LV Thạc sĩ Marketing Activities For Insurance Financial Consulting

However, the limited customer base and marketshare not only reflects the company’s business strategy but also shows theuneffectiveness and inefficience of its own marketing activities..

MBA Program 17th Intake (2008 - 2010)

Hanoi, November 2010

I would like to send my special thanks to Mrs Tran Van Nhu… who was alwayseager to provide me with right direction and comments for my project Her easy-to-understand instruction, I could be able to conduct my project on timely mannerand meet the requirement of the CFVG’s Board

I would like to send my special thanks to Mr Pascal Hobadam… – Director of IFC,for his treasure just-in-time guidelines and more-than-expected training with which

I have gained fruitful knowledge and materials for my project

I would like to share my wish on the company’s business development I do hopethat my project could contribute a small part on the company’s marketing operationwhich is crutial for its growth

TABLE OF CONTENT

Acknowledgement 2

2

TABLE of CONTENT 3

INTRODUCTION 4

The Objective of the Project 4

The Need of the Project 4

The application of theoretical framework into the project 5

CHAPTER I: Analysis on IFC marketing strategy 6

1.1 Introduction about IFC company 6

1.2 Marketing Practice at IFC company 7

1.2.1 Position of IFC in the market 7

1.2.2 Market segmentation and Targeted customers 10

1.3 Current Situation of IFC marketing activities 11

1.3.1 Services 11

1.3.2 Premium strategy 12

1.3.3 Combination of Direct and E-marketing 13

1.3.4 People strategy 16

1.3.5 Distribution/Place strategy 19

1.3.6 Physical evidence 21

1.3.7 Supporting tool: Act Database 22

1.4 Evaluation on IFC’s marketing activity - Existing problems and causes 25

3.4.1 The inefficient of the combination between Direct and Emarketing 25

3.4.2 Informal and inappropriate HR policy leading to high turnvover rate 25

3.4.3 Limited physical presence 26

3.4.4 Low Utility of Act 27

CHAPTER II: RECOMMENDATIONS 28

2.1 Fostering E-marketing 28

2.1.1 Emaling marketing 28

2.1.2 Effective Link Building Techniques for Web Sites 28

2.1.3 Use Video Marketing in the website 29

2.2 People - Enhancement of staff quality and Reduction of staff turnover ratio .30 2.2.1 Improving staff quality - Defining a stable HR policy and sticking with it 30

2.2.2 Improving the productivity of sales staff by increasing the number of meetings 31

2.2.3 Improving marketing professionals – Client model 32

2.3 Expanding network 33

2.4 Supporting tool: Mastering Act Database 33

2.4.1 Utilizing Act capacity 33

2.4.2 Training for Act user 34

2.4.3 Dedicated team for IT 34

ANNEX I 35

REFERENCE 36

The Objective of the Project

This part aims to introduce the overall objective of the project and the reason whythe author choose IFC’s marketing strategy for this project I decided to choose thistopic because I had been working for IFC as a consultant for 8 months Besideconsulting works, I had to participate in several projects with purposes of buildingmarking strategy for the company Thanks to those experiences, I had recognizedhow difficult to defining and setting up a marketing strategy and align it with thebusiness activities

At IFC, there have been several smart and innovative marketing initiatives thatinspired me to conduct this project Therefore, the objectives of the project wouldbe:

Firstly, to summarize the fundamental knowledge of marketing and how to applymarketing strategy into insurance brokerage business, especially for smallcompany,

Secondly, to analyze the current situation of marketing at IFC company inadherence with mentioned theories/concepts Besides, the writer expect to sharesome impressed experiences while participating in the company’s marketingprojects which are considered as useful information for other companies in peergroup,

Thirdly, to carry out recommendation to eliminate existing drawbacks andconstrains inside the company marketing strategy

