In the process of selling insurance products through distance marketing, various methods are used. Television, E-mail, postal mail, Telephone etc. The process of distance marketing is the indirect method ie apart from the 'in-person' direct market techniques. Read also the related stories of this post Part I, II and IV by going to the links shown below.
This post discusses the specific norms created by the regulation of IRDA in collection of details of clients inorder to ascertain the intention in purchasing the insurance product and the inducement of the client to purchase the product etc. The process is to be carried out with the help of standardized scripts.
The standardized script shall be prepared by the insurers or brokers who presents the benefits, features etc of the insurance products to the clients. Every solicitation and lead generation of insurance in distant mode shall be in line with the standardized script.
What things are required in a standardized script?
The script shall contain the important features of the product and it must get the approval of compliance officers of the insurer and within 15 days of the said approval it shall be filed with the IRDA.
It shall cover the specific response of the client relating to name of the product, nature of the product and its parameters. The script shall also contain the response of the client in the scope of the insurance coverage, its full features, deductibles, discounts and premiums, warranties, clauses etc.
Thus the whole process is a very disciplined and smoother inorder to make the distance marketing convenient both to the insurer and the insured.
Read also Related Post: IRDA Part I-Important Terms
IRDA Part II-Duties of Various Agencies
IRDA Part III-Distance Marketing Regulation Impact
This post discusses the specific norms created by the regulation of IRDA in collection of details of clients inorder to ascertain the intention in purchasing the insurance product and the inducement of the client to purchase the product etc. The process is to be carried out with the help of standardized scripts.
The standardized script shall be prepared by the insurers or brokers who presents the benefits, features etc of the insurance products to the clients. Every solicitation and lead generation of insurance in distant mode shall be in line with the standardized script.
What things are required in a standardized script?
The script shall contain the important features of the product and it must get the approval of compliance officers of the insurer and within 15 days of the said approval it shall be filed with the IRDA.
It shall cover the specific response of the client relating to name of the product, nature of the product and its parameters. The script shall also contain the response of the client in the scope of the insurance coverage, its full features, deductibles, discounts and premiums, warranties, clauses etc.
Thus the whole process is a very disciplined and smoother inorder to make the distance marketing convenient both to the insurer and the insured.
Read also Related Post: IRDA Part I-Important Terms
IRDA Part II-Duties of Various Agencies
IRDA Part III-Distance Marketing Regulation Impact
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