Product Simplification @ Future Generali Life Insurance

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:

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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.

ENGAGEMENT PLATFORM

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.