Recently, as per the guidelines changed by the IRDA, all insurance companies have to change their products. So as I want to explain about Birla Sun life Insurance, it has also come out with their new products like New Dream Series, Platinum Series, etc. Birla Sun life Insurance company is having products: – 1) Dream Plan 2) Health Plan 3) Term Plan 4) Platinum Plan 5) Retirement Solution Out of these, I have taken the Dream Series product to do the analysis Product range: As the company is having Dream Series since 4 years, in which company is giving all the features which is the need of an every individual in present scenario.
Also dream is the hot selling product in the market; no company is having that kind of features. In comparison to other companies Dream has the beautiful points in it. Pricing: When the company launched its first series of Dream i. e. Dream Child & Dream Endowment at that time company was giving all the beautiful features in a basket with Dream at minimum price which was 7000 cost, where in customer can take high life cover with returns. In the same manner company again came out the Dream series with minimum cost 9000, having all points in it.
Now, as per the guidelines have been changed i. e. on 1st September, 2010 by the IRDA, so Birla also has to come out with the new Dream series but now recently company has come out again with revised cost of 14000, which is quiet costlier than earlier Discount, rebates for customers: Those customers who was earlier taken the Dream Plan, company given the discount of around 25% that was the first series, in the next series given the discount of around 15% and presently giving around 5% to the customers. Order taking process:
Firstly distributors have to suspect the list of the customer which is the most important factor for the distributor. Then they do the prospecting, take out the appointment with the customers & give the details of the product to the prospective customers, fulfill the needs of the customer and successfully take the order from them. Order Form: At the same time customers have to fill the application form that is order form, where customer has to fill the required details are personal details, identity proof, address proof, insurance history and family details, etc.
Delivery System: After processing of the application form under operation department i. e. it should be issued through all the parameters of the company. Finally, company sends that full proofed document through respective courier to the customer. Analysis: 1) According to the month the target has to be set but provided what distributor did last month, and also it totally depends upon the market. 2) As the Dream Plan is the hot selling product in the market, so distributors have done well in the past times against their sales target.
Actually they have always over achieved the target in their past times with two successive series of the Dream over the last four years. Yes, there is a deviation in the actual sales performance against their target, the reason is behind of that the cost of the product because in first series customer can take the product features with the cost of 7000 whereas in second series can take with the cost of 9000. Now as per the rules by IRDA company giving those features at around the cost of 14000. 3) Birla Sun life Insurance company as a company known for its innovation and pioneer for their innovative products.
So, many steps like special offers i. e. Enhanced Sum Assured which is the best feature ever with cheap cost, have been taken by the company to promote their fined products, giving discounts and also involve some activities which is directly related to the sales carried out during last year. Yes, through these steps this was the best practice to enhance their sales and of course given the good results that is why their products cross their benchmark, which was expected by the company. 4) As distributors are having the responsibility to sell the roducts, for that distributor need to suspect all the time then only they will succeed. They have to approach the customers and take their valuable time and meet them, analyses their needs and explain the product with the proper manner. If it suits the product according to the needs of the customers, then the form is being filled. Further the form goes for the process under operation department, which need to be issued through all parameters and finally dispatch department dispatch the document to the customers.