Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — Investor Presentation
75 slides from Icici Prudential Life Insurance's investor presentation
Slide 1: Get Set Go
Get Set Go Module 3 For Rookie Managers in ICICI Bank Channel
Slide 2: 4 Points Success Mantra
4 Points Success Mantra =r For internal circulation only @ICICI PRUDENTIAL)
Slide 3: Enablers for effective sales
Enablers for effective sales Understanding your Managing the lobby partner efficiently Building customer Win over fear of relation through rejection effective conversation
Slide 4: Enablers for effective sales
Enablers for effective sales Understanding your Managing the lobby partner efficiently Building customer Win over fear of rejection relation through effective conversation
Slide 5: ICICI Bank Profile
ICICI Bank Profile ICICI Bank is India’s largest private sector bank Network of 4050 branches & 12518 ATMs Total asset of Rs. 5946.42 billion (US $ 99 billion) – March, 31 2014 Present in 19 countries, including India Subsidiaries in UK, Russia & Canada International Branches in United States, Singa
Slide 6: The Structure… Branch
The Structure… ICICI Bank retail banking: Overview Acquisition Relationship Liabilities In-branch Service Officers for: Service Desk for: Salary Assets/ NRI/ Privilege/ Household Demat Wealth RM Self-employed segment Teller Privilege Branch Banker Assets Value Enhancement Value Banker Of
Slide 7: Banker & Customer segment mapping
Banker & Customer segment mapping Business Bank Constituent turnover Customer segments Individual income More than GPC 125 RMscrore More than 2 crores Ultra HNI 25 crore Wealth to 125 RMscrore 40 lakhs to 2 25 1.5 crores crore HNI 2 crore toPBs 25 crore 7.5 8 lakhs lakhs toto 2540 lakhs lakhs Afflue
Slide 8: ICICI Bank Branch model
ICICI Bank Branch model Out branch Privilege Banker Banker Value ATM Customer waiting area Teller HH/ CA/ BLG Wealth SAG (CA/SA/Fee) CST SM CSO BM SM NRI SO
Slide 9: Enabler: Leveraging all constituents
Enabler: Leveraging all constituents • Introduced Wealth RM Privilege & value banker Assets Rural & inclusive banking group • Opportunity • Segmented • Share of core triggers to PB approach: business as “Loan & VBs for RMs metric Protect”, 5 customer classification • Productivity pay term engagement
Slide 10: Enabler: Developing new growth engines
Enabler: Developing new growth engines • Focus on Business lending group Household/Self employed segment Officers Salary account group • “Money Rural assets • Pitching to • Exclusive FSC Pulse” Farmer mapping to branch corporate Finance officers activation & engagement priority • Top 800 RM platform
Slide 11: Channel working: Sales equation
Channel working: Sales equation Induction Larger the number of bank staff contributing, higher the topline Easier for the engaged staff to be more Important to manage the productive NOP Average product mix Premium
Slide 12: Example: Mumbai Zone Choreography
Example: Mumbai Zone Choreography… Segment Induction Case Prdty Average target target Premium (Lakh) Privilege Banker 218 3.0 3.6 Value Banker 302 2.0 2.17 Wealth RM 116 1.9 6.17 Officer 273 1.2 0.97 Monthly milestones: Bank reviews around milestones Past performance, months target basis for choreog
Slide 13: Enablers for effective sales
Enablers for effective sales Understanding your Managing the lobby partner efficiently Building customer Win over fear of rejection relation through effective conversation
Slide 14: Activity time
Activity time
Slide 15: Learning from the Activity: Proper Support = Achieving Goals Faster
Learning from the Activity… Proper Support = Achieving Goals Faster
Slide 16: What is your ultimate goal?
What is your ultimate goal? Achieving your SKPI
Slide 17: Who can become your support?
Who can become your support ? Branch Staff Walk in Customers
Slide 18: How can the branch staff become your support?
How can the branch staff become your support?
