How insurance companies can make life easier for customers..

By enabling the clients to fill up the proposal form online the benefits are

On customer end

1. Customer goes through ther proposal form and understands all the facets

2. It enables he customer to fill-up the form at his own convinience

3. Saves the time on the part of the customer

4. Spreads awareness among customer about the fine print

From the Insurer end

1. Clear legible KYC form

2. The online application can be held sacrosanct in case of dispute arising at the time of claims

3. Complaints about mis-selling can be reduced to a not as the customer fills up the form through a unique user ID and password

4. Time taken for issuance of the policy bond in case of no medicals would be reduced to agreat extent

5. For online applications the commission structre can be changed

6. Promotes storage and easy retrival of data.

7. For  special medicals the scanned copies or for that matter the soft copies of the reports can be directly sent to insurer thereby reducing the chances of tampering

Bharti AXA General Insurance (BAGI) plans to install a system that will allow policy-holders to pay premium through their mobile phones. For this, it will team up with group company Bharti Airtel.

BAGI’s CEO Amarnath Ananthanarayanan said "We are keen to offer services to our policyholders and have started working on it. We need to look at the economics of the system."

The problem that the private life insurance companies are facing is the churning of the employees. The person who comes to collect the first premium is the face of the company, but he changes his job in few months and then he grabs the customer to the other company. The customer does not get proper service in this senario. Also the trust of the company will be reduced.

The new technologies are good, but the people using these technologies are very less, its the human touch that drives the insurance business and i believe that is the reason of LIC still being on the top.

By making claim-recovery easy . also it should be shown as a brandbuilding method.

I think almost all the insurance policies go for a minimum 10 year period. First companies should think of reducing this duration a bit.

Today everyone wants to make profit within a shorter span of time.

Mobile Payment, Credit card, ECS etc will be sure way to reduce stress on client

Issues arising after sales are much important to retain the customer & also to build positive image of the insurance co.

for eg- many of the members even though literate will not know whom to contact at the time admission in hospital. He might not even know TPA existenance. At the our of need he would either  contact wrong person( usually agent- who also doesnt know TPA contact numbers/ procedures). The idea is to educate the customer about the TPA & thier contact number,address etc.

majority of the problem arise only with the lack of correctinformation with the customer

company should engage agents and employee of clear idea,honest and laborious  persons who can support and help the clients and give them maximum possible services.