project on mf & ins
TRANSCRIPT
-
8/8/2019 Project on MF & INS
1/26
1. ATTEND AMFI TRAINING
Concept:
A Mutual Fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is then invested in
capital market instruments such as shares, debentures and other securities. The
income earned through these investments and the capital appreciation realised
are shared by its unit holders in proportion to the number of units owned by
them. Thus a Mutual Fund is the most suitable investment for the common man
as it offers an opportunity to invest in a diversified, professionally managed
basket of securities at a relatively low cost.
The flow chart below describes broadly the working of a mutual fund:
-
8/8/2019 Project on MF & INS
2/26
Mutual Funds in India are governed by the SEBI (Mutual Fund) Regulations
1996 as amended from time to time.
Types of Mutual Funds Schemes:
Wide variety of Mutual Fund Schemes exists to cater to the needs such as
financial position, risk tolerance and return expectations etc. thus mutual
funds has Variety of flavours, Being a collection of many stocks, an
investors can go for picking a mutual fund might be easy. There are over
hundreds of mutual funds scheme to choose from. It is easier to think of
mutual funds in categories, mentioned below.
Overview of existing schemes existed in mutual fund category: BY
STRUCTURE
1. Open - Ended Schemes:An open-end fund is one that is available for subscription all through the
year. These do not have a fixed maturity. Investors can conveniently buy
and sell units at Net Asset Value ("NAV") related prices. The key feature
of open-end schemes is liquidity.
2. Close - Ended Schemes:These schemes have a pre-specified maturity period. One can invest
directly in the scheme at the time of the initial issue. Depending on thestructure of the scheme there are two exit options available to an investor
-
8/8/2019 Project on MF & INS
3/26
after the initial offer period closes. Investors can transact (buy or sell) the
units of the scheme on the stock exchanges where they are listed. The
market price at the stock exchanges could vary from the net asset value
(NAV) of the scheme on account of demand and supply situation,
expectations of unit holder and other market factors. Alternatively someclose-ended schemes provide an additional option of selling the units
directly to the Mutual Fund through periodic repurchase at the schemes
NAV; however one cannot buy units and can only sell units during the
liquidity window. SEBI Regulations ensure that at least one of the two
exit routes is provided to the investor.
3. Interval Schemes:Interval Schemes are that scheme, which combines the features of open-
ended and close-ended schemes. The units may be traded on the stockexchange or may be open for sale or redemption during pre-determined
intervals at NAV related prices.
Overview of existing schemes existed in mutual fund category: BY NATURE
1. Equity fund:These funds invest a maximum part of their corpus into equities holdings.
The structure of the fund may vary different for different schemes and the
fund managers outlook on different stocks. The Equity Funds are sub-
classified depending upon their investment objective, as follows:
Diversified Equity Funds
Mid-Cap Funds
Sector Specific Funds
Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity
funds rank high on the risk-return matrix.
2. Debt funds:The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some
of the major issuers of debt papers. By investing in debt instruments,
these funds ensure low risk and provide stable income to the investors.
Debt funds are further classified as:
Gilt Funds: Invest their corpus in securities issued by Government,popularly known as Government of India debt papers. These Funds carry
-
8/8/2019 Project on MF & INS
4/26
zero Default risk but are associated with Interest Rate risk. These
schemes are safer as they invest in papers backed by Government.
Income Funds: Invest a major portion into various debt instruments such
as bonds, corporate debentures and Government securities.
MIPs: Invests maximum of their total corpus in debt instruments whilethey take minimum exposure in equities. It gets benefit of both equity and
debt market. These scheme ranks slightly high on the risk-return matrix
when compared with other debt schemes.
Short Term Plans (STPs): Meant for investment horizon for three to six
months. These funds primarily invest in short term papers like Certificateof Deposits (CDs) and Commercial Papers (CPs). Some portion of the
corpus is also invested in corporate debentures.
Liquid Funds: Also known as Money Market Schemes, These fundsprovides easy liquidity and preservation of capital. These schemes invest
in short-term instruments like Treasury Bills, inter-bank call money
market, CPs and CDs. These funds are meant for short-term cash
management of corporate houses and are meant for an investment horizonof 1day to 3 months. These schemes rank low on risk-return matrix and
are considered to be the safest amongst all categories of mutual funds.
3. Balanced funds:As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with
pre-defined investment objective of the scheme. These schemes aim to
provide investors with the best of both the worlds. Equity part provides
growth and the debt part provides stability in returns.
