1273671_Yachika Singh, F2, Q47 – Comment on making sales and marketing more responsible and answerable in Insurance industry.

INTRODUCTION:

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. The demand for insurance products is likely to increase due to the exponential growth of household savings, purchasing power, the middle class and the country’s working population. Listed below, are the various underlying growth drivers for India’s insurance industry:

• Growing of the financial industry as a whole
• Growth of  life and non-life industry
• Promoting innovation and removing inefficiency
• Competition and orderly growth
• Growth of specific insurance segments such as motor insurance

DISCUSSION:

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. These are the factors, which we should consider:

1 – Know Your Client
Be alert to details that matter to the client and recognize what makes every encounter with each client unique. Our brand promise, “Because You’re Different,” hinges on employees knowing their distinctive clients and sustaining a positive relationship. Tell your client things you are doing for them that they might not know about and make a point to ask those questions about their business.

2 – Share Problems
Make the customer’s problem your problem.
3 – Mobile Friendly
Make your insurance website mobile-friendly so your customers on the go can easily access your information if they need it.
4 – Customer’s Shoes
put yourself in the customer’s shoes. Think: “If I were them, what questions would I ask?”

CONCLUSION:

In the nutshell, we can say Sales and Marketing plays a major role in Insurance because without sales we can get earn profit and profit maximization is the backbone of a company.