The Need of the Project

Marketing strategy for small company like IFC is not easy to handle given thelimited resources of budget, staff etc There are many players in the market those

who are continuously creating fierce competition and the market is promisingly

potential in the next 10 years Being established since 1990s, IFC is one of theoldest insurance brokers in Vietnam However, the company remains small in term

of market share and customer base Again, it is suffering from increasing andtougher competition from big to small brokers and the intensive sales-force frominsurance company

Given the age of 10 year working in Vietnamese market, IFC could do better toincrease their market share and to expand its business The company advantagesare being one of the volunteers in the new and young market and being leaded by a

“Vietkieu” Director who graduated abroad and has very strong knowledge andsolid experiences in the field However, the limited customer base and marketshare not only reflects the company’s business strategy but also shows theuneffectiveness and inefficience of its own marketing activities

Up to now, there have been no official/written project or surveys organized by IFC

or any other third party with regard the mentioned topic By conducting this

researd, the autho would like to give a comprehensive picture of its own marketingand find out the reasons why IFC’s marketing has not reach the Director’sexpectation The respective recommendations could be useful for the company as

an official material for its Marketing Department in planning and implementingmarketing

The application of theoretical framework into the project

The theoretical framework will be selectively applied in the analysis in thefollwing chapter in order to undertable thoroughly the strong vs weak points of theIFC In practice, not all above concept/theory will be used by the company ratherthan be applied in a selective way in line with the company existing resources andthe nature of its own business In the follwing chapter, the under concept will beused respectively:

Market segment and service positioning

This will be used to identify the IFC’s segmentation and how the companypositions its service in the market place

5P mix concept will be used as follows:

Product: Insurane brokers like IFC don’t have their own products They are just

selling/distributing products of other insurers only In the case of IFC, they areoffering a number of products of more than leading international and domesticinsurers Therefore, PRODUCT will be analyzed from SERVICE perspective AsIFC does not design the product and the price of each product, they are followingthe commission sharing policy stipulated by the Ministry of Finance Within theregulated commission rate, IFC can flexibly decide the commission rate that thecompany comfortable with and comply with the company’s long term strategy.Hence, PRICE will be analyzed in form of “Premium + Commission” that IFC use

to offer their service

People will be an interesting party for IFC case as the company is applying an

“autonomy mechanism” whereby each staff can be a “2 in 1” consultant Thatmeans each staff can work independently to deliver the company services

Place and Promotion will also be used to understand the company strategy in

distribute and expand their network and customer base The combination of Directand E-Marketing will be mentioned in this analysis The participation ofinformation technology in the company Emarketing activities will be emphasized

to see the company’s interest and priority in this field Especially, Act Database, asoftware that IFC is using to conduct their own daily work will be describe indetailed to see it key roles and advantages in facilitating the company marketing

CHAPTER I: ANALYSIS ON IFC MARKETING STRATEGY

1.1 Introduction about IFC company

Insurance Financial Services (IF Services) was officially established in 2002 inform of limited liability company with the Vietnamese name “Doanh nghiệp Tưnhân Tiếp thị Thị trường” However, the company business had been originally inplace since 1999 under the control of Cameron Butler, part of Finesco based inBrunei, an independent financial adviser In 2009, the company rename intoInsurance Financial Consulting – IFC

The head office is based in Hochiminh city with about 10 staff includingconsultants, PR and admin The company made it presence in Hanoi in 2006 withabout 1-2 full time consultants/PR and 1 admin staff The company organization is

as described in the following figure

Figure 1.1: IFC’s organizational structure

It can be said that IFC is quite small broker with the customer base of more than1,000 customers (as groups and individual) in both regions of which the southregion accounts about 80% of the company’s total turnover volume Compared toother brokers in the market like Aon, Grass Savoy… IFC remains very muchsmaller in term of size as well as market share

As many other insurance brokers, IFC is providing advisory and insurance services

to its custormers in non life insurance field The company itself doesn’t have anyinsurance products with its own brand name Currently, IFC is representing formore than 8 international leading insurance companies including AIG, Bupa,Alianz, William Russel, Groupama… The company focuses on delivering clientwith personal insurance advice on medical, office, house, travel, and car…

