Summer Internship with IDBI Federal – Payal Datta Chowdhury from TAPMI Manipal
Payal Datta Chowdhary (centre) interned at IDBI Federal Life Insurance Co Ltd this summer and shares how this improved sales tactics in her. Payal is an MBA student at TA Pai Management Institute, Manipal. Read on to explore more about her exciting days of learning.
Without prior work experience, the eagerness for the working experience that I was supposed to have made me excited each day! One sector which majority of the interns from the elite B-schools will hardly want to intern at, provoked me to today pen down the two beautiful months summer Internship extravaganza- Insurance industry : Company–IDBI Federal Life Insurance Co. Ltd. – The tough turned good part.
Not any chauffeur to receive me, but a simple yellow-black colored auto-rickshaw peeped through my eyes so that I boarded it! Nil information about the city atmospherics yet the enthusiasm for exploring each nook and corner in the two months! From any angle of my eyeball, I could have a glimpse of any of these: few rushing red-colored BEST buses, super-fast local-trains, homo-sapiens walking in such speed which won’t allow to trace them once the eyelid drops, the road-side sabjiwallas, garment sellers, humid weather even at morning 6:30 AM. Oh! Is that really tough to guess the city- Mumbai! “The Best Part.”
Dear readers, this onus simply lies on us how we extract from the internship and how much: Whether it is learning or the working experience, fun with friends, or appreciation fetched etc.
Day 0- 6th April, 2014. With innumerable thoughts crowning my mind, I stepped out of Dadar station, murmuring, “Yeah girl! Finally am here in Mumbaaiiiiii, Best of luck dear me for internship and the adventure road ahead. I am sure I’ll rock!” I took the cab heading to Borivali as I confirmed my stay there. This day epitomized with unpacking stuffs, gossip over cups of tea with friends, caressing formals for the next big day and all positive thoughts.
Day 1- 7th April, 2014. Reached office with the offer letter in hand which stated 11:00am reporting time. I left home for at 8am and was being guided by fellow friends that I’ll reach by 10am in office for sure. The well-ironed western formals, perfect hair-do, a Timex watch, a purse hung on shoulder and a second-class local-train ticket in hand, I waited for the fast train to Dadar. 8:45am train arrived! The ladies compartment over-flooded. I felt scarcity of oxygen to breathe, stood still for another 15mins. 9:12am finally the sigh of relief as it was Dadar. My next step was to catch local train on central lines to reach Ghatkopar, my office. I did not know how to change train from western line to central line. I struggled hard to stop few guys to enquire. Each human was found rushing like storm-wave here to there. The poor me, a little soul new to the city. After I managed to reach Ghatkopar somehow, I took an auto which took another 7mins to reach office. I was pissed off for two reasons: Fear as I was 20mins late the first day due to hectic local train atmospherics and then when I soon realized that I already lost the favorite Timex watch struggling getting inside the train. I was left in awe. Horrible Travelling Experience on the First Day!
With some good luck that I hold then, I found many interns from the other B-schools being late and so the orientation began at 12 noon. Meanwhile I was enjoying looking through the cabins, the glass-doors, enticing interior in green and all the other amenities. We interns were greeted and briefed for the roles we were supposed to administer, the company intricacies of its business, the JD, some dos and don’ts, the project objective, the sales objective, targets to be met, commissions/stipend, remuneration/appreciation certificates, performance evaluation and client handling etc. Next two days were followed by product training at Company Headquarters in Lower Parel. My market research project was “To study the Brand Equity and its effect on the sales” and sales objective was “To sell any five insurance policies with minimum premium collection Rs.1lakh”. Though it sounded interesting but was challenging enough. We had an opportunity for a lunch-cum-interactive session with our mentors comprising of business leads of different departments. I got an opportunity to clarify all queries running in my mind because I did not have much idea about working in an insurance industry–Interesting induction though!
My market research project required me to study the Brand Equity in-depth having a research on what impact it laid on the company sales. I conceptualized everything from the scratch with the proper literature study, framing questionnaire, collecting genuine unbiased responses of people who held insurance products, tools to be used for analyzing the data and getting the desired results. It took a week long to understand, frame an effective itinerary for the rest two months on how successfully the project can be completed along with sales. My mentor was extremely helpful to guide through the road ahead. Anytime I could contact her and would receive instant replies over phone-call, or on emails or Whatsapp, She would anytime clear my doubts even at 2am for any sort of client confusions on Whatsapp messages – Whatta Cool Mentor!
The preliminary itinerary of milestones was as follows:
Before 15th April 2014- Submission of the project proposal and closure of one policy. This would entitle me a Rapid Starter. The project proposal I submitted was on time and I got to Go Live. But closing one policy could not happen then. Nonetheless, I wasn’t disheartened. I began to plan how can I convert a policy and close it as soon as possible. I chalked down certain plans, for example, if I talk to 15 people in a day, one might get converted. Poor inexperienced soul I was. While the research study on the Brand Equity was going on parallel studying the factors on which Brand Equity of the Company depends, conversion of a policy was hovering my mind all the time. It wasn’t too late, when I realized that people had lack of trust due to lack of sense of security in investing money with me as an agent, the unknown agent, when market leaders like LIC had its agents all around them.
Plan revised! Now I felt to target that chain of prospective clients who knew me and would not hesitate in trusting my work. With this in mind, I travelled to Pune, as I had prospective clients in the city, with the tatkal ticket in my hand and it was here where I found that with the proper benefit illustration and the negotiation skills, I successfully closed my first policy- Felt like I won the world.
