Current dynamic & challenging environment of the insurance industry in India, both life & non-life demands conduct of business by the players on the most sound & professional lines. The challenges include tapping of vast, available potential, development of new products on customized basis, recruitment & training of qualified & talented manpower, distribution channel management, competitive marketing strategies, satisfying the heightened needs & expectations of 21^st century customers, effective cost controls and above all, the claim minimization measures.
 

India offers vast untapped potential for youngsters (30% of the population is below 25 years of age). The middle class population is vast, needing insurance covers, wanting to enjoy better lifestyles due to increased income & prosperity. The insurance coverage is getting due publicity creating awareness in the minds of the public. The insurance premium in India may treble in less than five years from now. So, inspite of the world recession, the Indian Insurance sector offers vast scope both for growth of premium and employment. Today’s customer is educated and wants special covers & treatment from insurance companies. Health insurance field is growing fast, the need for microinsurance is felt. Terrorism risk is on the rise. Weather patterns are changing fast the world over. If FDI increases from 26% to 49%, there will be many more players rushing to India for insurance business in near future. The number of catastrophes in the last 5 year have been more than these occurred in the previous 50 years.
 

However, these opportunities pose tremendous challenges before Indian insurance companies both in private & public sectors and life as well as non-life. There are two types of results in Insurance companies - Underwriting results and Investment results. Now the current slump in the stock markets has resulted in reducing investment returns substantially. Hence the Companies will have to concentrate on underwriting profits, which can result only through careful approach of cost control, claims minimization measures & growth in business. Hence, both the top-line and bottom-line approaches are necessary. So, Business retention and new business development through new products will become a priority. So also, cost control is important. Hence, the solution lies in training manpower in technical & marketing aspects of the game. Therefore, training of intermediaries like Agents & Brokers as also marketing skills, cost control, Underwriting & claim handling, risk management, reinsurance, all become important part of strategic solution.
                                                                                                                                                                                 Top

Insurance companies provide extensive training to its marketing team, agents, brokers, and other intermediaries  to achieve business objectives as and when required. Our research indicates that the traditional training programs are proved to be less effective in present highly competitive business environment. Customer behaviour and expectations have changed drastically in the recent years due to advent of new Insurance products. A new breed of customers has emerged out of this market transition. Our experience has confirmed that, as sales techniques have advanced rapidly, training and development of sales staff has had to change radically to match these advancements. Therefore conducting the same old traditional training programs and expecting  different results would be unfortunate.
 

We have developed an innovative training program - "RISKCOVER", keeping in view the changed business environment, consumer behavior, and competition. This innovative training program is based on relationship building skills and helps insurance companies to deliver best value to their customers. The mindset and attitude of people concerned is changed to help build and maintain meaningful relationships with internal & external customers. Learning how to manage and communicate information to customers within a high-trust working relationship is the key to success. Marketing in the age of information involves fulfilling customer’s expectations through strategic alliances, which represent highest form of partnering with customers. This results in empowering the customer and creating a genuine symbiosis between the customer, the agent/broker, and the insurance company.
 

RISKCOVER-our innovative training programs, based at “RBS” concept, enable insurance professionals to understand & fulfill the gap that exists between customer’s expectations and insurance company's offerings. Moreover, this training program also reduces the overall marketing cost and enhances the performance of marketing staff involved at various levels and locations in addition to adding value to customers. Our training programs can help insurance companies to grow by building & maintaining a meaningful relationship with its customers in a highly competitive environment.
 

We have made the selling less stressful and painful process for salespeople and a pleasant buying experience for customers. We have discovered from our research that there are 16 types of RBS (Relationship Building Styles). Salespeople as well as customers use RBS in their communication. It is important for a salesperson to know his/her and customers RBS. For example, when you buy a car you get an ‘Operation & Service Manual’ along with the car which helps you to use and manage your car better. Similarly, we have prepared an ‘RBS manual’ of all types of customers & salespeople. This helps salespeople to understand & manage customers in a better way. During the training, RBS of every participant is identified and a report is provided. Participants learn how to measure & bridge the gaps in a step by step process. Each person trained by us gets a personalized Action Plan that is his or her roadmap to success, including specific behaviors they need to improve and measurable performance objectives. Participants learn how acquire and retain customers for up-selling & cross-selling in order to increase the ‘share of customer’ keeping in view the ‘LTV’ of customer.  
 
Our technique is very effective because it based on our finding that ‘people like to buy from the people they trust’ & ‘people do not buy insurance, they buy peace of mind and sense of security’. Therefore, we do not focus too much on selling techniques; we help customers to buy the product in a pleasant manner.
 

The personnel of many insurance companies are inadequately trained to handle new generation of customers at various levels. Insurance companies' personnel must develop the ability, skills, and knowledge necessary to build and maintain a meaningful relationship with new generation of customers. We can join hands with you in making this happen. We can assist you in your endeavors to increase sales effectively in present highly competitive environment. We can facilitate your sales process by adding valuable inputs. We can train your salespeople to be highly productive, customer-focused professionals who deliver a superior experience to every customer.                                                                                                                         Top

  What RISKCOVER offers?

Our innovative training program consist of seven modules (excluding one common module) to suit the requirements and priorities of insurance companies. Our clients can choose the training modules (in addition to the common module). Moreover, the content of each module can be modified as per their requirements to achieve specific objective.

