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Topic : Customer strategies in insurance
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Started by : Niranjan Meena, Actuary Manager, LIC   07 08 2009 14:15:05 +0000
Industry : InsuranceFunctional Area : Growth(Strategy & Execution)
Activity:  231 views;  last activity : 02 05 2014 20:11:39 +0000

Dear friends,

During the present market conditions, according to you, how an insurance agent can increase insurance sales ?

Let us have a brainstorming session here. I hope everyone participates.

 Refer 80
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  7 4 3 2 1
1 2 3 4 5
1 Target online consumers
2 How to increase Insurance sales ?
4 We should be managing not mismanaging like looking for honor where it does not exist.
5 Recruitment, Training, Motivating and Rewarding.
6 Professionalism should be developed within agents themselves
7 Reach
8 Value of your life
9 Be clear and honest to client

Target online consumers

idea posted by Niranjan Meena Actuary Manager, LIC

I think to increase the insurance sales quickly, we have to think a bit differently. Daily, with more and more consumers turning to the Web to shop for insurance, more and more insurance professionals need ways to target these customers.

Insurance leads should be sent to insurance agent's email in real-time and include detailed information on each prospect. This will help him to complete the sale quickly by contacting insurance consumers with an immediate quote before competitors do. Every insurance agent knows that is all a numbers game. The more prospects he talks to, the more sales he will have.

by Abhishek Singh, Distribution Training Manager, Bharti AXA Life Insurance Company Ltd.  | 02 05 2014 20:11:39 +0000

Well in india not all customers are that tech savy, even if they are ,they don't prefer buying a Life Insurance from online portal as they prefer a Human for his needs and necessities sitting in front of him. When we call customer care the necessary information is available on the IVRS right!!!! but still we insist on or prefer to talk to a person. And as per the present situation people turn to Online Portal just to buy a Online Term plan as they are quite cheap and easy to understand. but on the contrary though other Investment plans would be cheaper to buy online since it discard intermediaries but it still costs not that cheap as compared to Term Plan.

by Adrian Wright, iOS Advisor, Apple, Australia  | 08 18 2013 01:08:57 +0000

I guess we should have a trigger system in place for online customers who go onto our website but don't take out the policy either because they are confused somewhere on what to answer or what to choose from the options given online. These leads should be targeted by sending an email lead or web lead to agents to call the customer and help him understand and complete the sale online at the online price itself. This not only shows that we care about these customers but we also increase our sales targets and win loyalty and word of mouth from these customers.

by K. Chandrakumar, Insurance Advisor/Analyst, LIC of India  | 07 12 2010 13:22:18 +0000

I think everything has to be made online, right from sending forms. It ensures a paperless office. Policy bonds should be delivered online

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How to increase Insurance sales ?

idea posted by Anuuj Verma Area Manager, Praxis Insurance Broking Solution Pvt. Ltd

Dear All 3 simple steps of increaseing the sales

You can get better results than you are now. All it takes is three simple steps leading to better actions. You have a sales plan now, right? But if you aren’t getting the results you want there is something wrong with your plan that is keeping you from getting what you want.

If you don’t have a sales plan for insurance sales success, now is the time to develop one. A sales plan is more that the mission you have for yourself over the next year. A sales plan should include the specific actions you will take and a way to track those actions to measure when you’re on target, or off target so you can take immediate actions to correct your course before it’s too late.

You may set a sales target to sell enough products to result in Rs. 5,000 commission each week. When you find yourself falling short on that target especially if it begins to happen over a period of several weeks it’s time to stop and identify what’s keeping you from doing what you plan to do. Ignoring missed targets doesn’t make them go away. If fact, trying to ignore the root cause of a problem can lead to more bad results in other areas of your business that will keep you from insurance sales success.

You know what you want and you know you aren’t getting it. Before you start brain storming alternative solutions to what you’re doing now dig down to the real reason you aren’t getting the insurance sales success you want from the actions you’re taking. As an example, you may need more appointments to hit your sales targets. The way you get appointments now is you make cold calls. So, you’re thinking if you want more appointments to get more sales you just have to make more calls.

Wrong. Doing more of something that isn’t working only gets you more failures. Are you calling the right people for the right reason with an attention grabbing “I can’t wait to hear more” message? Do you have an agenda for the call with a predefined set of potential outcomes? Should cold calling even be the way you fill your appointment calendar?

