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Importance of motivation for sales people in insurance business in Bangladesh

Nazim Uddin Khan
1. Introduction
The current research is undertaken as a research project in the M.Phil program at the Department of Marketing of Jahangirnagar University. The study is carried out to find out the importance of motivation for sales people in insurance business in Bangladesh.
2. Background of the study
The market of Bangladesh is familiar with insurance business since 1971. In our country there are …… insurance companies are operating their business. In this business, sales persons play the biggest role, which is to convince the people for making insurance contracts in their company. For this reason, sales persons have to try and do the best performance to increase the sales of the company as well as their commission. Most employees do this, but some do not. Why? Because, they are not motivated. Motivation is the process to convince someone or making someone to do any job by him/herself. Motivation has a great impact in business. It makes employees willing to do their job perfectly. We need to point out the impact of motivation for sales person.
3. Objective of the study
The purpose of the study is to find out the importance of motivation for sales people in insurance business in Bangladesh. Specially, the research should provide information to the following questions:
I. Is the sales volume decreasing day by day because of the sales persons?
II. Do the sales persons not working properly?
III. Is their salary not well efficient for supporting themselves?
IV. Do the sales persons want to switch their jobs?
V. Are the sales persons self-motivated?
VI. Do they work properly after getting their motivational incentives?
VII. Do the businesses face increased taxation? 4. Methodology
The current study is an expressive research that delivers elaborative descriptions of the importance of motivation regarding the insurance business for sales persons. The nature of the importance of motivation in insurance business is first marked out by consulting secondary data. Few of them are the annual reports of some bigger insurance companies. These reports can be report of annual sales volume and salary and commission report of the sales persons. There may be information from journals, newspapers, different business websites, insurance association’s publications etc. The biggest source of secondary data of this study can be the information of American Life Insurance Company LTD (Alico).
Information needed to be acquired is categorized under specific components; under each component there is one or several research questions, each research question formulates a hypothesis.
Specific Components
Research question(s)
Hypothesis
SC1: Is the sales volume decreasing day by day because of the sales persons?
RQ1: Whether the sales volume is decreasing in policy number.
RQ2: Whether the sales volume is decreasing in policy premium amount.
H1: The sales volume is decreasing in policy number.
H2: The sales volume is decreasing in policy premium amount.
SC2: Do the sales persons not working properly?
RQ3: Whether the sales people do not work because of improper motivation program.
RQ4: Whether they do not work for other reasons.
H3: The sales people do not work because of improper motivation program.
H4: They do not work for other reasons.
SC3: Is their salary not well efficient for supporting themselves?
RQ5: Whether the salary of a sales person is not sufficient.
RQ6: Whether the salary is not up to the mark of current living standard.
H5: the salary of a sales person is not sufficient.
H6: The salary is not up to the mark of current living standard.
SC4: Do the sales persons want to switch their jobs?
RQ7: Whether the job of convincing people for insurance policy is boring.
RQ8: Whether the job is insulting or great.
H7: The job of convincing people for insurance policy is boring.
H8: The job is insulting or great.
SC5: Are the sales persons self-motivated?
RQ9: Whether the majority of the sales persons are not self-motivated.
H9: The majority of the sales persons are not self-motivated.
SC6: Do they work properly after getting their motivational incentives?
RQ10: Whether the incentive is really motivating or not.
RQ11: Whether the incentives are provided in money or physical goods.
H10: The incentive is really motivating or not.
H11: The incentives are provided in money or physical goods.
SC7: Do the businesses face increased taxation?
RQ12: Whether the Value Added Tax (VAT) imposed on insurance business is high.
H12: The Value Added Tax (VAT) imposed on insurance business is high.

Data from the primary sources is collected in two phases. In the first phase some business owners, managers, insurance experts and academic professionals are consulted to understand the nature of the importance of motivation for sales person in insurance business. When the key impacts are identified, a structured questionnaire containing ten questions is administered to know about the views of the entrepreneurs of this business.
The target population for the research is the key persons involved in the management of insurance businesses in Bangladesh. That includes top executives, the owners, chief executives officers, senior managers and the sales people. Rather random sampling, convenience sampling will be used for. There are ………… insurance companies and 15 will be surveyed.
Using a non-comparative itemized rating scale questions will be prepared in which each questions will present an importance of motivation in this business and the respondents will be asked to rate their views of being affected by problem in a Likert scale of 1 to 9. 9 denote the highest magnitude of the importance and 1 denotes the lowest. The questionnaire will be pre-tested on some of the respondents first, and if no difficulty arises, it will be taken as the final questionnaire and interview process will be carried out.
As the fact of that the sample to be surveyed is limited to thirty only, the field work for the research will be carried out by the researcher. The fieldwork constitutes collecting information from the respondents with the structured questionnaire developed. Two types of interview method will be used, personal interview, and telephone. Data collected from the respondents though the questionnaire are first checked and cleaned. They are then coded, and are inserted into the statistical software SPSS 20.0.
Data retrieved through the questionnaire will be statistically analyzed to draw conclusion. Each hypothesis is divided into null and alternative hypothesis. In the first phase of the analysis the severity of the various problem areas have been analyzed to learn how many of them are statistically significant in order to conclude that this importance of motivation truly essential for the business. In the second phase a multiple regression model have been derived to learn about the magnitude of the various problems affecting the businesses adversely.
5. Literature review
Publication year
Author
Title
Key issues analyzed

6. Limitation of the study
The research is based on a single set of respondents, i.e. the business owners. An owner may overstate his own views. For example the nature of the importance of motivation for living cost may vary from place to place. The survey carried out in his research has considered 15 samples. The conclusion drawn from the sample could be more valid if they are drawn from random sampling method. Some additional data and analysis could improve the research yet.

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