The company I choose is MetLife China. MetLife is a life insurance giant operating in over 60 countries and provide services to over 90 million customers in the world. 1. The MetLife insurance agent in China need to get at least 80 hours pre training before they get the qualification to sell insurance product. The trainer will teach all kinds of insurance sells knowledge to the agent. After the agent pass the qualification exam, then the agent could enter the market to sell insurance. 2. The agent will contact a potential customer, if the potential customer interest in insurance, the agent will set up a appointment to meet the customer. 3. When the agent meets the customer, the agent will help customer to do the financial analysis, to let the customer know what kind of insurance product maybe needed by customer. 4. The customer decide to buy the insurance, then the agent will help the customer to fill in the policy application, then hand in the application to company. If the application passes the underwriting process, then the company will debit the premium from the customer’s bank account. 5. The agent will contact the customer and deliver the policy to the customer. 6. The agent will keep in touch with the policy holder to help the customer to process any requirement, such as changing address or claims. 7. Company customer service department will help the agent to service the policy holder, provide many services to customer, such as body check, investment salon and so on. This sales process is highly consistent with the relation marketing. 1. The sales process focus on customer retention. The insurance business is always focusing on customer retention, the agent need to provide professional service to the customer to make them satisfied. The customer may buy different insurance products from this agent, and the customer may introduce other potential customers to the agent. For the company, customer retention means the customer keep to pay renewal premium to the company, which is important to the company as well. 2. Orientation on customer value. To help the customer buy the best suitable insurance is always a MetLife agent primary mission. The sale process focus on the customer value instead of product features. 3. Long timescale. The selling process is always not easy for an agent, many of them need to meet the customer for several times, to try to make friends with the customer, persuade the customer to buy the insurance, and also make sure the customer know the insurance product very well. 4. High customer service emphasis and high customer commitment. The insurance company is all about commitment and services, then the sales process is about introduce customer service to the customer, to let them know what kind of service and commitment the company will provide to the customer. 5. High customer contact. Many agents need to be friends of the customers, to create the trust between the agent and the customer. The agent will send birthday or holiday greetings to the customer. Altogether, the MetLife agent sales process is high consistence with characters of the relationship marketing. The MetLife China do has competitive advantage through this sales process. Compare with other insurance company operating in China, most of them always focus on the insurance product features, to tell the customer how good the insurance product. But MetLife sales process will put the customer needs for the first position, to analyze what kind of insurance the customer need instead of selling insurance product. The good reputation of this sales process practice gives the MetLife agent more opportunities to contact the potential customer, and then help the business growing rapidly.
For the traditional insurance agent channel and insurance, the external environment will impact on the sales process, or its effectiveness in selling. The PESTEL analysis indicate that external environment include...
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