Selling insurance is a tough job. While almost everyone needs insurance, no one actually asks for insurance or buys it on his own. Added to the problem, many times customers want to buy life insurance for the wrong reasons. Tax breaks, short term gains, commission pass backs are the hooks some sales people use to catch their customers.
Life insurance needs to be bought only for financial protection against life time risks of living too long and dying too young. Chosen carefully and invested for long term, life insurance does offer sensible protection against financial risks.
You must clearly know what you are buying, why you are buying, how much you are paying and the conditions in which you can get your benefits. A well trained, service oriented ethical sales person can tell you all this clearly and still make a sale.
We believe our partner banks have that ability and intention to deliver such honest advice. We also believe our carefully selected and reasonably trained insurance advisors can also do the job effectively.
A sales person, be a banker or an independent advisor may sometimes commit mistakes - knowingly or unknowingly. He may not have the time or opportunity to present the full picture. He may forget to inform you that it's a long term product and premiums need to be paid regularly to get the full benefits. But we are putting in place checks and balances.
Shifting The Power To The Consumer
With the aim of demystifying life insurance we have done away with technical terms and jargons in our communication and tell the customer in simple terms,exactly what he is paying for and exactly what he will get. All our product literature is written in active voice and employ direct speech.Our policy documents are in a question and answer format and being with a glossary of insurance related technical terms.
Further, to ensure that you have the correct information about your plan,we have also introduced product videos as a compulsory part of our sales process to bring transparency in product information dissemination. Each customer is taken through pre-recorded product videos,informing them about not only the key features but also the risk factors.Monitored through an in-built application, no sale can be closed before the customer has seen the video.
The next big step taken by IndiaFirst in the direction of customer empowerment was to create a direct 'Buy' channel-Ask-Apply-Get-a 3 minute* process to buy insurance.The objective was to simplify the process of buying insurance and create a direct channel for buying insurance.This concept challenges the hitherto push method of selling insurance(a customer needs to be sold a policy).AAG is attempting a different approach where it is inviting the customer to take a step forward and ask for the product, on the premise that, if the process of buying is made simpler and faster,the pull for the product will definitely increase.
Our latest initiative LifeStore' is a complete Do-It-Yourself online store for understanding and buying insurance.This initiative is one more step towards taking insurance benefits literally to their homes. LifeStore aims to help you transact your insurance requirements on the back of authentic information, online advice,services and realistic expectations.It has various features such as Live Video Call,Product Audio Visuals,Simple step-by-step Comparison of Products, Details about how and where your money is being invested including details about the respective companies in the fund portfolio, etc.