Further the mutual funds can be broadly classified on the basis of investment
parameter viz,
Each category of funds is backed by an investment philosophy, which is pre-
defined in the objectives of the fund. The investor can align his own investment
needs with the funds objective and invest accordingly.
By investment objective:
Growth Schemes: Growth Schemes are also known as equity schemes.The aim of these schemes is to provide capital appreciation over medium
-
8/8/2019 Project on MF & INS
5/26
to long term. These schemes normally invest a major part of their fund in
equities and are willing to bear short-term decline in value for possible
future appreciation.
Income Schemes: Income Schemes are also known as debt schemes. Theaim of these schemes is to provide regular and steady income to
investors. These schemes generally invest in fixed income securities such
as bonds and corporate debentures. Capital appreciation in such schemes
may be limited.
Balanced Schemes: Balanced Schemes aim to provide both growth andincome by periodically distributing a part of the income and capital gains
they earn. These schemes invest in both shares and fixed income
securities, in the proportion indicated in their offer documents (normally50:50).
Money Market Schemes: Money Market Schemes aim to provide easyliquidity, preservation of capital and moderate income. These schemes
generally invest in safer, short-term instruments, such as treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
Other schemes Tax Saving Schemes:Tax-saving schemes offer tax rebates to the investors under tax laws
prescribed from time to time. Under Sec.88 of the Income Tax Act,
contributions made to any Equity Linked Savings Scheme (ELSS) are
eligible for rebate.
Index Schemes:Index schemes attempt to replicate the performance of a particular index
such as the BSE Sensex or the NSE 50. The portfolio of these schemes willconsist of only those stocks that constitute the index. The percentage of each
stock to the total holding will be identical to the stocks index weightage. And
hence, the returns from such schemes would be more or less equivalent to
those of the Index.
Sector Specific Schemes:These are the funds/schemes which invest in the securities of only those
sectors or industries as specified in the offer documents. e.g.
Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG),
Petroleum stocks, etc. The returns in these funds are dependent on the
-
8/8/2019 Project on MF & INS
6/26
performance of the respective sectors/industries. While these funds may give
higher returns, they are more risky compared to diversified funds. Investors
need to keep a watch on the performance of those sectors/industries and must
exit at an appropriate time.
Advantages of Investing in Mutual Funds:
1. Professional Management - The basic advantage of funds is that, they
are professional managed, by well qualified professional. Investors
purchase funds because they do not have the time or the expertise to
manage their own portfolio. A mutual fund is considered to be relatively
less expensive way to make and monitor their investments.
2. Diversification - Purchasing units in a mutual fund instead of buyingindividual stocks or bonds, the investors risk is spread out and minimized
up to certain extent. The idea behind diversification is to invest in a large
number of assets so that a loss in any particular investment is minimized
by gains in others.
3. Economies of Scale - Mutual fund buy and sell large amounts of
securities at a time, thus help to reducing transaction costs, and help to
bring down the average cost of the unit for their investors.
4. Liquidity - Just like an individual stock, mutual fund also allows
investors to liquidate their holdings as and when they want.
5. Simplicity - Investments in mutual fund is considered to be easy,
compare to other available instruments in the market, and the minimum
investment is small. Most AMC also have automatic purchase plans
whereby as little as Rs. 2000, where SIP start with just Rs.50 per month
basis.
Disadvantages of Investing Mutual Funds:
1. Professional Management- Some funds doesnt perform in neither the
market, as their management is not dynamic enough to explore the
available opportunity in the market, thus many investors debate over
whether or not the so-called professionals are any better than mutual fund
or investor him self, for picking up stocks.
2. Costs The biggest source of AMC income, is generally from theentry & exit load which they charge from an investors, at the time of
-
8/8/2019 Project on MF & INS
7/26
purchase. The mutual fund industries are thus charging extra cost under
layers of jargon.
3. Dilution - Because funds have small holdings across different
companies, high returns from a few investments often don't make muchdifference on the overall return. Dilution is also the result of a successful
fund getting too big. When money pours into funds that have had strong
success, the manager often has trouble finding a good investment for all
the new money.
4. Taxes - when making decisions about your money, fund managers
don't consider your personal tax situation. For example, when a fund
manager sells a security, a capital-gain tax is triggered, which affects how
profitable the individual is from the sale. It might have been more
advantageous for the individual to defer the capital gains liability.
