Solutions to enhance commucation skills of financial consultabts with customers at hanwha life insurance, brach office in buon m

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Tran Thi Lan SOLUTIONS TO ENHANCE COMMUNICATION SKILLS OF FINANCIAL CONSULTANTS WITH CUSTOMERS AT HANWHA LIFE INSURANCE, BRANCH OFFICE IN BUON MA THUOT CITY (HANWHA LIFE BUON MA THUOT – HLB), DAKLAK PROVINCE, VIETNAM MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2016 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Tran Thi Lan SOLUTIONS TO ENHANCE COMMUNICATION SKILLS OF FINANCIAL CONSULTANTS WITH CUSTOMERS AT HANWHA LIFE INSURANCE, BRANCH OFFICE IN BUON MA THUOT CITY (HANWHA LIFE BUON MA THUOT – HLB), DAKLAK PROVINCE, VIETNAM ID: 22 13 00 34 MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR LE NHAT HANH Ho Chi Minh City – Year 2016 ACKNOWLEDGEMENTS I got a lot of helps when I studied MBUS-MBA program and when I did the project, so, I would like to thank the following people Firstly, I want to express my deep gratitude to all the professors at ISB – UEH, who taught me in MBUS-MBA program Secondly, I would like to deeply thank my supervisor Dr Le Nhat Hanh for her support, patience and help through the pass months Thirdly, I would like to thank all the professors of the thesis proposal defending council and the draft thesis suggestion council, who gave the helpful comment for me to complete the project in the right direction I also want to thank Mss Binh and Miss My Anh in my group research shared the documents and encouraged me in the study period and doing thesis process In addition, I want to say thanks to all the staffs, consultants and customers of Hanwha Life Buon Ma Thuot, who provided documents, answered the questionnaires and gave the feedback for finishing this project Last but not least, I would like to thank my class mates in MBUS 4.2, my colleagues at Tay Nguyen University and my family members support me to complete this project Students Tran Thi Lan LIST OF TABLES, FIGURES AND TRANSCRIPTS Table 1.2: New exploiting premium and the quantity of new contract .5 Table 2.1 Strategies evaluation 24 Table 2.2 Cost and benefit of three alternative solutions .26 Table 3.1 Detailed implementation plan 30 Figure 1.1: The share of premium turnover and new exploiting premium of Vietnamese insurance market .4 Figure 1.2: Development of coffee price over the world Figure 1.3: Cause - and - effect map .16 Transcript 1.1 The number of life insurance policy that were sold by each financial consultants in 2014 Transcript 4.1: Customers’ assessing about communication skill of PruB’s financial consultants 40 Transcript 4.2 Customers’ assessing about communication skill of HLB’s financial consultants 42 Transcript 4.3a: Interview financial consultants to identify the most important causes of the problem 43 Transcript 4.3b: Interview financial consultants to identify the most important causes of the problem 43 Transcript 4.3c: Interview financial consultants to identify the most important causes of the problem 44 Transcript 4.4a: Interview customers to identify the most important causes of the problem 45 Transcript 4.4b: Interview customers to identify the most important causes of the problem 46 LIST OF ABBREVIATIONS HLB Hanwha Life Buon Ma Thuot PruB Prudential Buon Ma Thuot VCCI Vietnam Chamber of Commerce and Industry BOD Board of Directors TABLE OF CONTENTS EXECUTIVE SUMMARY Chapter PROBLEM IDENTIFICATION 1.1 Company background 1.2 Background of problem 1.2.1 Symptoms 1.2.2 Possible problems 1.3 Problem justification 10 1.3.1 Problem definition 10 1.3.2 Justify the existence of the central problem 12 1.3.3 Justify the importance of the problem 13 1.4 Potential causes of the problem 14 1.5 Causes validation 17 CHAPTER 2: ALTERNATIVE SOLUTION ANALYSIS 21 2.1 Alternative Solutions 21 2.1.1 Training 21 2.1.2 Teamwork 23 2.1.3 Dismissal and recruitment 23 2.2 Solution comparison 23 2.3 Select the best solution 27 CHAPTER 3: ACTION PLAN 29 3.1 Business goals 29 3.2 Objectives 29 3.3 Cost and benefit of three alternative solutions 29 3.4 Detailed implementation plan 29 Chapter SUPPORTING INFORMATION 31 REFERENCES 48 EXECUTIVE SUMMARY Hanwha Life Buon Ma Thuot (HLB) offers the protection that is against the loss of income when the insured people pass away, get older or have a serious risk The company provides life insurance for customers in Buon Ma Thuot city and Dak Lak Provice Because life insurance is a special product, so in almost cases, an insurance policy is sold by a financial consultant Like other life insurance companies, HLB introduces and sales their product directly to customers by the financial consultant force However, after six year launching their business in Buon Ma Thuot from 2009, almost all of the years, HBL got lost a lot of money In addition, share of new exploiting premium and the share of premium turnover are much less than other life insurance companies in the area