MBA (Insurance & Banking) and (Insurance & Financial Planning)Course Title: Servicing of Insurance Products

Course Code: INS 711

Credit Units: 2

S. No.

Course Title Weightage (%)

1. Course Objectives: This subject prepares the student to understand the difference in product and service industries. This would help the insurance students to do well in the service sector that they would eventually join. Other module on sales management trains them to be good sales people and do well in marketing and related sectors.

2. Pre-requisites: No pre- requisite. A student can learn it with a background of Graduation.3. Student Learning Outcomes:

1. Student will understand the selling technique and the practical aspects used in Marketing 2. Students will learn the selling technique process in vogue in Insurance – Life & Non- Life 3. Student will understand various distribution channels presently available in insurance 4. Students will learn products of Insurance along with services required 5. Students will appreciate concepts of Insurance & Expectation of Customers.

4. Module I – Introduction of Services, Good Services Continuum, Unique Characteristics of Services, Service Marketing issues, Service Quality, Service Encounters, Service Development & Design, Service Delivery, Pricing of Services, Gap Model of Service Quality.

25

5. Module II – Practical working and Role of Intermediary Distribution Channels, Brokers, Corporate Agency, Bancassurance, Referred, Internet worksite Marketing, Channel Development, Recruitment of Agents, Web Aggregator and Insurance Repository.

10

6. Module IIIFinancial Planning & its importanceNetworkingProspecting Finding new customers & retaining old customers,

10

L T P/S SW/FW

TOTAL CREDIT UNITS

2 - - - 2

7. Module IVInsurance – Comparison of Products – Companies in Life, General and Health InsurancePersonal lines of non-life products – Motor InsuranceHealth & Combi-products,Housing as a tool of marketing,Requirement for Rural Marketing and its Challenges, Micro Insurance products

15

8. Module VSelling Process – Awareness of Products – Advertisement of Companies – Proposal Forms – Policy

Documents – Terms & Conditions – Illustration.Need-based Selling – HLV, CLNA ConceptsAnalysis of Company Performance on distributions of productsPenalty on Mis selling of Insurance Companies and its intermediaries Sales Presentation – After Sales Services - Customer Expectations – Nature of Grievances - Life/ General/ Health- Role Play

20

9. Module VIInsurance & Taxation – Personal Taxation as per Income Tax Act.Calculation of Tax Liability

20

10 Pedagogy for Course Delivery:1. Class room lectures 2. Objective type questions 3. Group presentation by students4. Case Study – analysis & problem identification and solution5. Home assignment for presentation6. Surveys/ Industrial Visit/ Workshop

11. Assessment/ Examination Scheme:Theory L/T (%) Lab/Practical/Studio (%) End Term Examination

100 NIL 70Theory Assessment (L&T):

Continuous Assessment/Internal Assessment End Term Examination

Components(Drop down)

Group Presentation

Class Test Class Participation

Attendance

Weightage (%) 10 10 5 5 70

Text & References:

Marketing of Financial Products & Services – Dr. Sunil Kadyan / Mr. Manish Sharma. Selling of Life Insurance – a practical way by B. K. Raman

References

Services Marketing – Ravi Shanker Service Marketing – M. K. Eampal, S. L. Gupta Services Marketing – Helen Woodruffe Sales Management – Still, Cundiff, Govoni Sales Management – Ramneek Kapoor Sales Management – Robert Calvin Building & Closing the Sale – Vivden J. Thornton, Viva Books Pvt. Ltd. Networking for Career Success – Diane Darling, Selling to Win – Richard Denny - McGran Hill, Universal Book Stall Selling – Idea, Services & Products – Walter Vieira 21st Century Positioning – Power Selling Skills – Jack & Kander FAQs Marketing – Philip Kotler – Marshall Cavendish