Why Mutual Fund as a Investment Tool?
Following below is the table showing the Comparison of Mutual Fund with
Other Options:-
Liquidity Risk Return
Real Estate low med high
Fixed deposits high med med
Govt Securities high low low
Gold high high low
Shares high high med
Mutual Fund high med high*
*in long term
-
8/8/2019 Project on MF & INS
8/26
ABBREVIATIONS USED FOR MUTUAL FUNDS:-
AMFI -Association of Mutual Funds in India
AMC -Assets Management Company
AGNI -AMFI guidelines & Norms for intermediaries
FII -Foreign Institutional Investor
KIM -Key Information Memorandum
MMMF -Money Market Mutual Funds
FOF -Fund of Funds
NAV -Net Assets Value
NFO -New Fund Offer
NRI -Non Resident Indian
BSE -Bombay Stock Exchange
NSE -National Stock Exchange
NPA -Non Performing Assets
RBI -Reserve Bank of India
SRO -Self Regulatory Organization
PER or P/E -Price Earning Ratio
WDM -Wholesale Debt Market
YTM -Yield to Maturity
ARN -AMFI Registration Number
SIP -Systematic Investment Plan
SWP -Systematic Withdrawal Plan
STP -Systematic Transfer Plan
-
8/8/2019 Project on MF & INS
9/26
PREPARE A PROCESS NOTE FOR MUTUAL
FUND OPERATIONS IN YOUR REGION
Mutual Funds & Investments (Fixed Deposits) are part of MMFSL. We
ourselves are the National Distributor for all the National & International Funds.
Being a National distributor we have a Corporate Tie up with all the AMCs for
additional Revenue. We do appoint brokers who are AMFI certified for doing
the business. Different products handled by Mutual Fund department are Mutual
Funds, SIP etc & Fixed Deposits.
PROCESS NOTE FOR MUTUAL FUND OPERATIONS:
Currently Mutual Funds are not catered at Kalyan branch. It does not mean that
the area under Kalyan does not offer potential for Mutual Funds distribution.
Process which should be adopted to start Mutual Funds Operation in Kalyan:
1. Firstly dedicated Manpower should be made available and responsible to
carry out MF business in the area.
2. Promotion activity should be carried out as people are not aware that
MMFSL also caters products such as Mutual Funds, Fixed Deposits.
3. We have ready data base of our customers who have availed loans from
us, CROSS SELLING of MFs can be done to these set of customers.
4. Our employees should be targeted for investments in SIP.
5. Cold calling, visits in the local industrial belt should be carried out to
promote the product. There should be a process in place to promote MFs
operation; power point presentation should be given in Companies, Malls
etc.
6. Summer interns from colleges could help in spreading awareness and in
generating sales at minimum cost (i.e. Stipend).
7. MIS system (like Fundz Magic) could be brought in to speedily cater the
needs of customer and to enhance the sales.
-
8/8/2019 Project on MF & INS
10/26
PROCESS FOR SALES
1. Data base is collected from various sources.
2. Leads are generated through Cold Calling on the Data Base we have.
3. Then Some Suspects are targeted to convert them into Prospects.
4. These Prospects are approached by our employee and efforts are made to
convert the prospect into a Client.
5. Once the clients are convinced the deal is closed.
6. Once the customer is convinced they fill the application form & a cheque
or DD is collected from the customer in the name of the particular mutual
fund & submit it to the AMC.
7. Commission is received on the monthly or quarterly basis from the
AMCs.8. They are having Fin smart Portfolio Tracker software which maintains
the portfolio of the customers.
9. The customers can login to our site by using the ID & password given to
them by us & can view their portfolio.
10.They send the daily analyzer mail to the customer & keep updating them
with the current market conditions.
11.They provide various services like reshuffling of the portfolio of the
customers if they are satisfied.
-
8/8/2019 Project on MF & INS
11/26
ATTEND PRODUCT TRAINING OF LIFE AND
& NON-LIFE INSURANCE COMPANIES
Process note for Insurance Operations in the area
MIBL (Mahindra Insurance Brokers Limited) a wholly owned subsidiary of
MMFSL is the company that looks after the insurance operations in the country.