Working on your plan by yourself isn’t necessarily a good idea. It’s too easy to get trapped in your current thinking pattern and not even realize what you’re overlooking. You may not even know how to put together a good plan. Working with other agents can lead to tunnel vision about how to achieve insurance sales success. 

by Rakesh Shastri, Freelancer, Insurance  | 02 24 2011 16:20:29 +0000

Why didn't you paste the original link, from where you have copied other person's views & pasted them with your name.

by Swati Raut, Product Manager, Aviva  | 02 15 2010 13:32:59 +0000

Anuuj, interesting and useful points. I agree to these points. Thanks for sharing your knowledge.

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Agent should maintain client list, it should be updated timely. Renewal business must be 100%, it will add atleast 20% new business automatically.

Never escape yourself at the time of claim.

Update yourself with the latest facts,figures and product knowledge.

Implement innovative thoughts/ideas.

Don't forget to greet your clients on birthday/anniversary, atleast send e-greetings. This is value added service - it will strengthen your relations with the clients.

Lot more to time is over..see u agin with more thoughts..





by Aditya Sharma, Insurance Advisor/Analyst, LIC OF INDIA, ICICI LOMBARD  | 07 10 2009 14:52:14 +0000

Yes Mr. Parimal has given a good argument. And the ideas that he has given are time tested and should be followed.

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We should be managing not mismanaging like looking for honor where it does not exist.

idea posted by Mathew Cherian Research Associate/Analyst, Western Michigan University

India was run like a Socialistic country for long and now we are trying to freemarketise. For a free market economy to work the decision makers has a lot of responsibility like they should not interfere with the market. Now they do interfere and the baggage they carry from old socialist days is like building a name for oneself by hook or by crook.

Keyns wrote in his 'General theory' that "it is worldly wisdom to get dishonored conventionaly than get honored unconventionly". Our leaders and other decision makers are trained in the contrarian school of getting honored unconventionaly. So the trouble starts every where including Insurance, Mutual funds, Markets etc; where citizen put their lifes savings with dreams and aspirations of a better tommorrow. Our leaders are seldom worried abuut the havoc it creates of disheartening them some of the little opportunities the citizen have in improving their situation in life. They interfere in the markets and provide no efficient management falling prey to physchotic pressure and mismanagement results.

So if citizen need to take more insurance then the government must stimulate the commercial environment so that people are well endowed to afford insurance. Also they should make it less riskier for insurance companies to price procucts lower so that more can buy. This is done by creating efficient environment in the backdrop of an efficient economy. Unless this is done I don't think anything else we do will be frutiful or efficient in the true sense of mutula transactions. 

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Recruitment, Training, Motivating and Rewarding.

idea posted by Sharath Kotian Development Officer, Life Insurance Corporation Of India

In order to increase sales in insurance we need to first of all increase our recruitment of agents.  I never supported the idea of Alternate channels of selling like bancassurance, mallasurance, call centers, etc., since they provide very poor or nil after sales services.  They are not at all having any kind of infrastructure in place for providing of after sales services to their policy holders.

Regular Training programs of the existing field force should be held at different levels.  The frequency of training will keep the field force on their toes always.  They should be given all the data regarding the competition and competitor's products.  This will also help in retention of agents which will in turn increase the sales.

Motivation is the most important ingredient which should never be left out, specially in today's times of recession.  A simple pat on the back of a newcomer who brings in just one policy, after taking up his agency, will go a long way.  This builds the confidence of the agents in the organization.  An organization which motivates its people regularly will have a team of loyal supporters who will be prepared to do anything for the organization. 

Rewarding the sales force for their small and big achievements also go a long way in building a strong team for the organization.  Recognition is what people vie for. Who would not like to be recognized?  Different types of awards and rewards should be made available for the achievers at different levels.

by Jyoti Rath, Sr. Associate, Barclays  | 07 15 2009 08:09:23 +0000

people forget to do such simple and small gestures which will do a world of good for that matter, and this will make one to be more productive and this gives them a sense of competency and will keep the younger lot in a good stead and Rewarding at times for job well done will give them the confidence that their hard work was  appreciated and this really helps a lot for that  matter.

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Professionalism should be developed within agents themselves

idea posted by Vivek Development Officer, LIC Of India

Without Professionalism ,sales and conservation cannot be increased

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idea posted by Aditya Kumar Senior Consultant - ERP, FLSmidth
Reach Rural Customers through Strategic Alliances with NGOs and innovative Products !
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Value of your life

idea posted by Jayaraj Paliath Freelancer, Freelancer

My way of selling is to make the client aware, what is the value of their life rather than the returns  from their insurance investments.

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Be clear and honest to client


be always clear and honest to client,keep in mind that u will not keep him in dark and never tell him lie ,whether you gain money as commission or not.In the beginning u will get lesser business but in the long run your old client will become your brand ambassador. 

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