Term paper

On

Personal selling activity

and philosophy of

Letter of Transmittal
Dr. Md Abdul Momen
Assistant Professor,
Department of Business Administration,
East West University.
Subject: Report on personal selling activity and philosophy practice of the MetLife Alico
Insurance Company Limited.
Dear Sir:
As per the requirement of your course MKT 401, we would like to present the report on MetLife
Alico Insurance Company, where we have tried to analyze the personal selling activity and
philosophy practice of MetLife Alico Insurance Company. We have taken interviews of some of
the employees and then written this report with full and relevant details with recommendations.
We, therefore, would like to appreciate your acceptance of this report.
Truly Yours,

MKT 401, Sales Management,

Section: 04,
Summer- 2016
Group name:

Acknowledgement
First of all we like to thank and express our deep attitude to almighty ALLAH for his infinite
grace that we have finished our report successfully against all odds. We sincerely express our
thanks to our honorable faculty Dr. Md Abdul Momen for giving the chance to prepare our
assignment that helped us to gather practical knowledge. It also enhances our skill as well. We
are very much thankful to our teacher for his great help and suggestion regards preparing this
assignment.
We would like to thank those employees of the Metlife Alico Insurance company Limited, who
had given us time from their very busy schedule. Without their help, we wont be able to
complete this report with such information and with such success.

We are grateful to our seniors, friends and everyone who helped us. It is a matter of happiness
that we could express our gratitude to them for providing us important data and helping in
problems.
We also would like to thank those people who also help us in our different problematic situation
and guide us in an arranged way that we could successfully finished our report.

Executive Summary
MetLife Alico Insurance Company Limited, MetLife Alico for short, is one of the biggest
Domestic life insurance companies and uses personal selling. It was established back in 2000
And after 16 years, it is looking quite unharmed from the overall competitions and national
Economic condition. This organization maintains highest possible ethical standards, aware of
Value propositions, and committed to provide better services. As the major life insurance
Company, it is developing itself to cope up with the competitions and trying to make the
Overall improvement. It has strict policies, standards, and defined roles for every single one
of the employees. It has a large number of employees, and continuously arranging training
Activities for them. It is offering many policies with customizability and made the whole policy
Lineup suitable for anyone. In our report, we have given an overview of the company and used
Many tools to clearly define our report related topics. After all our research, we have given a
Clear-cut and complete set of recommendations to help this company to perform even better.

Contents
1. Introduction ...................................................................................................................... 8
1.1 Origin of the Report ......................................................................................................... 8
1.2 Objective of the Study ...................................................................................................... 8
1.3 Scope of the Study........................................................................................................... 8
1.4 Limitation of the Study..................................................................................................... 8
1.5 Methodology of the Study............................................................................................... 8
1.6 Persons Interviewed ......................................................................................................... 9
2. Company Overview ...........................................................................................................9
2.1 Company Motto ............................................................................................................... 10
2.2 Company Values and Strength......................................................................................... 10
2.3 Organizational hierarchy.................................................................................................. 11
2.4 Benefits for salespersons ................................................................................................. 12
3. Marketing mix with the strategies followed by Progressive Life ..................................13
3.1 Promoting ......................................................................................................................... 13
3.1.1 What is personal selling? ........................................................................................... 14
3.1.2 Advantages of using personal selling ........................................................................ 14
3.1.3 Disadvantages of using personal selling.................................................................... 14
3.1.4 The way Progressive Life meet people ...................................................................... 15
3.1.5 Role of personal selling for Progressive Life.............................................................. 15
3.1.6 Role of sales force for Progressive Life ...................................................................... 16
3.1.7 Other Promotional activities ..................................................................................... 16
3.2 Product and Services ........................................................................................................17
3.3 Target Market ................................................................................................................... 17
3.3.1 Current Market Position............................................................................................ 18
3.4 Places .............................................................................................................................. 19
3.5 Pricing............................................................................................................................. 19
4. Customer Service ..............................................................................................................20
5. Customer Value Model .....................................................................................................20
Part 1: Understanding customers value needs ................................................................... 21
Part 2: Creating the value proposition ................................................................................. 21
Part 3: Communicating the value proposition ..................................................................... 21
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Part 4: Delivering the value proposition............................................................................. 21