Moreover, the information about purposes of life insurance product are not transferred sufficiently and HLB’s financial consultants sold less amount of life insurance policies and less premium than other financial consultants at other life insurance companies Our group research conducted a project to find out the roof of problem that make HLB have those bad symptoms After research the real situation at HLB, we found that HLB has a problem about communication skill of their financial consultants The financial consultants cannot explain thoroughly to make customers believe and choose their product We discussed with the board manager to give three alternative solutions for solving the problem, which are Training, Teamwork and dismissal & recruitment After comparing the solutions we found that training bring more benefit and less time and cost than other two strategies, so we selected training as a best solution for the problem It takes four and a haft month for this solution Lectures from short-term department training of Tay Nguyen University will help HLB two weeks to coach all financial consultants for training listening skill, understanding customers & sympathy The Board of managers will undertake to train knowledge of product in four months Training programs will apply on all financial consultants in 2016 to help HLB their business more effectively than the previous time Chapter PROBLEM IDENTIFICATION 1.1 Company background Hanwha Group (Hanwha Life insurance, n.d) was founded in 1952, one of the top 10 conglomerates in Korea and top 500 in the world with divisions: • Manufacturing & Construction •Finance •Service & Leisure Hanwha Group has diversified its business portfolio with 142 affiliates (52 affiliates in Korea and 90 affiliates overseas) such as Hanwha Corp., Hanwha SolarOne, Hanwha Q.Cell), Hanwha Chemical, Hanwha Engineering & Construction, Hanwha Life Insurance, and Hanwha Hotel & Resorts across other 19 countries, including Canada, China, Czech, Germany, Greece, Hungary, India, Indonesia, Italia, Japan, Philippines, Kazakhstan, Russia, Saudi Arabia, Singapore, Thailand, United Kingdom, United States and Vietnam Hanwha Life Insurance (the former name called Korea Life Insurance) was established in 1946, which is the oldest life insurance company in Korea The company has grown to be the country’s leading life insurer with total assets of 80 billion US Dollar and an AAA solvency rating from prominent rating agencies Hanwha Life Vietnam (formerly Korea Life Vietnam) was granted the establishment and operation license No 51GP/KDBH on June 12th, 2008 with the name of Korea Life Vietnam In January 2013 Korea Life Vietnam was changed the name to Hanwha Life Vietnam to create brand identity for the group Hanwha Life Vietnam has the charter capital of 1,891,140,000,000 VND and becomes one of leading life insurers which having highest capital in Vietnam Since Apr 2009, Hanwha Life Vietnam has introduced insurance products to Vietnamese customers Up to now, after years of operation, Hanwha Life Vietnam has been honor granted Golden Dragon Award in consecutive years 2010, 2011, 2012, 2013 for “Best financial services” This is prestige award granted by Vietnam Economic Times, VCCI and Ministry of Planning and Investment Hanwha Life Vietnam is having nearly 250 staffs and nearly 18,000 Financial Consultants working in 45 offices on nationwide Currently, Hanwha Life Vietnam is being trusted by nearly 69,000 (until May 2015) customers and their families The company’s vision is through life insurance, to help Vietnamese plan the future and make their dreams come true In 2009, Hanwha life also opened branch offices at Ho Chi Minh City, Buon Ma Thuot and Ha Noi The address of Hanwha Life Buon Ma Thuot is 3rd, The Central Office Building, 1-3 No Trang Long Street, Buon Ma Thuot City, Dak Lak province, Vietnam with two general agency offices at Eaka District and Buon Ho District The office in Buon Ma Thuot is providing six kinds of life insurance product for Dak Lak insurance market, namely as Revamped universal life with guaranteed insurability option (AN KHANG TÀI LỘC), Triple care critical illnesses endowment (AN KHANG PHÚC LỘC), Family package (GĨI SẢN PHẨM AN KHANG TỒN GIA), Education Plan 2015 Endowment (HANWHA LIFE- AN TÂM HỌC VẤN), Endowment With 40 targets and intentions to go down Hanwha Life’s honored to present the Short-term endowment – a fool-proof plan for 6-to-10-year plans” TRANSCRIPTS Transcript 4.1: Customers’ assessing about communication skill of PruB’s financial consultants Financial consultants give full attention when they talk to you Financial consultants keep eye contact throughout a conversation Financial consultants treat you respectfully Financial consultants ask the best questions to invite the best answers from you to understand your need Financial consultants ask for clarification of whatever they don't fully understand about your need of life insurance Financial