As mentioned above, IFC is representing for more than 10 insurarers and offeringtheir products to its customers and receive commission from insurance products

Head office in

Hochiminh City

Senior Consultant cum Director

Branch office in Hanoi

Admin and

Claim Dept

Marketing Dept

Marketing Dept.Admin

sold The main and only income of the company come from the commission overcontracts signed At present, IFC is more specialized in selling private medicalinsurance which is contributing about 80% of the total income

On daily basis, IFC’s consultants and PR go to meet prospects who are interested

in non life insurance Based on analyzing prospect’s situation and demand, IFC’sconsultants give produce a comparative quote collecting from the likely mostsuitable insurers This quote will be sent to prospect with attached detailedexplanation and advisory from the consultants Once prospect agrees with onesolution and the contract is signed, IFC become appointed broker who will directlydeal with customers for collecting premium on behalf of the insurer, receivingclaims, informing renewal or updating customer with any new policy from theinsurer As the nature of the brokerage service, IFC is not be responsible for anyproblems arising from customers as well as insurer sides rather than to deliver thebest solution/advice to customers

1.2 Marketing Practice at IFC company

1.2.1 Position of IFC in the market

Social economic situation

At the end of 2008, there were 18 of 26 life insurers to have insurance business atloss or without profit Earlier of 2009, Vietnam socio-economy has been seriouslyaffected by crisis of global recession, a lot of production or trading enterpriseswere keeping declining operations and not enough business perfunctorily; lacks ofjobs for workers made income decreased and not enough financial capacity to buyinsurance Not few of traditional customers of insurers don’t have budget to pay forinsurance premium, even though the needs of insurance service don’t decrease anymore and even more and even increase for the sectors as maritime transport, airtransport, minerals and coal…Number of potential customers of life insuranceservice reduced due to financial difficulties A lot of customer can’t pay insurancepremium to maintain the insurance contract In 2009, a lot of disasters and floods,particularly the storm No 9 and 11, caused serious loss for central provinces Stockmarket in some times downed to 235 points of VN INDEX (24 February), realestate market and foreign exchange were instable to cause large impact oninvestment efficiency of insurers

To deal with the situation, insurers tried to find out the way to overcome thedifficulties by internal forces to rearrange business management, innovate currentinsurance products, study for new product development, expand and improvedistribution channels, corporate with customers to overcome difficulties andfinancial problems by postpone the time-limit or provide lone service for premiumpayment…

Since 2dn quarter of 2009, the government launches series of stimulus program asloan subsidy, improvement of public investment, reduce of VAT and registrationfees for some items, reduce business corporate tax and extend tax payment

deadline for business corporate tax of 2008, exempt PIT for first 6 months of2009… The mentioned solutions have developed positive effects 2009 GDPreached 5.32%, investment of whole society account for 42.5% of GDP, FDIattracted 20 billion USD, ODA attracted 8.1 billion VND, exports reached 56.6billion USD, and imports reached 68.8 billion USD Insurance sector has caughtthe opportunities to overcome difficulties to complete the task of being economicshield for socio-economy before covered unexpected natural disasters oraccidents…

Table 3.1: Growth rate of direct premium by company

As of 31 December 2009 Unit: VND million

peirod period before the same growth rate

Non-life insurance market

According to the report from Ministry of Finance, there are 50 insuranceenterprises in the market including 27 non life insurance, 11 life insurance, 10insurance brokers and 1 re-insurance company Currently, the Ministry of Financehas approved the issuance of establishment and operation for 1 non life insurance,Vietnam Cathay insurance company, and 1 life insurance, Fubon Vietnam Insuracecompany

Total premium turnover for the 6 six months of 2010 is estimated at more thanVND 14 billion, 21% increased compared with the same period of 2009, in whichturnover from non life and life insurance are estimated at VND 7.9 (29%increased) and VND 6.4 (14.3% increased) respectively

