lic dev officer training

7/26/2019 lic dev officer training

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Apprentice Development

Officers Training

Powerpoint Templates

Page 1Powerpoint Templates

Presentation by:

Hemant BhargavaExecutive Director (Marketing/ PD)


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No. of ADOs- 5000 (approx.

)(23% of the total existing Dev. Officers)Training period- 4 months


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Role of Development Officer

LICCorporate

goal


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Objectives

ofmarketingpolicy

Role of andevelopment

officer


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Role of a Development Officer

Recruitment of agents

Powerpoint Templates Page 4

Nurturing of agents

sustaining a competent andbroad based agencyorganization


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Activities of a Development officer

Knowledge Should have

knowledgeabout our

Consumer perception

Should continuously beon the look out to knowthe feed-back from themarket about customer

reference com etition

Broad agency network

Agents in all segmentsso that we achievebroad baseddevelopment in thearea.


products andtheir positioningvis--visCompetitorsproducts and

other financialinstruments

performance andcustomer expectation.This can best beachieved only when hegoes into the fieldhimself and not whollydepend on opinion

through agents.Therefore, a system ofhousehold surveysshould be a part ofeveryday activity.

Good geographicalspread of agents overall the areas.

Agency force should becapable of selling andservicing withknowledge and skill and

responsive tocustomers needs witha low exit rate andincreasing productivity.


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Life Insurance Density inBRIC nations & world average

Per capita life insurance in USD

208

378

200

250

300

350

400

World

Brazil


8

49

99

0

50

100

150

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

India

PR China

Russia


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17,49,311

24,81,931

20000.00

25000.00

30000.00

Financial Savings

Household SavingsGross Domestic Savings


7,67,691

0.00

5000.00

10000.00

15000.00


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Child segment

201124 crore


202126 crore


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Youth segment (APL Population)

201129 crore


202136 crore


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Middle age segment (APL)

201122 crore


202130 crore


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Senior citizens

20117 crore


202111 crore


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Business & Financial Measures 2013-14 2015-16 2017-18

2019-20

New Business Policies (in Crore) 4.02 4.52 5.09 5.72

P&GS (Conventional Lives)


First Year Premium Income (Cr) 1,10,175 1,35,079 1,65,236 2,01,777

Total Premium Income 2,58,030 3,28,295 4,17,695 5,31,441

Predicted using Regression method,assuming current growth rate ofbusiness & economy.


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Business & FinancialMeasures

2013-14

2015-16

2017-18

2019-20

New Business Policies 5.14 7.48 11.31 18.06

P&GS (Conventional Lives)1.11 2.44 4.44 6.94


Total Premium Income (Cr) 2,92,036 4,20,532 6,05,567 8,72,016

Annual Accretion to Investments

(Cr)

1,13,594 2,14,099 2,51,510 5,08,552

Total Investment Funds (Cr)

(Incl Reinvestment)

1,84,022 3,46,841 4,07,446 8,23,854


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2012: Channel-Wise Contribution

in Number of Policies

&%

%

%

%


%

%


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2020: Channel-Wise Contribution

in Number of Individual Policies

%

&

%

NOTES:

37 crore BPL livesthrough Social Security.

Number of lives coveredthrough Adhaar /NPRbased plan not includedhere.


% %

%

%

Tied Agency should be81% if Agency ManagerChannel doesnt

materialize,


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Growth Opportunities for

DOs


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Earning opportunity

48 development officers earned itin financial year 2011-12

48 development officers earned itin financial year 2011-12

Incentive -1 cr. & above


3600 development officersearned it in financial year 2011-12


Incentive -More than 10

Lac



Incentive -More than 1

Lac


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Growth opportunities throughTeam Work



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7000 1450118


officers- teamof more than

25 productiveagents

officers teamof more than

50 productiveagents

officers teamof more than

100productive

agents


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DOs - as- SBAs Office maintenance allowance- upto Rs.

30,000 p.m.

One time interest free advance for openingthe office- upto 1.50 lac


Transaction charges- Rs. 6/- per transaction E-to-E underwriting- Upto Rs. 48/- per

proposal

Entertainment expenses- upto Rs.1000 p.m.


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Challenges



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The total life insurance premiumcollected declined in the last fiscal year

Total prem Growth % First YearPremium

Growth%

2007/08 201,351.41 29.01 93,712.52 23.88


, . . , . - .

2009/10 265,450.37 19.69 109893.91 25.84

2010/11 291638.63 9.87 126,398.18 15.02

2011/12 287,072.11 -1.57 113,942.17 -9.85


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Life insurance penetration-ratio of

premium to GDP- fell for the secondconsecutive year



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The no of new life insurance policies

issued per year has shrunk

50

60

No of new lifeinsurance policies/yr

8.00%

10.00%

12.00%10.23%

Growth in issue of newpolicies

rowth in


0

10

20

30

2007/08

2008/09

2009/10

2010/11

2011/12

no of newlifeinsurancepolicies/yr

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

0.10%

4.52%

-9.53%-8.22%

issue ofnewpolicies


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After IRDA enforced new guidelines for ULIPs share of

ULIPs in the total assets under management of theindustry fell sharply

25.00%

30.00%

18.85%

27.52% 27.91%

23.40%

Share of ULIPs


0.00%

5.00%

10.00%

15.00%

. .

Share of ULIPs


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PDOs Performance during 2011-2012

Zone No of

PDOs

Average performance per PDO

Agents recruited Policies NBFPI (Lac)

NZ 507 12 136 5.71

NCZ 457 12 155 5.25


.

ECZ 466 7 62 2.20

EZ 516 10 94 5.58

SCZ 508 14 131 6.25

SZ 439 13 175 4.58

WZ 786 12 132 6.81

AI 3983 12 128 5.28


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PDOs Exits during 2011-2012Zone No of

PDOs

Exits

Termination % Resignation % Total exits

NZ 507 1% 24% 25%NCZ 457 0% 19% 19%

CZ 304 1% 32% 33%


ECZ 466 1% 26% 27%

EZ 516 0% 16% 16%

SCZ 508 1% 16% 17%

SZ 439 0% 17% 17%

WZ 786 2% 12% 14%

AI 3983 1% 19% 20%


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Need for trainingFamiliarizingMission, vision,

values and goals forindividual growth and

rowth of the


CorporationImparting knowledgeand experience

Developing the skills& traits to enable him

to be a competent

Development officer


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Importance of Trainer for ADOs

Introduction to the culture

and ethics of thecorporation

Introduction to job profile


Introduction to insurancesales techniques

Introduction to financial

environment Introduction to the

available opportunities


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Role of trainer

Support Inspire


Motivate

Challenge


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Emerging role of trainer

Knowing more about peoples learning

style Constantly being in the touch with


Acquiring in-depth knowledge

Knowing latest development in the

industry Knowing information technology and

using it for the training


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Contd.

Facilitating problem solving teams

Help trainees to think out of the box & beinnovative



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New skill requirements Listening

Coaching Facilitating small group interaction


Measuring & Evaluating

Problem solving

Facilitating change in attitude, organization Communication skills


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Training structure

IC-33

Team building Product training


Portal

Use of technologyfor presentation &

communication

Sales techniques


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