Personal Selling Final

8/7/2019 Personal Selling Final

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Report on insurance company :

DAWOOD FAMILY TAKAFUL

Group members

M IRFAN KHAN

M RAFAY DASTGEER

M SAFDAR

ACKNOWLEDGEMENT

All our praises for ALLAH THE ALMIGHTY, who bestowed

potentially upon us to accomplish this present report successfully. With

all our sincerity, we express. Our gratitude to the HOLY PROPHET

(P.B.U.H) and his fellows, who are the source of enlighten guidance andwisdom for the humanity.

I have deep sense of gratitude to our honorable teacher Sir Haroon

Hafeez and Mr. Muhahammd Rafique (Regional Manager FMC


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UNITED), for his generous guidance for this report. We would also like

to appreciate the praise-worthy efforts and the assistance of some peoplewho have kindly helped us out in the completion of this report. They

definitely include our parents, teachers and friends.

Executive summary

Insurance is define as the question of transfer the risk of loss from one entity to

another in exchange for premium .An insurer is company who sell insurance .The

insurance rate is a factor used to determine the amount called premium, to be

charged for certain amount of insurance coverage .ibn Abidin (178 4-1836)was

the first scholar in the Muslim world to discuss the meaning and legal character of

insurance. Dawood family ,takaful start their Islamic insurance in Pakistan 2006 .

.As Pakistan is the 10 most populous nations in the world so they can cover lot ofbusiness in this area its growth rate between 15 %and 20%

Company's sales force consists of dynamic and efficient galaxy of people who are

self driven and highly motivated to achieve the sales targets. Companys

promotion department is striving hard to strength corporation image and brand

loyalty.

Sales force play the main role in accomplishes the company objectives so the

appropriate selection of the sales force is essential. Finding the right prospect is thefirst task of the sales person and after that the proper planning for the presentation

is an art to convince the customer .companies uses the different promotional plans

to attract the new customer but the final task done by the company sales person

how to win the more customers.

VISION STATEMENT

We have a vision to be the preferred provider of Islamic financial protection

services

MISSION STATEMENT

We aim to provide these services based on Islamic values. We strive to help ourvalued customers/partners by establishing savings and protection funds in a view to


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comfort their loved ones. The pro-active measure ensures them security and certaintyas it provides monetary relief in the event of a misfortune, further it creates a habit ofsaving amongst one customer/ partners

Introduction

Company profile

Company Name :

Multan branch : 1st floor ,khawar center ,92-nusrat Road ,sp chowk

Multan cantt

Phone : [92-61] 4581101-04 [4line

Fax : [92-61] 4541104

Web site : www.dawoodtakaful.com

Takafulin PakistanThe takaful market is still in a formative

stage and market projections estimategrowth rates between 15% and 20% overthe next 10 years, reaching US$7.4 billionin premium by 2015. With challenges

around customer service and productivity,technology can enable this growingindustry through its formative stage.

Pakistan is among the top 10 most populous nations in the world. This makes it a veryfertile market for Takaful, one with some interesting challenges. Takaful is the latestwave in financial protection. Pakistan saw its first Takaful operator, in the General


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side, start in 2006. Since then, another two operators in General and two in Family haveentered the picture. Dawood Family Takaful being the most recent entrant is the onlyPakistani Owned Takaful Company and is highly capitalized. Takaful is not just anothertool for risk mitigation and financial protection. Rather, it is a system which works as asource of good for those that use it and the community at large. Tools like these are

critical for developing nations, especially those seeing rapid economic growth.Increasing personal debt, the widening divide between the haves and have-nots, andother such issues regularly plague those in rapidly growing developing nations. Pakistanis one of those countries.

To truly comprehend the opportunities for Takaful in Pakistan, we need to see wherethe present insurance sector stands and. The best way to understand this by comparingit to another nation which shares many traits with Pakistan. India, a much largerneighbor, has an insurance penetration of 4.8%, against Pakistans 0.8%, and itsinsurance density is US$38.40, against Pakistans US$5.90. These values make it veryclear that there exists a significant gap in Pakistan for financial protection tools. As we

know, achieving expectations is not as easy as formulating them.

