1 monthly report december, 2008 planning division sam lung 31 july. 2009
TRANSCRIPT
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MONTHLY REPORT DECEMBER, 2008MONTHLY REPORT DECEMBER, 2008
Planning DivisionPlanning Division
Sam LungSam Lung
31 July. 200931 July. 2009
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Agenda
Market News
Sales of Product
Work of this month
Project Report – the Modification
of Agency Regulation
3
Market News
• Great Eastern Life Insurance launches two new product.
Dai an truong khang (life-time insurance) allows the dependent family member of the beneficiary to have a sufficient
life when the beneficiary had bad health situation from accidents.
Dai an dinh ky hang nam (annual fixed-term life )
insured age : 1~55 years old
insurance period : 12 or 15 years
benefit payment :3~5 6~8 9~12 or 15
5% 7.5% 10%
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Market News
• Manulife introduces new medical care products
Phuc An Binh offers guaranteed indemnity coverage for 10 major surgeries
suitable for people from 18-55 years old with a wide range of premium
benefit coverage from VND60-500 million per surgical treatment
guaranteed money-back option to a maximum of up to 50% of the premium paid, regardless of major surgical treatment claimed before
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Agenda
Market News
Sales of Product
Work of this month
Project Report – the Modification
of Agency Regulation
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Sales of Product(6~7 working month, policy in-force)
0
200
400
600
800
1000
C03 C04 A01 C05 C01 C02 C06 Total
6wkm
7wkm
38.5%38.5% 34.3%34.3% 18.8%18.8%
0500
1,0001,5002,0002,5003,0003,500
C03 C04 C05 A01 C01 C02 C06 Total
6wkm
7wkm
49.4%49.4% 31.9%31.9% 9.1%9.1%
Policy NumberPolicy Number
First PremiumFirst Premium (basic plan)(basic plan)
808808
936936
118118
Unit: milUnit: mil
2,7182,718
3,3083,308
548548
Main product: C03 &C04Main product: C03 &C04Keep observing C05Keep observing C05
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Agenda
Market News
Sales of Product
Work of this month
Project Report – the Modification
of Agency Regulation
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Plan of Product Design
Stop salesStop salesC01 and C02 are going to be stopped sailing from 7/31! C01 and C02 are going to be stopped sailing from 7/31!
New ProductNew Product-3 riders-3 riders
Medical:hospitalization and operation coverage when insured is sick or in accidentTerm : lower premium for more coverageWaiver :Without paying premiums when policy owner is dead or total disability
Medical:hospitalization and operation coverage when insured is sick or in accidentTerm : lower premium for more coverageWaiver :Without paying premiums when policy owner is dead or total disability
Plan to launch Plan to launch on on SeptemberSeptember
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Happy Kids, Lucky Draw
Qualified Customers
HCMC 89
HN 279
DN 89
Total 457
Drawing Date: Drawing Date: 7/317/31Drawing Location:Drawing Location:New Fortuna Hotel at HanoiNew Fortuna Hotel at Hanoi
The Winner is…………?The Winner is…………?
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Agenda
Market News
Sales of Product
Work of this month
Project Report – the Modification
of Agency Regulation
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the Modification of Agency Compensation Regulation
• 2 main Modifications
Adjust the rationality of salary between IA & AS
Incentive of SM promotion
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Unreasonable!!Unreasonable!!
PositionPerformance
Full-time Agent
SEAS EAS SAS AS
PersonalPerformance(%)
19.0 38.8 27.6 57.1
PerformanceTracing from IA(%)
81.0 61.2 72.4 42.9
Period:1~6wkm,2009Period:1~6wkm,2009
Some agents sale personally, but transfer the performance to the IA he recruits ON PURPOSE !!!
Some agents sale personally, but transfer the performance to the IA he recruits ON PURPOSE !!!
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3 main reasons:
Deferred payment of Sales Bonus
Agents can get 25% performance from the IA he recruits.
