Syndicate offers staffers a 'break' to sell insurance MAYUR SHETTY TIMES NEWS NETWORK[ FRIDAY, DECEMBER 12, 2003 11:16:59 PM ] MUMBAI: Syndicate Bank is planning to introduce a sabbatical facility for employees who wish to sell insurance products to the customers of the bank on an incentive basis. The move is expected to serve two purposes: one, it will help the bank get over the problem of not being able to provide financial incentives to individual employees and two, it redeploy employees as computerisation and core banking would free up some backoffice jobs. Although public sector banks have the distribution network, the top sellers of insurance in the banking sector are the foreign banks. This is because of their traditional focus on marketing financial products and also the fact that most of them provide performance based incentives. The bank may also consider using such employees to sell its other products like credit cards. Most of the banks that have achieved volumes in card sales have succeeded because of incentive-based selling through direct marketing agents. Although a sabbatical scheme was proposed by Syndicate Bank in the past, the bank had at that time not offered any alternate career path to the employees. The present proposal is to allow employees confident of selling to try their hand at becoming insurance advisers. Speaking to ET, Michael Bastian, chairman and managing director said that the bank was already a corporate agent of Allianz Bajaj Life insurance and had received its board approval for becoming a corporate agent of a non-life insurance company as well. At present none of the individual employees receive any financial incentive for selling . “We have 500 employees selling life insurance and they have so far sold 500 policies,” said Mr Bastian. The bank which started out with 200 branches selling life insurance plans to expand the number of branches to 500 soon. *************************************************************************** Mailing list (sbinews@xxxxxxxxxxxxx) related information: News/articles about SBI and Banking related matters published in the print media, Internet etc will be circulated through this Mailing List. The messages in this list will help in improving awareness of SBI and its activities vis-a-vis the happenings in the Banking industry. This should be of help to all staff members of SBI, particularly those who are preparing for promotional written tests/interviews/group discussions. Subscription to this Mailing List is simple and FREE. Please check the procedure below. Please share this information with other colleagues/branches that could be interested in subscribing to this Mailing List. The messages circulated here should not be deemed to have the official endorsement of the SBI or any of its employees. The correct factual position may be ascertained from official sources. To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'subscribe' without the quotes in the subject of the email message. To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'unsubscribe' without the quotes in the subject of the email message. Archives (old messages) are available for viewing at: //www.freelists.org/archives/sbinews Click on the month-year at the lower left corner to view messages posted during that month. This is an announcements/newsletter type mailing list i.e. only the Moderator/s can post messages to the list. This mailing list is maintained by Sri. R.S.Pai, currently working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. Moderator: Smt. S. Vijaya, CM (Training), SBI, STC, Bangalore. Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities Links