ICICI Prudential Life Relationship Manager Interview: Rounds, Questions and Preparation

What the job involves

A Relationship Manager in banking, finance and insurance builds and manages a portfolio of clients, selling products such as life insurance, mutual funds, and loans. The day-to-day work involves meeting clients, understanding their financial goals, recommending suitable products, and ensuring after-sales service and renewals. In life insurance, the focus is often on new business premium, persistency, and cross-selling to meet monthly targets.

Role and Technical Knowledge

1. 1

   What is the difference between term insurance and ULIP?

   Explain that term insurance is pure protection with no maturity benefit, while ULIP is a market-linked investment cum insurance product. Mention that ULIP has a lock-in period and charges, and suitability depends on client risk appetite.

2. 2

   How would you explain the concept of sum assured to a customer?

   Define sum assured as the guaranteed amount paid to the nominee on the policyholder's death. Emphasize that it is not the premium paid, and clarify that it may vary with bonuses or fund performance in some products.

3. 3

   What are the key IRDAI regulations a relationship manager must follow?

   Mention free-look period, mandatory disclosure of commissions, suitability assessment, and prohibition of mis-selling. Also refer to KYC and AML requirements.

4. 4

   What is persistency ratio and why does it matter?

   Define persistency as the percentage of policies renewed or continued over time. Explain that high persistency indicates customer satisfaction and is a key business metric for insurers.

Practical Scenarios

1. 5

   A client says they already have insurance from another company. How do you respond?

   Show that you would first understand their existing coverage and gaps, then position your product as a supplement if needed. Avoid criticizing the competitor and focus on the client's needs.

2. 6

   You have a monthly target but a client is hesitant to buy. What do you do?

   Explain that you would listen to objections, provide relevant information, and not force a sale. Suggest follow-up with a tailored proposal and involve a senior if needed.

3. 7

   How would you handle a customer complaint about a delayed claim?

   Show empathy, acknowledge the issue, and explain the claims process. Mention that you would escalate internally and keep the customer informed, while staying within regulatory timelines.

4. 8

   You need to sell a ULIP to a risk-averse retired client. What do you do?

   State that you would not recommend ULIP to a risk-averse client. Instead, suggest safer options like fixed deposits or traditional endowment plans, and document the advice.

Behavioural and HR

1. 9

   Why do you want to work in sales, especially in insurance?

   Connect personal motivation to helping families secure their future. Mention resilience, target orientation, and interest in financial products.

2. 10

   Tell me about a time you convinced someone to do something.

   Use a STAR format example from college or part-time work. Highlight listening, presenting benefits, and handling objections without being pushy.

3. 11

   How do you handle rejection or a lost sale?

   Show that you stay positive, analyze why the sale was lost, and use it as learning. Emphasize persistence and not taking it personally.

4. 12

   Where do you see yourself in three years?

   Align your growth with the company, such as moving to a senior relationship manager or team lead role. Show commitment to learning and exceeding targets.

Industry and Company Awareness

1. 13

   What are the current trends in the Indian life insurance industry?

   Mention digitalization, increased awareness post-pandemic, growth in term insurance, and regulatory changes like higher FDI. Also note the focus on protection and retirement products.

2. 14

   Why do you want to join a private insurer like ICICI Prudential Life?

   Research the company's products, distribution strength, and reputation. Connect your skills to its customer-centric approach and digital initiatives.

3. 15

   How does life insurance help in financial planning?

   Explain risk protection, tax benefits, and long-term savings. Mention that it secures dependents and can be part of a diversified portfolio.

4. 16

   What is the difference between a bank relationship manager and an insurance relationship manager?

   Highlight that insurance RM focuses on protection and long-term savings products, while bank RM may handle deposits, loans, and cross-sell. Both involve client relationship and sales.