Marketing of insurance product in metlife

Abstract

The insurance sector in India was nationalized in 1965 and the Life Insurance Corporation of India was established. Consequent on the globalization of the economy the insurance sector was opened to the private players and a number of reputed global companies established insurance business in India resulting stiff competition in the insurance sector which was hitherto have been monopolized by the Life Insurance Corporation. The present study entitled, “Marketing of Insurance Products in Metlife”, is undertaken to identify the extent of product awareness among financial Advisors of Metlife and to evaluate the procedures recommended by Metlife. And also to identify the reasons for low activity ratio of Financial Advisors. The Metlife had opened a branch in Thrissur with a purpose of doing business in Life Insurance. It has a work force of 209 financial advisors. The active financial advisors are of 75 and non active is 134. Efficiency of the sales force is measured by the activity rates of the financial advisor. Activity ratio is measured. Number of Financial Advisors who possessed at least 1 policy in the month divided by number of Financial Advisors at the end of the previous month multiplied by 100. The study was conducted in Thrissur branch of Metlife and the primary data was collected through observation method and interview method. Based on Metlife’s vision this study will help to establish a productive and professional financial advisor distribution system for Metlife in Thrissur. It can be used in building financial freedom for every customer through need based sales process. The data was analysed using simple percentages and also ranking method. From the study it can be seen that while considering the product quality and its features, the active Financial Advisors where only considered and scores based on their ranks were given the Metlife products. The products had been ranked on the product features like premium paying term, options for the product, withdrawal options, fund options and charges for the product. The major finding when we consider these features is that, ‘Suvidha’ tends to be more customer friendly. ‘Met Ultimate’ and ‘Met Smart’ is preferred due to its withdrawal option and fund option respectively. ‘Met Smaksha being a term rider, the charges are low. ‘Met Bhavishya’ is preferred because it is a children’s plan. And in creating first impression among the clients almost everyone follow the normal procedures. The three corner stones of financial security are dealt by the Financial advisors when they approach the clients. The Financial Advisors looks forward for follow up questions and clarify the doubts of the customer. By the end of the meeting the Financial Advisor definitely asks for more details.