These companies have undertaken massive drills to retrain agents to approach and convince customers to buy new policies and renew premiums entirely through digital channels such as WhatsApp or Zoom, while also rejecting settlement strategies starting right from the drafts of the agents uses to address potential customers, said people aware of the trend.
They said manuscripts have been reformulated with an emphasis on selling more clean protective cover rather than the previously more sought-after investment and savings products, which coincide with changes in customer demand for recent stock market crashes, declining interest rates and increased awareness of insurance coverage during the pandemic.
“As we conducted customer interviews, we found that risk coverings are more in line with customers,” said Ashish Vohra, CEO, Reliance Nippon Life Insurance. “Our manuscripts are undergoing changes to emphasize more on these elements of risk.”
“The prevailing situation has meant that we have resumed the entire sales process, from face-to-face meetings to remotely approaching the customer and closing the transaction,” said Parag Raja, CEO of Bharti Axa Life Insurance. “The most important change that occurred was to allow agents to have the conversation on the phone, which meant using material that had been shared in advance with customers. In addition, the manuscripts now also cover digital transaction security and explanation of the onboarding process. ”
With bank insurance sales of insurance products hit hard due to Covid-19 related branch exit restrictions, the emphasis on new sales in the coming months has largely failed by the three million agent advisers registered with life and non-life insurance companies.
The players also pointed out the need to make calls that counselors and call center managers attend to more empathetic, especially while requesting timely payment of renewal premiums. For example, says Prashant Tripathy, CEO of Max life insurance, “In the past where we used to call a customer to remind them of impending renewal payments. We have now asked the agents to take a more empathetic approach. Customers are reminded of the importance of having life tires intact during such times of crisis. ”
General insurance companies have also made similar changes to their scripts and sales strategies.
“Our focus has shifted to innovations in segments such as engine and travel, where new sales generation is not happening,” said Bhargav Dasgupta, CEO, ICICI Lombard, during the March quarter earnings call.
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