NATIONAL
INSURANCE ACADEMY
PUNE
P852 -
PROGRAMME FOR MANAGER REINVESTMENT (LIC)
(2025 - 26)
Background:
LIC handles a vast claims
portfolio, with significant amounts paid out every month as maturity claims.
These payouts represent an opportunity to retain and reinvest funds by
encouraging policyholders to take up new policies for themselves/ relatives,
thereby ensuring continued financial protection and long-term wealth creation.
To optimize this, the Manager (Reinvestment) will be responsible for engaging
with claimants and offering suitable reinvestment options. This initiative will
enhance policyholder retention, acquiring new customers, improve persistence,
and contribute to LIC’s long-term business sustainability. The training module
is designed to equip Managers (Reinvestment) with the knowledge, skills, and
tools required to effectively encourage policyholders to reinvest their maturity
proceeds into new policies, annuities etc. It will focus on customer
relationship management, product knowledge, financial planning, and persuasive
communication to maximize policy claim payment conversion to new policy
contracts.
Objectives:
At
the end of the programme
participants will be able to:
§
Analyse LIC’s maturity
claim trends and reinvestment potential.
§
Gain in-depth knowledge of
endowment, pension, annuity, health and ULIP plans.
§
Align reinvestment
strategies with policyholders' long-term goals and tax benefits.
§
Profile policyholders
based on the STP model of demographics, financial needs, and reinvestment
potential.
§
Build trust-based
relationships and provide personalized reinvestment solutions.
§
Address policyholder
concerns with confidence and persuasion.
§
Use technology to track
claims, monitor reinvestment potential, and ensure follow-ups.
§
Adhere to IRDAI
guidelines, avoid mis-selling, and maintain transparency.
§
Improve cross-selling,
upselling, and customer retention strategies.
§
Engage in role-playing,
case studies, and mock sales interactions for real-world readiness
Contents:
§
The Claims Portfolio and
Reinvestment Potential: Overview of LIC’s maturity claims portfolio, customer
behaviour post-maturity, Business impact of reinvestment on LIC.
§
Customer Profiling and
Segmentation: Identifying different customer segments (retirees, professionals,
HNIs, etc.), Analysing past policies and understanding customer needs, Digital
tools for customer insights
§
LIC’s
Reinvestment-Oriented Products – Part 1: Overview of traditional savings and
endowment plans, Pension and annuity plans for long-term security, Product
suitability based on different stages of customers’ life cycle.
§
LIC’s
Reinvestment-Oriented Products – Part 2: ULIPs and wealth accumulation plans,
Tax benefits and financial planning considerations, Product bundling strategies
§
Consultative Selling
Approach for Reinvestment: Understanding customer motivations and concerns,
Need-based selling and offering customized solutions, Building long-term
customer relationships
§
Handling Customer
Objections and Closing Sales: Common objections and how to address them,
psychological aspects of decision-making, Effective follow-up strategies
§
Customer Relationship
Management (CRM) for Reinvestment: Importance of a proactive customer engagement
approach, Digital and offline touchpoints for communication, Personalized
interactions for better customer experience
§
Role of Technology and
Data Analytics in Reinvestment: Using CRM tools for tracking claims and
reinvestment opportunities, Digital marketing strategies for reaching out to the
customer and Leveraging automation for customer engagement
§
Regulatory Guidelines and
Ethical Selling: IRDAI guidelines on solicitation and reinvestment, Ethical
sales practices and avoiding mis-selling, Ensuring customers’ trust and
transparency in sales.
§
Legal and Compliance
Aspects of Claims Reinvestment: Documentation and customers’ rights, Ensuring
informed consent in policy purchases, Dispute resolution mechanisms
§
Real-Life Case Studies and
Success Stories: Analysis of successful claims reinvestment strategies, Learning
from best practices in the insurance industry, Group discussion on real customer
scenarios
§
Mock Sales Interactions
and Role-Playing: Simulated sales meetings with different customer profiles,
Peer and expert feedback on communication strategies, Final assessment and
certification.
Participants’ Profile:
Manager (Reinvestment) /
Manager (Sales), in Divisional Offices and Secretaries/Dy. Secretaries of CRM
Dept. in Zonal Offices and Central Office of Life Insurance Corporation of India
to be nominated by HRD Depts. of respective offices.
Duration: 2 days
I.
04.08.2025 - 05.08.2025
II.
11.09.2025 - 12.09.2025
III.
15.09.2025 - 16.09.2025
IV.
27.11.2025 - 28.11.2025
V.
05.02.2026 - 06.02.2026