Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
IC-38 Chapter Wise Notes
Chapter – 2 – Customer Service
CUSTOMER SERVICE – 2
Customer Service :
- Customers provides the bread and butter of a business and no enterprise can afford to treat them indifferently.
- The role of customer service and relationships is far more critical in the case of insurance than in other products.
- Because Insurance is a service. Insurance is an Intangible good.
- It is necessary for insurance companies and their personnel, which includes their agents, to render high quality service and delight the customer.
Customer service and Insurance:
- The secret for success in insurance sale is commitment to serving their customers.
- Customer Lifetime Value may be defined as the sum of economic benefits that can be derived from building a sound relationship with a customer over a long period of time.
It consists of three parts:
Historical value:
Premiums and other revenues that have been received in the past from customer.
Present Value:
Future premiums that may be expected to be received if existing business is retained.
Potential Value:
The value of premiums that could be derived by persuading the customer to buy additional products.
Insurance agent’s role in providing great customer service
- Point of Sale – the 1st point for service is the point of sale. The agent should be able to understand the needs and suggest products whose benefit features are best suitable. The role of an agent is like a personal financial planner and advisor.
- Proposal Stage–the agent has to help customers in filling the proposal form. It is important that the agent explains and clarifies the proposers doubt while filling the form.
- Acceptance stage – the promptness of agent in handling over FPR to customer develop surety in customers mind. Delivery of policy bond is another major opportunity.
- Premium Payment–agents can be in continuous touch with their customers through reminder calls for premium due’s in order to avoid lapsation of policy.
- Claim Settlement – agents play crucial role during claim settlement by providing policy holder details required during investigation stage.
Communication skills – One of the most important set of skills that an agent needs to possess for effective performance is soft skills. Soft skills relate to one’s ability to interact effectively with other workers, customers. What goes in to making of a good relationship is TRUST that you generate in your customers mind through – Attraction; Being Present; Communication.
Communication can take place in several forms – Oral; Written; Non-Verbal; Body Language.
Elements of effective listening – Paying attention, providing feedback, responding appropriately, empathetic listening and not being judgemental.
Non Verbal Communication:
- Making a great first impression
- Be on time always
- Present yourself appropriately.
- A warm, confident and winning smile.
- Being open, confident and positive.
- Interest in the other person.
- Body Language – refers to movements, gestures, facial expressions. The way we talk, walk, sit and stand.
Listening skills:
Active Listening:
Is where we consciously try to hear not only the words but also, more importantly, try to understand the complete message being sent by another.
- Paying attention
- Demonstrating that you are listening – Use of body language plays an important role here.
- Provide feedback
- Not being Judgmental – Such judgmental approach can result in the listenerbeing unwilling allow the speaker to continue speaking, considering it a waste of time.
- Responding appropriately
- Empathetic Listening – Being empathetic literally means putting yourself in the other and feeling his or her experience as he or she would feel it.