Reliance Life, the Indian insurance company, is launching a new initiative called “Reliance Life Plus Club” and as a first step, its representatives will strive to meet more than 10 lakh customers by March 2013.
This new post-sales customer service initiative would entail an insurance agent or an advisor mandated by the company to visit the customer with a view to developing a closer and a long term relationship beyond just collecting premiums from policyholders. The company is already looking to meet 10 lakh customers by the end of the current financial year, according to the president and executive director of Reliance Life, Malay Gosh.
The initiative is an inspiration from the company’s strategic partner, Nippon Life Insurance, which has a 26-percent stake in Reliance Life, with its “Zutto Motto” service. Nippon Life Insurance is also Japan’s leading insurer.
When the new initiative is in full force, it will make it mandatory for 1.5 lakh representatives of Reliance Life to visit policyholders at least once a year. These representatives will include employees, advisors or channel partners.
The new structured post-sales customer service platform is one of its kind in India, and the only one that involves developing an ongoing relationship between a company and its customer through personal interactions. These personal interactions will involve a review of a customer’s existing policies, the developments in the customer’s life and family, an evaluation of their current insurance needs and requirements and advice on any suitable products and their benefits to the policyholder.
According to Gosh, the project is expected to change the “fundamental focus on insurance companies in India which has been more on getting new customers than servicing existing policy holders.” He also added that within the next two to three years, they expect to target at least one personal interaction every year with each of their existing customers.
The initiative is expected to reduce miss-selling of products, as well as orphan policies issues currently facing the domestic industry.
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Edited by Braden Becker