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Insurance: How to collaborate with insurance companies (B2B)?
JB
JB
Joy Broto Nath , Global Corporate Trainer & Strategist answered:

To set right tone for collaboration with a insurance company, choosing the right one really matters. Keep in mind the following when choosing the right one:
The price tag: Of course, you cannot put a value to your life, but when it comes to choosing an insurance company you have got to do some number crunching. A good idea is to use the web aggregators that are easily accessible today, to compare the prices and the various charges involved in the policy or policies you are interested in. Make sure that the insurance company you choose offers a pricing that complements your financial plan and you do not overshoot your budget.

History: An insurance company may put out flashy advertising, but you have to be a discerning investor and see how long the company has been in the business. An established track record is something that you must go are looking for when choosing an insurance company. Look at things like claim settlement ratio that is available on the site of the Indian insurance regulator, Insurance Regulatory and Development Authority (IRDA) and insurer ratings that are available on the websites of the respective companies, efficacy of the online platform (in case you want to buy your policy online), network and reach of the company. If you are considering an investment product such as a Unit Linked Plan or ULIP make sure you check out the performance of the fund online. Look out for companies providing ULIPs that have a steady performance and are not erratic in their returns.

Size matters: It all boils down to the brass stacks when it comes to choosing an insurance company. Check out the crucial numbers such as total assets, market share and growth ratio in new business premiums to assess whether it has the financial ability to meet your claims, if you need to make one.

Service quality: This is also an important factor while choosing an insurance company. You must take a call based on the kind of attitude the insurers have towards potential customers like yourself. Are they available to answer your queries whether on the phone or in person? Are they patient in their approach or do they seem too busy to make a sales pitch without understanding your financial needs. These are some of the questions you must ask yourself before you make a final choice.

Complaints and reviews: One does not pay much heed to this factor, but it does make sense to look out for the number of complaints or bad reviews a company may have. Although some of it may be fake and generated by competition, a volley of complaints of a similar nature against a same company should not be ignored. This should give you a fair idea about which companies to consider and which not to touch with a barge pole. Choosing an insurance company today may not be the easiest of tasks today, given the plethora of insurers that are there today. If you are having trouble choosing out an insurance company by yourself, take the help of a trusted family member or a friend who you know has the financial acumen to make a right choice on your behalf.
To successfully collaborate with insurance companies are as follows:
1. Define Your Purpose: First and foremost, you need to have a strong shared purpose. So, before you set up a collaborative project, take some time to identify and clarify what you want the group to achieve.
2. Choose Open or Closed Collaboration
If this is the case, open collaboration will likely be the most suitable. A great example of successful open collaboration is Lego's Create and Share website. It allows Lego community members to share their designs with each other and the company. When support for an idea reaches 10,000, the company then evaluates it and produces it under its Lego Ideas label.

In contrast, if your purpose is to perfect a product or process that requires specialist knowledge, closed collaboration will likely work best.
3. Involve the Right People
Once you have set your goals, you need to identify the people who are best placed to achieve them. Think about people who have relevant expertise, experience, and skills, or who are good at challenging assumptions and can contribute different perspectives. Assign roles within the group, too.
4. Achieve "Buy-In"
While some people will jump at the chance to collaborate, others may not be so keen. So, before you ask someone to collaborate think about how it can benefit him or her. But so, can outlining the personal benefits to individual collaborators, such as recognition, the opportunity to learn new skills, career progression, or the chance of a bonus.
5. Encourage Collaborative Behaviour
Collaboration can demand a lot from people. It means being open-minded, listening to other people's opinions and putting personal agendas to one side. So, it's essential that you try to encourage collaboration across your organization. You can do this by: Building trust. Collaboration can stall when people do not feel able to open.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath

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