INSURANCE PROCESS

STEP
Time Day
Line
1 Identify clients Through: 0
 Word of mouth/ reference -
 Newspapers/ Magazines 1-3 hrs
 Google search 2-3 hrs
 Networking @ Seminars 1-2 days
Get point of 1st Contact phone number

2 Contact on phone  Find out point of Key Contact Same day

 Fix date & time for 1st meeting to 1 wk
 Prepare ‘ppt’ presentation for meeting

3 Participate in Meeting # 1 Agenda Waiting:

& Meeting # 2  Share EPOCH profile 1-2 hrs
 EPOCH’s USP and how it can help Meeting
 Find out time:
o Decision maker 1hr.
o Influencer
o Implementer
o Handler
 Collect current status/data
o Existing Policy/ies
o Structure
o Current Insurance Co./Broker
 Trend with respect to change Insurance Co. &
Broker
 Trend with respect to change Insurance Co. &
Broker
 Decision making chain
 Clients expansion plans
 Claim history
 Top Management personal policies

4 Carry out analysis of  Define gaps 2-3 hrs

Insurance portfolio  Take decision regarding factory visit (if
applicable)

4a Call client  Seek permission to visit factory premises

4 Call Insurance Co. to  Get Risk Manager’s name and contact #

b facilitate factory visit

4c Carry out factory visit  By Risk Manager or together

4 Collect/ prepare ‘factory  Inspection report prepared by Risk Manager

d visit’ inspection report or together

5 Prepare ‘Assessment  Based on gaps emerging out of analysis in ‘4’

Report’ above (with or without inspection report)
 Prepare ‘ppt’ presentation for meeting

6 Call client  Fix date & time for 3rd meeting

 Request participation of Decision maker and
Influencer
7 Participate in Meeting # 3  Agenda
o Present the Gap Analysis findings
o Request for opportunity to serve the client
o Negotiate for WHOLE/Part Business
o Assess the client’s body language
 In case of ‘No Go’ situation, request for
o Opportunity to serve in the next year
 In case of ‘Go’ situation, request for
o Collect updated data
o Claim ratio for last 5 years

8 Prepare quotation  Get rating on Rating Sheet from Underwriter

9 Underwriter prepares  Carry out reverse rating to arrive at Discount

Working Sheet percentage
 Prepare working analysis / comparison based
on past data
 Make the ‘Premium Discount’ strategy

10 Underwriter contacts  Mails Quote Slip & proposed ‘Premium

various Insurance Cos. Discount’
 Awaits reply
 Communicates queries to Sales person

11 Contact client  Communicates queries & seek answers

12 Underwriter contacts  Communicates answers to queries

various Insurance Cos.  Organizes quotes from three (3) Insurance
Cos. and forwards to Sales person

13 Prepare for meeting with  Prepare comparative based on

client current/updated sum insured
 Mail / courier /hand deliver comparative
prepared
 Prepare ‘ppt’ presentation

14 Call client  Fix date & time for 4th meeting

 Request participation of Decision maker and
Influencer

15 Participate in Meeting # 4  Agenda

o present comparative prepared
o highlight salient advantages for client
o highlight savings/benefits as compared to
earlier years
o negotiate
 In case of ‘No Go’ situation, request for
o Chance to work on upcoming renewals
o Recommend other fresh Policies
o Opportunity to serve in the next year
15a  In case of ‘WIN’ situation, collect
o Cheque/DD, alternatively, arrange
payment through RTGS
o ‘P’ Form
o PAN
o ST
o Mandate
o No Known Report Of Loss (if required)
o Client staff data (in case of
Health/Employee related policies

16 Prepare Final Placement  Mail to ‘Service Provider’

Slip  Make a mention of ‘Monthly reminders’
 Handover all documents as in 15a along with
Insurance Co. Approved Quote

17 Service Provider to place  Book the premium with the Insurance Co. by
the business mail
 Deliver premium cheque and all related hard
copies of documents to Insurance Co.
 Get acknowledgement of deposit of cheque;
get receipt from Insurance Co. in PSU.
 Arrange for premium receipt (from PSU) and
Cover note the same day from all insurers.
 For PSU- We need to send the draft for
covernote so that they can print on their
letter head.

18 Service Provider to  Collect hard copy and soft copy of Policy

facilitate collection of from Insurance Co.
documents  Check the policy for errors
 Get endorsements if corrections found
 Arrange for ‘Policy wording document’; from
PSU’s, print on their letter head, get them to
stamp it and sign it on each page.
 In case of health policy – get ‘Sheets of
Employee data duly stamped and signed
 Collect ‘Employee Health Cards’, check for
errors and ensure corrections by Insurance
Co.
 Forward soft copy to the Client and mark a
copy to the concerned Sales person

19 Service Provider to ensure  Prepare portfolio of Policy documents

delivery of Policy and o Policy copy
related documents o Endorsements, if any
o Policy Wording Document
o In case of health policy – duly stamped
and signed ‘Sheets of Employee data
o Employee Health Cards
o In case of corporate cover & equipment
policies- Complete annexure with details.
o Claim form
o Claim Process details
o Final submitter proposal
o Under righting approval
 Ensure delivery to above portfolio to client
through the concerned Sales person or
courier.
20 Service Provider to ensure  Data of policies related to- GMC, GPA, GTL,
updation of data MARINE, BTA, Property, EEI, All Risk Policy
for Laptops & Mobiles, MBD, Burglary, IAR,
Money Insurance, Neon Signs, Jewellery
Block.
 Send three (3) reminders per month i.e. on
1st, 3rd, & 7th, through email and phone
message to client for updation of data –
addition and/or deletion.
 Collect updated data
 Sharing the updated employee’s data to
client on regular basis.
 Sending the renewal/extension reminder
one month earlier till the confirmation
received/ expiry date of policy.

21a For clients with CD a/c.  Option 1 - Calculate change in premium

Service Provider to ensure  Option 2 – Facilitate calculation of changed
data changes premium by Insurance Co. by sending details
o If additional premium needed the same is
collected from CD a/c.
o Collect related endorsement hardcopy
o Collect new cards – check for errors
 Deliver above to client
 In case of deletions only
 Inform Insurance Co. by mail
 Carry out the premium calculation by self or
facilitate calculation of changed premium by
Insurance Co. by sending details
 Collect Endorsement Document
 Ensure deposit in CD a/c

21b For clients with no CD a/c.  Convince the client if they have not opened
Service Provider to ensure the CD Account.
data changes  Providing CD Account opening format and
other formalities to open CD Account.
 Inform changes to Insurance Co. by sending
details regarding addition and/or deletion
 Modify the data received from the client
according to insurer.
 Co-ordinate with client if any objection
raised by insurer.
 Cross check the data with client’s & our data
to ensure correct data updation.

 Get difference calculated – get net amount
 Inform client and collect cheque for net
amount
 Deposit with Insurance Co.
o Collect related endorsement hardcopy
o Collect new cards – check for errors
 Deliver above to client

22 Client to be updated by  Updated Monthly CD a/c statement to be

Service provider sent to client before 5th of the month
 Check/calculate balance in case of Marine
 policy
 Check for balance in CD a/c in case of BTA
 Facilitate refund of Premium to client from
Insurance Co.
 Arrange credited a/c Certificate mentioning
the Refund amount and Service tax amount.

23 Database to be  Client’s & Insurer’s contact details

maintained by service (Landline, Mobile, Email & Address) to be
provider updated on regular basis.
 Maintaining the business sheet & service
sheet on regular basis.