Académique Documents
Professionnel Documents
Culture Documents
Term Paper
On
Asia Insurance Company Ltd.
Prepared for:
Dr. Md. Abdul Momen
Assistant professor
Department of Business Administration
East West University
Dhaka
Prepared by:
SL No. Name Id
1. Md. Muhtadi Chowdhury 2012-1-10-227
2. Clinton Peter Gomes 2012-2-10-062
3. Naima Binta Daud 2013-1-10-375
4. Abir Jahan Choudhoury 2013-1-10-211
5. Nayeema Noor 2013-1-10-053
Table of Contents
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1. Executive Summary.. 5
2. Company Overview... 6
5. Company profile..9
6. Personal Selling...... 10
7. Focus of Asia Insurance Ltd .....11
8. Analysis of Field work .......15
9. Recommendation.....18
10. Conclusion....... 19
11. Bibliography:......19
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Letter of Transmittal
December 8, 2015
Dear Sir,
We submit our report to you as you assigned us to prepare. You asked to prepare a report based
on Asia Insurances Ltd. We contacted regarding authority, selected some documents, collected
some information and data from Internet and observe on the decision. Also, we have conducted a
survey on the assigned topic.
During the preparation of this report, we gave our best effort. We are confident that it enriches
our marketing knowledge and proves helpful in future studies. We thank you for giving us such
an opportunity to work on this topic.
Sincerely,
5. Nayeema Noor
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Acknowledgement
The report Asia Insurance ltd has been done with the useful efforts and contribution of the
group members. This report is very beneficial for us as it is related to our course Sales
Management. This report has given us a big boost to the development of our bookish
knowledge with the blessings of practical knowledge and group discussions.
We would like to thank our honorable course instructor Dr.Md.Abdul Momen for giving us the
opportunity to make this report.
We acknowledge that the company information, promotional images, and logos used in the report
have been collected from various web resources. The consequence of the segment of Peoples
Choice has been collected from the survey we conducted. The entire survey outcome is from
pure prospects opinion; no other strategy was followed then.
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Executive Summary:
Asia Insurance Company Limited aims to provide reliable, customized insurance coverage
through a national network of branches all connected in real time. In an increasingly dynamic
business and social landscape, Asia Insurance adopts a proactive approach to handling customer
requirements through swift processing of documentation, ultimately resulting in a hassle-free
experience for our clients at every stage of the process from initial inquiry all the way through to
claims management. Whether you need insurance for your warehouse, factory, machinery, fleet,
goods in transit, or for your personal assets such as a house, motor vehicle, even to insure
yourself in case of personal accidents or travel insurance, we've got you covered.
Our dynamic marketing department is always working on attracting potential customers. They
design appealing and diversified packages to encourage potential clients to buy insurance policy
from us. Beside that we also gift company logo attached calendars, desk calendar, pen, note-pad
and many other stuff.
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Company Overview
Asia Insurance Limited is a leading non-life insurance company in the private sector with an
Authorized Capital of Tk. 1000 million out of which paid up capital on Tk. 42,69,37,500.00
which is divided in 4,26,93,750 shares of Tk. 10 each. The main features of the company are
stated below-
The Company is equipped with a team of highly qualified young and experienced management
personnel.
Within the frame work of existing tariff, this Company charges the most economic and
competitive premium rates ensuring maximum security at minimum cost. The Company has got
necessary Re-insurance arrangement under which it can underwrite any risk of any value.
This Company takes utmost care in handling and settling claims with due promptitude with a
view to giving timely indemnity to the members of the clientele.
The sponsor Directors of the company are renowned business personalities and reputed
industrialists of the country.
Mr. Yusuf Abdullah Harun, FCA, former president of the FBCCI is leading the company as
Chairman of the Board of Directors.
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Mission, Vision and Objectives of the company:
Mission
Vision
To be one of the leading Insurance Company in the country providing integrated insurance
service in the non-life sector having special track record of prompt customer service and speedy
claim settlement.
Objectives
Members of Administration:
7
Company profile:
8
Name of the Company Asia Insurance Limited
Fax +88-02-9137077
Email info@asiainsurancebd.com /
asiainsu@gmail.com
Website www.asiainsurancebd.com
Personal Selling
Personal selling is where businesses use people (the "sales force") to sell the product after
meeting face-to-face with the customer. The sellers promote the product through their attitude,
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appearance and specialist product knowledge. They aim to inform and encourage the customer to
buy, or at least trial the product. In another words, it is when an individual salesperson sells a
product, service or solution to a client. Here the salesperson uses his skills and techniques to sell
a product and thus both attain value in this transaction. Kotler describes 6 roles for the sales force
for personal selling
Prospecting
Communicating
Selling
Servicing
Information gathering
Allocating
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Focus of Asia Insurance Ltd:
They are trying their best for salespersons training and development for achieve their target
selling .The most successful selling firms, indeed, tend to give the terms refer, team, and enable a
new context. Thanking customers for their business, confirming sales or delivery arrangements
verbally or by email or letter, ensuring customers have your contact details and that you have
theirs, adding customers to business mail or email lists, suggesting related or additional products
or services for maintain those they can full fill their selling targets.