Common Module: Building & maintaining meaningful relationships with customers
This common module of our innovative training program can help insurance people to learn how to: 

• Recognize their & customers’ relationship building styles (RBS)
• Build meaningful relationships and rapport using style flexing
• Understand the buying language of the customers
• Understand the motivations and wants of their prospects properly
• Present the product effectively
• Qualify their prospects more effectively
• Develop the right questions to use and when to use them
• Overcome the objections that they face with confidence and ease
• Keep in touch with customers - get referrals without hounding them

This module can also help insurance people to: 

• Exceed their sales targets and close more sales in less time
• Manage their diary more effectively to free up more time for selling
• Eliminate their frustrations and stress when it does not go their way
• Create a step-by-step consultative selling process that works
• Boost their self-confidence
• Eliminate all of the activities that are costing them sales, time and energy and implement a new system to make them more sales 
                                                                                                                                                                         Top

In addition to the common module, our clients can choose any of the seven modules as per their requirements:

Module I: Professionalisation of Agency Force
Right attitude, Work Habits, Insurance Salesmanship, Parameters of customer Services, Home work and preparation of kit, Joint calls, follow-up of renewals, presales, P.O.S. & after sales service, Prospecting, Mentoring, Advising, Quotes, Technical inputs, Achieving targets, Planning for personal progress. 

Module II: Broker Development Program
Broker & Customer, IRDA Regulations, Competitive pricing, Broker’s role in underwriting of claims, Advisory role of a broker, Counseling of clients, Coverage of maximum risk at minimum cost, Fiduciary accounting, risk management functions, Client grievances handling etc. 

Module III: Competitive Strategies in Insurance Marketing
Channel mix, Distribution management, Pricing policies, New product launch, Bancassurance tie-up, Managing corporate clients, Base of Pyramid policies, Target fixing exercises, Cost control, U/W profitability. 

Module IV: Case studies in Insurance marketing
Winning over prospects, Retention of business, Product development & launch, Customer seminars, retail & rural market, Micro insurance, PR & Publicity, Image building. 

Module V: CRM in Insurance
Concept of CRM as an integral part of Marketing Management, Services Marketing characteristics, Insurance Marketing peculiarities, Insurance Salesmanship, Case studies in Insurance Marketing, How to conduct customer services seminars, Joint calls with clients, etc. 

Module VI: Generating Underwriting Profits
Ingredients of  profits in Insurance companies, Importance of underwriting function, Appropriate quotes, Proposal forms, Risk Inspection & Risk Management, Reinsurance support, Claims minimization, measures, Frauds control & Management, Claims handling cost control.

Module VII: Bancassurance Tie-ups
Concept of Bancassurance, Formulation of M.O.U., Arranging the contents & conduct of insurance training for the concerned officers, Solving operational problems, Evolving special insurance products through this popular channel of distribution.  
                                                                                                                                                                                 Top

• Avoid repetitive and monotonous selling
• Facilitates the process of Up-Selling & Cross-Selling
• Helps salespeople to build rapport with customers easily
• Makes selling process less stressful & painful for salespeople
• Selling based on RBS technique attracts customers’ attention
• Saves time for salespeople as well as Customers, results in higher productivity
• Can leads to discussion with salespeople, thereby arousing interest about the product
• Helps to register “brand” of the company easily as it is linked with a relationship
• Insurance sales advisors/consultants/managers/executives would enjoy “learning” during training
• Much greater job satisfaction for salespeople, due to improved relationship with the customers
   

RISKCOVER Program also offers - Reviewing Your Current Sales & Process
Our sales consultants will work closely with you and your team to study & improve your sales process based on best practices and proven performance. Current Sales Assessment & Process Overview Report (CSAPOR) shall be provided to you. This report details what currently works well and the areas for improvement, review the current skill levels, training and caliber of staff against the sales process, and identify the key training and development needs against the sales process. The report will make recommendations for improving the sales process at every level that makes it easy to understand and implement.

We emphasize on model office concept of training, pragmatic approach, case studies at work place, changing & latest insurance market scenario in India.                                                                                                                               Top

Our specialized services: For Insurance Companies & Related Organizations
Keeping in view the requirements and to facilitate the growth of insurance companies, we offer the following specialized services:

A) INDUCTION TRAINING
It is necessary for the insurance companies to groom their newly appointed officers in an effective manner. We undertake induction training assignments to  groom trainee officers in the basics of insurance requirements, client facing skills, meeting expectation of superiors, and the recent developments in the insurance sector.

B) SEMINARS
As one of the marketing strategies, insurance companies often organize Customer Service Seminars of half or full day duration. Insurance companies find it difficult to prepare the schedule & material for such events due to time & resource constraint. We offer our services to organize customer service seminars in a professional manner on behalf of the insurance company.

C) INSURANCE MANUAL
Insurance companies have requirement of preparation of training manuals on specific subjects/topics of insurance. These manual are meant for internal use only. We undertake this specific & seasonal piece of work in a professional manner.

Our services are also available to Insurance related Institutions (Insurance Broking firms, Risk Management Firms, Third Party Administrators, Health Insurance Companies, Educational Institutions offering MBA program in insurance etc.)
                                                                                                                                                                                Top

Click here to download RISKCOVER brochure