1090SOLUTIONS TO IMPROVE MARKETING ACTIVITIES OF MANULIFE VIETNAM FROM 2007 TO 2010

MASTER IN MANAGEMENT PROGRAM (MMVCFB6) COMMITMENT I would like to confirm this thesis is my own research All data and information mentioned in this thesis is honest Nguyen Xuan Chinh ACKNOWLEDGEMENTS After graduated from the Economic University of Ho Chi Minh city, I have passed five years of working in several companies, some of them are very famous like Ajinomoto Inc with Japanese management style, Manulife Vietnam – a western company bearing active authorization and MBO management style… and one of them is not famous but very dynamic and flexible like H&M – a new private local enterprise I have learned from company managers the way they lead their team, their company to meet goals I heard several complaints and discovered some disappointed emotions they received from their staffs But I did not know how the manager can it well in handling job management, harmonizing conflicts and benefits as well, creating strategy for the company, selecting and processing from a hundred bundles of information to make right decisions…To get the answer for this question, I decided to take an advance study The Master of Management (MMVCFB6) is very suitable and the most efficiency course that can help me to understand and to improve knowledge, skill of management After two years, the course is ending soon, and I am writing the thesis I have learned a lot during my study course from many people and received great helps from them Firstly, I would like to thank to all Professors of the Course for their instruction on all the newest and the deepest knowledge and experience to us Secondly, I would like to express my sincere thanks to Professor Le Tan Buu – The Head of Commercial-Tourist Department of the Economic University of Ho Chi Minh city who directly gave me advices to make the research and final thesis The thesis discusses about marketing activities of Manulife Vietnam company I have also received many ideas contributing from my colleagues in Marketing department, Sales managers and many agents I would like to send my thanks to them as well for I will never finish the thesis without their assistances Thank to Board of Management who gave me a chance to interview them and helped me with many advices during the time I have worked with the company Last but not least, I would like to send thanks to my classmates, especially to my Group-One members for their sharing knowledge, experiences, discussions that help me to build up my mind Working with them in class assignments is a chance for me to polish myself in the team Nguyen Xuan Chinh Student of the MMVFFB6 0 - 07 GUIDANCE ADVISER’S COMMENTS The topic of research is highly concerned by Vietnam life insurance companies, especially to Manulife Vietnam situation The thesis's structure is logical, and well established The content is comprehensive, clear and abundant in figures and facts The Market analysis is marvelous based on the market survey, faceto-face interview and focus group showing the hard working of student Nguyen Xuan Chinh The solutions for improving marketing activities in the company are highly practical I hereby agree to let the student present this thesis to the Board of Examiners Doctor Le Tan Buu Dean of Faculty of Commerce and Tourism University of Economics Ho Chi Minh City i Style Definition: TOC 1: Tabs: 6.1", Right,Leader: … TABLE OF CONTENTS LIST OF TABLES VIII Style Definition: TOC 2: Tabs: 0.67", Left + 6.1", Right,Leader: … Style Definition: TOC 3: Tabs: 0.88", Left + 6.1", Right,Leader: … LIST OF FIGURES IX Formatted: Left: 1.38", Right: 0.79", Top: 1.38", Bottom: 1.18" LIST OF GRAPHS X Formatted: Font: 16 pt, Bold, Font color: Blue CHAPTER Formatted: Font: VNI-Times INTRODUCTION 1.1 1.2 1.3 1.4 INTRODUTION OBJECTIVES AND SCOPE OF THE STUDY METHODOLOGY STRUCTURE OF STUDY CHAPTER Deleted: 16 Deleted: 15 Deleted: 21 Deleted: 20 LITERATURE REVIEW 2.1 THEORY OF