Slide 19: Support from Branch Staff
Support from Branch Staff Lead generation Help in customer profiling Closing the sale
Slide 20: The Key
The Key.. … A good relationship with the branch staff
Slide 21: Word of Caution
Word of Caution … Overdependence on branch staff may hamper your business
Slide 22: What if branch staff is…
What if branch staff is…. …Focusing … Driving … on other other fee Disinterested products contests ?
Slide 23: It may lead to
It may lead to Low lead generation Low lead closures Sales pressure
Slide 24: Don't ignore Walk in customers
Don’t ignore Walk in customers… …they form an important aspect of lobby management
Slide 25: What is Lobby Management?
What is Lobby Management? Lobby management is an opportunity to improve service quality, employee performance and sales Customer visiting the branch for their transactions can be approached for sales & service quality which will have positive impact on FSCs performance. He can strike a conversation
Slide 26: Let's meet Yash
Let’s meet Yash Yash has been a part of ICICI Prudential’s bancassurance channel since the last two months. He has been able to build a good relationship with the branch staff and has started getting leads. However, he has not been very successful with the walk in customers. His branch has high cust
Slide 27: Possible Mistakes...
Possible Mistakes... Low awareness of banking transactions Starts talking about insurance as soon as the customer enters the branch Not able to generate sufficient interest in the customer to get an appointment for a later time and date Approaching third party bearers who have come to complete the t
Slide 28: Remember
Remember Customers are in a hurry to complete their banking transactions and leave Most of them do not have the time to discuss their investment strategies and future financial goals Do proper customer profiling to avoid approaching third party bearers who will be also a part of walk-in customers
Slide 29: Follow these steps
Meet and greet every customer Say ‘May I help You?’…….with a smile Follow these steps Guide the customer to the correct desk/ counter to enable him/ her to complete his/ her banking transaction Request for a few minutes once the transaction is complete and then proceed towards appointment generation
Slide 30: Enablers for effective sales
Enablers for effective sales Understanding your Managing the lobby partner efficiently Building customer Win over fear of rejection relation through effective conversation
Slide 31: Knowledge of banking procedures…
Knowledge of banking procedures… …will enable you to help walk in customers and build rapport & initiate conversation
Slide 32: Customer walks into branch for …
Customer walks into branch for … • Cash (Deposits/ withdrawals) • Savings a/c • Current a/c, trade services • NRI • Demat • Loans (Assets/ liabilities) • Wealth management • FOREX/ Gold • Others (a/c statement, FD, DD payout, Fund transfer, cheque transfer)
Slide 33: Once the banking transaction is complete…
Once the banking transaction is complete… Be ready with your conversation starters…
Slide 34: How can you initiate the conversation with the customer?
How can you initiate the conversation with the customer?
Slide 35: Conversation starters
Conversation starters
Slide 36: Option 1
Option 1: Good morning sir, you will agree that inflation is eating on to our hard earned money. e.g The cost of education was different at your time and is much higher today Sir we have an investment plan which can help our customers maintain same standard of living in their golden years FSC Custom
Slide 37: Proof to support your point
Proof to support your point Pay premiums for five Get lump sum maturity amount of years approx. 36.5 Lakhs Rs. 240,000 per year. Total premium paid – Rs. 12,00,000 42 yrs 47 62 Life cover of 24 lakhs for 20 years term *Assuming gross yield of 8%
Slide 38: Option 2
Option 2: Good Morning Sir, Since you have personally taken out time to visit the branch… Wanted to update you about our good schemes…Sir, Do you know our equity fund Maximizer has since inception given 19% returns. Incase this interests you, I can explain to you this in detail FSC Customer