I came back to Mumbai and on Monday, merrily, I went to office to submit the documents and got the tag of a Quick Starter. The inexperienced person in this domain never felt so very delighted. While returning home, I visited the Siddhivinayak Temple, and a long time desire of mine to visit the holy place came true. Now what? Masti on the beach. Nariman Point. The beautiful tri-cone stones, water waves, balmy breezy wind which entangled my hair strands, the couples walking hand-in-hand, coffee, salty chips. Wow!! It all made my day. – A Happy beginning of Work plus Tourism.
Before 30th April, 2014- Submission of the Interim Report and closing of two policies. My mentor wanted me to always be prepared with proper product pitch and relevant facts-figures which would demonstrate our products having an edge over the competing products. I realized its importance when I experienced that clients always counterfeited with various competing Brand-products leaving me puzzled at times. I struggled and explained them why our product was the best over any another. I learned that by not getting disheartened, and having a smile with confidence/belief in me, the success mantra weapon will lead to achieve the sales target. The Interim report was again successfully submitted and it got a green signal to proceed.
Contacting different clients started taking a rapid pace now and it was so convenient day by day to explain them the product benefits. Often I felt, wow, I discovered the true salesman in me. I improved and felt better about my good pitching skills which were never found before. There was none better platform to weigh the same than this. Awe!! Next mission was at Indore. Rang up a friend residing there to explain the relevant policy and found that he already had a similar plan. Huh! Got the contact details of the other prospective clients from him and I felt excited that how the tree chain worked well. I spoke to them as complete professionals, managed to convince them, addressed all their queries satisfactorily, justified each and every benefit that they would receive and wow! I successfully was able to close two policies just over telephonic calls.
The big day of Joy- The Head HR from the Chennai office travelled to Mumbai to retrospect the work-in-progress of Mumbai Branch interns. I was so glad to meet her. I gladly handed over her the two more policies that I closed. She was extremely happy with the work I did and also appreciated my efforts. Her constant appreciation and support further boosted my confidence. It rang my ears a couple of times, the way I was appreciated by her in-front of all interns from the other B-schools. –First Impression to the Mentor certainly matters Boss!! Entitled the Silver Starter this time!!
Before 15th May, 2014- Submission of the Pilot Study. With much help from peers, I framed the questionnaire to elicit unbiased responses from the target segment and intelligently capture their much important views on the brand, its products, the benefits they would seek when they buy an insurance product, brands that they prefer, loyalty checks, the personal data about their annual income and the investments they make etc. Survey was floated both online and offline. I successfully was able to submit the Pilot study report and now it was the time to head to my hometown Kolkata where I would enjoy few days of beautiful togetherness with my family and obviously for Sales-Sales-Sales!! Soon when I was able to realize that I was departing from Mumbai, I had sheer grin on my face. I listed down all places that I could visit before I left.
Enjoyed a wonderful night trip to Bandra-Worli sealink, National Park, Cycle trekking, dinner at Hotel Mariott, fun at Juhu Beach, shopping at the Lokhandwala market, a night long drive with some friends, mid-night dine at the dhaba and with this I half completed the planned list. Sunday morning it was when I headed to CST and much enjoyed Gateway of India, the Elephanta Caves on the cruise, amidst water the Haji Ali, the Fashion Street and much more – A little less yet much more fun and adventure during the internship!!
Warm welcome by my Mommy at my Home Sweet Home-Kolkata:
Reaching home, I saw the dining table that left my eyes over flooded with the super Ilish maachher jhol, the tasty Chingri paturi, lovely Muri ghonto, spicy Chilly chicken, sweet Roshogolla, Mishti doi…
I had a glowing spark in my eyes but wondered how long will it take me to fit all this in my little stomach, the extravaganza that I could see and aroma of the typical Bong food puzzled my nose.
Before 30th May, 2014- Submission of the Final Report and complete closure of the sales target. Now working harder this time and set busy compiling the requisite data to analyze the same on different tools of the market research, I simultaneously was able to meet many clients I knew in and around Kolkata and successfully met the closure target.
I always heard people saying that Internship in an Insurance Industry is going to be tougher- no fun. I counterfeit the same, saying that there really exists barely any type of industry which will make you learn yourself what actually sales cum market research is when you see that people from a distance try to slog doors before you reach when they recognize that a sales agent is approaching them, when people try to disconnect your call when they realize that you are a sales agent calling them which is intended to make them buy Insurance products, when people would ask you questions which often you might feel that you don’t have an answer ready to shoot, when you really have to make them invest their assets in your company by negotiating hard with to reposition those assets, when you will strive hard to close policies and that very moment of closing it, the client would refuse for some or the other reason, the simultaneous feelings of both dejection and elation. These hurdles would definitely extract the most fruitful skills out of you. At the end you will surely get to know your capabilities in overcoming such hurdles and how you come out with the glorifying colors of the success and glory. It is actually a real-time tester of all the diligence, ethics, patience, confidence, sportsmanship, team-spirit, persistence and personality that accounts to a holistic pursuit. –Met Challenges, Earned Success!
This summer saga signed off giving me a week-long celebration at my home and I realized that I put on weight as a consequence of the love showered by Mumma and the relatives (the wide assortment of bong-food). I also discovered my strengths and the potentials, nurtured my skill-set, learned a lot with the live experience and now I am a zealot to take up the industry challenges.
FYI! You can view the latest Internships in Mumbai here.
Editor’s note- Have you got an internship story to share? A chance to win cool Internshala T and other cash prizes by sharing your internship story here.
