Luận văn thạc sĩ improving selling process for the critical illness insurance in pti

NATIONAL ECONOMICS UNIVERSITY NEU BUSINESS SCHOOL NGUYEN MINH NAM IMPROVING SELLING PROCESS FOR THE CRITICAL ILLNESS INSURANCE IN PTI MASTER OF BUSINESS ADMINISTRATION THESIS SUPERVISOR: ASSOC PROF DR VU MINH DUC, NATIONAL ECONOMICS UNIVERSITY HANOI – 2017 TABLE OF CONTENTS ABBREVIATIONS LIST OF TABLES LIST OF FIGURES EXECUTIVE SUMMARY .4 CHAPTER 1: INTRODUCTION 1.1 Rationale 1.2 Research objectives 1.3 Research questions .6 1.4 Scope of Research 1.5 Research methodology .7 1.5.1 Research process 1.5.2 Research process description 1.5.3 Data collection 10 1.5.4 Data Analysis 10 1.6 Thesis Structure: .11 CHAPTER 2: THEORETICAL FRAMEWORK .12 2.1 Selling process 12 2.1.1 Definition of selling process .12 2.1.2 Selling process in general business 12 2.2 Selling process in Insurance business 22 2.3 Relevant factors affecting Insurance product’s selling process .25 2.4 Evaluation on selling process in Insurance products .27 CHAPTER 3: ANALYSIS OF FINDINGS ON CRITICAL ILLNESS INSURANCE’S SELLING PROCESS IN PTI 28 3.1 Current situation of Critical Illness Insurance’s selling process in PTI 28 3.1.1 Overview 28 3.1.2 Current selling process of Critical Illness Insurance in PTI .33 3.2 Analysis of findings on Critical Illness Insurance’s selling process in PTI .36 3.2.1 Respondent profile 36 3.2.2 Findings on Critical Illness Insurance’s selling process 37 3.2.3 Summary on findings 48 CHAPTER 4: RECOMMENDATIONS TO IMPROVE SELLING PROCESS IN PTI .50 4.1 General strategy of PTI Head Office to improve Critical Illness Insurance’s selling process in PTI 50 4.2 Simplify selling process 50 4.3 Shorten sale document .54 4.4 Modernize selling method 56 CONCLUSION 57 REFERENCES 58 APPENDIX 59 ABBREVIATIONS PTI Post and Telecommunication Joint Stock Insurance Corporation JSC Joint Stock Company VINARE Vietnam National Reinsurance Corporation HANCORP Hanoi Construction Corporation (HANCORP) VINACONE Vietnam Construction and Import - Export Joint Stock X Corporation LIST OF TABLES Table 3.1 - Operational Capacity 31 Table 3.2 - Revenue for last three years 31 Table 3.3 - Critical Insurance Insurance results period from 1st August 2016 - 30th July 2017 35 LIST OF FIGURES Figure 3.1 – Organizational Chart 30 Figure 3.2 - Critical Illness’s selling process 34 Figure 3.3 – Occupation of Respondents 37 Figure 3.4 – Customers’ procedures .41 Figure 4.1 – CI Insurance’s new selling process 52 Figure 4.2 – Customers’ new procedures .54 EXECUTIVE SUMMARY In business market these days, the innovation becomes absolutely essential for success or failure of every companies There is no doubt that selling process is one of the most significant aspects in business innovation regardless the ranking in business market A company which produces a great selling process is not only successful in business result but also improve its brand and image up to a higher level in an aggressive competition market PTI is currently Top Insurance Company in Vietnam, recognized as “The most valuable insurance brand for community” for many consecutive years There is a fact, however, PTI has been under tough situation in selling new insurance products and this study shall investigate the way selling process running in PTI Telesales person in PTI is the one who presently has to be in difficulties in dealing with clients It is selling process in Critical Insurance product which seems too complicated that has troubled Salesman at the early stage of business operation Around 70% of customers complaint about complex selling work-flow in their comments on PTI’s website Beside, Telesales Managers also gave the similar feedbacks in annual meetings with PTI Head Office There is too much complaint about much procedure and waste of time That makes problem worse is clients’ evaluation on the lack of professions in PTI’s business system The study focus on main objectives including: (1) Review the theoretical background of selling process and offer proper evaluation of current selling process in PTI; (2) Analyze the current situation of selling process in PTI and verify the weakness of selling process in PTI based on data source of in-depth interview, customers’ survey and analyzing affecting factors to selling process; and finally (3) Propose recommendations to enhance the selling process in PTI to offer solutions for outstanding issues at present CHAPTER 1: