| Transcript of Chat with Mr.Aloke Chatterjee .GM - Head of Training , ING Vysya Life Insurance Company Ltd. - 5th September 2002 |
[12:07:38 PM] => Myiris: Welcome to the live chat session.
[12:09:28 PM] => Myiris: Our guest today is Mr Aloke Chatterjee General Manager, Head of Training and Competence Development Centre. The views expressed by Mr Chatterjee are based on information that he considers reliable, but does not represent that it is accurate or complete, and it should not be relied upon as such.
[12:09:44 PM] => None of the information contained herein constitutes, or is intended to constitute, a recommendation of any particular policy or a determination that any policy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. You should consult with and rely upon your own advisors whether and how to use such information in making any investment decision.
[12:09:55 PM] => Insurance is a subject matter of solicitaion
[12:10:04 PM] => Lastly the views expressed by Mr Chatterjee have no bearing whatsoever with that of IRIS Ltd. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website www.myiris.com.
[12:25:50 PM] => Myiris: Aloke Chatterjee is the General Manager, Head of Training and competence development for ING Vysya Life Insurance Company. Prior to joining ING Vysya Life, Aloke was working with Shyam Telecom as Vice President and head of Sales and Marketing.
[12:30:56 PM] => Myiris: Welcome to the chat session, Mr Chatterjee
[12:31:04 PM] => . kalpanad : what do u think is the USP of ing vysya lfe insurance
[12:33:01 PM] => A C : ING Vysya Life is company which operates with a mission to offer the market and their customers high quality innovative products which are meaning full for different phases of life, available through customer choice of channels, with each transactions having least activities and are easy to manage. This makes ING Vysya life unique. Worldwide ING operates in 65 countries and have a customer base of more than 50 million people. Our customers find us really unique with in terms of our offering of
[12:34:31 PM] => dariaz1977 : at what age should one take a life insurance policy. I m 25 years old and my parets have already bought life insurance fo me since 15 years, but now i m earning and want to know if i should buy life insurance for myself
[12:38:14 PM] => A C : I think you are quite apt with your question. In my opinion, moment a person starts earning or contributing in some form should be insured. Insurance is actually protecting the economic value of an asset (in case of life insurance, it is the economic value of the person, in terms of his income or contribution to the family or to the society etc.). Since you are already earning, your have an economic value. Hence you must be insured. There is a way of calculating the economic value of a person, which is called Human Life Value. It is possible to estimate this and the insurance value must be in accordance with Human life value estimate.
[12:40:22 PM] => dhavalradia : i m very interested in buying the Maximising Life Money Back Plan, but dont know to contact your agents. please tell me how to do it
[12:41:39 PM] => A C : thank you for your interest in Maximising life plan. It is an interesting plan. Please let's know where you're located so that we can immediately arrange a meeting with you. Thank your once again for patronizing ING Vysya Life. My e-mail address is [email protected]
[12:43:37 PM] => boywonder : with so many new insurance companies coming into the country, do u think any one of them will emerge as a leader? wat will be the reason for this winning?
[12:45:25 PM] => A C : thank you for your insightful question. In the market place, I'm sure one would turn out to be leader. For example the latest Fortune 500 list shows ING as the number one insurance company in the world, and as you know that there are so many insurance companies in the world.
[12:46:30 PM] => Well, on the question of what will be the reason for the leadership, in my opinion it will depend on the following:
[12:46:46 PM] => * Capacity distribution
[12:47:01 PM] => Customer satisfaction
[12:47:09 PM] => New initiatives in terms of quality of products and distribution
[12:47:20 PM] => Right use of technology for effectiveness and efficiency
[12:48:21 PM] => deepakkosti : how do you think ing vysyalife with only 3 policies compete with lic\'s numerous policies and massive agents forces?
