So the story goes like this: A poor person who had diligently saved money over a long period visited their bank to deposit the sum and came out having bought an annual premium hashtag#insurance policy. After realizing the situation, the client approached different quarters and with an effort spanning over several years, was refunded the money with mark-up. We know that this is not an isolated incident and there will be more cases with similar details.
While it’s tempting to blame the insurer, the bank or the sales staff but crux of the matter lies elsewhere. Mis-selling in insurance is not a new phenomenon but the key question is how you stop it from becoming a norm or a systemic issue. Let’s not forget that the current hashtag#bancassurance process involves completing an extensive bilingual application form comprising several pages covering personal and family details, customer profiling and KYC, needs analysis, declarations, undertakings, seller’s report and what-not. However, despite its length and complexity, it fails to prevent cases like the one cited above.
Our perspective is that adding more questions and sections will not solve the problem; actually quite interestingly, it might even complicate matters and increase the risk of things slipping through the cracks. A more effective approach is to address the core issue by hashtag#simplifying the products and creating hashtag#lean hashtag#processes to match the understanding of the common people. This way, individuals can make more informed decisions based on their own comprehension. This is precisely what we are trying to achieve through hashtag#InclusiveBancassurance© and hashtag#NextGenBanca©.
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