Page 27 - Life Insurance Today June 2015 SAMPLE
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with a sum assured of upto 1 crore and multiclaim What is your primary model of Insurance
options which is a unique differentiating factor from distribution? What is the contribution of
other products currently being offered. online sales in your business?
How has been your performance in the last Agency is the largest channel for Edelweiss Tokio Life.
fiscal and what business you are eyeing in Ad contributes almost 60% of our total business. We
the current fiscal. also work with select brokers and corporate agents
and that channel has developed over the last 2 years.
Edelweiss Tokio Life is one of the fastest growing life Catholic Syrian Bank is our bancassurance partner.
insurance companies in India. Winner of Rising Star.
Insurer Award in 2013, it
“continues to scale up its
The accountability of selecting and preparing suitable agent “
business with a focus on candidates properly and effectively now is upon the insurers.
enhancing quality of businessLicensing and retaining the effective ones is primary to create a
with a focus on the good agency force.
customer.
Gross premium of the business was ` 86 cr in. Q4FY15 Web as a channel is also the fastest growing form of
compared to ` 50 cr in Q4FY14. The gross premium distribution as well.
for FY15 is ` 193 cr compared to ` 111 cr in the
corresponding last year. Its networth at the end of Customer Satisfaction is the key driver for
FY15 is ` 568 cr. It continues to expand its distribution growth. What have been your efforts in
footprint across agency and alternate channels. Its this regard?
presence is spread across 59 branches across 49 major
cities in India. At Edelweiss Tokio Life Insurance, it is our constant aim
to understand the NEED of our customers first before
The agency channel force has also scaled up with the offering an insurance solution. We truly believe that it
total number of Personal Financial Advisors crossing is indeed more important to understand a customer's
10,000 by the end of this year compared to around requirement so that we can offer the right solution
7,000 a year ago. ETLI funds have been rated top suited to his needs. We follow a 4 pronged process of
performers by Morningstar. 5 of 6 individual ULIP funds introducing and inducting a customer to our services
have been rated 5 Star as on March 31, 2015. Its through an extensive process called Vijay Path.
focus on consistent top performance places it well to
leverage the renewed customer interest in ULIP This is done primarily to establish trust, establish needs
offerings. through a detailed explanation of the key 6 financial
needs. Post that we demonstrate how the selected
The insurers are now free to issue license product plan will help the customer plan for his/her
to agents after clearing the exam. Do you needs. We then end it with a final explanation of the
really see this as an opportunity to expand advantages of starting early and selecting the correct
the agent base? plan based on the needs of the customer. We try to
put needs before the means.
The accountability of selecting and preparing suitable We also call all our customers through an in-house
agent candidates properly and effectively now is upon outbound contact-program to find out opportunities
the insurers. Licensing and retaining the effective ones of early intervention and corrections in certain rare
is primary to create a good agency force. I see the pockets if any or even to remain assured that our
base of productive agency-force going up significantly customers are getting the right and required advice
since certain administrative rigidities can be managed from our distribution. Post-sale, we continues to
in a manner that they do not obstruct on-boarding of remain in touch with the customer through another
a real good quality willing agency-prospect. well-structured process called 'Sampark'.
Life Insurance Today June 2015 23
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