Which has been the biggest problem area as far as selling insurance through PSU banks is concerned?
There has to be awareness of the fact that the customer’s interest is paramount. Also, there is the issue of after-sales service or lack of it. The banks don’t monitor if the customer is satisfied with the product or whether he is facing any problems regarding it. Along with a sales push, there has to be a service push. Do you see the situation changing? There have been some positive moves from PSU banks. They seem to have realised that cross-selling is important if you want to protect your client base. Now, the banks seem to be making an effort to understand the product that they are selling and how it meets the potential customer’s needs. There is a greater focus on training personnel to be good at selling such products. What’s your take on the success of unit-linked insurance policies (Ulips)? There is no doubt that Ulips have been a great success. Around 80 per cent of the premium generated in the market today is unit-linked. Before Ulips were introduced in 2004, banks were selling
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