Management Orientation School

Day6

Today’s Agenda

Test on previous day learning Understanding & calculating –months

Compensation M Compensation Right Ethical Practices and Market Conduct Activity

TEST YOUR LEARNING

1. …………………….2. …………………….3. ……………………..4. ………………………5. ……………………….

Understanding Man Months

Purpose, Process, Payoff

Purpose: To understand the impact of regular recruitment on building man- months and the business Process: Understand the impact regular hiring can have on business and standards achievement Payoff: 1. Regular and continuous recruitment by the ADM 2.Be able to increase the prospects of busting business goals at the end of the year

Man- months

It is the number of months an agent has worked in a year

Man- months = beginning of period + contracting – Terminations

YTD ( year to date) Man-months = Man-months of all previous months added together

AGENT MAN-MONTHS –A KEY DRIVER

Higher man-months indicate higher man power

Regular recruitment is necessary to ensure quality of A&As

This will ensure that business plans are met by ensuring good case rate and case size

AGENT MAN-MONTHS –A KEY DRIVER

Secret to increasing productivity and performance of year Team:

Secret is Recruit, regularly Quality Agents One Should start appointing from January as it makes a

difference at the end of the year.Beginning late, you will be hard-pressed for time you panic

and compromise on quality. This affects the survival rate agents

THREE- FOLD MANTRA TO MAXIMIZING MAN-MONTHS

Recruit Regularly

Recruit Quality

Retain More

If you recruit nothing else matters; if you don’t recruit nothing else matters !

BENEFITS OF HIGH MAN-MONTHS

Results of Maximizing Man-months from Quality & Consistent Recruitment

Higher AFYP

Higher Earnings

Higher Incentives

CHALLENGES IN BUILDING HIGHER MAN-MONTHS Lack of focus by ADM

Lack of Names

Late Recruitment

Drop outs

Low pass percentage

CHECK YOUR UNDERSTANDING

Solve the case studies given in the Participant Guide.

Man-months = Beginning of period + Contracting – Terminations

Year to Date Man-months = man-months of all previous montha added together

M G

PURPOSE, PROCESS, PAYOFF Purpose: To better understand the GPS for an Manager

Process: Identify The right different vectors which constitute the ADM GPA and learn how to calculate GPA

Payoff: Focus on the right parameters resulting in a profitable agency. Be able to strategize and ensure professional growth.

GOAL SHEETS

Associate

2013-2014

GPA Parameter welghtage

50%

15%

10%

10%

15%

GOAL SHEET

Parameter welghtage

80%

20%

MISSION INDIA CONSULTANCY

GPA GRID

Minimum P

2013-2014

MINIMUM PERFORMANCE STANDARDS (MPS) Quarterly of Less then 1.0 on both and. Of the is of 1 on either or

MFYP. He will not be a part of MPS The Development plan process to be initiated at Level

for. The development plan will be for 3 months Consequence management Process- List of falling info

MPS consecutively in two Quarterly evaluations. Bottom 10% in this list will be asked to leave

ADMS – CONFIRMATION CRITERIA For ADMs joining 1st of Jan 2013 onwards

Evaluation at end of Months 6

All ADMs with GPA of 1.0 or more on either QR or MFYP standard will be confirmed

ADMs not meeting the above criteria will be given a 3 month extension

o Consequence management process – List of ADMs not meeting above criteria in Month 9. Bottom 10% in this list asked to leave

AGENT ADVISOR COMPENSATION

ADM COMPENSATION

CHECK YOUR UNDERSTANDING

RIGHT ETHICAL PRACTICES AND MARKET CONDUCT

PURPOSE, PROCESS, PAYOFF Purpose: To understand the importance of right ethical

practices and market conduct of an agent in life insurance selling

Process: By understanding the role of an agent advisor in conducting right practices

Payoff: To sell life insurance products in an ethical to keep customer benefits as top priority

ACTIVITY :

Role-plan-Present career opportunity to Nominator and COI

THANK YOU