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Discussion 7

Discussion 7

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Discussion

Insurance policy can be defined as an agreement between the insurers and the insured. These contracts are designed to meet specific requirements. Every insurance policy is different from other depending upon the choice of the insurers. Typically, insurance policies are sold through personal selling. The bank’s salesperson goes door to door to explain the features of the policy that a bank is offering. Personal selling is helpful as it promotes interaction between the salesperson and the customer. It also leaves a persuasive impact on the customer. So personal selling can be very beneficial in selling insurance policies to the people as people have several concerns reading the policy.

While selling insurance policies customers can have several ambiguities and objections regarding the feature of the policies. The insurance contract is a binding agreement in which an insurer has to pay money to the insured or the third party. Insurance contracts are also known as contracts of adhesion because in case of any ambiguity in the contract insurer has to bear all the burden. Since the future of the insurance policy is unclear customers may have several concerns regarding the policy. The first objection a customer can make will be regarding the terms and conditions of the policy. They may show concerns regarding the amount of money they had to pay to be able to achieve the benefits of the insurance policy. They may want to know the credibility of the policy since due to several scams people do not salespersons.

To mitigate the objections of the customers, a salesperson will first explain different types of policies such as health insurance and life insurance policies, etc. It is important to say empathize with the customers while also show gratitude as they took the time to listen to your offer (Kotler & Armstrong, 2010). This will help in building customer’s trust in the salesperson. Also, to address customer's concern salesperson can back up their statements with the proofs and can also provide references of the customers who have previously avail the policy.

References

Kotler, P., & Armstrong, G. (2010). Principles of marketing. Pearson education.

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