);

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We Sell More because We Tell More – True for Liability Insurance also

Happy to learn that Indian insurers are sharing more information about liability insurance claims, of course, without breaching any confidentiality norms, as a part of customer education. Sharing the information helps in  conveying commitment to their claims philosophy and confidence about their claims capability – technical and financial. In fact, narrations here provide opportunity to explain coverage and conditions of the policy in terms of benefits to and expectations from the customers and not just as clauses, endorsements and conditions. How a certain clause/ endorsement worked and how compliance or non-compliance with a certain condition impacted gets known.

In one of my earlier articles I touched upon steps, including awareness on claims, required to propel growth of liability insurance portfolio in our country. Link to the article is given below.

“Liability Insurance in India – Challenges and Opportunities – Way Forward”

In this article, under the heading “Way Forward – What Insurance Industry can/ ought to do?” the following were listed.

  • Awareness on claims
  • Uncomplicate the policies
  • Offer solutions rather than policies
  • Training
  • Coordination with industry / professional bodies

What happens when you tell more, sell more and deliver less. Customer will yell more. Thank God –  if it stops with that. Let us be mindful of this risk.

Liability insurance market will grow. No doubt about it. What the market needs for healthy, sustainable and long term growth is “Intelligent Growers”*.

P. Umesh
Consultant – Liability Insurance
www.liabilityinsurancepractice.com
p.umesh@liabilityinsurancepractice.com

*How ‘Intelligent’ Insurers Grow and Create Value: ACORD Study (Source – Carrier Management –  Critical Information for P/C Carrier Executives)