6. Sales force requirement ...................................................................................................... 22
7. Sales force training.............................................................................................................. 22
8. Personal selling philosophy ..............................................................................................23
8.1 Personal selling philosophy of the Progressive Life ....................................................... 24
8.1.1 Relationship strategy............................................................................................... 25
8.1.2 Product strategy ...................................................................................................... 26
8.1.3 Customer strategy ................................................................................................... 27
8.1.4 Presentation strategies............................................................................................ 27
9. Code of ethics ...................................................................................................................... 28
10. Findings .............................................................................................................................. 28
11. Recommendations ............................................................................................................ 28
12. Conclusions ........................................................................................................................ 29
13. Use of copyrighted materials............................................................................................ 29
14. References .........................................................................................................................30

1. Introduction
1.1 Origin of the Report
This report has been prepared as the part of the course Consumer Sales Management
(Course Code- MKT 401) of BBA (Bachelor of Business Administration) degree of East West
University. Our honorable course instructor, Assistant Professor Dr. Md Abdul Momen, has
Assigned us this report with the authorization of writing this on a group basis.

1.2 Objective of the Study

The objective of the study is to know about the practical use of the theories, philosophies,
And concepts of personal selling in the current personal selling practice of Bangladesh.

1.3 Scope of the Study

In our report, we tried our best to get the whole idea about the current personal selling
Practice in Bangladesh. We researched on the top managements of a particular business
Organization that uses personal selling and we tried to judge how many the theories,
Philosophies and concepts are known, implemented and practiced by their subordinates.

1.4 Limitation of the Study

It is impossible to prepare a report without any limitation. We didnt had much information
And we had to depend on limited numbers of people. We tried our best to get all the
Information from the authentic available sources. So, didnt measure any carried away
Information. All those information were measured correct by use while preparing this report.

1.5 Methodology of the Study

For this report, we had to contact the individuals who can picture the entire organization. We
Really had to take their interview and make sure that there is total consistency.

Primary data source: We visit their office and taking interview of Brand and communication
manager, senior manager of communication and also ask some basic question to their customers
to make sure that there are total consistency, it is our primary data source.

Secondary data source: During the interview, we were given various books and notes with
various websites, which are our secondary data source.
We had much opportunity to take interviews, check consistency, and collect other relevant
information from various sources.

1.6 Persons Interviewed

For this report, we had to take interviews from the following employees of MetLife Alico
Insurance Company Limited from the headquarter of MetLife Alico Insurance Company in
Motijhil.

2. Company Overview
MetLife Alico operates as a life insurance company. MetLife, Inc. is a leading global provider of
insurance, annuities and employee benefit programs. Through its subsidiaries and affiliates,
MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe,
the Middle East and Africa. The Company was formerly known as American Life Insurance
Company. The company was founded in 1964 and is based in Maroussi, Greece. MetLife Alico
operates as a subsidiary of MetLife, Inc. MetLife, Inc.
(NYSE: MET).On January 6, 1915,
MetLife completed the metallization process, changing from a stock life insurance company
owned by individuals to a mutual company operating without external shareholders and for the
benefit of policyholders. The company went public in 2000.MetLife serves 90 of the largest
Fortune 500 companies. The companys principal offices are located at 1095 Avenue of the
Americas in Midtown Manhattan, New York City, though it retains some executive offices and
its boardroom in the MetLife Building, located at 200 Park Avenue, New York City, which it sold
in 2005. As of 2010, the company was "organized into five segments: Insurance Products,
Retirement Products," the US Business (including Auto & Home and Corporate Benefit
Funding), and International. The Insurance Products division was the largest unit, accounting for
53% of 2009 revenue. By 2015, a division referred to as "America's" had emerged. MetLife
subsidiaries and affiliates have included MetLife Investors, MetLife Bank, MetLife Securities,
Metropolitan Property and Casualty Insurance Company and its subsidiaries, General American,
Hyatt Legal, MetLife Resources, New England Financial, Walnut Street Securities, Inc.,
Safeguard Health Enterprises, Inc., and Tower Square Securities, Inc., MetLife has been helping
people and businesses in Bangladesh with their insurance needs since 1952. Throughout their
history, they have continuously sought to nurture talent, respect local cultures and promote the
diversity that characterizes the Bangladeshi society. theyve grown by understanding the needs at
the heart of the community and by tailoring our extensive product offering to the unique needs of
individuals, families and businesses of all sizes.
Today, they are one of the leading insurance companies in the country, with close to 1,000,000
insured members and over 15,000 agents who understand this market very well.

