Case of Insurance Industry

Case of Insurance Industry.

The wholesale procedure is divided into three acts.

ACT – I

In this particular drama the first act begging with calling as interaction that is conducted by telephone with and unseen employee. It creates the radio drama, which builds an image in the customer mind on the evidence of the respond voice, speed of response and style of conversation. Employees confirm an appointment with the customer.  Evidence of the voice customer built an image of the person expected at his/her place. Customer built his own standards and assumptions before meeting a particular employee

Every company has to build a standard of service to be provided but it should be also built keeping in mind the customer expectation. At the meeting customer relates the expected person and the person arrive at his place. This could be a point of critical incident because if the perception in the mind of customer differs completely to the actually person arrived this would lead to unhappy state of mind.

The employee needs to get adjusted to the atmosphere. In insurance usually the agents goes to the customer place so its employee who needs to adjust to the customer atmosphere. If the employee is not able to adjust that could lead to a hindrance in communication.

Employee customer interaction. Here customer tires to understand the customer needs. He analysis the requirements. This process involves asking some personal questions like annual income, age. This kind of questions should me handled with high level of communication. A direct question on this would lead to a unhappy situation for the customer and it might lead to critical incident. After identifying the customer needs properly, the employee offers him the right kind of product. Product should me according to the requirements like paying capacity age, maximum benefits and low cost e.g. if a individual is looking for education policy which have a maximum benefit should be shown. A parent won’t mind spending high amount on the child’s education. A non-fulfillment of the product according to the requirement of the employee would lead to the bad image of the company product in the front of the customer.

Employee should be able to explain the product in detail and with regards to the individual. Any unanswered doubt in the mind of customer would lead to a misconception about the product.

In life insurance usually a person is shown two products. If he customer see more than 3 products customer usually get confused. A confusion and the agent if not able to make him help about the product it will lead to unhappy movement for the customer.

After offering the product agent gives sometime to the customer for analyzing the product. If the service is sold in the same day. Customer feels that the decision that he has made might be wrong and customer will not be satisfied with the services provided.  He wont be able to enjoy the service of the customer and that will lead to critical movement.

So usually in normal case customer asked time for the next meeting and gives time to customer to analyze the product and service.

ACT  – II

In the next meeting agent follows with a detail structure of the product with customer particular. This give better edge to the customer and supports the decision made by the customer. in the second meeting customer analyze the services provided by the agent. On the basis of the meeting made he tries and built standards for the further services he expects. At this point of time customer makes a decision to opt for the service or not.  If the customer says no the procedure ends here.

As customer agrees with the product. Here he has built standards of service expected from the company and the agent. To proceed with the service to be received customers requires few forms to be filled in and few formalities to be completed. In this process of agent is likely to ask few personal questions. Customer might now appreciate direct questions on is personal life. This kind of situation might make a customer uncomfortable and unhappy with the approach of the agent.

ACT – III

After completing all the formalities agent take the documents to the office and the policy is sent to process. Customers now don’t have a direct contact with the service provided it’s the back office who works right now. In life insurance every policy usually requires around 15-20 days to reach the customer. It won’t make much of a difference to the customer if the policy comes even 2-3 days with a delay.

Once the policy is issued, the agent takes the policy documents to the customer and explains him the clause in the product. Agent here lines up the limit of expectation from the product. The customer appreciates these kinds of actions.

Insurance is a long-term relation with the customer, which has to taken care by the service provider. Any critical failure will lead to a loss of a long-term relation and many other customers. Insurance word of mouth is the most important tool of marketing. And for good reputation in the industry a single mistake committed by the company will lead to a major loss to the company.

Unlike other industry insurance don’t get change to rectify the mistakes they make. Because the interaction between the customer and the agents are less. And customer would not tolerate and compromise with any kind of mistake. Because insurance is directly relates to someone life and one would not like to compromise on life.