The non life insurance market reached the turnover of more than VND 8 billion,equivalent to 28% increased In general, all types of non life insurance recorded thegrowth in term of turnover in which fire insurance increased 125%, agriculture:109%, construction: 68%, transportation: 38.5%, business interruption: 39%,public liability: 33%, health and accident: 30.5% Leading players were PVI,BaoViet, BaoMinh, PJICO, PTI Companies recorded the high grow rate ofturnover were: Hung Vuong, 272%, Bao Ngan, 141%, ACE 117%, SVIC 109%,Fubon 95%, BIC 72%, SVI 64%, PTI 56%, Chartis 51%..

Compared to the other brokers, IFC is quite small in term of size, turnover as well

as market share, especially the company market share is hard to measure as thefollowingma reasons:

- The company is working as an unregisted broker that means it doesn’t

have the certificate of broker issued by the Ministry of Finance This leads

to the fact the company is not listed in the list of insurance brokers in themarket right now The company is still allowed to act as an intermediary todelivering brokerage service for leading insurers like Chartis, WilliamRussel, Bupa, Groupama… but several prudent insurers like UIC, they arenot willing to use IFC as an broker for their products

- The company’s net income by the end of 2009 is about VND 50 millionwhich remain significant smaller than that of Hung Vuong which isaccounting zero percent of the total market share

- The awareness about IFC’s presence in the market, especially in Hanoi isrelatively low According to the company monthly report on Hanoiperformance, there was only about under 10 requests for service (prospectscontacting IFC for service) on average during the period of second half of

2009 The following chart demonstrates the number of new requests forfrom July to December 2009

Figure No 1.1: New request from July to December 2009

Source: IFC’s monthly reports

1.2.2 Market segmentation and Targeted customers

In field of business in general, and in isurance business in particular, customerorientation is a crutial part of business and marketing strategies Overall goal ofthis strategy is to develop strongly the list of existing customers and to findeffective solution to attract further more customer groups

Providing consultancy and being a broker of non-life insurance products, the target

market of IFC is the niche market for private medical insurance The company

main target is the expatriate community which can be divided into 2 kinds ofexpatriates: Western and Asian

Western customers: they need medical insurance and must/want to be insured

specially if they have a wife and children, their company give them anallowance… because they are used to the best hospitals in their home countrywhere costs are unaffordable unless the Social security or Private medicalinsurance pays for it Such customers can be classified into three categories:Western Europe, Australia & NZ and US citizen

Asian expatriates need the same high standard of treatment but are not used to

international prices so they believe they can pay by themselves or they can go tolocal hospital These customers can be classified into 2 categories: Rich Asiannationals and Developing Asian citizen

These customers are foreigners working in international or foreigncompanies/organization in Vietnam or even customers living in neighboringcountries like Lao or Cambodia where there is no official offices or competition ofother insurance broker companies

Other target is the Vietnamese community for travel and medical Of course suchgroup must have a medium or high income or at least are employee of internationalcompanies

Hence, the existing customer base of IFC includes mainly expatriates living inVietnam which is approximately of 70% of total portfolio The rest are Vietnamesewho have medium and high income from above more than VND 20 million/month.Another point is that nearly 50% of the total premim are out of IFC’s client pocket.That is showing the fact that most of the company clients are individuals or

“virtual group”, the group of relative people or friends, collegues staying together

to form group and in order to have discounted price

The company profit comes largely from medical insurance commission,approximately of 80% of total income while the rest contributed by other non-lifeinsurance

Apart from the above market, the company is always willing to satisfy the demandfor popular insurance products such as Vehicle insurance, Public and Productinsurance as more particular product like Professional Indemnity, CommercialLiability, Money Insurance, Fidelity insurance, House insurance etc The fact isshowing that the expansion of business for power driven and the financial market

in recent years will lead to a potential development of Vehicle insurance andfinancial line insurance Although IFC still has limited human resources, thecompany always considers those above as promising markets that need to beinvested into in the near future