2.1 Company Motto:

To act operate in obedience of law of the land and in accordance with the national and
international norms.
To provide best services (face to face communication) and securities to all policyholders and
shareholders.
To extend friendly hand to all stakeholders of the company in time of need.

2.2 Company Values and Strength:

Values:
1. Integrity
2. Fairness
3. Harmony
4. Courtesy
5. Commitment
6. Insight and Spirit

Strength:

Sufficient capital
New technology (IWS)
Skilled agents
Efficient administration
Customer care
Regularity in service
Availability of financing & efficient financial structure
Advertisement & publicity
Located in a reputed area
Marketing research facility

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2.3 Organizational hierarchy

The organizational hierarchy of MetLife Alico insurance company is current

Head Office
Agency or
Branch

Brand Manager
-1

Brand
Manager-2

Unit
Manager -1

Brand
Manager-3

Unit Manager-2

Unit Manager-3
3
Fin Associate-3

Financial
Associate-1

Fin. Associate2

Field
Representative-1

F.R.-3
F.R.-4

F.R.-2
F.R.-5

Field
Representative-1

Agent-2

Agent-1

Agent -3
Agent-4

Figure:

Organizational hierarchy

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2.4 Benefits for salespersons:

Most of the salespersons are paid with salary with commission per sales. The employees have
benefits like:
Pension
House Rent
Monthly Allowance
House Rent
Transportation Allowance
Communication Allowance
Medical Allowance
Diversity Options
No discrimination
Send for training in HONG-KONG, Malaysiya, and Darjilin.

They also have bonuses likeBonus on High Performance (Sales + Ethics)

Eid-Al-Fitr Bonus
Eid-Al-Adha Bonus
Other Religious Festival Bonus

3. Marketing mix with the strategies followed by MetLife Alico:

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The marketing mix is a business tool used in marketing and by marketers. The marketing mix is
often crucial when determining a products offer, and is often associated with the four Ps: price,
product, promotion, and place. The following model is the model of strategies followed by
Progressive Life for marketing mix:

Figure: Marketing mix with strategies

3.1 Promoting
Promoting is one of the biggest activities a business organization has to do on regular basis. For
the MetLife Alico insurance company , the promotional activities are mainly done with personal

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selling. From the interview we came to know that MetLife Alico mostly concentrate on the face
to face communication rather than Promotion like- Television commercial Advertisement.

3.1.1 What is personal selling?

Personal selling is the person-to-person communication with the prospect of developing
relationships, discovering needs, matching products with needs, and communicating benefits. It
is viewed as a process that adds value. It is one of the oldest forms of promotion.
In other words, personal selling is a process of developing relationships, discovering needs,
matching the appropriate products with these needs, and communicating benefits through
informing, reminding, or persuading.

3.1.2 Advantages of using personal selling

Personal selling ensures relatively high degree of personal attention

The sales message can be instantly customized to meet the needs
Allows the sales team to better respond to customer questions and concerns
Good way of getting across technical or other complex product information
Gives the sales force chance to demonstrate the product
Provides an opportunity to build good long-term relationships

3.1.3 Disadvantages of using personal selling

Personal salespersons require high salary, commission on sales, many high allowances, lots of
training and lots of motivation. This is not only expensive, but also very problematic and not
effective in any way for reaching mass audiences. On the other hand, it poses bad reputation for
company if any salesperson do anything wrong.

3.1.4 The way MetLife Alico meet people

MetLife Alico trains and builds strong ambitious teams. Those teams works to understand,
And predict clients. They have all the information a client may need, and their dress-up and
Smartness reassembles the value and respect they are giving to a client. As they are the face
Of their organization, they are trained to be perfect and build long term client relations.
The agents or the personal salespersons are called Insurance Consultants. The agents, or
the over-phone service managers employed for clients are called Client Service Managers.
They usually use the following ways to meet people to convert them as their new clients:

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 Face to face: MetLife Alico, insurance consultants are ready to meet people in-person at any
potential client preferred convenience to discuss requirement and show the product portfolio,
which is customized as per potential client and an efficient way.
Over the phone: The client service managers are ready to answer any client query and guide to
the nearest and the most qualified insurance consultant
General enquiries: the client service managers are ready to help with more day-to-day
Enquiries such as claims, policy information and, extensions etc.
All those are the various forms of personal selling, which were developed to play a very
Important role for any business organization that have to directly deal with customers.
There are 95 servicing cells are in all over Bangladesh for the MetLife Alico. Those are doing
All the major works of targeting potential clients, contacting potential clients, and making all
Of them current clients through personal selling.