[12:50:56 PM] => A C : currently competition with anybody is not in our mind. We just started in September 2001. We want to build a company, which provides high quality products and services. We want our customers to have a true global and delightful experience when dealing with us. If we view the statistics, then there is lots of opportunity. But what we are doing is building a system, which provides trust, faith and confidence the customers. You may be aware that all the products of LIC do not sell very well. Wide range of product is not the only decisive factor for leadership. We are building a very well trained sales force. We will have at least 25 branches by the end of the year and about 50 by the middle of next year. So we are increasing our distribution capacity. We already have 4 products and 4 riders; very shortly we will be introducing some very meaningful products.
[12:52:40 PM] => sumeet70 : how many insurance agents do u have currently and how many more are u
[12:53:02 PM] => planning to recruit in the next 5 years?
[12:53:57 PM] => we already have over 2000 advisors in field and we will recruit at least 10 - 15 thousand more in 5 years.
[12:55:16 PM] => kshah1965 : to become an agent a person has to go through a 100 hours traning. i want to know wat u teach in that 100 hours before i sign up for the programme
[12:56:28 PM] => kshah1965 : to become an agent a person has to go through a 100 hours traning. i want to know wat u teach in that 100 hours before i sign up for the programme
[12:56:48 PM] => * Industry knowledge
[12:56:56 PM] => * Business klniwledge
[12:57:05 PM] => * Product knowledge
[12:57:17 PM] => * Skills for selling, interactive communication and behavior
[12:57:28 PM] => * Right attitude and habits
[12:59:19 PM] => We have seen that once a person who goes through this 100 hours programme along with the IVL induction process, with some disciplined practice can articulate intelligently with customers and tend to become a successful insurance advisor. Apart from 100 hours and IVL induction, ING Vysya life has about 6 scheduled and 12 need based programmes for the advisors.
[01:00:15 PM] => santosh001 : why is ing vysya life not seen in ads n not much in the public eye? is it
[01:01:28 PM] => A C : we have put come up with advertisement campaigns judiciously. We do not excessive splash and carpet advertisement and publicity. Our principles are to provide our customers with value for money products, ease of transaction and simplicity in dealiongs. Our emphasis is building a reliable and efficient system of business. We want to have meaningful, innovative and world-class products and channel of distribution. We are investing quite heavily in such areas. But we are also communicating with customers alternatively, by means of road shows and exhibitions, mailers, telecalling, participating in seminars, through our sales force etc. We are much more visible than we were last year. A recent study shows that we are one of the most respected and visible insurance companies in India today
[01:03:18 PM] => udayforu : i live in mumbai and since your head office is in bangalore will there be any problems in buying the policy, premiuim payment or if the need arises in claim settlement?
[01:04:19 PM] => A C : we have our offices in Mumbai at pravadevi, next to sidhi vinayak temple. We are opening three more branches at Mumbai and one at pune, nagpur and ahmedabad. These new branches would be ready in few months. We have arrangements for collection of premiums fat our branch in Mumbai.
[01:05:55 PM] => rupeshgandhi : in how much time do u normally settle insurance claims?
[01:06:30 PM] => A C : we do not taken more than a week to settle claims so far.
[01:07:50 PM] => suresh13 : Dear Sir, I am a graduate with a good understanding of Finance. What do I need to do to become an Insurance Advisor by working part time?
[01:09:30 PM] => A C : please send me your detailed address and contact number, we will have our sales manager talk to you for the next steps. The process is simple, you have to fill in form. We arrange meetings with our sales manager and branch manager. They work out an induction programme for you. So don't wait send your mail to [email protected]
[01:10:26 PM] => imrajendra : Dear Sir, what is the right type of Insurance policy for a person of 26 years of age , Single , earning 18,000 Rs. a month and virtually no major expenditure planned in a forseeable fututre and what are the documents required for taking out an insurance policy
[01:12:38 PM] => A C : decision on the type of policy would depend on understanding few other thinks, such as aspirations and understanding of contingency etc. hence we will have to have a little conversation with you. Please permit some time convenient to you and we will work out a beneficial plan for you.
