MARKETING RESEARCH PROCESS

Step 1: Problem Definition

PRIMARY OBJECTIVE
To understand various aspects of Bancassurance Channel in terms of
its performance, its strength and areas where it can be improved, its
sales force efficiency and how it performs the tasks at ground level.
To leverage Bancassurance Online (in short named as Banca
Online) which is an Intranet Portal dedicated exclusively for the
sales force who are interested in selling Insurance Products of SBI
Life.
To leverage Easy Access application and smart manager Application of
SBI and also take feedbacks from customers regarding the Services as
what should be improved.

SECONDARY OBJECTIVE
To know about Bancassurance Channel as for a general overview.
To explore the Banca Online Intranet Portal.

Step 2 : Research Design
RESEARCH METHODOLOGY

Primary as well as Secondary Research is done to find out the
cause behind decline in Bancassurance Channel Performance and
low- usage of Banca Online Portal (BAOL).

Primary Research: -

Visiting various branches along with BDMs to know more about how
they perform their tasks and problems they are facing in business during
branch visits, also to gather information from the CIFs working on a
particular branch by having detailed conversation and from these
information to generate more ideas for improving efficiency of the
Channel by focusing on problems related to CIFs.

During Jan Feb march Period Contest was launched by SBI where
different rewards and recognitions are entitled to CIFs those who
have done voluminous businesses for SBI Life by selling insurance
on their behalf. As a representative of SBI Life to monitor the
performance and as general awareness telephonic conversation with the
CIFs to make them aware of the rewards they are getting for their
performances and to motivate them to perform to their utmost
potential and drive volume business for SBI Life so as to achieve
maximum rewards. Also making note of suggestions or any problems
they are facing right now while doing their business.


Personal research would be also carried out in the area regarding number
of CIFs for the top honors who do among the best business so that
they are recognized in the MDRT (Million Dollar Round Table)
League. So from MIS report accessible I will find out the number
contributed from each and every circle

Close ended telephonic interview of 100 CIFs would be taken based on
the identified issues faced and the requirements of content in the online
platform, Bancassurance Online. This helped to find out what are the
issues that are also faced by CIFs when asked in particular.

SAMPLING

Field Work- Sample size of 40 CIFs would be taken who would be
questioned in details.

Rewards and Recognitions- Telephonic Conversations with
CIFs and Branch Managers (BMs).
Data about the past CIFs Rewards and Recognitions would be taken
from company.

License Renewal: - Data would be taken from company.

Banca Online Analysis- Sample size of 60 will be taken to find
the problems they are facing using Banca Portal.

DATA COLLECTION METHODS

Field Work: -
Primary Research would be done by direct one to one
conversation with CIFs where open ended questions would
be asked about to know in details about how they
approach customers when they sell insurance, what are the
problems they are facing on ground level and any
suggestions to improve the situation based on their problems.

Secondary Research would be carried out where details of
CIFs received from MIS of the organization and detailed
study of about CIFs and BDMs as available from the
Reports on SBI Life Intranet Portal mainly how they
functions to have better knowledge before actual Field
Visit which aided Primary Research mentioned above.

Rewards and Recognition: -
Primary Research would be done by telephonic conversations
with CIFs and Branch Managers and the feedback or responses
would be noted.

Secondary Research would be done from the Reports of the
company as in the total number of CIFs eligible for rewards in
various circles.


License Renewal
Primary Research would be done to find out how many of them
actually renew their license which expires after every 3years. This
research is based on telephonic interview of CIFs where their
responses would be noted regarding whether they say yes, no, not
interested on awareness about their license which is about to
expire.
Secondary Research would be carried out to back above primary
research. Data about the CIFs were accessed from MIS of
organization and studied in details.

Banca Online Analysis and other online applications of SBI-

Interviews with CIFs to find the difficulties they face while using various
applications of SBI and also the Banca Portal.


Questionnaire with Customers Regarding Awareness and Services
of Various SBI Products