3.1.5 Role of personal selling for MetLife Alico:

Major promotional method is face to face communication.
Used for changing the negative perception of people towards insurance by encouraging people
offer at premium and giving employees offer to take training in Malaysia,
HONG- KONG etc.
Helps to increase the demand for insurance services for new and existing clients.
Reduces the risks involved for clients while purchasing the insurance services due to
Its complex and technical nature, they recently used
IWS-International Wireless Symposium software updated software.
Most effective tool for building long lasting relationship, which is mutually beneficial
For the both insurer and insured
Leads to the creation of new client base and helps to expand the market
Informs and educates new clients about the new and upcoming products
Guides clients to select the policy that suits their requirements and tastes best

3.1.6 Role of sales force for MetLife Alico:

For the MetLife Alico, like most of the insurance and personal selling company, role of sales
force are:
1. Prospecting finding new clients
2. Communicating keeping in touch with existing and potential customers about the product
range, their problems, and upcoming news
3. Selling contacting with clients, answering questions 24 hour , and trying to close the deal
4. Servicing providing support and service to clients even after sale

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5. Information gathering obtaining information about the market to feedback into the
marketing planning process
6. Allocating deciding how available stocks will be allocated when any short of source

3.1.7 Other Promotional activities:

Apart from personal selling, MetLife Alico tries to do advertisements on newspapers, and
television channels but these are very few in number Like- Dhaka tribunal. There are very few
open billboards used by the organization as they follow face to face communication rather than
TVC. But they give recruitment advertisement on BD JOBS also. The main focus for the
organization is selling through personal selling, as it ensures long term relationship with clients.

3.2 Product and Services

The life insurance needs differ from person to person. So, the offers here are so much versatile.
At MetLife Alico, any individual client can find a range of Life Insurance, Accident and Health
Insurance as well as Education and Retirement plans to suit their personal or family needs.
There are three major criteria in their offer list. These are Life Insurance Policy, Savings
and Retirements Plan and finally Accident and Health care Plan. Every criterion here has
divided again into several subdivisions according to the customers needs and requirements.
These are as following:

1. Life Insurance Policy: Life insurance can take care of clients family and help them to
maintain their standard of living. Apart from taking care of outstanding loans or mortgages, it
can also protect their children's education or provide for their partners retirements.
Here, I am going to describe about Education Process Plan [EPP] Plus and Three Payment Plan
[3PP] Plus offerings.

The Product Overview of EPP Plus:

A flexible plan with terms ranging from 10 to 25 years on maturity, policy holders child will
receive the full face amount along with the bonus. In the unfortunate event of clients death,
protects the child's financial future by paying out a monthly sum of 1% of the face amount every
month for his/her education till the maturity of the policy. The policy also provides for a waiver
of all future premiums in order to keep the policy active and in-force. Customers can choose to
add a disability protection rider to this plan which will protect them in the event of a disability
due to sickness or accident Like in all other life policies; the paid premiums are income tax
deductible (subject to prevailing tax laws & rules).This EPP Plus plan also provides a personal
accident coverage that ensures the financial future of clients loved ones in case of his/ her death,
disability or injury due to accident.

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 The Product Overview of 3PP Plus:

This Plan is available for varying terms such as 12, 15, 18, 21 & 24 year and any clients can
choose one that best suits their needs. 25% of the face amount is paid at the end of 1/3rd of the
term and another 25% at the end of 2/3rd of the term. The policyholder can use this to finance
his/ her goals. The remaining 50% of the face amount is paid along with a bonus at maturity. In
the unfortunate event of the death of the policyholder, at any time during the term of the policy,
their nominees will receive the entire face amount along with the bonuses - NO DEDUCTION is
made for the partial maturity amounts. Loans up to a maximum of 85% of cash value is
available, if required Like- in all other life policies, the paid premiums are income tax deductible
(subject to prevailing tax laws & rules).The 3PP Plus also provides Personal Accident Coverage
in case of clients death, disability or injury due to accident.