1.3 Current Situation of IFC marketing activities

1.3.1 Services

Products in the insurance industry have their own specific characteristics That isthe customers to not receive the benefits and value right away when they buy theproducts They only get indemnity or compensation when risks and incidentsoccur That is why the quality of customer service during the insurance period tohelp the insurance broker to gain customers’ trust, deciding the success of thiscompanies Basing on this characteristic, the service strategy of IFC focuses on:choosing the best products in market to provide customer and supplying highquality and professional service during the insurance period

Due to the complexity of non life insurance products, buying insurance productswith an insurance broker is a wise choice for many companies/customers With theadvantages of the long time relationship with many prestigious insurers in themarket, IFC and actively collect the best insurance quotations to provide widerange of choices for its customers

As mentioned above, the company’s consultants usually approach

prospects/customers in private meeting therefore they can personally advise to

them This approach is especially working for individuals that need to use medicalinsurance, lack of time and money, and can not be able to join bigger group Forsuch case, IFC’s consultants actively fix meeting with prospects/clients (via email

is the solution of choice) Personal advice can be considered as one of advantages

of IFC Normally, consultants try to invite them to IFC office for the meeting Thereasons are:

- Reducing cost: traveling to prospects/clients sometimes waste time and

money while the commission from the signed contract may be notsufficient enough to cover such cost

- Forming trust from prospects: The first impression is very important Once

prospects visit IFC’s office, they will cleary identify that IFC is a realcompany with well equipped office (with coffee machine, modernstationary and machine), and professional staff

Due to the fact that IFC is thin in customer base and consultant team, the companycan not be able to deal with “big case” i.e large groups of people, insurance for

organizations, companies etc Moreover, the company also can not offer

tailor-made products to customer as other bigger broker Like Aon, they are offering

medical insurance program namely AonCare (from Bao Minh insurer) which istargeting to employees in large groups/organizations like FPT, Melia hotel orcommercial banks like Techcombank, Vietcombank etc Thanks to the largeamount of employees, such group can sign a master policy with Aon to providetheir staff with medical insurance Under this master policy, each class of staff canhave different level of cover to reflect the diffentiation in the human resourcespolicy In these cases, medical insurance become one of the attractive point in thestaff retention policy

IFC can not be able to do that ot it customer as it doesn’t have enough resources(bargaining power and qualified staff) to serve for such kind of customers and itwill not be the target that company expects to reach in the near future

1.3.2 Premium strategy

In recents years, there are more and more insurers playing in the market There areprestigrous foreign non-life insurers such as VIA, Charties, Liberty, was well asVietnamese reputable players such as Bao Viet and Bao Minh Besides, bigcorporates one after another have established their own insurance companies such

as Petrol Vietnam Insurance, Petrolium Insurance Joint Stock Company Theexisting of many old and new comers in the market has created a fierce pricecompetition on insurance fee The competition in turn brings benefits to customerswhen they can have insurance products with low premium But in constrast,following a premium race can make insurance company not be able to ensure thequality of its service and indemnity for customers when risks occur

For IFC, the company normally doesn’t offer lower price for customer rather thanexact price quoted by insurers Many customers though that broker like IFC mark

up premium to gain benefit but it is not true in fact The margin for IFC is alreadyincluded in the final offer to customers Each type of insurance products had it ownmargin which is openly published on the Ministry of Finance website

For example, the each medical insurance policy, IFC can have commission of 15%

of the collected premium That mean, IFC consultants can consider to lower thecompany margin in within this 15% In reality, the company policy is not tolowering price rather than giving discount on grouping client