Company structure

Board of

directors

CEO

Individual life

actural

agency admin operation

Grouplife

financetraing csc HR I.T


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Regionalmanager

south

Regionalmanager

central

Regional

manager north

Branch

manager

Branch

manager

Asst branch

manager

Asst branch

manager

Asst branch

manager

Asst branch

manager

TM TM TM

DSFDSF DSF DSF DSF DSF


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Plan of distribution:

Group family takafuly

Group credit productiony Group pension plany Group personal accident

Individual family takafualy Sukoon:endowement for

retirementy Salamati: financial protection

&saving plan

y Samar :child Eduction&marriageplan

Recruitment:y Sources of recruitment,

1)Professional agent2)Personal network3)College university seminars/advertisement4)Sales oriented people

These are some sources they recruit the people

for job through professional agent they have advantagepeople have experience of work .through personal network

they are sure about the credibility of person .advertisement

is traditional way to select the employee .


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ecruitment screening form

1) Name

2) DOB .

3) Father name .. His occupation..

4) Material status no of dependents

5) Academic qualification .

6) Current residence ..

7) Health status .

8) Language..

9) Current employment history

.

.

10) Attitude towards outdoor activities..

11) Prior knowledge of insurance /takaful

12) ecommendation .

Ideal sequence of topic in recruitment presentationCompany financial strength &stability of job

Takaful concept &its benefit to society

Introduction to outdoor activities

Orientation of branch operation &hierarchy

Personal benefit for takaful distribution &career opportunities

After all these steps they finalize the person through interview you shall ask the

candidate more precise question about his limitation in capabilities related with

communication ,interaction, personal links and willingness to earn unlimited

money by ones own efforts


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Training & developmentAs soon they recruit the employee they start the training session of employee

they provide these types of training programs

1) Certified consultant training by DFLT training department.

Certified consultant training by DFLT training departmentConsultant development programs training are not only rewarding in a sense that

you are recruited consultants will obtain necessary information for their basic

distribution activities, but also receive a Diploma of consultant development

program 90 days training course will be completed in three levels

Cdp1 :foundation training

It covers the following aspect

a) Introduction of company profile

b) Introduction of takaful history- in the light of Quran and sunnah

c) Differences between takaful&conventional insurance

d) introduction to DFTLs takaful plans

E) introduction to distribution cycle(sales cycle)

First level consist of 30 days then cdp 2 start

Cdp 2:intermediate training

I

t covers the following aspects:a) Avoiding the poor performers habits.

b) Handling the approach

c) Establishing needs for protection

d) Perfect need-based solution design

This session also consist 30 days and next cdp start

Cdp3:advance training

It covers the following aspects

a) Understanding the fields underwriting rectutementsb) Avoiding pit fallsof poors

c) Comprehensive understanding of plans

d) Ensuring persistency


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Compensation policy :

In this the job is commission oriented so as par no of sales thecommission will be given to the employees

Client presentation:1) Personal presentation: it will consist 30 sec

2) Company intro: it will be given in 30 sec and contain 7 points

3) Takaful&islamic :it consist 3 points and take 2 min4) Takaful system :it will take 2 min

5) Plan details: it will also take 2 min

In this way presentation will take round about 7to8 min in which

personal seller will convince the client

Promotional policies :

y In this they make phone calls

y Visit direct to the customer

No of employee :

ound about 40 people are working in the Multan branch in

which managers and and dsf included

There are significant challenges for Takaful in Pakistan.

Education and awareness

Is it because of Shariah issues? Or is it due to the fact that as a nation, Pakistanis are conservativespenders? Given the low GDP per capita, spending on something additional with uncertain

benefits is not easy. Or perhaps it is because Pakistanis do not know the benefits of using thesetools and that little effort has been made to educate the masses about this aspect of the financial

industry. It would be safe to assume that the answer consists of a combination of the above

elements. In order to deal with the issues, significant investments will be required to reach out tothe public and educate them.

Ambiguity in regulatory statutesGiven how recently the rules were formulated by the Securities and Exchange Commission, a lot

of aspects need clarity.

Thin margins


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Unlike the insurance companies, the Takaful operators primary source of revenue is the Wakalafee. This has relatively little room to maneuver and so they will need to work very hard to ensure

that their operations are not just effective but also lean. Thus we see that the challenges are notsmall by any measure but they can definitely be overcome. If the present and future Takaful

operators are not just looking at going after those individuals who are religion-centric, they

need to look at positioning their offerings in a slightly different manner. The key sellingproposition would have to be that Takaful products should be based on the following variables:need-based, appropriate pricing and immaculate customer service. An additional feature would

be that the products are Shariah compliant and so, customers need not compromise on theirbeliefs to be able to get the best in financial protection.

Effectively dealing with the challenges present and properly positioning their offering will allow

Takaful operators to achieve levels that even existing insurance companies have thus far beenunable to reach.

Documents

Personal Selling Final