2. Savings and Retirement Plan: Met Life Alico selection of savings and retirement
products mean that one can take steps towards the lifestyle he/ she really wants today, as well as
plan for the future that they really want tomorrow. Here, I am going to introduce the Income
Growth Plan Policy and DPS Super Policy:
The Product Overview of Income Growth Plan Policy: A unique plan that
combines protection and savings offers a maximum premium payment term of up to 30 years
thereby giving the flexibility of choosing small payments to suit clients budgetary needs the plan
is split into 2 phases. The first phase is for a period of 7 years and then the second phase starts
(from the 8th year) and includes the rest of the term. During the first 7 years clients savings
accumulate and grow and at the end of the 7th year a dividend is declared. This dividend could
be up to 40% of the cash value of his/ her plan.
In the second phase, the cash value and dividend are transferred to the Investment & Protection
Account (IPA) from the 8th year onwards; the policy offers a range of flexible options such as
changes to the amount of premium, insurance coverage, etc, subject to the policy terms and
conditions. Maturity Benefits: On maturity, the policy owner can either withdraw the account
(IPA) value; or convert it into a life time pension. Like in all other life policies, the paid
premiums are income tax deductible (subject to prevailing tax laws & rules) Income Growth also
provides Personal Accident Coverage in case of your death, disability or injury due to accident.
The Product Overview of DPS Super Policy: Clients can select their plan from the
following 3 options: Plan Features DPS Super Gold Maturity Value + Life Coverage +
Accident Coverage + Critical Illness & Waiver of Premium Benefits DPS Super Silver
Maturity Value + Life Coverage + Accident Coverage DPS Super Bronze Maturity Value +
Accident Coverage
DPS Super Gold Plan This Plan provides an opportunity for Attractive Maturity Value to
meet the clients financial planning needs. Life Insurance coverage equivalent to policy Face

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Amount (Face Amount is defined as the DPS Super annual premium times the policy term)
Double Benefit due to Accidental Death (AD) and Accidental Permanent & Total Disability
(PTD); consequently a total coverage of 3 times the Face Amount in case of AD. In case of
Accidental Dismemberment the additional Accidental Benefit may reach up to 2 times the Face
Amount depending on the type and extent of Loss Lump Sum payment equal to 100% or 50% of
the Face Amount in case of diagnosis of 8 Critical Illnesses Waiver of Premium in case of
Permanent Total Disability due to Accident or Sickness under Family Protection Rider
Disability
DPS Super Silver Plan This Plan provides an opportunity for Attractive Maturity Value to
meet policy holders financial planning needs Life Insurance coverage equivalent to policy Face
Amount (Face Amount is defined as the DPS Super annual premium times the policy term)
Double Benefit due to Accidental Death (AD) and Accidental Permanent & Total Disability
(PTD); consequently a total coverage of 3 times the Face Amount in case of AD. In case of
Accidental Dismemberment the additional Accidental Benefit may reach up to 2 times the Face
Amount depending on the type and extent of Loss 2.2.3: DPS Super Bronze Plan This Plan
provides you an opportunity for Attractive Maturity Value to meet clients financial planning
needs Death Benefit equal to Account Value or Premiums paid for the Basic Policy whichever is
higher Accidental benefit under which 2 times the Face Amount (Face Amount is defined as the
DPS Super annual premium times the policy term) will be paid in the event of Accidental Death,
or Accidental Permanent & Total Disability (PTD). In case of Accidental Dismemberment the
additional Accidental Benefit may reach up to 2 times the Face Amount depending on the type
and extent of Loss.

3. Accident and Health Care Plan:

Our accident and health insurance products give the customers one less thing to worry about,
should the unthinkable happen. There are various options they can choose from to get the ideal
level of cover for them and their families. There are six plans under this criterion.
These are as following:
The product overview of Critical Care Plan:
Critical Care provides the lump sum payment of up to BDT 500,000 which is payable upon
diagnosis and receipt of proof for one critical illness only. Critical Care supplements clients
life insurance protection Alico offers several plans and clients can select the plan of their
choices. The critical illness lump sum payment will be made only once if the client is
diagnosed and proved with any of the 25 illnesses listed. There is no deductible amount.
The product Overview of Hospital Care Plan:
The Hospital Care supplements clients life insurance protection these benefits are
payable in addition to any other insurance plan that they may have. One can select the
plan that best suits his/ her needs and the needs of your family from the range Alico
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offers. The Daily Cash income continues for up to 52 weeks from the very first day of
hospitalization. The Cash Income is paid directly to the clients, to use any way they
wish. The Cash income is payable regardless of expenses, even if the client is confined
in a free hospital. There is no deductible amount or waiting period.
Thus we can conclude the product and service offerings of MetLife Alico Company in
Bangladesh as well as in all over the world.