Asia Insurance Limited is one of the leading non-life Insurance Company in Bangladesh. This
Company charges the most economic and competitive premium rates which ensure maximum
security at minimum cost. The profit of the insurance companies is influenced both by the
premiums they collect in return for the risk they undertake and by the profit secured on their
investment activities. It handle and settle claims with due promptitude to give timely indemnity.
We conduct a survey about how mid level managers manage their subordinates and what
activities they do to monitor, supervise, manage and control the subordinates. We ask them some
questions and the outcome is given below.
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How many face to face meetings with your subordinates did you have since last week?
Ans: we are constantly talking with our subordinated and monitoring their work. Normally we
conduct 5/6 times meeting in a week.
For a better performance in personal selling the role of salespeople is increasingly important.
Sales organizations need to emphasize on interacting and monitoring the subordinates. As they
are conducting 5/6 times meeting in a week, they are obviously monitoring their subordinates
properly.
Personal selling seeks to build a good relationship with the customers. Client relationship is
called the lifeblood of a business. So the strategy or the techniques of Asia Insurance Limited is
to give the priority to their customers. To develop deep and trusted professional relationships
with their customers they follow relationship strategy. Client relationships are more difficult to
build and sustain than they were in the past. Our finding is that, they have become a trusted
advisor to their clients.
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data and information and regular report. As they are using Management Information System and
regular upgrading it, they have all the information and data they need.
Do you train your employees for improving the ability of convincing and managing
customers?
Ans: Yes. We send our employees to receive training from BIA, Bangladesh Ministry of
finance, Bangladesh Tariff Central, Bangladesh General Insurance etc. We also send them to
international conferences and seminar.
The salespersons role is to be consultant and providing maximum value to customers. In the
past, the successful salesperson was a persuader because customers had little information but
now situation has become changed. Customers have knowledge about their services and so the
salespeople need to be well trained so that they can handle any kind of situation. Successful
salespeople promote the business objectives of customers and provide innovative ideas and
solutions. The training program the company is providing enhances Personal
effectiveness,technical effectiveness and increases the ability to recognize buying behavior, create a
competitive offering, establish a partnership, understand business priorities etc.
The duration of time spent working and the intensity of work activities are viewed as
components of effort.(Brown and Peterson 1994, p.71). In Asia Insurance Limited although they
have fixed working hour, they do overtime for their subordinates. By giving the superiority to
their customer they are achieving the success.
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Are you using information and communication technology in personal selling?
Ans: Yes. It is mandatory to keep a transparent transaction and CRM technology is also being
used.
Technological advancement has become an integral part of the personal selling and sales
management process and CRM usage has a direct positive impact on adaptive selling behaviors.
They continue to struggle with the implementation of sales force technology tools. Usage of
customer relationship management technology or CRM has a direct positive impact on adaptive
selling behaviors. CRM helps them to manage and analyze customer interactions and improve
relationship with them.
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How do you handle Buyers objections?
Ans: We have a clear outline for insurance premiums and claiming but if any clients object on
our activities or anything first we try to justify it. If its true we try to compensate it through
cutting on premiums or discounts on reinsurance.
From the above statement we can state Asia Insurance tries to compensate their level best to their
clients. They carefully handle any embarrassing situation that might occur with their witty
decisions. They have a fixed code of conduct to follow and they try their level best to maintain
that code.
What have you found to be the most important skills in negotiating and succeeding in
sales?
Ans: Good communication skills, networking skill, sufficient knowledge about what s/he is
selling, honesty and convincing capabilities.
Customers perceive that value is added when they feel comfortable with the relationship they
have with a salesperson. In case of insurance customers of clients trust is a major issue. If a sales
person is capable to gain clients trust and be honest with him sales agent can succeed. Also
elaborate knowledge about companys product, technical points earns trust of clients. If a
manager believes in these qualities he is sure to influence his sub-ordinates to achieve and
maintain them. The interview we conducted with Asia insurance Ltd. gave us the idea that they
also believe in above qualities.