consultants ask the best questions to invite the best answers from you to find your problem Financial consultants encourage you to talk about your problem in your life Financial consultants display empathy and consult you with appropriated life insurance product Financial consultants apologize to you and relate that they understand why you are upset about life insurance Financial consultants discover what is in the best interest of you Financial consultants deal optimally when you complain, criticize, blame and make excuses about life insurance product Descriptive Statistics Minim Maxim N um um Mean 50 4.00 7.00 5.6600 79821 50 4.00 7.00 5.7800 93219 50 4.00 7.00 5.7800 84007 50 5.00 7.00 5.7600 71600 50 4.00 7.00 5.4800 93110 50 4.00 7.00 5.4800 78870 50 4.00 7.00 5.7400 85261 50 4.00 7.00 5.9000 78895 50 4.00 7.00 5.8600 92604 50 4.00 7.00 5.5000 95298 50 4.00 7.00 5.6600 96065 Std Deviation 41 Descriptive Statistics Minim Maxim N um um Mean Std Deviation Financial consultants give full attention 50 4.00 7.00 5.6600 79821 when they talk to you Financial consultants keep eye contact 50 4.00 7.00 5.7800 93219 throughout a conversation Financial consultants treat you respectfully 50 4.00 7.00 5.7800 84007 Financial consultants ask the best questions 50 5.00 7.00 5.7600 71600 to invite the best answers from you to understand your need Financial consultants ask for clarification 50 4.00 7.00 5.4800 93110 of whatever they don't fully understand about your need of life insurance Financial consultants ask the best questions 4.00 7.00 5.4800 78870 to invite the best answers from you to find 50 your problem Financial consultants encourage you to talk 50 4.00 7.00 5.7400 85261 about your problem in your life Financial consultants display empathy and 50 4.00 7.00 5.9000 78895 consult you with appropriated life insurance product Financial consultants apologize to you and 50 4.00 7.00 5.8600 92604 relate that they understand why you are upset about life insurance Financial consultants discover what is in 50 4.00 7.00 5.5000 95298 the best interest of you Financial consultants deal optimally when 4.00 7.00 5.6600 96065 you complain, criticize, blame and make 50 excuses about life insurance product Valid N (listwise) 50 (Source: Statistic from interviewing customers) Transcript 4.2 Customers’ assessing about communication skill of HLB’s financial consultants Descriptive Statistics Minimu N Financial consultants give full attention when they talk to you Financial consultants keep eye contact throughout a conversation Financial consultants treat you respectfully Financial consultants ask the best questions to invite the best answers from you to understand your need Financial consultants ask for clarification of whatever they don't fully understand about your need of life insurance Financial consultants ask the best questions to invite the best answers from you to find your problem Financial consultants encourage you to talk about your problem in your life Financial consultants display empathy and consult you with appropriated life insurance product Financial consultants apologize to you and relate that they understand why you are upset about life insurance Financial consultants discover what is in the best interest of you Financial consultants deal optimally when you complain, criticize, blame and make excuses about life insurance product Valid N (listwise) m Std Maximum Mean Deviation 50 2.00 4.00 3.1429 89974 50 2.00 4.00 2.7143 75593 50 2.00 3.00 2.4286 53452 50 2.00 4.00 2.8571 69007 50 2.00 4.00 3.0000 81650 50 2.00 4.00 2.8571 89974 50 2.00 5.00 3.1429 1.06904 50 2.00 4.00 2.5714 78680 50 2.00 4.00 2.8571 89974 50 2.00 4.00 2.7143 95119 50 2.00 5.00 3.7143 95119 50 (Source: Statistic from interviewing customers) Transcript 4.3a: Interview financial consultants to identify the most important causes of the problem Questions Customers Mr Nghia (HLB’s financial consultants) (30 years old, photocopy shop keeper) Miss Huyen (HLB’s financial consultants) (36 years old, housewife) Miss Huong (HLB’s financial consultant) (38 years old, householder) Mr Nam (HLB’s financial consultant) (42 years old, famer) Mss Nguyet (HLB’s financial consultant) (37 Years Old, clothes shopkeeper) What you to contact with your clients and how you convince them to buy life insurance contract? As you know, my customers are my friends, neighbors and relatives I meet them and show them the interest of Hanwha Life product and help they found that invest in life insurance is more profitable than deposit in a bank I introduce my work with my relatives and they support me to buy life insurance contract I talk to my coworker about the investment in Hanwha Life for their life in the future and compare the benefit of HLB’s life insurance policy with other investment such as deposit in a bank As a financial consultant, I visit my neighbors more regularly and tell them that I sell life insurance product of HLB I also compare the