NATIONAL INSURANCE ACADEMY

PUNE

P786 - SKILL DEVELOPMENT PROGRAM FOR BMOs (HEALTH INSURANCE) (LIFE)

 Background:

India, a country with a huge population of over 1.30 billion serves a tremendous potential for Insurance companies to cover the population with appropriate Health Insurance Cover.

The last twelve months of the Corona pandemic have been transformational for our country, our people and their businesses. Today, India is among the top three countries worst hit by the Coronavirus pandemic. The pandemic has left its mark on almost all industries and sectors across the spectrum including health insurance. The pandemic has driven a sudden realization on the significance of protective investments when it comes to the aspects of health and life security.

There has been a promising 30-40% uptake in health insurance adoption across industry player with certain players seeing a significant jump more than others. It is obvious that this surge will play out extremely well for providers with a robust digital distribution process and convenient access. However, Health Insurance being different from other types of General Insurance and Life Insurance, it also faces the challenges of adverse selection, moral hazard and not able to provide adequate health Insurance cover. Health Insurance, like all other types of insurances helps in narrowing the out-of-pocket expenses of the policy holder and his beneficiaries in the event of any unforeseen epidemic or pandemic.

There have been several instances where the policyholders/beneficiaries/intermediaries are not aware of the policy conditions that leads to dissatisfied people all around. It is well known that acquiring a new customer in life insurance is more expensive than retaining an existing one.  By gaining insights into their needs, preferences and behaviour, the Managers (HI)/Marketing Officials can be sensitised and guided to handle different types of customers who call them personally, over telephone or e-mail. Thus, solving the queries of the customers/field force and preparing them for more sales in this pandemic times.

Objectives of this Program:

This program attempts to empower the Mangers (HI)/Marketing Officials of LIC to have a deep insight into the Heath Insurance Regulations of the IRDAI and the guidelines issued thereunder. It also intends to have a coverall view of the opportunities available to increase the coverage of health insurance and thereby improving the sales of health insurance products of LIC. It will also attempt to sensitise the Managers (HI) to provide personalized experiences that will entice the customer to not only remain loyal to LIC of India, but also to recommend to others about the Organisation and the Health Insurance Product. In short it intends to-

    Have a detailed understanding of the current market dynamics and growth opportunities.

    Understand The impact of rapid technological developments on the health market.

    Have an overview of the competitive intelligence with product innovations and strategies of major players.

    Create awareness of the concerns, issues and challenges of a Health Insurance market for Life Companies.

    Enrich the skill levels of Manager (HI)  

    Increase the proficiency in managing resources for optimal results. 

    Discuss the features of Defined Benefit Health products vis--vis Indemnity type Health products. 

    Provide knowledge of IRDAI Health Insurance Regulations .. 

    Provide knowledge of Servicing and handling of complaints of Health Products. 

 Contents:

The contents would include:

  Present Global Health Insurance Scenario /Emerging trends

  Current market dynamics and growth opportunities

  Competitive Intelligence

  The impact of rapid technological developments on the health market

  Present Health Insurance scenario in India and its Challenges.

  Fixed Benefit vs Indemnity Based Health Insurance

  Role of TPAs

  Current CRM Initiatives

  Retention of Customers

  Service Quality Management

  Consumer Behaviour in Digital Era

  Use of IT for Complaint Resolution/ Grievances Redressal Machinery

  Adverse Publicity Management in Digital Platform

 Participant Profile: Branch Marketing officials (BMOs)

Duration:    2 days (Online)

Dates:        16-12-2021 - 17-12-2021