MARKETING AND MODERN MARKETING 2.1.1 Definition of marketing 2.1.2 Vision of marketing 2.1.3 Marketing concept 2.1.4 Marketing Process 2.1.4.1 Understanding behaviors and motivations 2.1.4.2 Segmenting markets 10 2.4.2.3 Choosing the targets .13 2.1.5 Marketing Mix 14 2.1.6 Global Marketing Management 15 2.1.7 Roles of marketing to an enterprise activities 18 2.1.8 Content of marketing activities of a life insurance company 19 2.1.9 Factors effect to Marketing activities of a life insurance company 20 2.1.9.1 Internal factor 20 2.1.9.2 External factor 21 2.2 LIFE INSURANCE INDUSTRY 23 2.2.1 Roles of life insurance in an economy 23 2.2.2 Vietnam life insurance business 24 CHAPTER 26 Deleted: 21 Deleted: 20 Deleted: 22 Deleted: 21 Deleted: 25 Deleted: 23 Deleted: 25 Deleted: 23 Deleted: 25 Deleted: 24 Deleted: 28 Deleted: 26 Deleted: 28 Deleted: 26 Deleted: 28 Deleted: 26 Deleted: 28 Deleted: 26 Deleted: 30 MANULIFE VIET NAM - MARKETING ANALISYS 26 Deleted: 28 3.1 HISTORY, VISION, MISSION, ENVIRONMENT, ORGANIZATION AND OPERATION 26 3.1.1 History of the company 26 3.1.2 Manulife Vietnam Vision and Values 28 3.1.3 Business Environment 29 3.1.3.1 Suppliers 30 3.1.3.2 Competitors 31 3.1.3.3 Customers 32 Deleted: 31 Deleted: 29 Deleted: 32 Deleted: 30 Deleted: 34 Deleted: 31 Deleted: 35 Deleted: 32 Deleted: 36 Deleted: 33 ii Deleted: 36 Deleted: 33 Deleted: 37 Deleted: 34 3.1.3.4 Partners 33 3.1.3.5 Regulatory Agencies 33 3.1.4 Organization and Operations 34 3.1.4.1 Organisation 34 3.1.4.2 Procedure of Operation of Manulife Vietnam 39 3.1.4.3 Operation indication of manulife Vietnam from 2000 to 2006 .40 3.2 MARKET SURVEY ANNALISYS 40 3.2.1 General market situation analysis from the survey 40 3.2.2 Reason of client not having an life insurance contracts .43 3.2.3 Reasons to terminate contract before due date (lapsed and surrendered policies) 44 3.2.4 Factors to make a buying decision 44 3.2.5 Resistance to have a life insurance contract 46 3.2.6 Key factors when selecting a right service .46 3.2.7 Favorite benefits of life insurance service 47 3.2.8 Who should have an insurance contract .49 3.2.9 Life insurance and other investment vehicles 51 3.2.10 The company images .52 3.2.11 Potential clients 53 3.2.12 Income – Life insurance 54 3.2.13 Draft of future market shares of life insurance .55 3.3 MARKETING ACTIVITIES ANALYSIS OF MANULIFE VIETNAM 56 3.3.1 Human resource of Marketing department 56 3.3.2 Market research and analysis 57 3.3.3 Public relation activities .57 3.3.4 Sales support 58 3.3.5 Sale promotion and advertising 58 3.4 SWOT 59 3.4.1 Strengths 59 3.4.2 Weaknesses 60 3.4.3 Opportunities 60 3.4.4 Threats 61 3.5 MARKET SHARE ANALISYS 62 3.5.1 Market Share by collection premium (Revenue) 62 3.5.2 Share by distribution channel (Number of agents) .63 3.5.3 Market Share by new contracts 64 3.5.4 Productivity of agents .65 Deleted: 37 CHAPTER 66 Deleted: 58 SOME SOLUTIONS TO ENHANCE MARKETING ACTIVITIES 66 IN MANULIFE VIETNAM 66 4.1 MARKETING OBJECTIVES FROM 2007 TO 2010 66 4.2 SOLUTIONS TO MEET OBJECTIVES 66 4.2.1 Building up a marketing department with necessary functions 66 4.2.2 Market segmentation .68 4.2.2.1 Segmentation by sex 68 Deleted: 34 Deleted: 41 Deleted: 38 Deleted: 42 Deleted: 39 Deleted: 42 Deleted: 39 Deleted: 42 Deleted: 39 Deleted: 45 Deleted: 42 Deleted: 46 Deleted: 43 Deleted: 46 Deleted: 43 Deleted: 48 Deleted: 45 Deleted: 48 Deleted: 45 Deleted: 49 Deleted: 46 Deleted: 51 Deleted: 48 Deleted: 53 Deleted: 50 Deleted: 54 Deleted: 51 Deleted: 55 Deleted: 52 Deleted: 56 Deleted: 53 Deleted: 57 Deleted: 54 Deleted: 55 Deleted: 58 Deleted: 55 Deleted: 59 Deleted: 56 Deleted: 59 Deleted: 56 Deleted: 60 Deleted: 57 Deleted: 60 Deleted: 57 Deleted: 61 Deleted: 58 Deleted: 61 Deleted: 71 Deleted: 68 iii Deleted: 72 Deleted: 69 Deleted: 73 Deleted: 70 4.2.2.2 Segmentation by income 69 4.2.2.3 Segmentation by age .70 4.2.3 Product development 71 4.2.3.1 Products development adapts to target