3.3 Target Market:

MetLife Alicos target market is basically anyone who is eligible to buy the insurance. Mainly
the age range is from 18 to 55 years old. But their target customers are 25-30 up aged people.
Every sale is emphasized by the personal need of the customer.

3.3.1 Current Market Position:

It is one of the leading companies now. It provides customized service and believes in long term
relationship with the customer rather than short term profit. This is key to success for this
company.

3.4 Places:
The salesperson communicates with the customer face-to-face. It can be in MetLifes own office
or it can be somewhere a customer prefers to communicate.

3.5 Pricing:
Pricing varies from service to service because of customization but its in a affordable range for
the customers.

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4. Customer Service
Customer service is the highest priority for any insurance company. Insurance is a service
oriented product and have to deal with clients on very regular basis. So, only the best service
providing can differentiate the best insurance company.

5. Customer Value Model

Figure: Customer Value Model

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There are 4 parts that MetLife Alico insurance company is following to create customer value:

Part 1: Understanding customers value needs

Different customer will have different needs, perceptions, and emotions towards insurance. Some
may think it is not necessary, some may think it is very important. Some may have good feelings
towards the MetLife Alico; some may prefer its competitors. So, the MetLife Alico had taken
some market research activities all by their own before. Those activities were: independent
market survey, tracking of economic condition of people, and surveying agents. Their target
people are mostly 30-35 aged people. Those activities help MetLife Alico to communicate and
observe customers. By talking with them, and by observing their actions, and reactions, the
insurance agents of MetLife Alico can capture data to clearly understand what is important to
clients and what the opportunities are for convincing them.

Part 2: Creating the value proposition

According to Investopedia, a value proposition is a business or marketing statement that
summarizes why a consumer should buy a product or use a service. This statement should
convince a potential consumer that one particular product or service will add more value or
better solve a problem than other similar offerings.MetLife Alico is creating value proposition by
offering customizable premium payment schedule, responding fast in after sales services,
adjusting claims fast and ensuring security. It is also offering various kinds of discounts and free
services occasionally to add more value.

Part 3: Communicating the value proposition

Communicating the value proposition is like educating the target market. For MetLife Alico, the
communication toward its market is a very important. There is a very good competition in the
current insurance industry of Bangladesh. This is what is making communication with the market
very important. The MetLife Alico have taken some initiatives very recently like increased
promoting, increased number of representatives, fair or event participating, and
Sponsoring event. It is also trying to be present on social networks. All those activities are just
taken for communicating the value proposition.

Part 4: Delivering the value proposition

The MetLife Alico is one of the most trusted insurance service providers of Bangladesh. It has
relatively huge number of customers with service range of all over Bangladesh. So, in terms of
delivering the value proposition, MetLife Alico, is one of the mentionable examples. It has wide
range of customizable policies, good after sales services, strong contact with clients, and
goodwill of being one of the best domestic insurance service providers.

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6. Sales force requirement:

The Metlife Alico has over 15,000 sales representatives or agents and most of them were
handpicked. So, the requirement for the sales force is very important for MetLife Alico
insurance. Few years back, there wasnt much requirement for a personal sales person. But, now
a day, these personal sales persons have to qualified, then have pass assessments, and then have
to do a lot of training. For any applicant, educational requirement is at least a Bachelor degree
from any discipline. The applicant have to be very confidence, should have good sense of
dressing, good sense of reacting, good sense of understanding, and good sense of customizing.
The applicant also has to technologically advanced, and very knowledgeable. Additionally they
should have: Ability to identify and react accurately to the behavior and emotions of customers
Identify other peoples feelings objectively without necessarily agreeing with them ability to
establish rapport easily and put people at ease in their presence Good listening skills, listening
is very important. Curiosity, as many questions require more than a yes or no answer.

7. Sales force training

The MetLife Alico is more like a training institute apart from an insurance service provider.
It arranges weekly, monthly, quarterly, and annually training on various topics.Trainers are most
of the time hired from other human resource training centers, and the topic is selected based on
the requirement felt by the top management.
Most recent training topics (not limited to):
"Know Your Organization" Training
"Know Your Industry" Training
Initial Personal Selling Training
Personal Selling Philosophy Training
Client Relation Training
Ethical Training
"Know The Policies" Training
Value Addition Training
Presentation Training
Personality Training
Strategic Training

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8. Personal selling philosophy