As the name suggest MIBL plays the role of the broker or the chain partner for
the various Insurance Companies. It deals in both Life & Non life Insurance
Products. Under Life Insurance products we are having MLS (Mahindra Loan
Suraksha) & Life Insurance. Under Non- Life we have Motor Insurance &
Corporate Insurances. The business of MLS is done through the business
executives of MMFSL & the business of Life Insurance is done through the
employees of MIBL. Same as the MLS major Contribution of Motor Insurance
Business is done by MMFSL employee with the help of MIBL executive, But
for the Corporate Insurance Business is completely generated by MIBL
executive.
Process of Operations for the Retail Life Insurance:-
At the initial stage the Retail Life Insurance employee sends the request
for the forms to the H.O (Head Office).
After receiving the request the H.O takes the forms from the concern
insurance companies & put its stamp & code on every form.
Then those forms are forwarded to the respective branches.
-
8/8/2019 Project on MF & INS
12/26
After receiving the forms the employees approaches to the customer by
taking their appointments & convince them to take a particular product.
The Retail Life Insurance team uses the database of the MMFSL as well
as does cold calling for reaching or approaching the customers.
When the customers are convinced for buying the particular product
then they take the cash or the cheque in the name of the concern
insurance company from the customer & give them a money receipt of it.
When the customer is convinced all the Medical Tests are conducted as
required by the IRDA norms & concerned companies.
Then the photo copy of the form & the receipt is send to the H.O & the
original documents are submitted to the concern insurance company.
The insurance company sends us the weekly MIS.
From the weekly MIS we get the Policy Number of the confirmed cases.
The cases which are reflected in the weekly MIS is the reflection of our
business on the basis of which we get our brokerage from the concerned
companies & those cases which dont get reflected in the MIS are
supposed to be on hold due to some or the other reason.
-
8/8/2019 Project on MF & INS
13/26
For the cases which are put on hold by the company, we communicate it
with the company & try to solve them with the help of the customers if it
is possible.
So this is the general process of operation of the Retail Life Insurance
department in the area. It is a good process but would be more efficient &
prompt if the employees are trained regularly on the various products.
MAHINDRA LOAN SURAKASHA (MLS)
Mahindra Loan Suraksha (MLS) is a Credit Term Insurance policy. In simple
words, MLS protects the Customers family and Asset of the company in case
of unfortunate death of the customer during the loan tenure of the company by
covering the Outstanding Finance amount, hence not putting the burden of
repayment of the loan on the customers family.
Who can take MLS?
Any Individual who is a customer of MMFSL or has taken the Vehicle Loan
& is between the age group of 18 to 59 can be covered under MLS. Any
other entity other than an individual cannot be covered under MLS. i.e. any
Firm, Trading Co., School, Institute, Trust, etc. cannot be covered
What is the scope of MLS cover?
MLS is the Pure Term Insurance Policy. MLS covers Pure Death cases only.
i.e. Only in case of death of the customer the claim can be processed for
recovering the Outstanding of the Loan.
-
8/8/2019 Project on MF & INS
14/26
How does MLS work?
MLS Premium must be given according to the Tariff Card (Rate Card)
issued by the Insurance Company.
MLS policy if not commencement during the time of contract can be taken
out within the 3 months of the contract date. In case of the unfortunate death of the Customer the Principal outstanding of
the contract as on date of death is paid as the claim amount by the Insurance
Co. Based on the claim received by MMFSL, N.O.C. for the vehicle is
released by MMFSL to the Customers Family or Legal Hirers.
Premium Paying Option
1. Regular / Annual Premium
2. Single Premium
1. Regular / Annual Premium
The customer is covered only for one year
Cases covered under Regular Premium Option are supposed to be renewed
every year until the loan tenure of vehicle completes, so it needs to ensured
that the Regular / Annual Premium cases are renewed each year.
2. Single Premium
-
8/8/2019 Project on MF & INS
15/26
The customer is covered for the entire loan tenure
Since it is covers the entire tenure of the contract, there is no need to renew it
Data Entry in MMFSL System Sarvanidhi
Once MLS Premium is collected the same needs to enter in the system in proper
Accounting Code. MLS Premium Collected with IHM is punched into A/c type
144 & premium collected without IHM i.e. after punching of the worksheet or
renewal is punched into A/c type 195.
Checklist Documents to be collected with MLS Premium collection
Age Proof School / College Leaving Certificate, PAN Card, Passport,
Driving License, Birth Certificate, Election ID Card, Letter from Gram
Panchayat / Municipal Authority on the letterhead stating age of the
customer.