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To solve problems team work is more efficient than working alone. Teamwork creates higher
quality outcomes that are more efficient, thoughtful, and effective, as well as faster.
Individuals benefit from teamwork through mutual support and a great sense of accomplishment.
Being a team player Asia Insurance Ltd is facing their problems in an elegant way.
As they prefer team work rather than working individually they can solve problems quickly .
Insurance industry in Bangladesh is highly competitive. Asia insurance is a Non life insurance
company and thus they provide a wide range of insurance packages. So they have to deal with
diversified and unique customers. If they fail to deal a clients properly they might lose the clients
as clients have other options. From their statement, they deal with clients on the basis of priority .
But it can back fire if a client feels s/he is not severed well as the person after her/ him is more
important to Asia Insurance. So they have to be more careful on this matter.
They also have to deal with intuitiveness while dealing with someone they think is claiming
falsely. In case of dishonesty they should act by the company policy so the person accused
cannot bounce back and blame Asia Insurance on any matter.
To improve the scenario of dishonest and poorly trained employees they should take precautions
early at the screening process. They should check the back ground of the employees to minimize
the number of dishonest employees. And to improve poor trained employees they can send them
for training to Bangladesh Insurance Academy, Insurance Development & Regulatory Authority
Bangladesh, Bangladesh Ministry of Finance etc.
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Difficulties they face in managing clients and subordinates:
Sometimes both clients and subordinates are dishonest. In addition, many clients lack knowledge
of their insurance policy. These are the major problems. In this situation I follow some business
ethics like principles and standards that guide behavior in the world of business. It helps translate
their values into appropriate and effective behaviors. They dont have any specific uniform code
of ethics for all salespeople, but they try to follow at least the general universal codes.
Their dynamic marketing department is always working on attracting potential customers. They
design appealing and diversified packages to encourage potential clients to buy insurance policy
from them. Beside that they also give some gifts like company logo attached Mugs, calendars,
desk calendar, pen, note-pad and many other stuffs. They deeply focus on values, attitudes and
behavior to build a good relationship with the customer. They always believe in that personal
selling must be viewed as an exchange of value.
Client Motivation:
We try to keep a healthy communication with our clients. Our sales agents constantly
communicate with their assigned clients and try to solve any problem that arises. They always try
to focus on customer relationship management that enhance relationship quality. They promote
rapid and effective client communication, and written records help avoid miscommunication.
And their motivation built on shared values, both commit to same vision and salesperson moves
from selling to supporting.
Yes, they provide overseas insurance and provide international reinsurance like Bankers
acceptances. Their outside sales people interact with potential customers on a face to face basis,
while inside salespeople communicate with customers, identify new prospects, and carry out
other sales activities directly with proper care. And they always inform their customers about the
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new attributes that can add specific value to that specific product which the customer use or love
to use, they also give the information of any upcoming product that they are going to bring soon.
Selling tactics:
Recommendations:
1. Asia insurance Company needs to improve their clients meeting number in a week.
2. Asia insurance Company needs to provide necessary knowledge to their clients to give them
better understanding of their insurance.
3. Asia insurance Company should try to minimize their clients objections.
Conclusion:
Asia insurance Company is one of the leading insurance company interm of Non-life insurance
company. They are providing training to their personal selling agents so that they can develop
their intellectual skills and knowledge. They maintain their relationship with the clients and
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trying to convert them into loyal clients. They are updating their database to maintain that
relationship. All in all Asia insurance Company is keeping their service quality high.
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Bibliography:
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Questionnaire:
We are the students of East West University and as a part of BBA program we are doing the
course Sales Management. For the requisition of the course we need to conduct a survey about
How Mid level managers of Insurance Company manage their subordinates. We chose Asia
Insurance Ltd in that matter. We are going to take your suggestion and opinion. We are ensuring
that the data will be held confidential and used only for academic purposes. Your co-operation
will be highly encouraged in this regard. Thank you for your participation.
2. How many face to face meetings with your subordinates did you have since last week?
Ans:
Ans
Ans:
5. What have you found to be the most important skills in negotiating and succeeding in
sales?
Ans:
Ans
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Ans:
Ans:
Ans:
10. How do you deal with your potential customer? How do you manage them?
Ans
Ans:
Ans:
13. Do you train your employees for improving the ability of convincing and managing
customers?
Ans:
Ans:
15. Are you using information and communication technology in personal selling?
Ans:
Ans:
Ans:
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18. What are the selling tactics you follow?
Ans:
19. What are the challenges or obstacles you face in selling insurance?
Ans:
Reference:
1. http://www.asiainsurancebd.com/
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