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MONTHLY REPORT July, 2011. Planning Division Howard Wang 29 July. 2011. Engaged Project This Month. Market information updated Analysis of Persistency Persistency VS. Premium Collecting Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign. - PowerPoint PPT Presentation
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MONTHLY REPORTMONTHLY REPORT July, 2011July, 2011
Planning Planning DivisionDivision
Howard WangHoward Wang
29 July. 201129 July. 2011
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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Market News
Despite economic difficulties, Vietnam’s insurance market still surged 20.3% in the first half of the year against the same period in 2010.
The 15.9% growth rate of life insurance in H1 this year was higher than the rate of 14.4% in the same period last year.
Despite economic difficulties, Vietnam’s insurance market still surged 20.3% in the first half of the year against the same period in 2010.
The 15.9% growth rate of life insurance in H1 this year was higher than the rate of 14.4% in the same period last year.
Vietnam insurance grows 20.3% to June
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Market News
Manulife Vietnam has opened the second GA in Hai Phone in the middle of July, since then they confirmed to providing the best service and most conveniences to customers.
Manulife Vietnam has opened the second GA in Hai Phone in the middle of July, since then they confirmed to providing the best service and most conveniences to customers.
Manulife Vietnam has opened the 2nd GA in HP
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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Persistency by Month
53.7%
41.2%
59.5%
45.4%
0.0%
20.0%
40.0%
60.0%
80.0% Persistency Accumulated Persistency
Analysis of Persistency
Persistency is decreasing.
39.3%
19.9% 18.6%
26.4%
0.0%
20.0%
40.0%
60.0% Surrender and others Suspension
Surrender is higher.
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Persistency by Branch
44.0%
57.9%
34.3%
53.1%
39.9%
53.3%
53.2% 47.3%
0.0%
20.0%
40.0%
60.0%
80.0% HCM HN DN CT
Analysis of Persistency
Persistency of DN is increasing.
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Persistency by Branch
9.3%
42.1%32.8%
13.8%
0.0%
20.0%
40.0%
60.0%Surrender and others-HCM Suspension-HCM
Suspension rate of HCMC is higher.Surrender rate of HN is higher.
Analysis of Persistency
51.6%
24.0% 13.5%
22.9%
0.0%
20.0%
40.0%
60.0%Surrender and others-HN Suspension-HN
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Persistency by Branch
19.7%
32.2%
23.8%
27.9%
0.0%
20.0%
40.0%
60.0%Surrender and others-DN Suspension-DN
16.7% 12.2%
30.1%38.7%
0.0%
20.0%
40.0%
60.0%
201102 201103 201104 201105 201106
Surrender and others-CT Suspension-CT
Suspension rate of DN and CT is higher.
Analysis of Persistency
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There is a surrender value after 2 policy years for new products from 2011
Efficiency bonus is already related to persistency In the future, promotion, assessment, incentives and
GA system will connected with persistency
◆Suspension:
1. Know the reason why customer let his policy be suspended
2. Persuade customer to reinstate
◆Surrender:
1. Demand analysis of customer
Analysis of Persistency
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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Persistency VS. Prem. Collecting Efficiency of 60 days
Persistency VS. Prem. Collecting Efficiency
53.5%
49.4%
82.7% 83.6%
63.0% 66.7%
53.7%
41.2%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%New case Old caseVerified efficiency Persistency
Persistency and New case efficiency are closed
New case efficiency is leading target of persistency
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Persistency VS. Prem. Collecting Efficiency
Having Policy Owner Convention to increase willingness to pay the premium
To establish Service Agent System to enhance premium collection from other provinces
Having Auto Pay Promotion Plan to increase prem. collecting efficiency
◆In the future, improving prem. collecting efficiency of
new case to increase persistency
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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Auto Pay Promotion Plan
◆Purpose:
1. Used to develop a transfer to the agents, company will focus on the new contracts first
2. To clarify the concept of agency side by education guidance in the beginning
Incentive plan of Customer and Collector (new + old cases)-Premium Dept.
Regional incentive10~11 WKM
EducationGuidance-CS
May Step.
Aug. Oct. Nov.June July
Time Interval Plan
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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General Agency System
◆Reason:
1. It is vast in area in each province of Vietnam and is difficult to provide service with inconveniency transportation
2. It is easier than setting up a branch to expand business
◆Consideration:
1. GA director :
Management experience, Performance and Personal connection relations
2. Location :
Potential area, Saturation of office used and Strategy developing region
Successful factorsGood Person + Good Place
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General Agency System
HN
DN
DNaHCM
HP
CT
Annual plan of company and development of each branch
Annual plan of company and development of each branch
BM can apply for GA, but it will be assessed by head office and branches
BM can apply for GA, but it will be assessed by head office and branches
Branch may recommend a suitable candidate and potential places for consideration of an overall assessment of head office
Branch may recommend a suitable candidate and potential places for consideration of an overall assessment of head office
Regular annual assessment of organization and plan, to determine the new number and location of GA
Regular annual assessment of organization and plan, to determine the new number and location of GA
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Market information updated
Analysis of Persistency Persistency VS. Premium Collecting
Efficiency Auto Pay Promotion Plan General Agency System 2011 Promotion Campaign
Engaged Project This Month
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2011 Promotion Campaign
FP≥6M at least one rider
every 2M more, 1 more chance every 1 rider more, 1 more chance
FP+ riders
Purchase more, more chances
Campaign period: 2011/6/16~2011/8/10
(7th ~8th working month of 2011)
Happy Anniversary
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2011 Promotion Campaign
Branch
Total Policy
Drawing
number
% of reach
standard
Drawing
times
Agent number(7WKM)
Times/Agent
HCM 192 58 30.2% 245 1,674 0.15
HN 843 59 7.0% 161 5,815 0.03
DN 74 23 25.0% 68 312 0.22
CT 186 24 9.4% 73 1,481 0.05
DNAI 365 88 21.0% 270 847 0.32
HP 190 50 15.7% 132 1,438 0.09
Total 1,850 366 13.8% 1,158 11,567 0.10
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New Product Designs
Review Agent System
2011 Promotion
Campaign
Planning Project Next Month
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