Archive for the 'Sales and Marketing' Category

PSU banks do not mis-sell …

In a landmark judgement, the Allahabad High Court has asked SBI Life Insurance to return Rs 50,000 to 72-year-old Virendra Pal Kapoor. Kapoor had filed a case in the court after he found that his initial investment of Rs 50,000 had reduced to just Rs 248 in five years. Kapoor retired as a scientist of […]

Bank rip off…but hey that is fine…

This is an awesome Bank-Customer Relationship story… A client of a bank had about Rs. 7-8 lakhs in the savings account. The Relationship manager moved it into a mix of mutual funds – equity about Rs. 1L and debt funds about Rs. 7Lakhs. After sometime this man wanted to buy a car and also needed […]

Mis selling, cheating, falsification of records….in insurance sales?

Was speaking to a senior person in the life insurance business. Interesting times indeed. Sales are down, and you think ulips are not selling? You gotta be wrong. This company has appointed a big National Distributor to sell their products. Obviously they are selling wrong. Clients signatures are forged, signatures are ‘photoshopped’ on the form, […]

how to make you spend more?

A friend called up to ask ‘Why do i have to pay a higher interest RATE for a second hand car than for a NEW car?’ How much is the difference? about 3-4% p.a. for 4 years… that you lose most of the advantage that you got in the price while buying. Wow.  Why does […]

Getting better customer service

It is not easy being in the retail business. And surely not so for arrogant old economy companies who have sold in the control regime economy. So what should you do if you get bad service? Go viral. Yes the Indian net penetration is no patch on the US as a %age of penetration, but […]

Reduce Mis-selling at financial services Industry….

Unfortunately in India most customers crib, then when they get a pat on the back from a high ranking official, they withdraw their complaint. I am yet to see a court order a full repayment for mis-sold policy and heavy damages suits. There is no fear of God in ANY company. If you do bring […]

Consumer is a King!

Well we all have heard this right? If you see the amount of money Coke, Pepsi, Citibank spend on lobbying in the US, you know how much of wrong doings they must be doing. The food industry, pharma, insurance, banking, auto and of course the lobbying industry are really the villians in US. It is […]