segmentation 71 4.2.3.2 Products re-launching 71 4.2.4 Sales force – Distribution channel 72 4.2.4.1 Enhancing quality of distribution to build trust with customers 72 4.2.4.2 Enlarge distribution location 73 4.2.4.3 Facility for distribution 73 4.2.5 Building the Company Image 73 4.2.6 Public relation, promotion, advertisement and after sales services 74 4.3 VALIDITY OF SOLUTIONS 76 4.3.1 Estimate result of solution in segmentation and product development 76 4.3.2 Estimate results of solutions in distribution and product development 76 4.3.3 Estimate results of solutions in PR, advertisements, improving after sell customer service 77 Deleted: 73 CONSCLUSION 78 Deleted: 73 Deleted: 70 Deleted: 73 Deleted: 70 Deleted: 74 Deleted: 71 Deleted: 74 Deleted: 71 Deleted: 75 Deleted: 72 Deleted: 75 Deleted: 72 Deleted: 76 Deleted: 72 Deleted: 76 Deleted: 78 Deleted: 75 Deleted: 78 Deleted: 75 Deleted: 78 Deleted: 75 Deleted: 79 Deleted: 76 Deleted: 80 Deleted: 77 Deleted: IIIIXXX11122455556681316 [ 1] Deleted: V Deleted: Deleted: ¶ [ 2] Deleted: Deleted: V Deleted: ¶ [ 3] Deleted: Deleted: Deleted: ¶ [ 4] Deleted: Deleted: Deleted: ¶ [ 5] Deleted: Deleted: Deleted: ¶ [ 6] Deleted: Deleted: Deleted: ¶ [ 7] Deleted: Deleted: Deleted: ¶ [ 8] Deleted: [ 9] iv A contract with conditions between client and insurer in a life insurance protection agreement Before a real contract is signed, agent can use computerize proposal contract to deal and consult their client : a Vietnamese organization or citizen who is authorized by Insurer to solicit life insurance business in Vietnam Deleted: ¶ ¶ VND : Formatted: Font: VNI-Times, 13 pt Deleted: Currency of Vietnam Formatted: Font: VNI-Times, 13 pt, Font color: Auto Deleted: Vietnam Dong¶ WTO : The World Trade Organization¶ ¶ ¶ ¶ ¶ Formatted: Font color: Auto : any organization or individual who is residing in Vietnam having obtained 18 years of age and above, having full capacity for civil acts, and is the person who fills in and signs the Insurance Application Form and pays the insurance premiums Formatted: Font: VNI-Times, 13 pt, Font color: Auto Formatted: Font: VNI-Times, 13 pt Formatted: Font: Bold Formatted: Font: Bold Formatted: Font: Bold : any individual who is accepted by Insurer for insurance under the policy terms and conditions : can be an organization or an individual designated by the policy owner to receive the insurance benefits according to the terms and conditions of the insurance policy the relationship between policy owner and life assured in which the policy owner must suffer financial loss or mental detriment on the death of the life assured, and the loss must be legal The policy owner shall have insurable interests in the following persons: * The policy owner him or herself; * Legitimate wife, husband, children, father, mother of the policy owner; * Siblings, others who have lawful fostering/guardian relationships with the policy owner; * Nephew and niece of the policy owner; Formatted: Font: Not Bold v * Others in relation to whom the policy owner will be subject to material financial loss as a result of the life assured's death : a specified amount of money that the insurer receives from the policyholder in order to provide the policy benefits when a specific event occurs as regulated in the policy wordings : the face amount of a policy agreed by both the policy owner and insurance company in the insurance policy : with regards to the life assured, the loss, paralysis or dismemberment of: * Two arms; or * Two legs; or * One arm and one leg; or * Two eyes; or * One eye and one arm; or * One eye and one leg : A legal form issued by the Insurer The policyowner has the obligation to provide sufficient and accurate information in the application form This form is considered as an integral part of the Insurance Policy : A legal document issued by the Insurer and is an integral part of the Insurance Contract listing core benefits of the insurance policy : the