understand and equally simple to benefit from should the contingency arise.
Even though telemarketing and networking with policyholders is very much in practice, I would not hesitate to suggest avoiding these channels to extensively interact with customers. Insurance is a business of trust and relationship; and these two elements cannot be initiated or cultivated through mechanical activities. Periodic interface with customers can go a long way in development as well as in conservation of business. Technology must be fully leveraged to communicate with the custome,r but dependence on technology alone for this purpose must be avoided.
Claim settlement is the ultimate act in the business of life insurance. Whether it is maturity claim or death claim, any delay or denial must be avoided, unless there is a legal issue to be resolved or a prima facie suspicion of fraud. Empathy must be the prime motivator in dealing with even the most complicated cases. The promise made years ago must be fulfilled even if it involves walking some extra miles.
* The writer is advisor (Life Reins),GIC Re and former MD & CEO, Star Union Dai-ichi Life
What not to do
* Avoid tendency to fineprint terms and conditions of an insurance plan
* Ensure efficient financial underwriting of proposals
* Avoid deploying untrained or partially trained sales personnel
* Donít stray into territory of other financial products