 1 x 1 = 1 1 x 2 = ? 1 x 3 = ? 1 x 4 = ? 1 x 5 = ? 1 customer x five services = Five customers for the BO Use Pin Code BPM as a Business Manager – Multiplying customers of the Post Office

  6. Postal Insurance -The Rural Market THE RURAL MARKET Poor • 54% of the total population • Number of Rural Insurable Poor - 200+million • Annual Household Disposable Income-up to Rs. 90,000 Near Poor • 41% of the total population • Number of Rural Insurable Near Poor 200 million • Annual Household Disposable Income Rs. 90,000-Rs.2,00,000 • The poor & near poor own over 250 million mobiles! Middle Class • Annual Household Disposable Income Rs. 2,00,000 - Rs. 5,00,000 • 4% of the total population • Rural Insurable Middle Class - 15 -20 million

  7. INFORMATION FOR CUSTOMER(RPLI) Resident Indians having permanent residence in rural area can be beneficiary of this scheme Different schemes are available : (a) Gram Suraksha (b) Gram Suvidha (c) Gram Santosh and (d) Gram Priya Premium can be paid in cash / by cheque Age limit can be from 19 to 55 years depending on type of policy Sum Assured can be from Rs.10000/- to Rs.3 lakhs (including all the RPLI policies) For handicapped maximum limit is Rs.1 lakh Exemption from medical examination for policy upto Rs.25000/-

  8. INFORMATION FOR CUSTOMER Policy can be purchased in the name of children ageing from 5 to 20 years whose sum assured can be Rs.20000/- to Rs.1 lakh Rebate is allowed on advance payment of premium The default instalments can be paid with default fee (subject to certain conditions) Premium paid is exempted from Income tax u/s-88 Loan facility is available Nomination facility is available Discontinued policy can be revived

  9. Postal Insurance – National Micro Insurance Drive( Mela)

  10. ROLES & DUTIES-AGENTS • First line or Grass-root Workers • Prospecting for Clients • Describe & Prescribe • Finalize the Sales • Completion of the Proposal- Attending the requirements etc. • Post-Sales Services

  11. SELLING PROCESS Three-step Process • Prospecting • Counseling • Servicing

  12. PROSPECTING • Pre-approach • Approach • Endless Chain of Prospecting • Center of Influence • Mass Mailing • Cold Canvassing • Thro’ Surveys, Contacts via Exhibitions etc

  13. COUNSELING • Product Information • Prospect Information • Matching the needs of the Customer with the Product • Involvement of the Family Members • Overcoming the Objections • Closing the Sale

  14. NEED-BASED SELLING • Death Cover • Educational Needs of the Children • Housing & Mortgage Needs • Disability Cover • Critical Illness Cover • Retirement Planning

  15. SERVICING • Interest in the Client • Client’s interest in the Company • Helping in all the needs of the Client • New Products • Customer Meets • New year Compliments

  16. CHALLENGES • Understanding Customer-complex • Poor infrastructure • Higher cost • Suspicions of the rural people • Herd Mentality • Large distances. • Low Awareness.

  17. INTERMEDIARIES We need for an intermediary Either Employees or Agents

  18. Agents - Benefits • GDS officials in rural area are appointed as Agents to procure RPLI Business. • For promoting and procurement of RPLI policies Agents are eligible for commission / Incentive • GDS BPMs are eligible for incentive for collection of subsequent premium.

  19. Incentive for GDS employees • Rs 2.50 per Rs one thousand of sum assured or • 10% of Annual premium collected • On renewal premium income - 1 % of renewal premium income.

  20. Additional commission to SDIs / ASPOs 10 % on the total incentive paid to all GDS staff of his sub division on sum assured

  21. Incentive to Mail overseers / Postmen Rs 2.50 per Rs 1000 of sum assured. Or 10% of annual premium collected

  22. Direct Agents • Implemented wef 25.0-8.2003. • Empanelment by Heads of Circles based on Educational qualifications /merit and interview • Target – 20 DA per Division • In Jul 2007 Direct Agency system was re-vitalized to :- • Increase numerical strength • Increase incentive structure to bring at par with that of Field Officers. • Training in co-ordination with I.I.I. Mumbai. • During 2007-08 (till June 2008) , more than 500 Direct Agents empanelled • Training and licentiate examination as prescribed by IRDA passed by 79 candidates

  23. Publicity and Advertisement • Publicity of Products play a vital role. So far 80% of market share remains untapped. After entry of private players in the field of Insurance, it is imperative on our part to create a brand image of the PLI organization and to advertise the products through :- • Print and Electronic Media • Seminar, PLI/RPLI Road shows / Melas etc • Hoarding/flexi boards etc • Display of PLI/RPLI ad in departmental mail vans • Press conferences/meet • Distribution of Leaflets/brochures etc • Banners on PLI/RPLI • During the plan period 2007-12 , Rs 10 Cr allocated for publicity of products • Almost Rs 2 Cr spent by Circles and PLI Dte during 2007-08 for advertisement of PLI/RPLI products. • Posters and Scrolls.

  24. After Sales Service • Settlement of Claims per norms • Setting up PLI/RPLI customers care centres at Circles/Regional HQ. • All claims/complaints received should promptly be registered and pursued . • Some of the Irritants for customers are :- • Delay in sending premium receipt book and acceptance letter. • Delay in receipt of policy bond • Delay in authorizing change of Post Office for payment bof premia. • Delay in settling the missing credits • Delay in sanction the loan • Delay in change of nomination • Delay in issue of duplicate policy bond • Delay in settlement of claims

  25. Delivery Standard for Rural Postal Life Insurance

  26. Implementation of the decisions taken in the meeting of MOS (C&IT) held on 19-06-2008

  27. Thank you

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