Slide 39: Offer proof to support the point…
Offer proof to support the point… Annualized Returns Source: @ 23rd May ’15| Ensure newsletter: Maximiser Fund | iciciprulife.com
Slide 40: Option 3
Option 3: Good Morning Sir, Since you have personally taken out time to visit the branch… Wanted to update you about our good schemes…Sir, do you know our debt fund has given 8 to 9% returns since inception. I can explain to you about it in detail? FSC Customer
Slide 41: Offer proof to support the point…
Offer proof to support the point… Annualized Returns Source: @ 23rd May ’15| Ensure newsletter: Income Fund | iciciprulife.com
Slide 42: Option 4
Option 4: Since you have personally taken out time to visit the branch… Wanted to update you about our good schemes… Sir, do you know if you save in our retirement solution 5 lac p.a for 5 yrs, you receive income worth 5 lacs life p,a in your golden years and a lump sum amount of 78 lacs for your no
Slide 43: Offer proof to support the point… Elite Retirement Solution
Offer proof to support the point… Elite Retirement Solution Get life long income of Rs. 5 lakh p.a. and leave a legacy of Rs. 78 lakh By paying only Rs. 5 lakh p.a. for 5 years Pay Rs 5 lakh per Income of Rs 5 lakh for you and your annum for 5 years spouse 40 Yrs 45 Yrs 60 Yrs 75 Yrs Death of life a
Slide 44: Option 5
Option 5: Good morning sir, are you aware Allow me take you through the I’m not aware. about the current additions in tax recent tax saving guidelines quickly saving norms? FSC Customer
Slide 45: Offer proof to support the point…
Offer proof to support the point… a. Increased deduction limits for investments in Pension products u/s 80CCC from the existing Rs.1 lakh to Rs.1.50 lakh b. Additional limit for deduction for contribution to New Pension Scheme (NPS) u/s 80CCD amounting to Rs.50,000 Tax slabs below 60 years (includin
Slide 46: Option 6
Option 6: Sir, did you know, Equity has given 2.5 times return on the invested amount in 10 years. For example, if someone had invested 1 lac p.a. for 10 years, the value today would have been 24.10 Lacs… I can let you know about this in detail… FSC Customer
Slide 47: Offer proof to support the point: Last 5 years
Offer proof to support the point: Last 5 years • If you had invested Rs.1 lakh p.a. for 5 years, you would have got Rs. 7,21,829 Source: NSEIndia, saving-ideas.com, wealthy matters.com, own calculations Equity would have given you 1.5 times the money invested
Slide 48: Offer proof to support the point: Last 10 years
Offer proof to support the point Last 10 years • If you had invested Rs.1 lakh p.a. for 10 years, you would have got Rs. 24,16,970 Source: NSEIndia, saving-ideas.com, wealthy matters.com, own calculations Equity would have given you 2.5 times the money invested
Slide 49: Offer proof to support the point: Last 25 years
Offer proof to support the point: Last 25 years • If you had invested Rs.1 lakh p.a. for 25 years, you would have got Rs. 1,97,31,417 Source: BSEIndia, saving-ideas.com, wealthy matters.com, own calculations Equity would have given you 8 times the money invested A whopping Rs. 2 crore by investing R
Slide 50: Enablers for effective sales
Enablers for effective sales Understanding your Managing the lobby partner efficiently Building customer Win over fear of rejection relation through effective conversation
Slide 51: What might stop your conversation with the customer?
However, what might stop your conversation with the customer?
Slide 52: Activity time
Activity time
Slide 53: Activity 9: 1 minute act
Activity 9: 1 minute act 53
Slide 54: This is because of fear of rejection..
What if others don’t agree to what I say? What if I say something Will I be able to silly? convince others with what I am saying? What if others make fun of me? What if I fumble? What will the others I should have got more ? ? think of me when I time to prepare ?? ? say this? This is because of fear
Slide 55: Fear of Rejection: False Experience Appearing to be Real
Fear of Rejection False Experience Appearing to be Real 55
Slide 56: Activity 9: 1 minute act
Activity 9: 1 minute act 56
Slide 57: Now what happens?
Now what happens?
Slide 58: You succeed...
- _ y 4 ‘ ] } g , ; You succeed...