Declaration of Good Health Form (DOGH) Compulsory to be signed by
the customer for every contract covered under MLS
Checklist Claim Intimation
Following details are required to intimate the claim to the Insurance Company
-
8/8/2019 Project on MF & INS
16/26
HPA No. i.e. Agreement No.
Date of Death
Place of Death
Cause of Death Accidental or Natural
Checklist Claim Documentation Natural / Medical Death
MLS Premium Collected receipt
Worksheet Copy
Original Agreement Book Duly filled
Proposal Evaluation form (PEF)
Age Proof
Declaration of Good Health Form (DOGH)
Nominee details with complete proofs
Medical Report & Case History
Hospital Papers
Last Attended doctors certificate Mentioning cause of death
Original Death Certificate
Dos & Donts of MLS
Dos
Collect Premium as per Rate Card only
-
8/8/2019 Project on MF & INS
17/26
All cases which are not covered under MLS at the time of commencement of
the contract can be covered within 3 months from the commencement of the
contract
Brief each & every customer about MLS at the time of FI
After the contract is made check with the customer whether he / she has paid
the MLS premium
Collect Age proof & DOGH in each & every case
Mention age in the worksheet as per the age proof
Maintain data of MLS cases done on a daily basis
Don'ts
Do not cover customer with age equal to & above 60 years
Do not collect short premium
Do not collect MLS Premium if the customer is other than Individual i.e.
school, Trust, etc.
Maximum cover amount for any customer under MLS is Rs.10 Lakh
Process note for MLS operations in the area
MMFSL / MIBL executive approach customers for the insurance products.
Advantages of the MLS & Disadvantages of not taking the MLS are
explained to the customer.
Mandatory documents as per check list & premium amount are collected
from the customer in favor of MIBL.
-
8/8/2019 Project on MF & INS
18/26
Premium receipted is punched along with the Finance Contract in the
system at MMFSL branch.
Data of the customers who have paid the premium is extracted from the
system by MIBL at HO (Head Office).
Consolidated premium cheque is taken from MMFSL in favor of the
Insurance Company (Kotak Life Insurance) & the same are forwarded to the
insurance company by MIBL from the HO.
Cheque & Data of the customer to be covered is received & acknowledged
by the Insurance Company.
Blank certificate of cover is issued to MIBL by the Insurance Company.
MIBL receives the Blank Certificates & in turn prints certificate of cover &
sends to MMFSL branch.
MMFSL branch receives the certificate of cover & delivers the same to the
customer.
Finally customer receives the certificate of cover.
Motor Insurance
Motor Insurance (MI) is a Term Insurance policy. In simple words, MI protects
the Asset (Vehicle) cost of the Customer in case of unfortunate accident of the
vehicle during the tenure of the policy by covering the Asset cost, Owner, driver
& Passengers, but except the cost of asset all the others are covered under
Personal Accident Insurance Policy which is included in Motor Insurance. By
the help of MI the burden of cost incurred for repairing of the Asset is reduced.
Who can take Motor Insurance?
-
8/8/2019 Project on MF & INS
19/26
Any person owing the vehicle which is registered in the RTO is
eligible for taking the Motor Insurance.
All the Auto Loan customers of MMFSL can take the Motor Insurance
from MIBL
Apart form the MMFSL customers all other having a vehicle can take
a Motor Insurance from MIBL
What is the scope of Motor Insurance cover?
MI is the Pure Term Insurance Policy. MI covers Pure Vehicle Accident cases
only. i.e. Only in case of Accident of vehicle the claim can be processed for
recovering the cost of repairs of the Vehicle.
How does Motor Insurance work?
MI Premium must be given according to the Tariff Card (Rate Card) issued
by the Insurance Company.
MI Premium also includes the premium of the Personal Accident Insurance
of Owner, Driver & Passengers.
MI policy is mandatory by RTO for ever vehicle running on the road. It is
also mandatory by each and every Finance company in both the case of
Refinance & New Business.
-
8/8/2019 Project on MF & INS
20/26
In case of the unfortunate accident of the vehicle the cost for repairing of the
vehicle is given to the customer to the customer according to the slabs
decided by the insurance company for the various parts of the vehicle.
Slabs are below
Glass - 100%
Fiber Parts - 50%
Metal Body - 100%
(Note:-Current market value of the asset is considered as deprecation is charged
every year)
Premium Paying Option
There is only a single option of paying the premium in MI i.e. Annual premium.