[01:14:33 PM] => A C:n terms of procedure, once you have decided on the plan, you will have to fill up ING Vysya Life proposal form and provide the estimated first premium cheque. We require initially age proof or any other documents depending on your declaration.
[01:17:02 PM] => kavita : Do you think an online solution for IRDA training would help in any way?
[01:17:43 PM] => A C : surely for the basic insurance part such as industry knowledge, business knowledge etc. But for the selling skills, one would require proper class room training with some practice sessions.
[01:18:57 PM] => thisisvarun : How is ING Vysya planning to take a foot hold in the rural Life Insurance Market?
[01:20:04 PM] => A C : we have already sold over 4000 policies to the rural and social sector market last year. Trhey are being currently sold through Vysya Bank branches.
[01:21:00 PM] => akeshbh : The recent LIC decsion of withdrawing Jeevan Shree & Bima Nivesh sounds erractic to me. They say in soft interest regime such a regular returns as promised by this schemes is unfeasible. Your comments
[01:22:56 PM] => A C : I think for the first time people are transparently discussing the real issues of insurance. Insurance is that type of portfolio, which is not meant for harvesting high returns. Insurance is for protection, saving and investment. Insurance offers protection human life value at different life stages. The returns are generally optimal but the aspect of security is highest. The insurance business is not only meant for mobilization of savings for high gains, but savings mobilized for protecting human life values, which is as realistic as survival of families, their financial and emotional need fulfillment.
[01:23:19 PM] => wtg75 : LIC has decided to phase out Jeevan Shree. How would they treat existing policy holders,like me who have subscribed to Jeevan Shree.
[01:24:28 PM] => A C : I think LIC has a large experience in this business. They were the only company and now they are the biggest. I'm sure they would have some plans for clients like you. But my suggestion is why don't you talk to us also, we will try to assimilate your expressed requirements and workout a plan. May be we have a solution for you? Look forward to talking to you. Contact us at [email protected]
[01:25:14 PM] => write2hari : Do you percieve e learning tool to be an effective way of reaching out to the insurance agents and training them? and what are the steps taken by ING Vysya about the same?
[01:26:32 PM] => A C : our endeavor is to offer best and easiest form of learning for people. Which means people should be able to learn at their own pace and time flexibility. At the same time hey should be able to learn quickly.
[01:26:58 PM] => We are building various methodologies for effective and efficient learning. Most of then would use different learning tools on different media.
[01:27:12 PM] => Our next steps are building the following modes of learning:
[01:27:20 PM] => * Distant learning
[01:27:27 PM] => * E-learning
[01:27:35 PM] => * Certification
[01:27:48 PM] => * Vocational courses
[01:32:02 PM] => geetesh_l : All sectors have to go through the phase of consolidation. So when do you see such consolidation happening in Life insurance?
[01:33:17 PM] => A C : Frankly, difficult question. I wish I could predict. But what I know is that it takes anywhere 6-8years for an insurance company to breakeven and start making real profits. So most of the promoters would be prepared for this gestation. Hence, consolidation is not what may be in consideration. However, most of the companies have JVs with some MNCs. If there are some consolidations happening at the international levels, then it would be different. To state honestly, I don't know the answer.
[01:35:04 PM] => surbhik12 : Statistics of Life Insurance business in India vis-a-vis other Asian countries is very disappointing. Clearly Japan accounts for greatest percentile of its GDP going to annual premia. Can u explain the contrast of Indian Life Insurance business in light of private sector entry allowed in India
[01:36:21 PM] => A C : You have a very interesting point. The per-capita insurance premium in India is the lowest, which is approximately about US$ 6, compared to Singapore about 770 and UK about 2200. the reasons could be as follows:
[01:36:33 PM] => * Low per capita income of most of the population
[01:36:43 PM] => * Coverage of the market
[01:36:48 PM] => * Non-availability of right solutions
[01:36:56 PM] => * Level of awareness of the customers
[01:37:48 PM] => So for the new entrants in this sector, a lot is a challenge, in terms of all-the-above plus mindset. I think the impact can be seen by the sudden growth of business and increase in per-capita premium last year.