Slide 59: Why do we fear rejection?
Why do we fear rejection? • Lack of Knowledge • Lack of Skill • Lack of Preparation • Lack of our conviction If you manage all of this effectively, will every customer you approach will buy?
Slide 60: After all the convincing…
After all the convincing… There will still be some customers who will say... “Let me think “I am not interested” “I don’t need about it” insurance” They know they are not adequately insured, yet they want to say NO! Have they “Rejected You” ? OR Have they “Rejected an opportunity to secure their fam
Slide 61: What can you say to them….
What can you say to them…. Ensure you get them Close such call with thinking on the miss in “Powerful words” their insurance planning! If you do this effectively… …they might not buy an insurance policy from you today but one fine day they will for sure call you … Let us see how…
Slide 62: Option 1
Option 1 Thanks for explaining the plan in detail. But I really don’t want an insurance plan I rather invest my money in some other instrument • Sure Sir, I Understand! Customer • Lot of customers feel the same way… However, the best time to buy an insurance plan is when you are hale and hearty. Unf
Slide 63: After all the convincing, the customer says…
After all the convincing, the customer says… Thanks for explaining the plan in detail. But I really don’t want an insurance plan I rather invest my money in some other instrument • Sure Sir, I Understand! • These days consumers believe more in Products which give Customer instant gratification. • A
Slide 64: Ironically, the same consumer needs life insurance more than an iPhone
• IRONICALLY! • The same consumer needs a Life Insurance more than an IPHONE 6 . However, there are no people standing in queue outside an insurance company. They want to think so much before buying insurance as there is no “ Instant Gratification in tangible form” however one planned investment in
Slide 65: People who plan effectively buy an insurance plan when they do not need it
• People who plan effectively buy an insurance plan when they “Do not need it” because they know when they need it “ due to their health conditions and age factor the Insurance company might say – “ Sorry sir we cannot give Insurance to you” • Give it a thought! Here is my visiting card, I wish you
Slide 66: You can also conduct small activities during a sales call…
You can also conduct small activities during a sales call…
Slide 67: Activity 1: I do not want Insurance
Activity:: 1 I do not want Insurance Customer • Sir, there is a small activity that we have for the whole family. Can we have Ma'am and your children join you? Ask the customer and his family to sit together in a line or group • Ask the customer to hold hands of all his family members and say “ I do
Slide 68: Activity 2: I do not want Insurance
Activity:: 2 I do not want Insurance • Take a fresh sheet of Blank paper and ask the customer to write his name in the middle of the paper. Then tear Customer the paper into as many pieces as possible • The customer will be taken aback by your action …. • Tell him sir “ I understand you are shocked
Slide 69: Let us practice
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Slide 70: Case Study # 1
Case Study # 1 Mr. Rajan Shah has an account with ICICI Bank, Prabhadevi branch and his FD has matured last week. He has come to Siddhivinayak temple near the branch with his wife and while his wife is doing some shopping he thought of going to the bank branch and enquire about his FD. He is waiting
Slide 71: Case Study # 2
Case Study # 2 Prakash Singh works with Mr. Rupen Garg in his audit firm. Rupen receives a cheque from one of his clients. He sends Prakash to the bank to deposit the cheque and also to collect a DD form.
Slide 72: Case Study # 3
Case Study # 3 Mayuresh Pathak has recently deposited a cheque in his account. He was told that the cheque would be cleared in 4 days. Depending on this he issued a cheque which got bounced. He is really very angry and has come to the branch to enquire about the same.
Slide 73: Case Study # 4
Case Study # 4 Bharat Thakur has been working in USA for the last 5 years. His parents stay in India with his younger brother. He has come to visit India and want to open an account to transfer his funds. He is also open to some investment options.
Slide 74: The success mantra!!!
The success mantra!!! Partner Understanding + Lobby Management + Conversation Skills + Win on the fear = Consistent Success !!
Slide 75: Thank you !!!
Thank you !!!
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