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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, BRANC[.]
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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF TABLES, FIGURES AND TRANSCRIPTS Table 1.2: New exploiting premium and the quantity of new contract 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 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 (GÓI SẢN PHẨM AN KHANG TOÀN GIA), Education Plan 2015 Endowment (HANWHA LIFE- AN TÂM HỌC VẤN), Endowment With LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... 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 –...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,. .. 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