[sbinews] Syndicate Bank offers "break" to sell insurance

  • From: sbistcbangalore@xxxxxxxx
  • To: sbinews@xxxxxxxxxxxxx
  • Date: Sat, 13 Dec 2003 06:59:16 +0500

Syndicate offers staffers a 'break' to sell insurance

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. 

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