Due to this pandemic, as expected, the insurance industry has slightly shown an upward trend in the Country. In this article, Hirav Shah throws some light on ‘networking in the insurance sector’, along with tips to do so says leading Astro-Strategist Hirav Shah is a perennial source of Business Advices, Consultation & Guidance. His Astro-Analysis has helped many struggling businessmen to ‘deal & conquer’ the new realities of the pandemic stricken world.
The importance of a safety net : In the form of insurance cover has gained immense prominence, especially in the past one year. Actually,even prior to the global pandemic, health insurance was a growing sector, however, the pandemic has spotlighted the indispensable nature of having a safety net when it comes to healthcare costs.The pandemic changed the landscape of the Indian insurance industry in a big way. The changes have not only increased the insurance penetration rate in the country but have also brought a conscious shift in the insurance product-mix.
Hirav Shah Adds Insurance is gradually being witnessed as a pull product from being a push product all this while. For the first time, customers are asking insurers about the right protection products that would meet their needs aptly. Overall the awareness around insurance, as well as the demand for protection products, has witnessed an uptick.
Technically, insurance customers are everywhere. Everyone should probably review their insurance more frequently. But, building a successful insurance firm requires, to follow 4 invaluable networking tips by Hirav Shah, in order to acquire new insurance clients as well as retain and cross-sell current customers.
1.Set Networking Goals
Like anything in business, proper goals will improve your results.
Make a measurable goal for networking like adding new LinkedIn Connections, giving away a certain number of business cards, or sending a certain number of follow-up emails to your contacts.
Like any goals you set, these should be focused on the activities that lead to sales, not the actual sales themselves.
2.Network in your community
You already know that networking is essential for bringing in new clients. However, going to the same events may just get you in front of the same people. Shake things up a bit by attending, Meetup groups, Trade shows, Local fairs, School board meetings, Charity events etc…
You might also volunteer with a non-profit organization in your area. It’s a good way to make connections, but it can also: Engage employees, Strengthen your reputation & Attract new agents.
Community connections make your business the go-to when someone mentions insurance. Plus, the activity will draw your employees together and give everyone a boost.
3.Network For Brand visibility
Attending networking events gets your brand noticed and visible. The more events you participate in the better known your business becomes. By regularly attending networking events and being active you can build a reputation of being supportive and reliable. If you’re able to offer good value to the other attendees you also grow a reputation for being knowledgeable. Building this reputation (as well as being plain likeable) will help you gain more leads.
4. Network To Be a Connector
As most policy lapses and surrenders occur during the initial years of the policies, insurers have to check the willingness of customers to keep the policies in force. This can be one of the most important functions of life insurers at the moment, especially since people may contemplate delaying payment of renewal premiums. The Persistence position is already grim for most insurers. According to Insurance Regulatory and Development Authority of India’s (Irdai) Insurance Handbook, the 61-month persistence ratio is above 50% only for four life insurers (including LIC of India). Mostly, insurers are maintaining the ratio at the level of 30-40%. That means, only about 40% of the policies are continued beyond five years out of an average term of 15 years.
Hence, the wisest and the only thing for insurers to do should be, to focus on activities that can go a long way in cementing relationships with customers. In each operational unit, insurers can set up teams dedicated to this function only. They should contact customers who had bought policies in the last five years. The objective can be to see how happy the customers are with the insurance products, post-sales servicing and the customer sensitivity shown by insurance employees.
A few questions should be asked upfront. Are customers happy with the products they have and the quality of servicing? What kind of products and services can address their needs the most?
Pertaining to all business sectors & not just Insurance , customers in 2021 have gotten smarter about customer service and experience. They are tolerating fewer customer service failures and demanding better, because they know it’s possible ! – Says Hirav Shah, Business Strategist & Adviser.
So there are two kinds of challenges now.
Challenges due to the current scenario which everybody is aware of & challenges of meeting customer / consumer demands and needs.
That’s when the need to ‘Approach’ a business strategist & adviser arises ; In order to help business owners or organizational leaders with decision making in regards to their business strategy.
So, now you know that-
The Gateway to your Success is Right There !
Go For It !!