SBI Life Insurance Company Ltd

Kota

Presented by:
Anchal Sankhla
PGPM
Introduction to Insurance
 Insurance
-related to the protection of the economic value of asset.

- promises to pay to the owner or beneficiary of the asset, a

certain sum if the loss occurs.

-. It spreads losses of an individual over the group of

individuals who are exposed to similar risks.
History of Insurance
 The Chinese traders, Babylonian traders would agree to pay
additional sum to lenders, as the price for writing off the loans , in
case of shipment being stolen.

 In India, Insurance began in 1818 with Life Insurance being

transacted by an English company , the Oriental Life Insurance Co
Ltd..

 1st Indian Insurance Company - Bombay Mutual Assurance Society

Ltd, formed in 1870 in Mumbai.
 By the year 1956, life insurance business nationalized & LIC was
formed on Sep 1st 1956.

 Indian insurance industry as on April 1st 2000,comprised of only 2

players in the state sector:

Life Insurance Corporation of India

General Insurance Corporation of India
 Insurance Regulatory & Development Authority
Key provisions of IRDA Act –
 Single company cannot carry life & non-life insurance business
;separate application & separate companies in case the same set of
bidders desires license in both.

 Foreign equity capped at 26% in life general & reinsurance

ventures.

 Minimum capital= Rs 1 billion (Life Insurance)

= Rs 2 billion (General Insurance)
 SBI Life Insurance
 Joint venture between the State Bank of India & BNP Paribas ,
France.

 Registered with an authorized capital of Rs 2000 crores & a paid –

up capital of Rs 1000 crores.

 SBI owns 74% of the total capital & BNP Paribas remaining 26%.

 SBI is the largest banking franchise in India along with its 6

associated banks.
 BNP Paribas –
-largest French company & rank 5th in banking industry
worldwide.

 SBI Life has a unique multi-distribution model encompassing Banc

assurance ,Agency & Group Corporate .

 SBI Life mission-

To emerge as the leading company offering a comprehensive range
of life insurance & pension products at comprehensive prices,
ensuring high standards of customer satisfaction & world class
operating efficiency,& become a model firm in the liberalized life
insurance industry in India.
Meaning of Research
Research comprises –
-defining & redefining problems
- formulating hypothesis or suggested solution
-collecting, organizing & evaluating data
-making deduction & reaching conclusion
-& at last carefully testing the conclusion to
determine whether they fit the
formulating hypothesis.
Objective of the study
To sell the products of the company in a professional & ethical manner.
 The research design used in the project is of Descriptive type.

Overall purpose of the study

 To find out the customer’s response towards SBI Life.
 To set, monitor & achieve sales targets for self.
 To positively promote the company’s brand, its mission, aims &
values
 RESEARCH METHODOLOGY

Research Methodology is the way to systematically solve the research

problem.

Universe - Kota
Unit - SBI Life Insurance Co.
Sample size - 30
Data source - Survey
Method - Convenience Sampling
Instrument - Questionnaire
 Negotiating & closing sales

 Negotiation is a discussion between two individuals regarding

a contract, agreement or relationship.

 Closing a sale is a skill. This is a short guide to the techniques

we should have in our armoury when having a sales meeting.
Sales Process

The set of steps a salesperson

goes through in a particular
organization to sell a particular
product or service.
 Steps in the Selling Process
Generate
GenerateLeads
Leads

Qualify
QualifyLeads
Leads

Probe
ProbeCustomer
CustomerNeeds
Needs

Develop
DevelopSolutions
Solutions

Handle
HandleObjections
Objections

Close
Closethe
theSale
Sale

Follow
FollowUp
Up
 Generating Leads
Direct
Directmail/
mail/
Advertising
Advertising Publicity
Publicity Telecommunicat
Telecommunicat Cold
Coldcalling
calling
ing
ing
Internet
Internetweb
web Trade
Tradeshows/
shows/
site
site Referrals
Referrals Networking
Networking conventions
conventions

Company
Company
records
records

Sources
Sources of
of Sales
Sales
lead
lead
Cold Calling
A form of lead generation in
which the salesperson
approaches potential buyers
without any prior knowledge of
the prospects’ needs or financial
status.
Qualifying Leads
Characteristics
Characteristicsofof
Qualified
QualifiedLeads
Leads

Receptivity
Receptivity&&
Recognized
RecognizedNeed
Need Accessibility
Accessibility

Buying
BuyingPower
Power
Needs Assessment

A determination of the
customer’s specific needs and
wants and the range
of options a customer has for
satisfying them.
Probing Needs
Product
ProductororService
Service

Salesperson
Salesperson must
must Customer
Customer
Know
Know
everything
everything
About..
About.. Competition
Competition

Industry
Industry
Developing and
Proposing Solutions

Sales
SalesProposal
Proposal

Sales
SalesPresentation
Presentation
 Handling Objections
View
View objections
objections as
as requests
requests for
for
information
information

Anticipate
Anticipate specific
specific
Handling
Handling objections
objections objections
objections

Use
Use the
the objection
objection to
to close
close the
the
sale
sale
Closing the Sale

Look
Look for
for customer
customer signals
signals

Closing
Closing the
the
Sale
Sale Keep
Keep an
an open
open mind
mind

Negotiate
Negotiate
1.Awareness about SBI Life

 95% respondents aware

 5% respondents not aware

2.Any account in SBI.

 50% respondents have

account.
 50% don’t have.
3.Investment plans of SBI Life
 36% respondents have

investment plans .
 64% respondents don’t

have investment plans.

4.Invested in any other life

insurance.
 40% respondents have

invested in other.
 60% have not invested.
5.Judge any investment on the basis of

 13% respondents judge

investment on the basis of Returns.
 6.66 % respondents judge
investment on the basis
of Brand image & goodwill.
 20 % respondents judge
investment on the basis
of Sum assured.
 60 % respondents judge
investment on the basis of all .
6.To take any investment plan of SBI Life

 53% respondents wants to take.

 46% respondents don’t wants to take.
 Implications
 Cut throat competition as new insurance companies are also
opening branch.
 People accepts ULIP readily.
 People are beginning to look beyond LIC for their insurance needs
& are willing to trust private players with their hard earned money.
 People also viewing insurance as a tax saving & investment
instrument as much as protective one.
 To sell the plans & products is crucial function of an organization.
 Contributes to profits & attain long term growth.
 Suggestions

 State & Central Government employees should be targeted.

 SBI Life recruits its advisors mainly through personal reference,
through advertisement. they must also recruit them through
placement agencies on trial basis.
 Marketing should be done via advertisements on tv to small
commercials on FM, hoardings & signage etc. has to be made
because there were respondents who haven't heard about SBI life.
 SBI Life must build its reputation by focusing on service quality.
 Awareness camp for urban areas should be focused
Thank you for your time....