Figure: Personal selling philosophy and its interrelations

As mentioned before, personal selling is the person-to-person communication with the prospect
of developing relationships, discovering needs, matching products with needs, and
communicating benefits. Philosophy is actually the study of the nature, causes, principles of
reality, knowledge, and values based on logical reasoning.
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The development of a personal selling philosophy for the information age involves 3 major
prescriptions:
1. Adopt marketing concept
2. Value personal selling
3. Assume the role of a problem solver or partner

8.1 Personal selling philosophy of the MetLife Alico

The MetLife Alico have adopted marketing concept quite well. It is aware of the needs of its
customer base, it is monitoring the fulfillment of their needs, and it is trying to satisfy them with
value addition. The MetLife Alico has 15,00 personal sales persons. The sales persons are trained
to be a problem solver. They are concerned with the benefits of clients and making the
relationship ready to go further.

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Figure: Strategic and consultative selling model

8.1.1 Relationship strategy
The MetLife Alico knows that the relationship adds value. So, the personal sales persons are
trained to maintain high but comfortable contact relationship with their clients. The legendary
win-win philosophy is adopted over the win-lose philosophy to retain clients. And there are
heavy training activities are done to personal salespersons to ensure that. Every personal
salesperson is trained to have a professional image. They can professionally handle almost any
situation and have commitment toward themselves and their clients. Every salesperson is trained
to maintain high ethical standards. High ethics are rewarded, and made clear that ethics matters.
For achieving sales quota, it is prohibited to use any kind of unethical means. Because, MetLife
Alico understands the importance of retaining clients. The MetLife Alico understands the 4
major key groups of relationship strategies. So, it is open for any personal salespersons to contact
with higher authority for any problem. It is open for any personal salespersons to contact with
any manager for any problematic event. Every receptionist has logs, and they can help any ones
25

client at any time. The support stuffs are ready to give any kind of support to close the deal, and
the top management is able to Track down any personal salespersons through daily reports,
which made contact with top Management and sales agents easier.

8.1.2 Product strategy:

The MetLife Alico has 36 different insurance policies. Those are also customizable, and
Presentable in any positive manner. So, becoming a product expert is mandatory for every
Salesperson of the MetLife Alico. Because, salespersons have to understand the needs of a
Customer, then they has to customize and present that in such a manner that is not only
Make the salespersons knowledgeable but also creative. Every salesperson is trained to know all
the information of the MetLife Alico. They are also trained to know and understand the
competition around them. This is what is really needed for a salesperson. Their training is meant
to make them perfect at the competitive filed, as they are the people who will represent the
MetLife Alico. The MetLife Alico has customizable policies with plenty of gaps for adding
value. So, every Salesperson is trained to know how to configure value added solutions. They are
always aware Of the cost for the benefits and the overlapping it with value addition.

8.1.2.1 Product Overview:

This is a dedicated accident insurance product specially tailored for the Bangladesh market
where the rate of road traffic accident is one of the highest in the world.
It offers coverage for accidental loss of life, permanent partial disability due to accident, and
permanent total disability due to accident
Several units are available under this policy and you can pick the number of units that suits you
the most
No health questionnaire or medical examination required
This plan provides you with 24 hour, 365 days a year worldwide coverage
The premiums that are paid are income tax deductible (subject to prevailing tax laws & rules)
20% of the Premium paid will be refunded as a 'No Claim Bonus' after 3 years, provided that no
claim has been made

8.1.3 Customer strategy:

The Metlife Alico has few very well designed customer strategies. They are aware of the

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Buying behavior, buyer's behavior, and the prospect base. It has the open space for developing
one-to-one marketing strategy. This is very important to redeem buying and buyers problem. As
all buying situations are not the same now, the salespersons are trained to handle. The buying
process is a systematic series of actions, a series of defined and repeatable steps, and it is
intended to achieve a positive result. So, the salespeople are trained be clear on how decisions
are being made.

Figure: Modern customer strategy model, which is also used by Met Life Alico
Life
8.1.4 Presentation strategies
The MetLife Alico has customized presentation strategies. The salespersons are trained
To pose the best image they can afford and represent their organization with full confidence.

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It is a reality that many good products are not sold just because of bad presentation. So, as to do:

Figure: Modern customer strategy model, which is also used by Met Life Alico
The MetLife Alico has different nested lessons for pre-approaching, approaching, and six
step presentation plan. The MetLife Alico maintains contact through phone, internet, mail, email,
and face-to-face Communications. It offers huge discounts, sends gifts to long-term clients, and
arrange special meeting with the clients of an area at a time.

