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introduction of the smart, computer savvy and competent Segmentation of Customers as target
professional to distribute the product and introduction of group:-
web portal as well as facility to pay premium by way of
instruction to bank or alternatively to any branch of the 4 One area where life insurers are looking at facilitating
service provider. ideal CRM is the customer segmentation. The insurers
always need to divide the target population into
LIC relied on the huge network of agents who were pushing segments and provide customized product to them.
the product on a part-time basis or selling policies while This had enabled the life players to adopt right CRM
awaiting big break in the job market, private sector hired solutions which would be expected to last for
well educated youngsters and professionalized them before reasonably long time with constant review of these to
sending them into the market. This has taken the concept keep up with the changes.
of customer service to a new height. It will not be far away,
considering the size and geographic distribution of the Insurance Orientation of Customer:-
branches and the magnitude of the network for the PSU's
to match the private sector but it needs considerable effort 4 Insurance players should be interested in identifying the
from the management. insurance orientation of the prospect. Insurer should
aim at increasing this by explaining all the possible
Another aspect which has seen a vast improvement in LIC coverage that can be obtained for his or her various
is the fast redress of the grievances. In today's open and needs and also providing the discounts. This would not
competitive life insurance market where consumer only ensure improvement in business but also go a long
purchase insurance to cover unforeseen calamity based the way in promoting the cause of insurance.
cost and quality of service besides the track record of the
company, there cannot be a greater calamity than the Life Insurance is mostly Long term
denial of claim by the insurance company especially when Association with customers:-
the insured had already suffered from adverse
circumstances. These circumstances have led to increased 4 This type of relationship should be build up by a rock
importance of grievance redress in the form of easy and solid commitment towards providing good service
efficient settlement of claims. throughout the contract period.
Need based marketing of product:-
4 The insurer should be capable of firstly identifying the
need of the client and be in such a position that he can
suggest a suitable product which best suits his needs.
This would help in building a long term relationship and
also to increase the customer loyalty.
Proper training input to the distribution
channel people for efficient underwriting:-
4 There are several perquisite laid by the regulator for
being a agent but if high incidence of default is
observed despite of all these condition what does it
indicate about the company's brand image.
4 To avoid these conditions the insurance companies
today are taking this matter very seriously by insuring
that their agents/advisors have proper skills and
knowledge about the product. This will help the
insurance companies not only to identify the needs of
the prospect and then sell the product but also
The Insurance Times, December 2015 23
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