interest of HLB to bank and convince them to buy life insurance policy I have a lot of close customers I tell them to support me with life insurance contract Of cause, I show the high interest of HLB product to convince them (Source: interview HBL’s financial consultants) Transcript 4.3b: Interview financial consultants to identify the most important causes of the problem Questions Customers Mr Nghia (HLB’s financial consultants) (30 years old, photocopy shop keeper) Miss Huyen (HLB’s How long have you worked for HLB? More than three years Two years How many life insurance policies did you sell last year (2014)? How many kinds of life insurance policies are being provided at HLB? Have you ever bought a life insurance policy at HLB? Yes No financial consultants) (36 years old, housewife) 6 No Miss Huong (HLB’s Three financial consultant) years (38 years old, householder) Five years Yes Mr Nam (HLB’s financial consultant) (42 years old, famer) No Mss Nguyet (HLB’s More than Life Buon Ma Thuot) two years (37 Years Old, clothes shopkeeper) (Source: Interview life insurance’s financial consultants in Buon Ma Thuot) Transcript 4.3c: Interview financial consultants to identify the most important causes of the problem Question s What is the Customers purpose of buying life insurance policy at HLB? How HLB’s product compares to competitor’s product (such as, Prudential or Baoviet)? Higher interest than other life insurance companies What are the differences between buying life insurance policies and depositing in a bank? Why customers who cancel the life policy before maturity day always get lost, even lost all the fee that they participated? How will the customers get benefit if HBL goes bankrupt or does not business in Vietnam? The interest of insurance is higher than of bank HLB cannot go bankrupt because this is a big company with the strong financial potential Because of longer term than deposit in bank, signing an insurance policy you are protected longer Signing an insurance policy you will get more money than deposit in a bank at the Because when you participate life insurance means you and the life insurance companies agree invest together to get high interest If you cancel the contract you have to lost all the preliminary investment money Because the life insurance company takes your money to invest in other field to give you more money, so you have to wait for their investment mature Because you accept to invest together with life insurance company so you have to put your money in the material as you open a shop, at the first time the investment is not Does HLB go bankrupt? This issue cannot occur Mr Nghia Buying life insurance at HLB you will get more money at maturity day Miss Huyen Investing to get more money Higher interest than other life insurance companies Miss Huong Accumulating money for future Higher interest than other life insurance companies HLB is a strong life insurance company in Korea so it cannot go bankrupt maturity Mr Nam Investing with no risk Higher interest than other life insurance companies The interest that you sent money to a bank is much lower than participate life insurance Miss Nguyet Saving money for future with high interest Higher interest than other life insurance companies A lot of interest you will receive if you sign a life insurance policy always going well, so if you get back your money you remain a little You see the interest of life insurance is higher than deposit in a bank so they have to take your money to buy share, bond or invest When you want to get money back earlier, they also have to sale share, bond earlier or cancel their investment and lost money You can be lost all your money if lapse before maturity day, because when you participate life insurance means you and the life insurance companies agree invest together to get high interest, so you will lost all the preliminary investment HLB is a big company so it cannot go bankrupt I believe HLB existing forever because it belong to one of the big ten conglomerates in Korea (Source: Interview life insurance’s financial consultants in Buon Ma Thuot) Transcript 4.4a: Interview customers to identify the most important causes of the problem Questions Customers Mrs Hoa (age 58, retired) Mr Canh (45 years old, farmer) Miss Diem (21 years old, student) Mr Tuan (age 28, freelancer) Mr Dong (34 years old, accountant) Please let us know what HLB’s financial consultant to contact with you and how they convince you to buy life insurance contract? One day, a friend of my daughter visited me and said that she is an HLB’s financial consultant She showed me that interest of HLB’s product is higher than of bank and persuaded my husband and I into buying life insurance contract A colleague of my wife introduced our family HLB’s product and told us to support her by buying an life insurance contract and introduce her other people for her to contact and sale life insurance I feel that she is like someone