Life Plaza
Reliance Life has launched new distribution channel by the name ‘Life Plaza’, aimed at creating awareness about life insurance in different locations and creating pool for life insurance products.
Reliance Life is the first company in the country to set up a structured need-based in-branch sales platform in the form of ‘Life Plaza’. Reliance Life Plazas will promote need-based sales, fill service gaps and also offer financial value-added services such as tax and financial planning, Aadhar card registration, PAN card generation, health check-ups and nutrition counseling.
Company believes that this unique distribution model will help it to reach out to customers, understand their needs and provide solutions to them at the venue. Company says that this process of selling will ensure that customer buys what he needs and understand and thus, it will also address the problem of mis-selling.
Company is planning to set up 200 Life Plazas across the country in the current financial year. Company is also planning to hire around 1,000 people under this new distribution channel within current fiscal. For setting up of Life Plazas and recruitment, company will focus on tier II, tier III and tier IV cities.
All Life Plazas will be managed by Reliance Life’s employees, who will handle customer’s queries and process the documentation instantly at the venue, with a view to tap the new customers and service the existing policyholders.
Apart from addressing walk-in customers, the company will also proactively invite customers to the Life Plazas for presentations on the benefit of investment in various financial products, importance of insurance as a life protection tool and Reliance Life’s wide range of products and services.
Reliance Life Plus Club
Reliance Life has begun its post-sales services drive across the country under its ‘Reliance Life Plus Club’ initiative. Reliance Life is the first company in the country to introduce structured post-sales customer service platform.
This initiative is inspired by ‘Zutto Motto’ (forever for service) service at Nippon Life insurance in Japan.
Under this initiative, the company has asked its 1.5 lakh representatives, including staff, advisors and channel partners to meet around 10 % or over one million of its existing customers by the end of current fiscal for services beyond premium collection. At present, Reliance Life has more than nine million policyholders. Company has instructed its 1,200 branches across the country to implement it like sales targets.
The company has made a rule for its entire sales people that they should visit every customer periodically at least once a year. Such visits help in selling new products to existing customers and acquiring new clients.
The company will spend about Rs 12 crores in the current financial year for this initiative.
Reliance Life is 74:26 joint venture between Reliance Capital, a financial services arm of Anil Ambani led Reliance group and Japan based Nippon Life.
vinay mohanty
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