7 Responsibilities of Bancassurance Sales Consultant

Welcome to the Learn and Grow Academy Insurance Series. Today our Subject is the 7 Responsibilities of Bancassurance Sales Consultant. Previously, we already read about “What is Insurance” and “What is Bancassurance”. But before going through our today’s topic, let’s review “what is Bancassurance”.

Definition of Bancassurance:

As I already told you in the previous Article “What is Bancassurance”, the Word Bancassurance came from 2 different words. The first word of Bancassurance is “Banc or Banca” which came from Bank and the second word is “Assurance” which came from the Insurance. So, Bancassurance is a product that is being sold from Bank Panels or from Banks. The Bancassurance is also called “Banca” in the Banking Industry. Actually, Insurance Companies and Banks sign an agreement.

So, as per the agreement Bank provides a sitting arrangement for the Sales Consultant or Representative (BSC) of the Insurance Company on the Bank premises. Then, this sales consultant can sell insurance products (Especially designs for banks) to the banks’ customers. Moreover, the Bancassurance sales consultant plays an important role in the growth of any Insurance organization.

7 Responsibilities of Bancassurance Sales Consultant:

1 – Time Management

The first out of the 7 Responsibilities of Bancassurance Sales Consultant is Time management. Time management is a key to success. The Bancassurance sales consultants are usually placed in banks. Normally, the Bank staff has morning meetings on a daily basis, ideally he/she must be part of those meetings. Because, in these meetings, Branch Managers set their daily goals, and discussed different KPIs. If the Bancassurance sales consultant is part of that meeting, chances are BANCA will also be Under discussion.

2 – Relationship:

Secondly, the role of the Bancassurance sales consultant is to build relationships with the branch team. This is a very important part of selling a Bancassurance. Because, if a bancassurance sales consultant has a good relationship with his/her branch Colleagues, he or she will get Sales leads from them. The morning time is the best time to sit with the Branch Manager and other teammates to build relationships. So, the BSCs can help them as well while sharing leads like credit cards, auto loans, home loans, and deposits. Similarly, the BSC should also receive some leads for his sales.

3 – Product Knowledge:

Product knowledge is the prime responsibility of a bancassurance sales consultant. He/she is the Insurance specialist sitting in the branch. Everyone expects that a bancassurance sales consultant Should know everything about insurance. If product knowledge is weak, the sales consultant may not Face any colleague or even customer confidently. Product knowledge is key to growth.

4 – Greet the customers:

The 4^th out of the 7 Responsibilities of Bancassurance Sales Consultant is greeting the customer. This is the most important as well. The Bancassurance Sales Consultants should stand on the floor around 11 am onward and start greeting the customers. Ask them the reason for visiting the bank, and help them. Many times the BSC generates leads by greeting the customers themselves. The BSC should not be dependent on the bank’s leads only. Having a cup of tea with customers pays back a lot.

5 – Make 15 calls a day:

So, the 5^th responsibility is, Bancassurance sales consultant must make 15 calls a day. Let’s assume, we have only 20 (Twenty) working days every Month. It means that the sales consultant can make 300 calls in a month. If the Bancassurance sales consultant is able to set 30 appointments, He/she will definitely close a minimum of 5 sales in a month.

6 – Persistency:

6^th out of the 7 Responsibilities of Bancassurance Sales Consultant is Persistency (Renewals). This is a very important and critical responsibility of a bancassurance sales consultant. It is equally important as a fresh business. A Bancassurance sales consultant must call a minimum of 4 to 5 clients Daily for renewals.

7 – Follow-Up:

Finally, the last and 7^th step is Follow-Up. Certainly, Follow-up leads to success. A Bancassurance sales consultant must have a strong follow-up. Otherwise, his/her hard work may be a waste. He/she must have daily call reports, daily meeting schedules, and work on relationships.

Conclusion:

In summary, the 7 Responsibilities of a Bancassurance Sales Consultant are key to ensuring success and growth in the field of Bancassurance. From time management and building strong relationships with the branch team to acquiring in-depth product knowledge and greeting customers, each responsibility plays a crucial role. Moreover, making daily calls, ensuring persistency through renewals, and maintaining strong follow-up practices are essential to achieving sales targets and providing excellent customer service. By mastering these responsibilities, a Bancassurance Sales Consultant can drive both personal and organizational success.

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