Post Sales services by insurance companies

Post Sales services by insurance companies

Tarun Chugh, MD & CEO, PNB MetLife 09-07-2015 06:28:11 AM
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‘Customer is the King’ is what we all learned in our MBA courses and the true understanding of this comes when you join a services industry. From telecom, banking, restaurants, consumer durables, each and every consumer facing company has to keep ‘servicing’ as a priority to ensure happy customers and repeat visits. Insurance is no different. An insurance policy is not just a one-time transaction at the time of sale but a long term contract signed in good faith by both the insurance company and the policy holder.

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In the financial services industry, life insurance probably has the longest relationship with a customer starting from the first pitch made by the adviser.  The ‘trust’ factor is initiated by the need based sales approach adopted by the insurance adviser and one has to continue to build on this post sale too.

The post-sales service involves multiple touch points across various stages. It begins right from the on-boarding, to premium payment reminders, connecting at different life stages to meet their changing needs and finally - the moment of truth at the time of claim settlement. With products being similar across companies, the key differentiator is customer experience. And technology is what helps companies deliver on their promise.

Customer today is demanding and it is our responsibility to deliver on our promise. Simple things like timely premium payment reminders, easy to read proposal form, efficiency in handling customer queries, quick claim settlement are some key aspects of good servicing. At the same time, the customer also needs to ensure that he has provided the correct information to the insurance company and one should participate in the proposal stage and welcome stage calling to verify details with the insurance firm. One can also exercise the free-look option, a window of time varying from 15 to 30 days  during which one can assess whether they want to continue with the policy or not.

Both the regulator and the industry have been tirelessly educating customers on the various issues pertaining to life insurance in a bid to provide clarity and help make their decisions easier. Policy documents have been simplified and standardised, figures for claims settlements; persistency ratios and other key metrics by which to assess performance in the market are easily available in the public domain. Insurance companies also try to settle disputes as well as policy claims within realistic deadlines wherever possible.