work for Multi-level Marketing company One of my neighbor said that he is an HLB’s financial consultant He convinced my parents to buy life insurance contract He showed us the benefit of HLB to convince us My neighbor told that I travel a lot, so I should buy a life insurance contract, if I have an unfortunate incident and die I will get a lot of money My friend called me and convinced me to buy life insurance because she said that I will get more money at the end of life insurance term Msr Phuong (35 years old, bank staff) My friend told me that I should buy a life insurance contract because I will gain a lot of money for my future when my children go to university Msr Phuc (age 33, accountant) My aunt work for this company but I not know anything besides this is a life insurance company Transcript 4.4b: Interview customers to identify the most important causes of the problem HBL’s financial consultants talk about the purpose of buying life insurance policy at HLB? HBL’s financial consultants talk about HLB’s product compares to competitor’s product (such as, Prudential or Baoviet)? HBL’s financial consultants talk about the differences between buying life insurance policies and depositing in a bank? HBL’s financial consultants explained the reason why customers who cancel the life policy before maturity day always get lost, even lost all the fee that they participated Msr Hoa (age 58, retired) Investing money with the high benefit HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants said that we will get more money at the maturity if we sign an insurance policy Mr Canh (45 years old, farmer) Getting higher interest than depositing in a bank HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants insisted that the interest that we sent money to a bank is much lower than participate life insurance We will be lost all our money if we lapse before maturity day, because when we participate life insurance means we and the life insurance companies agree invest together to get high interest, so we will lost all the preliminary investment money I not want to play life insurance so I not care about that Miss Diem (21 years old, student) Get more money at the end of insurance period HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants convinced me that lot of interest my family will receive if I sign a life insurance policy Questions Customers Play life insurance is different to depositing in a bank so we have to follow the law of insurance HBL’s financial consultants talk about how will the customers get benefit if HLB goes bankrupt or does not business in Vietnam HLB cannot go bankrupt because it is a big life insurance company HLB cannot go bankrupt because it is a big life insurance company HLB cannot go bankrupt because it is a big life insurance company Mr Tuan (age 28, freelancer) Investment with high interest and no risk HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants said that the interest of life insurance is higher than of depositing in a bank Mr Dong (34 years old, accountant) Play life insurance to win a lot of money HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants said that because of longer term than deposit in bank, signing an insurance policy we are protected longer Msr Phuong (35 years old, bank staff) Saving for future HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants tell me that we will get more money if we play life insurance Msr Phuc (age 33, accountant) Investing money with higher benefit than depositing in a bank HBL’s products have higher interest than other life insurance companies’ product HLB’s financial consultants said that the interest that we sent money to a bank is much lower than participate life insurance, so we should sign a life insurance policy Because the life insurance company takes customers fee to invest in other field to give their customers more money, so if we sign a life insurance policy we have to wait for their investment mature HLB’s financial consultants said that when we accept to sign life insurance policy means we agree to invest together with life insurance company so we have to put our money in the material as we open a shop, at the first time the investment is not always going well, so if we get back your money we remain a little Because the interest of life insurance is higher than deposit in a bank so the company has to take customers’ money to buy share, bond or invest When we want to get money back earlier, they also have to sale share, bond earlier or cancel their investment and lost money HBL’s financial consultants tell me that the life insurance company have to invest in other field by customers’ fee, so we will lost the preliminary investment money if we withdraw the fee before maturity HLB cannot go bankrupt because it is a big life insurance company HLB cannot go bankrupt because it is a big life insurance company HLB cannot 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