duration between two premium due dates The premium paying frequency can be: * Monthly; or * Quarterly; or Survey provided by 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(cho m t c Anh (ch ) đánh giá quan đ n 5, theo th t không đáng k , r t đáng k ) Tai n n cá nhân Tr c p y t n m vi n B o đ m toàn b , ho c m t ph n chi phí ch a b nh Quy n l i ch m sóc ph file://C:\LUAN%20VAN\Nguyen%20Xuan%20Chinh\Annex%201%20-%20Survey%20pr 9/11/2007 Survey provided by FreeOnlineSurveys.com Page of n mang thai, ho c đau b nh B o hi m b o đ m giáo d c cho B o hi m t vong Quy n l i đáo h n h p đ ng mang l i s ti n ti t ki m cao Quy n l i mi n n p phí ch H t vong ho c th ng t t không th tóan phí b o hi m Quy n l i đ m b o gia t ng s ti n b o hi m theo l m phát, ng t 9) Trong nh ng nhóm đ i t b o hi m nhân th Ng i làm nh ng công vi c nguy hi m, nh h Ph n Ng ng i c n nên mua ng đ n s c kh e ( nhi u nguy c m c b nh nghiêm tr ng) i đàn ông mang tr ng trách lo toan cho gia đình Tr em c n đ l ng sau đây, Ai s nh t? c mua b o hi m đ có qu ti t ki m riêng B t c c ng nên mua b o hi m đ u có nh ng r i ro khơng ng tr c Không nh t thi t ph i mua Other (Please Specify): 10) Anh (Ch ) có m t k h ach ti t ki m ti n, hình th c ti t ki m sau t t nh t?(Hãy cho m t đ n 5, hi u qu , hi u qu nh t G i ngân hàng file://C:\LUAN%20VAN\Nguyen%20Xuan%20Chinh\Annex%201%20-%20Survey%20pr 9/11/2007 Survey provided by FreeOnlineSurveys.com Page of a ng i thân c t gi , kinh doanh tr lãi Mua b o hi m nhân th Mua vàng, ng t u t ch ng khóan, mua b t đ ng s n ki m l i ti n két s t Lý khác 11) Theo đánh giá c a mình: hình nh, uy tín, ch t l ng ph c v …v công ty b o hi m nhân th (Hãy chon Công ty mà Anh (Ch ) cho r ng v t tr i h n cơng ty cịn l i) AIA ACEBaoMinh BaoVietManulifePrevoirPrudential life CMG Hình nh, th ng hi u t t nh t Ch t l ng ph c v t t nh t i lý t v n chuyên nghi p nh t c ph ng ti n thông tin đ i chúng nh c đ n nhi u nh t 12) Trong Công ty b o hi m nhân th sau, công ty Anh (Ch ) s l a ch n n u quy t đ nh mua b o hi m? file://C:\LUAN%20VAN\Nguyen%20Xuan%20Chinh\Annex%201%20-%20Survey%20pr 9/11/2007 Survey provided by FreeOnlineSurveys.com Page of AIA ACE Life B o Minh CMG Manulife Prevoir Prudential 13) Anh (Ch ) có d th khơng? B o Vi t đ nh mua cho m t h p đ ng b o hi m nhân ng nhiên s Ch c ch n không mua mua Không bi t, tùy tình hình 14) Mong Anh (Ch ) cho bi t thêm m t s thông tin cá nhân: Gi i tính? Nam N 15) Tình tr ng gia đình? Ch a k t ã k t có ã k t x p có Ly d 16) M c thu nh p trung bình hàng tháng c a Anh (Ch ) kho ng bao nhiêu? 5-10 tri u < tri u VN VN 10-20 tri u VN > 20 tri u VN Submit Click Here to Conduct Your Own Survey file://C:\LUAN%20VAN\Nguyen%20Xuan%20Chinh\Annex%201%20-%20Survey%20pr 9/11/2007 ANNEX – RESULTS OF MARKET SURVEYS Total of questions Time of survey Survey channels Total responders 16 Jan - 2007 Paper answer Online answers 270 1) Which company have you signed life insurance contract? Resp Pct AIA 20 17% ACE Life 2% Bao Minh CMG 0% Bao Viet 32 26% Manulife 15 12% Prevoir 0% Prudential 51 42% Total responses: 121 100% 2) How you satisfy with the services? Resp Satisfactory 96 Great satisfactory 12 Not satisfactory 13 Total responses: 121 Pct 79% 10% 11% 100% 3) Reasons that you have not buy a life insurance? Resp Pct Un-necessary 22 15% Don't trust on insurance company 6% Low benefit 41 28% Service unawareness 13 9% Non-consultancy 13 9% Other 41 28% Limited finance 10 7% Total responses: 149 100% 4) If you had bought and then terminated before maturity, what is the reason? Resp Pct After buying, it shows no benefits 17% getting from Life insurance service Financial issues 17% Transfer to a new insurance 13% contract with more benefits Not good care of customers 12 23% Afraid of not receiving back money 14 27% Better service and products from 2% competitors Total responses: 52 100% 5) If you consider to buy a life insurance, what factors is right to your situation? is not right, is most closely describe yours