Annual Premium
The Asset of the customer is covered only for one year
Cases covered under Annual Premium Option are supposed to be renewed
every year until the loan tenure of vehicle completes, so it needs to ensure
that the Regular / Annual Premium cases are renewed each year.
Checklist Documents to be collected with MI Premium collection
-
8/8/2019 Project on MF & INS
21/26
Invoice for the New Vehicle & Valuation Report mention the current IDV of
the Used / Old vehicle
Registration Certificate and B ledger extract if demanded.
Policy of previous MI for receiving NCB in current premium
Photos of the vehicle & chaise print on paper with pencil in the case of
expiry of previous policy.
Checklist Claim Intimation
Following details are required to intimate the claim to the Insurance Company
Basically the Claim is to be registered on the Toll Free No of the Insurance
provided on the Cover Note / Policy
Inspection of the Spot is done in the Major Claim Cases
FIR is mandatory in the cases of Commercial Vehicle
Driving License of the Driver
Date of Accident
Place of Accident
Cause of Accident
No of Persons in the vehicle during the Accident
Checklist - Claim Documentation
MI Premium Collected receipt
-
8/8/2019 Project on MF & INS
22/26
Policy or Cover Note in case of policy not been received
FIR in the cases of Commercial Vehicle
2 Witness of the Accident
Driving License of the Driver
Inspection Report of the Supervisor
Job Card & Estimate of repairing the asset
Photos & Video Recordings in the Case of Major Accident
Dos & Donts of MI
Dos
Collect Premium as per Rate Card only
All vehicles which are not covered under MI must be targeted & convinced
to renew the policy immediately.
Brief each & every customer about MI at the time of FI
After the contract is made check with the customer whether he / she has paid
the MI premium
Collect the RC & Invoice or Valuation Report
Maintain data of MI cases done on a daily basis
Generate the data of renewal cases and follow up must be given.
Don'ts
Do not collect short premium
Do not collect MI Premium for the vehicles which are not registered with
RTO.
-
8/8/2019 Project on MF & INS
23/26
Do not increase the IDV of the Vehicle on demand of the Owner.
Process note for MI operations in the area
MMFSL / MIBL executive approach customers for the insurance products.
Advantages of the MI & Disadvantages of not taking the MI are explained to
the customer.
Mandatory documents as per check list & premium amount are collected
from the customer in favor of the MIBL.
Cover Note & Premium Receipt is issued to the customer which is valid for
90 days from the date of Premium Paid
Premium received in day is been paid to the concerned GIC & the copy of
cover note is also handed over to the employee of concerned GIC.
Cheque & Data of the customer to be covered is received & acknowledged
by the Insurance Company.
A Xerox copy of a cover note & premium receipt is sent to HO
-
8/8/2019 Project on MF & INS
24/26
As we have a corporate Tie-Up with cholamandalam hence the brokerage is
directly transfer from GIC to MIBL account. But in the case of other GIC the
cheques of brokerage are received at local branch in the flavor of MIBL &
few days after the cheque of Service charge is also received, which are then
sent to HO from Local Branch
The original Policies of the MI are sent to the customer directly by the
register post by concerned GIC.
Finally customer receives the Policy certificate.
Your Suggestions for any improvements should be included in the process
note.
Our process is very good. We have built a better Brand Image in the minds of
our existing customers, but still we can improve our services. Suggestions for
improvement according to me are as follows:-
Insurance:
o MIBL employee must visit the customer on daily bases with the
collection executive.
-
8/8/2019 Project on MF & INS
25/26
o Business executives must receive some rewards for giving the customers
o MLS must be made mandatory for all the contracts
o Service form MIBL team must be provided to the customer in settling the
claims.
o MIBL employees must not completely rely for business on MMFSL
employees i.e. Individual efforts must be made to generate more business
in the case of MI & Corporate Insurance.
o Corporate Insurance must be focused.
Mutual Funds:
o Though commissions are reduced on SIP, but still focusing on it will
increase our Cliental base.
o Our tractor customers with excellent repayment schedule must be
targeted as they are cash rich customers.
o The Business class customers taking the loan from MMFSL in between
Jan to Mar with IT returns must be targeted as they Cash rich Customers
but taking loan in order to take benefit of Deprecation in Income Tax.
-
8/8/2019 Project on MF & INS
26/26