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The Insurance Regulatory and Development Authority of India (Irdai) is actively considering giving policyholders the flexibility to change agents at any time during the policy term, as long as the policy term is 20 years or less. . Customers should use this privilege to only connect with agents who build lasting relationships.
For now, insurers continue to pressure their agents to sell as many policies as possible. As a result, regular visits to customers to review their insurance needs and understand their complaints are taking a backseat. While experts in India speak of low insurance penetration and density, these indicators say nothing about the growth of the insured population or the number of policies in force. In fact, barely 20% of Indians are covered by individual life insurance and more than 60% of insurers no longer carry their policy or cash in within five years.
Net Promoter Score
The concept of the Net Promoter Score (a globally accepted key figure to measure customer loyalty) has not caught on here. Much of the growth in the life insurance business can be attributed to sales of policies by insurance intermediaries. Allowing clients to switch agents in such circumstances may force agents and insurers to better serve existing clients. It will also mean selling good policies to people and agents who don’t negotiate at the expense of customers.
In life insurance, the linked agents continue to be the pillar of the distribution network, since more than 58% of the business is still carried out through this channel, compared to 29.03% through banks and only 1 .58% through digital channels. Indian customers always have great confidence in the ubiquitous insurance agents.
Identify the right agent
All major private insurers have at least 50,000 active agents throughout the country. The question is how to identify the right agent among the more than two million agents in the industry. Finally, agent portability should only be used as a last resort.
There are many insurance agents who always deal with clients regardless of the size of the policy ticket. Choose an agent that has a good track record of helping all of their clients. Agents who have made a career selling insurance are more involved than others. Therefore, agents who have been in this profession for at least 10 years have likely invested time and energy in building customer relationships. Those who offer discounts are not professionals, since their main objective is to keep the agency running by somehow registering the minimum required business. Ultimately, any savvy agent will listen to customers more than offer a ready-made sales pitch to promote specific products of their choice.