Resp Professional agency 42 27 65 76 60 270 Importance of Life insurance 18 30 33 59 130 270 Support for relatives in insurance 126 53 38 19 34 270 agency Savings 78 44 70 56 22 270 Financial plans 90 45 67 34 34 270 Diminished risk 81 30 74 41 44 270 6) Resistance to have a life insurance contract? ( is not related, is most effects) Resp Money devaluation and low interest 30 22 52 63 103 270 rate Un-expectation of compensation 90 26 62 76 16 270 Inconsistent income 76 61 53 34 46 270 Other more effective investments 22 22 59 71 96 270 Complicated claim procedure 18 15 26 69 142 270 Lack of Life insurance knowledge 41 26 49 52 102 270 Not good information of insurance 48 41 74 41 66 270 on media Non-trust 58 18 47 59 88 270 7) What key factor to choose a right contracts (1 is less, is most important ) Resp Suitable products 11 11 31 63 154 270 Insurance company's reliability 10 21 93 142 270 Competed products 36 10 78 96 50 270 Interest rate 43 28 57 64 78 270 Relationship with agency 77 58 55 51 29 270 Relative’s reference 94 43 65 43 25 270 8) Your most favorite benefits on life insurance covers? (1 is less, is most important ) Resp Individual accidents 24 17 34 58 137 270 Hospital allowance 31 35 45 52 107 270 Medical expenses 31 35 42 67 95 270 Pregnant/sick women care 43 32 57 53 85 270 Education 21 14 46 66 123 270 Unexpected death 42 21 35 53 119 270 High interest 53 29 46 64 78 270 Waiver of premium when the payer 49 49 56 32 84 270 disability Premium increase with inflation 60 29 57 46 78 270 9) Who should buy a life insurance? Dangerous jobs Bread-winner Women Children Everyone Un-necessary Others Total responses: Resp 105 10 30 16 95 10 270 Pct 39% 4% 11% 6% 35% 4% 1% 100% 10) What kind of savings methods?( is less efficiency, is most efficiency) Bank savings 14 18 60 59 119 Relatives' business investment 42 11 72 143 Life insurance contract 82 62 86 20 20 Gold or foreign money reserve 38 34 72 84 42 Stock or Real estate investment 40 50 72 101 Storing in a safe 190 48 28 Other reason 142 28 29 64 Resp 270 270 270 270 270 270 270 11) Your choices on the best company in the images, services, reputation: AIA, ACE, Bao Minh CMG, BaoViet, Manulife Vietnam, Prevoir, Prudential Resp Best brand name 52 4 15 195 270 Best quality 86 0 40 140 270 Best professional agency 50 14 31 166 270 Most appearance in media 30 19 15 199 270 12) Which company you choose to buy a life insurance in case? AIA ACE Life B o Minh CMG B o Vi t Manulife Prevoir Prudential Total responses: Resp 76 11 15 33 131 270 Pct 28% 4% 6% 1% 12% 0% 49% 100% 13) Do you have plan to buy a life insurance? No, never Yes, I will sign the contract Not sure, let think Total responses: Resp 34 44 192 270 Pct 13% 16% 71% 100% 14) Female / Male? Male Female Total responses: Resp 138 132 270 Pct 51% 49% Resp 117 120 30 270 Pct 43% 44% 11% 1% 100% Resp 142 82 23 23 270 Pct 53% 30% 9% 9% 100% 15) Your family status Single Married, not children yet Married, have children Divorce Total responses: 16) Your monthly income? < Mil VND 5-10 Mil VND 10-20 Mil VND > 20 Mil VND Total responses: ANNEX – FOCUS GROUP INERVIEW NOTICES A B Description Purposes - To get insight perceptions/ideas about an outstanding problems: service quality, - To get specific and important insight ideas from a person images,… C Interviewee profiles We have a group of people, of them are all potential customers and of them are current customers In order to keep personal information, we call P1, P2, P3, P4, P5 instead of their real names P1 – 22 years old, female, graduated P2 – 25 years old, male, single, working P3 – 34 years old, female, married, medium income, have child, terminating by maturity P4 – 35 years old, male, married, high income P5 – 36 years old, female, married, current customers, D Question and answer What is your perception about the term “Insurance”? P1 “Pay money to protect myself “ “Saving is not a part of insurance” P2 ” I can economize the spending when