Priority Relationship Manager Interview Questions and Answers

The major challenges in HDFC channel for Aditya Birla Sun Life Insurance include intense competition, customer acquisition, and regulatory compliance.

• Intense competition from other insurance companies in the HDFC channel.

• Customer acquisition and retention in a highly competitive market.

• Ensuring regulatory compliance and keeping up with changing regulations.

• Managing customer expectations and providing personalized solutions.

• Building trust and credibility with customers in a cr...read more

Handling clients and sourcing business involves building relationships, understanding their needs, and providing tailored solutions.

• Build strong relationships with clients by actively listening to their needs and concerns.

• Understand the client's business and industry to provide relevant solutions.

• Identify potential business opportunities through networking, referrals, and market research.

• Tailor solutions to meet the client's specific needs and goals.

• Regularly communicate with...read more

Current account is for frequent transactions while savings account is for saving money.

• Current account is meant for businesses and individuals who need to make frequent transactions.

• Savings account is meant for individuals who want to save money and earn interest on it.

• Current account usually has higher transaction fees and lower interest rates compared to savings account.

• Savings account usually has limits on the number of transactions that can be made in a month.

• Examples of ...read more

The insurance sector is undergoing significant changes due to technological advancements and changing customer needs.

• The rise of Insurtech companies is disrupting traditional insurance models.

• Customers are demanding more personalized and flexible insurance products.

• Data analytics and artificial intelligence are being used to improve risk assessment and claims processing.

• Regulatory changes are impacting the industry, such as GDPR and Solvency II.

• Climate change is increasing th...read more

Insurance is a contract between an individual and an insurance company, providing financial protection against potential losses.

• Insurance is a risk management tool that helps individuals and businesses protect themselves against potential financial losses.

• It involves paying a premium to an insurance company in exchange for coverage against specific risks.

• Insurance policies can cover various aspects such as life, health, property, and liability.

• The purpose of insurance is to p...read more