3 aspects to simplifying insurance products

Reported by: |Updated: November 30, 2018

As insurance companies speak about simplifying their product offerings in order to achieve scale, it should be the customer, who should be at the center of such an effort, feels Munish Sharda, MD & CEO, Future Generali India Life Insurance Company.

He told Banking Frontiers as saying: “The exercise should essentially focus on the overall customer experience. For example, the customer has to understand the benefits, and when the benefits are given to him, it has to be given to him in a simple manner. And it must also be ensured that a specific product will indeed bring the customer real benefits.”

Emphasizing on the crucial need for an engagement platform for the interaction with the customers, Sharda says the responsibility of getting the customer to understand the product features is very crucial. “I believe that it is our responsibility to make the products for the customer and at the same time make him easily understand without too much of complexity or jargon,” he adds.

The process, he says, involves three parts. The first is defining the needs of the customer and how the product meets these needs. The second is to ensure that the sales team does understand the products and their specific features and keep themselves focused. And the third is the servicing aspect.