However, due to the thin customer base, IFC can not have the strong bargainingpower like other big player like Aon or Gras Savoye then it would not easy forcustomer to directly negotiate the premium with IFC This is quite sensitive factor

as one of the rule charging premium to customer based on the history of claim Ifone customers experienced accidents or health issues during the insured period andthe amount of indemnity is high over premium, insurer may increase/loading thepremium on the renewed policy Increased premium is not something easy to beaccepted by customer and this would be a headeach for IFC consultants The factshowed that nearly 100% of IFC’s negotiations to reduce loading price failed Thisnumber again proved the relatively weak position of IFC in the market place

1.3.3 Combination of Direct and E-marketing

How to make marketing work is not an easy question to answer at all It is an art, ascience with diversified tool Each tool has its own strong and weak pointstherefore each is normally suitable for particular market conditions and products.Basing on characteristics of non life insurance broker sector, IFC has chosen apowerful marketing tool by combining direct and e-marketing

Forms of non life insurance i.e property damage, business interruption, officemulti risk, personal accident, health care are typical because they are reserved formanufacturers, organizations, and offices For each field, there are specializedinsurance forms Besides, people that are responsible for and have right to choseform of insurance are limited They are maily top mnagers such as CEOs, generaldirectors, HR managers, financial directors… Moreover, in general, non lifeinsurance products that IFC provding are not consumer goods so that they do nottake aim at the whole population That is why common marketing tools like TVads, radio, billboard, and advertising through sponsoring social events can notbring about expected results Direct market activities at IFC are conducted viasending emails, documents, fax, and email directly to firms and organization,introducing and advertising suitable insurance products or new and more advancedinsurance forms In a higher level, IFC consultants can make phone call and face toface meeting The purpose of the company by using this marketing method is tohave a closely interaction with customers, quick response and decision from them There is a dedicated team called Claim and Customer Relation Dept responsiblefor ensuring that direct marketing activities run smoothly Beside personal cellphone, fax and support from admin staff, each consultant within marketing team iswell-equiped with a separated fix telephone line, a personal computer with multifunction email system Email system is highly appreciated at IFC as its supporthigher productivity This modern system allows consultants to manage prospectsand customers data at their request

The company is also developing its own website: www.insuranceinvietnam.com.Following is the homepage of the site which is newly introduced and on the way to

be developed

Figure No 1.2: IFC’s home page

Source: www.insuranceinvietnam.com

The name of www.insuranceinvietnam.com is the result of an internal contest bywhich each staff had to propose their own website name The expected nameshould be simple, easy to understand and reflect the main business of the company.Look at the homepage you can see the simplicity is emphasized by the author Thesite is planed to serve for the following purposes of:

- briefly introducing about the company and the list of products and insurersthat IFC is representing,

- online interacting with visitors via an open chatroom,

- providing customers with the most update form to download,

- updating the current situation of insurance market in general

Upto now, there are only more than 6,000 hits to the site and most of the hits arefrom IFC’s IT specialists and director as the site is still in the process ofcompleting But thanks to this site, IFC can create a direcly link from other well-know site of insurers, sites for expatriates living in Vietnam(www.newhanoian.com) to widely introduce about the company presence all overVietnam

Another site is in used for IFC marketing activities if www.tip4tips.com Followingpicture is the homepage of the site

Referrals

IFC consultants/

of Pierre Cardin Anphuoc

This program can be considered as a continuously promotion to referrals whoappreciate IFC service quality and introduce the company to others The workflowcan be described in the following chart:

Figure No 1.4: Point rewarding process

introduces

(2) IFC consultant updated referral information and reward point to referrals according to the value of the contract on www.tip4tips.com

(3) An SMS from www.tip4tips.com will be sent directly to referral mobile to thank him or her and to inform the update (or send by email if referral prefer to) his

or her new point And username and password are also provided to referral then they can access to their account in www.tip4tips.com

(4) Referral uses his/her provided username and password to log in to his/her account and to choose the gift relevant to his/her point

