This policy note consists of details of the manner of solicitation of Insurance Business as prescribed by the Insurance Regulatory Development Authority of India through the IRDAI Insurance Brokers Regulations 2018. (Notified on 12th January’2018)
Contents:
- Regulation – IRDAI Regulation
- Distribution Channels
- Product Strategy
- Sales Platform
- Regulatory Requirements
- Solicitation Process
- Complaint Redressal Mechanism
Regulation – IRDAI Regulation
Board Approved Policy for comparison and distribution of insurance products –
- Every Insurance broker shall have a Board approved policy on the manner of soliciting insurance policies. The Board approved Policy, amongst others, shall include the approach to be followed by the Insurance broker in having multiple tie-ups, type of products sold, mode of solicitation, grievance redressal mechanism, reporting requirements and any other item with regard to different business segments.
- The Board of the Insurance Broker shall review the same at least once in three years.
Distribution Channels
The Distribution Verticals to be developed would be:
- Corporate Business
- Business through POSP
- Digital Sales
POSP and Corporate Business would be launched.
POSP business would initially start from 1 region and then extend to 4 southern regions. A region would normally be a state.
POSP business would concentrate on recruiting Auto dealers, Coop Banks, Major Distributors as agents (Sub Brokers). They would initially focus on converting existing Business Associates into Insurance Sales associates. (POSP)
Corporate Business would initially be launched from 3 cities which would then get extended to 8 cities.
Corporate Business would mainly focus on Business from MSME and unorganised segment.
Corporate Business would focus on products like Group health, Group protection, Group Accidental cover, Fire and Liability policies.
Digital would start a contact centre
Digital would also work with associations like Lions Club and source business from Affinity Channels.
Digital would setup the strength to convert itself into a B2C vertical in the coming year.
Renewal Business would be a part of Digital which would involve collections of Renewals and also UPSELL/ CROSS SELL to existing customers.
PRODUCT STRATEGY
There would be 3 types of products sold. Life, General and Health.
There would be 12 product Segments which would include Protection, Health, Motor, Business Risk, Property cover, Critical Illness, Child Plans, Travel, Personal accident, Pension, Savings and Investments.
The Products premium range would suit the customers.
For POSP Business only approved by IRDA products would be sold.
For corporate Business the above products would be offered on the Group platform. These would include Employee Benefit products, Retirement Benefit Products and General Insurance products that would include Fire, Marine, Risk, Property etc.
PRODUCT LINES (Sales Platforms)
All products would be offered on 5 different types of platforms. The platforms would include
1. Embedded Sales
2. Group Platform (Retail)
3. Group Platform (Corporate)
4. Retail Sales (Physical) and
5. Retail Sales (Online) B2C model.
Embedded Sales: The process of Insurance Sales where an Insurance product would be symbiotically sold with a main product. For e.g. while selling a home loan both a home protector (Home insurance) and credit life (Covering the loanee) product would be sold.
Group Platform (Retail): The process of Sales where a product would be identified for a pre-determined group of customers. Based on the group of customers the pricing and process would be defined and these products would be offered only to those customers within the group.
Group Platform (Corporate): The process of sales where a product would be offered to an employee – employer relationship or a product would be offered to cover various General Insurance factors. For e.g.: Group Mediclaim policy for all employees of a company, Group personal accident for all Employees or Fire ad Risk policy, Fidelity Insurance for a corporate etc.
Retail Sales (Physical): This Sales process would involve sale of solicitation products, especially Life Insurance products. These products would either be in the traditional or ULIP platforms and could be categorized as Solicitation plans. The sales process would also involve the sales team of Insurance companies.
Retail Sales (Online): This sales platform would involve sale of Transactional products like motor, health, Term Life, PA and other products which can be compared on a platform. This platform would essentially be used for customers on the B2C segment where we would directly solicit business from customers.
Regulatory Requirements
There would be 3 types of Regulatory requirements.
IRDA licensing of employees of the Insurance broking firm as Broker Qualified Person, POSP licensing for the distribution network wanting to do business as a Point of Sales person and online regulations which include comparison of rates and then displaying options to the customers for purchase.
Solicitation Process Flow
All Sales processes which would involve Lead generation, Lead warming to sales employees monitoring to Data Management to call centre Management.
OTC process would be initiated for all Transaction products where policies would be issued across the counter.
The 4 critical processes for the sale of all these products would be Lead Generation, Lead Warming, Sales Closure and Immediate after Sales service (which would include a Confirmatory call or a Welcome Call)
Payment Process
There with be 2 types of Payments involved
Cheque/Draft Payment in favour of Insurance Companies
Online Payment by way of NEFT/RTGS/IMPS in favour of Insurance Companies
No Cash would be collected as premium or renewal premium from the customers
Compliant Redressal Mechanism
The following are the steps that are involved in a compliant redressal mechanism.
This customer complaint can be registered either by the customer or by the employee or by
POSPP.
Step 1-
Write to us at:-
The Customer Support
Trustlink Insurance Brokers Limited
Bright Spaces, Ollukkara, Paravattani
Thrissur 680 655
OR
Email us at:- customersupport@trustlinkinsurance.in
OR
Call us at:- 0487 -2373399 (10 AM to 5 PM)
A Service Request Number is created and the complaint redressed within 48 hours.
In case you are satisfied with our resolution and we do not hear from you within 2 weeks for any further clarification, the company shall treat the complaint as closed.
Step 2-
If you are still dissatisfied with the decision/resolution to the complaint provided by our Compliance Officer or complaints remains unaddressed within five working days you may escalate the matter to our Principal Officer at the address mentioned below:
Principal Officer
Trustlink Insurance Brokers Limited
Trustlink Insurance Brokers Limited
Bright Spaces, Ollukkara, Paravattani
Thrissur 680 655
OR
Mail id: harish.raghavan@trustlinkinsurance.in
OR
Phone:-+91-9447168881
In case you are satisfied with our resolution and we do not hear from you within 2 weeks for any further clarification, the company shall treat the complaint as closed.
Step 4
If you are still dissatisfied with the decision/resolution to the complaint provided by our Principal Officer or complaints remains unaddressed within five working days you may escalate the matter to IRDAI at the address mentioned below:
Approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDAI:
• Call Toll Free Number 155255 (or) 1800 4254 732 or
• Send an e-mail to complaints@irda.gov.in
Make use of IRDAI’s online portal – Integrated Grievance Management System (IGMS):
• Register and monitor your complaint at igms.irda.gov.in
Send a letter to IRDAI with your complaint:
• Fill and send the Complaint Registration Form along with any letter or enclosures, if felt necessary, by Post or courier to:
General Manager
Insurance Regulatory and Development Authority of India (IRDAI) Consumer Affairs Department- Grievance Redressal Cell.
Sy.No.115/1,Financial District, Nanakramguda,
Gachibowli, Hyderabad-500032
The complaint Redressal mechanism would be displayed at all offices and all Points of Sale. The mechanism would be clearly visible to the customers.