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WorksheetsPersistency Quiz
Total questions: 12
Worksheet time: 9mins
Persistency is: Choose all Relevant
The quality of after sales service of the insurance company and customer engagement.
The policyholders’ decision to stand by their long term financial commitments.
The quality of sales provided by the insurer and the sales person.
A customer’s decision to stay invested and pay renewal premiums.
Persistency is measured by premiums paid on the _______.
Choose any one
13th and 61st months
26th and 72nd months
10th and 100th months
39th and 84th months
What does the 13thmonth persistency indicate?
The product has indeed been sold on need based requirement.
No mis-selling by the sales person.
Longevity of the policy.
The policyholders’ decision on long term financial commitment.
What does the 61stmonth persistency indicate?
Continuity and longevity of the policy.
No mis-selling by the sales person.
Quality of after sales service of the insurance company and customer engagement.
The policyholders’ satisfaction with the service provided for years.
What happens if the 61st month persistency of an insurer is low?
The values of NBM and IGAAP will go up.
The surplus amount will not be met and hence the bonus will get impacted.
The actuarial calculation for the product performance will go wrong.
How does a customer benefit from persistency?
Low cost in continuing a policy compared to purchasing a new policy.
Avail risk cover for the entire policy term.
Helps to protect their family financially against unforeseen events.
Reduces his / her costs.
How does an insurer benefit from persistency?
Optimization of long-term income.
Reduction in costs.
Rewards and recognition from various beneficiaries.
References of new business.
Which of the following are steps to prepare for persistency calls?
Analyze the customers’ profiles to understand their needs.
Thoroughly practice the top 5 USPs of the product.
Understand the customer's policy details and premiums paid thus far.
Identify the customer’s risk level.
Which of the following are necessary checks before making a persistency call?
The place from where you are making the call is absolutely quiet and without any disturbance.
Check your internet connectivity!
If making a video call, be in an informal dress.
Ensure that you phone or laptop is charged fully.
What will happen if a persistency call is unstructured?
Might leave customers confused about the reason for the call.
Will be a waste of time and effort.
Will not create the right impression about the insurer in the customer’s mind.
Will be directionless.
Identify the benefits of the Persistency Skill Model?
Provides you with a structure to follow to keep you on track.
Allows you to listen to responses rather than focusing on what you say.
Enables you to have a consistent performance leading to consistent results.
Gives you an opportunity to answer the customers’ questions.
What are the good practices to ensure persistency?
Use Quick Register tool to register for an auto pay if not registered at NB stage.
If customer wants to use grace period, offer the Preferred Billing Date as an option.
Engage with customers and remind them about upcoming premiums.
Provide support and information.
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