I have accidents“ P3 If you have money that You not know how to spend, then buy insurance P4 Agents make me angry when they contact for a trade P5 There are tow much people work for life insurance company 2 Will you make money or save money under a kind of insurance? P1 P2 P3 P4 P5 “I buy “Investment “Interest for When a “I buy insurance by insurance saving in person die, he insurance for simply for will make me insurance is can’t bring myself but the protecting, not loss” lower than a money essence is for for saving” bank” following him my family “I won’t buy When I die, I “I prefer insurance for can support invest in buying car, for my family immovable house or for something ” property and my children’s saving in a education, I’d bank” rather invest in something else” Have you ever be contacted by an agent? If yes, what you think about their performance? P1 P2 P3 P4 P5 “They’re No Yes, but they “I won’t meet Yes, they looked like were not clear them were impolite marketing about the odd Usually, a They told to than agents I money at the family with a meet me for feel that their last time of special some things purpose is to contract situation will related to my sell as much buy insurance business, after as they can that they just rather than mention about giving selling customers insurance” real profit” Did they explain clearly? P1 P2 P3 “They did not No “They gave me mention about vague answers disadvantages when I ask Therefore, I deeply about just believe a some sensitive part of the things It made whole, they me feel they are make me feel not truthful” that all their cordiality is a sham” P4 “Their aim seem to sell contracts than take care customers” P5 “They are not good at persuading customers to buy their contracts, especially new customers Agents in Vietnam just seem success to sell to their families, relatives and friends.” What elements make you not trust insurance? P1 P2 P3 P4 P5 I not think Hard to Many bad Companies not take I have to pay claim news from care clients money for newspaper some one else Have you ever heard bad rumors or you have any disappointed about the insurance industry? Do you believe? P1 P2 P3 P4 P5 “I have a It is hard I not “On the newspaper, “I also have a friend tell that to claim believe in there are some law friend who he and his for the agents suits between worked in a agent damages insurance well known cooperated to companies and their insurance cheat the customers, company, when company” although I know he could not sell newspapers usually many contracts, blow the truth, I he was still have bad immediately impression” fired” What reasons lead you cancel your contract? P1 P2 P3 P4 P5 Not apply Not apply Not apply “When they not take care customers, and try to pay minimum as they can” “The agents must explain clearly at the beginning, not try to talk all about the benefits And when the customers are really in the cases, they under procedures making customers unsatisfying” “Bad service, talk too much when they want us to buy contract, but after that they not take care us at all” “The behaviors of the person who collects money monthly is also important, not make customers feel that they have to pay as a duty” Do you have any suggestion to help the insurance companies improve themselves? P1 P2 P3 P4 P5 “There is not enough advertising as well as marketing campaign to create a demand in market It is better to make customers see insurance’s benefit themselves “The performance of agents is important I hate the one who talks too much and try to stick to me until I agree to buy a contract Can not selling rather than making customers angry” It is not necessary to have many agents, the quantity is not important than the quality.” “Creating a trust in current customers and they will have a good reputation” “a contract more than 10 years will be difficult sold belong to current bad services” “PR also plays an important role in dealing public; Doing charity is also effective”