9. Code of ethics:

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The MetLife Alico strictly follows their code of conduct to maintain high ethical standards with
Zero tolerance strategy. If the agents cant manage any policy within three months they get
knocked Agents with long period job have been provided a 10% fund in their entire working life
if they dont give the policy money back to their consumer agency will reduce that amount of
money from their fund and give that money to consumer they couldnt return If any agent play
wrong with any member regarding policy without further notice they are disclosed from
company.

Behave politely with customers for long term relationship.

Take time to understand customers mind.
For any unfair behave or work follow Zero Tolerance strategy.
Do not create any type of discrimination.

10. Findings
In our research, we have got the entire picture of the organization. We think have found all the
major flaws, good facts, and important elements to prepare this report. We have found that the
ethical standard of this organization is quite high when compared with other same level
organizations and we really appreciated the consistency of the interview answers. We also found
that the personal selling philosophy practice is very modern and an advantage for this
organization.

11. Recommendations

There should be more promotional activities (Digital Ads and Printed Ads)
There should be more communication between clients and the organization
Should use CRM (Consumer Relationship Management) software
Should provide more gifts to long-term running clients
Should earn more international recognition to use in brand marketing
Should hire more educated and smart employees
Should establish high ethical standards and make a trustworthy image for the brand
Make a system for top managers to know about current condition at any time
Internally, the organization should be more digitized
Externally, the organization should use more attractive graphics designs
The website should be more informative

12. Conclusions

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The MetLife Alico Insurance is one of the biggest domestic life insurance service provider
companies of Bangladesh. From its establishment till now, it is doing business with high ethics
and by maintaining personal selling philosophies. This organization is one of the mentionable
domestic business organizations in terms of value proposition, and it is thriving for get even
better. The MetLife Alico have completed its 16 years of operation with success and we hope,
with our recommendations, it will perform even better than it is performing now. As a first
multinational Insurance company in Bangladesh, MetLife Alico has completed more than
successful years in this country. Its efficient management team has made its proper progress in
every step throughout these decades. All agencies are the core operational active places for their
overall business. So, working in such agency is a remarkable experience. The working
environment was very comfortable. The people were very friendly. Even the clients were very
well behaved. So through the whole internship period I have got the opportunity to gather as
much as experience I can. As I have selected Health Insurance Policy of this company in
Bangladesh as my topic for internship, I have worked hard to get maximum information
regarding this topic. Three payment plan (3 P.P.) for Health Insurance policy of this company is
the most important and attractive policy. As this company deals with peoples money so its very
important to take care of it properly. Agencies are the intermediaries between the people
and the company. So, it is very important to work properly in these branch or agency offices to
minimize or reduce the risk and faults regarding the sold policies.

13. Use of copyrighted materials

To make this report, we had to use some copyrighted materials. The list of copyright material
with holders is given below:
Calibri Sans-serif Humanist Font: Copyright Microsoft Corporation
Figures (images and info graphics): Copyright Pearson Education, Inc.
Page design: Copyright Microsoft Corporation

14. References

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Association, C. P. (2010, March 10). 5 Characteristics of Successful Salespeople (Part 1

of 6).
Retrieved from CPSA - Canadian Professional Sales Association:
https://www.cpsa.com/articles/5-characteristics-of-successful-salespeople-%28part-1-of6%29
Chimoriya, B. (2014, December 8). 10 Advantages of Personal Selling. Retrieved from
Wise Blog:
http://www.wisenepali.com/2014/12/10-advantages-of-personal-selling.html
Davis, K. (2004). Organization Behavior: Human Behavior at Work . New Delhi: Tata McGrawHill
Publishing Company Ltd.
Huppenthal, J. (2006, January 1). Today's Personal Selling Philosophy. Retrieved from Northern
Arizona University: http://www2.nau.edu/~rgm/ha400/class/professional/concept/text-sellmkt.
Html
Lanning, H. M. (2005, May 29). Communicating the Value Proposition. Retrieved from
DPV Group:
http://www.dpvgroup.com/articleswhite-papersbook/articles-whitepapers/communicating-thevalue-proposition/
Lanning, M. J. (2006, September 18). Value Proposition Definition. Retrieved from
Investopedia:
http://www.investopedia.com/terms/v/valueproposition.asp
Manning, G. L. (2016). Selling Today: Partnering to Create Value. Mumbai: Pearson
College Division

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