Munish Sharda, MD & CEO, Future Generali Life Insurance Co, is of the firm view that customer should be the focus for any insurance product offerings:
As insurance companies speak about simplifying their product offerings in order to achieve scale, it should be the customer, who should be at the center of such an effort, feels Munish Sharda, MD & CEO, Future Generali India Life Insurance Co.
“The exercise should essentially focus on the overall customer experience,” says he, explaining further: “For example, the customer has to understand the benefits, and when the benefits are communicated to him, it has to be done in a simple manner. And it must also be ensured that a specific product will indeed bring the customer real benefits.”
Sharda also maintains that the customer has also to be clear about what his requirements are and whether a specific product would be meeting his requirements.
Emphasizing on the crucial need for an engagement platform for the interaction with the customers, he says the responsibility of getting the customer to understand the product features is very crucial. “I believe that it is our responsibility to make the products for the customer and at the same time make him easily understand without too much of complexity or jargon,” he adds.
Sharda elaborates on the process: “I believe there are three parts to the entire process. The first is obviously the product itself, that is, defining the needs of the customer and how the product meets these needs. For example, we have the cancer plan. We realized that there is a need for the customer not only to get the cancer treatment done, but there must be provision for post-treatment expenses too.
“The second is to ensure that the sales team understands the products and their specific benefits and keep themselves updated. Besides, they should also be capable of making the customer understand these features and create a feeling in the customer that he needs the product. Several of our products are designed in such a way that the salient aspects can be explained in less than 15 minutes.
“The third is the servicing aspect. In our case, we have made it very simple for the customers to reach us through multiple and easy mediums, like WhatsApp and chatbots, keeping the scripts simple so that each and every customer can understand the features of the products as well as get responses in a most lucid manner. We have also made it mandatory for our people to talk to the customer before a policy is issued on recorded lines where the product is once again explained.”
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