This site is a very useful tool that keeps referrals closely in touch with IFC andbecome a kind of “business partner” of IFC Referrals don’t have any pressure onintroducing prospects to IFC but they still receive something from IFC if a deal isclosed

www.tip4tips.com is a practical and appropriate of IFC director at this time Thesetools are supporting IFC staff on developing the companie’s image, reducing theirtime directly contact with new prospects and effectively managing the relationship

of the company with its referrals

Up to now, the number of referrals converting their points into gift is still small(less than 10) The reason could be:

i) the value of gift does not meet their expectation or the awarded pointremained low than not many referrals can get the desired gifts

ii) not many referrals awared of the existence of such program then they didnot actively involved in

If such the cases, the awarding program via www.tip4tip.com has not meet theexpection set by the Director In the other words, the company growth rate is nothigh so that not many referals can get their points The improvement of suchprogram will be mentioned in the following chapter

1.3.4 People strategy

1.3.4.1 “2 in one policy”

As mentioned, “People” is one of the key factors of a company’s marketing mix.Normally, people buy from people that they like, so the attitude, skills andappearance of all staff need to be the first class

Currently, IFC is using very flexible “2 in 1” policy that one staff can do bothconsulting and PR for the company Let’s say, one staff can decide the proportion

of each task (30% consultant, 70% PR or reverse) based on her own skills,qualifications and expectations The psychology of the Director is that when aconsultant delivers advice to customer, she is also doing PR for the company If she

is professional, the company she is working for is professional too Similarly, if a

PR is doing a good job, she primarily does part of the consulting work as she atleast learnt by hard characteristics of each product that the company is selling.The criteria used to distinguish a PR and a consultant is the number meetings andcontracts signed during a month

Table No 1.2: IFC’s PR monthly performance report

Meeting(planned)

Number ofMeeting(done)

Number ofContract Signed(planned)

Number ofContractSigned (done)

Source: IFC’s meeting report for July 2010

From above monthly report, we can see that PR and Consultant have differenttargets to achieve The number of meeting required for PR is three time higher thanthat of a consultant but she is not subjected to the number of contract signed Butfor a consultant, she is not required to see as many people but her task is to achievethe number of contracts signed This is how IFC is organizing task for their team

1.3.3.4.2 Internal training for staff

At IFC, there is no formal organizational chart, no official Human ResourcesDepartment then no official training courses The training was organized on ad-hocand just-in-time basis

- Ad-hoc training: Senior managers will do the training for every staff

whenever they find something news or something needs to be improved

- Just-in-time training: Junior Client Relation or Junior Consultant can book

meeting with Senior Consultant whenever she need explanations andguidelines

The interesting thing is every staff has free and equally access to these mention trainings The company’s managers always welcome the willing and effort

above-to listen and learn from their subordinates In turn, the senior managers don’t mindlisting feedback from their followers In another words, this is an activelyinteraction process in which people will exchange skills and knowledge among theorganization in order to get a better performance and results

As a newcomer, a junior consultant/PR had to attend an induction training about 1

week with the Director through which he emphasized the importance of

self-presentation and communication skills From time to time, senior consultants

keep training juniors on insurers’ products, essential skills and knowledge which aconsultant must acquire

As the nature of consulting business, the company keeps to focus on strengthening

and improving the self-presentation and communication skills which are

considered as the essential elements help consultants success in every single

meeting The psychology is, each staff is an “Ambassador” of the company so

that every time she goes out and sees somebody, she should be an “excellentAmbassador” of the company

Eventhough the training is conducted quite often, there are no formalprocess/procedure to test the outcome of the training This leads to the fact that

staff will loose all knowledge right after they finish the court or some topics will berehearsed many times This will be time and money costly for the Director forfocusing on training to much.

IFC had defined all sort of potential customers for its business An IFC’s PR mustkeep in mind the sources of the company’s customers to do networkingaccordingly Under neath table is that the suggested Business Introduction (BI)who will unintentionally refer to IFC as a good address of insurance services

Table No 1.3: Suggested BI by the Marketing Department

This list will be updated by PR Managers…

Source: IFC’s Marketing Department