INTRODUCTION 1.1 Rationale Selling process definitely plays significant role in business result of every company regardless its ranking in business market A dynamic business environment forces each company to improve selling process to meet the demand of speedy changing of modern business The more technology develops, the more proactive and creative company should stay to not be obsolete and out of dated By acknowledging the importance of improving selling process, PTI has fully paid attention to research, modify and simplify steps of sales flow According to Mr Bui Xuan Thu, CEO of the company, one of the most essential factors to gain success is continuously enhancing and upgrading selling process There is no room for the stagnant movement in the highly competitive market nowadays Telesales person in PTI is the one who currently has to face the most challenging obstacles while dealing with clients It is selling process in Critical Insurance product which seems too complicated that has troubled Salesman at the early stage of business operation Around 70% of customers complaint about complex selling work-flow in their comments on PTI’s website Beside, Telesales Managers also gave the similar feedbacks in annual meetings with PTI Head Office There is too much complaint about much procedure and waste of time That makes problem worse is clients’ evaluation on the lack of professions in PTI’s business system For all mentioned justifications, it is expected that the study will offer specific solutions to boost business productivity, in particular selling process to obtain better achievements 1.2 Research objectives To resolve the above problem, this research is focused on subsequent objectives: - Summary some theories of selling process - Analyze and evaluate the current situation of selling process for Telesales person 1.3 - Identify the strengths and weaknesses of PTI’s selling process - Propose recommendations to improve the selling process of PTI Research questions In order to attain the objectives, the research is to answer the following questions: - What are the theories of selling process? - What are the current situations of the selling process for Critical Illness Insurance in PTI? - What are the strengths and weaknesses of Critical Illness Insurance’s selling process for telesales person? - What should be done to improve Critical Illness Insurance’s selling process for telesales person? 1.4 Scope of Research - Content: Content of the thesis concentrates on Critical Illness Insurance’s selling process for telesales person - Target: Critical Illness Insurance’s selling process for telesales person - Location: POST & TELECOMMUNICATION JOINT STOCK INSURANCE CORPORATION (PTI) with its Head office in 4A Lang Ha street, Ba Dinh district, Hanoi - Time:  Secondary data: The data and reports are collected in the period of August 2016 to the year of 2017 (since the first launching date of Critical Illness Insurance)  Primary data: The period conducting surveys and interviews is from April 2017 to June 2017 There are some Manager, Team Leaders, Best sellers from PTI Telesales Team and Customers who shall participate in surveys and interviews 1.5 Research methodology 1.5.1 Research process (1) Define research (2) Research problem problem (5) Recommend (3) Collect data (4) Analyze Source: Research Methods for Business by Uma Sekkaran and Roger Bougie (Sixth Edition) As Uma Sekkaran and Roger Bougie’s theory, the research process shall be indicated as: - Define research problem: A drop in sales, frequent production interruptions, incorrect accounting results, low-yielding investment, disinterestedness of employees in their work, customer switching, and the like, could attract the attention of the manager and catalyze the research project Scientific research starts with a definite aim or purpose To find ... affecting Insurance product’s selling process .25 2.4 Evaluation on selling process in Insurance products .27 CHAPTER 3: ANALYSIS OF FINDINGS ON CRITICAL ILLNESS INSURANCE? ??S SELLING PROCESS IN. .. for problem to improve 9 1.5.2 Research process description Step Process Description Define research problem Critical Illness Insurance? ??s selling process in PTI Selling process in Critical Insurance. .. current situations of the selling process for Critical Illness Insurance in PTI? - What are the strengths and weaknesses of Critical Illness Insurance? ??s selling process for telesales person?