IA can get more money than Agents possibly?
Deferred paymentDeferred payment within several months within several months
One-time paymentOne-time paymentbut less money but less money
Full-timeFull-time Part-timePart-time
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Simulation of Sales bonus -previously
-
500
1,000
1,500
2,000
2,500
3,000
3,500
50 150 250 350 450 550 650 750
SAS
IA
Bonus (thousand)Bonus (thousand)
PFYP (thousand)PFYP (thousand)
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How to adjust?
Commission
Sales Bonus
Attendance BonusAttendance Bonus
Meeting-requirements Meeting-requirements Bonus Bonus
PerformancePerformance BonusBonus
SubsidySubsidy
Salary StructureSalary Structure
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Position CAS SEAS EAS SAS
Basic Score 8,400 5,600 3,500 2,450
Payment(thousand)
900 600 300 200
Standard Score 12,000 8,000 5,000 3,500
Payment(thousand)
1,200 800 500 300
Meeting-requirements Meeting-requirements Bonus Bonus
If the total scores of a working month below the Basic score corresponding to the official level, the Meeting-requirements Bonus will be paid 45 Dong per score.
How to adjust?
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Score CAS SEAS EAS SAS
0 0 0 0 0
1000 90 90 90 90
2000 110 110 100 90
2500 120 120 110 100
3000 130 130 130 110
3500 140 140 140 120
4000 150 150 150 130
5000 160 160 160
140
6000 170 170 170
7000 180 180
180
8000 190 180
10000 200 190
12000 200 200
14000 215
210
16000 230
20000 245
25000 260
30000 270
Score CAS SEAS EAS SAS
0 0 0 0 0
1000 90 90 90 90
2000 110 110 100 90
2500 120 120 110 100
3000 130 130 130 110
3500 140 140 140 120
4000 155 150 150 130
4500 165 165 150 145
5000 175 170 160 155
5500 175 170 165 165
6000 175 170 170 170
6500 175 175 175 175
7000 180 180 180 180
7500 185 185 185 185
8000 190 185 185 185
8500 190 190 190
190
9000 195 195 195
10000 200 200 200
11000 205 205 205
12000 210 210
210
14000 215 215
16000 230 230
20000 245
24025000 260
30000 270
Performance Bonus Performance Bonus
How to adjust?
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Simulation of Sales bonus – After adjust
-
500
1,000
1,500
2,000
2,500
3,000
3,500
50 150 250 350 450 550 650 750
SAS
IA
Bonus (thousand)Bonus (thousand)
PFYP (thousand)PFYP (thousand)
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• Also, we decrease the Performance Tracing percentage from 25%15%
Decrease the incentive to transfer the performance Encourage IA promote to AS
How to adjust?
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Experienced in other company Experienced in other company BreedBreed from Cathay from Cathay
2 Type of SM
Fixed financial support in the First year!
NO financial support
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• Both of 2 types SM have the same Financial Support !
• Adjust this Financial Support to be Efficiency !!
How to adjust?
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Quarter Q1 Q2 Q3 Q4
Amount 5M 4M 3M 2M
Q1&Q2
PFYP per working month
Amount
PFYP < 15M 0
15M ≦ PFYP < 20M 3M
20M ≦ PFYP < 30M 4M
30M ≦ PFYP 5M
Q3&Q4
PFYP per working month
Amount
PFYP < 20M 0
20M ≦ PFYP < 25M 2M
25M ≦ PFYP < 35M 3M
35M ≦ PFYP < 45M 4M
45M ≦ PFYP 5M
How to adjust?
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Summary
• Our strategy of agent development
Encourage IA (part-time) promote to AS (full-time)Encourage IA (part-time) promote to AS (full-time)
Decrease the transfer of performanceDecrease the transfer of performance
Encourage Agent promote to SMEncourage Agent promote to SM
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PLANNING PROJECT NEXT MONTH
New Branch Establishment
New Product
2010 New Branch Plan
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