Liberty General Insurance Relationship Manager Interview: Rounds, Questions and Preparation

What the job involves

A Relationship Manager in banking, finance, or insurance builds and maintains client relationships to sell products such as loans, insurance policies, or investment plans. In a general insurance company like Liberty General Insurance, the day-to-day work involves meeting clients, understanding their risk needs, explaining policy features, closing sales, and providing after-sales service. The role is target-driven and requires strong communication, negotiation, and customer service skills.

Role and Technical Knowledge

1. 1

   What is the difference between general insurance and life insurance?

   Explain that general insurance covers non-life risks like motor, health, and property for a short term, while life insurance covers human life for a longer period and includes savings or investment components.

2. 2

   What are the key regulations governing insurance agents and relationship managers in India?

   Mention IRDAI guidelines on licensing, commission limits, disclosure of policy terms, and the need to act in the customer's best interest.

3. 3

   How would you explain the concept of premium and deductible to a customer?

   Define premium as the amount paid for insurance coverage and deductible as the portion the customer pays before the insurer covers the rest. Use a simple example like a motor claim.

4. 4

   What types of general insurance products would you sell to a small business owner?

   Cover fire insurance, burglary insurance, marine insurance for goods in transit, and workmen's compensation. Show awareness of business risks.

Practical Scenarios

1. 5

   A customer's claim was rejected due to a policy exclusion. How would you handle the situation?

   Show empathy, explain the exclusion clearly with reference to the policy document, and guide the customer on next steps such as appealing or filing a grievance with the insurer's grievance redressal officer.

2. 6

   You have a monthly target of selling 20 motor insurance policies, but only 10 days are left and you have sold 8. What do you do?

   Prioritise high-potential leads, increase daily calls and meetings, offer renewal reminders to existing customers, and seek help from senior colleagues. Show a structured action plan.

3. 7

   A customer is comparing your policy with a cheaper competitor's policy. How do you retain the customer?

   Focus on value: claim settlement ratio, network garages, customer service, and additional covers. Avoid criticising the competitor and highlight long-term benefits.

4. 8

   How would you cross-sell a health insurance policy to an existing motor insurance customer?

   Use the existing relationship to understand family medical needs, explain the benefits of health cover, and offer a bundled discount if available. Emphasise the importance of health protection.

Behavioural and Situational

1. 9

   Describe a time when you had to persuade someone to change their mind.

   Use the STAR method: situation, task, action, result. Highlight listening skills, presenting benefits, and achieving a positive outcome.

2. 10

   How do you handle rejection or a difficult customer?

   Show resilience, patience, and a problem-solving attitude. Give an example of staying calm, understanding the customer's concern, and finding a solution.

3. 11

   Tell me about a time you worked in a team to achieve a goal.

   Focus on collaboration, communication, and your specific contribution. Mention the result and what you learned about teamwork.

4. 12

   Why do you want to work in insurance sales rather than other financial services?

   Express genuine interest in insurance as a growing sector, the opportunity to protect people from risks, and the dynamic nature of relationship management.

HR and Motivation

1. 13

   Why should we hire you for this role?

   Highlight your communication skills, target orientation, ability to learn insurance products quickly, and passion for customer service. Align with the company's values.

2. 14

   Where do you see yourself in five years?

   Show ambition to grow into senior relationship management or team leadership roles, while emphasising commitment to learning and contributing to the company.

3. 15

   Are you comfortable with a target-driven role and travelling for client meetings?

   Answer affirmatively with examples of past experiences where you met targets or travelled for work or college activities.

4. 16

   What do you know about our company and why do you want to join us?

   Research the company's products, market position, and recent news. Mention specific reasons like its growth, customer focus, or training programs.