[01:40:48 PM] => bigbro : What will be the synergy that exist between the Vysya bank and the ING vysya and what kind of synergy do u expect in the future?
[01:45:55 PM] => A C : ING world wide operates as an integrated financial services organization. Our understanding of the business of Insurance, banking and asset management has been the corner stone of our success, as evident from the current Fortune 500 listing of companies. Today we are 20th biggest company in the world across all industries. Which is an improvement over last year (we were 24th).
[01:46:20 PM] => A C: Vysya bank is one of the key partners of the JV. They have over 481 branches nationally and are one of the most respected private sector banks in India
[01:46:45 PM] => A C: They offer not only the respectability and credibility in the partnership but also a network for us to reach to a large set of satisfied customers.
[01:47:03 PM] => A C: Vysya Bank branches are our banc assurance network, for providing customers, a channel of choice, especially for those millions of customers who deal with Vysya bank for year. The synergy pre-exits both in philosophy, operations and market reach.
[01:51:35 PM] => Myiris: Due to some technical problems the chat has been interrupted. We will continue in a few minutes.
[01:56:16 PM] => Gau : How important is the role of IRDA in the industry. Is it more of a hindrance then facilitator
[01:57:18 PM] => A C : Regulators are a must. They are very essential for the business. After all the insurers manage the trust as a company, where people save for contingency and for their future. The regulators set the rules of the business. They are like the referees and umpires of the game. They maintain sanity, integrity and trust in the business. Truly their job is that of a facilitator. They take the responsibility of managing the trust on behalf of the government and public and ensure that the insurers follow them all the time.
[01:57:38 PM] => What skill set does a person need to be successful in this industry?
[01:58:13 PM] => A C: I think the ability to deal with people on as-is-where-is basis. To be successful in this business people should be able to defeat their reluctances to approach and meet people. Have an attitude for a transaction and authenticity of a missionary. The habits required are of zeal and high spirit. I have heard a success formula, which is as follows:
[01:58:24 PM] => * Success = Aim + determination + concentrated efforts + courage.
[01:58:33 PM] => I hope I have been able to sum it up
[02:00:47 PM] => sandy: How does one approach an insurance company in order to become an agent for that company?
[02:04:48 PM] => A C: I have heard this from on of our most successful agents, so may be I can offer her comments, which is a s follows:
[02:06:51 PM] => "I thought I had some time and I wanted to do something of substance. Then I saw the advertisement of ING Vysya Life. I said to myself let me see what do I have in store for myself.
[02:07:26 PM] => walked in their office and started a conversation the manager. He told me what an agent can do, and also shared what will the company do for me. The whole conversation was very meaningful and I felt, I have come to the right place.
[02:07:56 PM] => Looking back I think my decision to become an advisor, was based on what I wanted and what they could for me, and I think that was the best thing that could have happened at that moment of my life"
[02:08:55 PM] => To approach an insurance company, just figure out what you want and look for an address, either from the internet or yellow pages or calling few friends. Then, just walk up and ask for a meeting. I can assure the company you approach, would welcome you with open arms and promises.
[02:11:56 PM] => yatinp: How much does an insurance agent earn every month is there an fixed sum paid by the company?
[02:14:39 PM] => A C : an insurance agent is a business person. He earns from the transaction he does. In simple terms through commissions earned from every policy he/she sells. The earning opportunity is as much as 40% of the first years premium collection and then 7.5 or 5% year after year on renewal premium collection.
[02:16:56 PM] => Myiris: Thats the end of the chat session for today
[02:17:42 PM] => Myiris : Thank you all for logging on.
[02:19:42 PM] => Myiris: We thank Mr. Aloke Chatterjee for his time and valuable inputs
[02:20:09 PM] => Myiris: We will be back with more at chat masala
[02:20:25 PM] => Myiris: Till then its bye from us
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