Insurance Consultant Interview Preparation Guide

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Insurance is the transfer of risk by an individual, such as yourself, or an organisation, such as your business, to the insurance company. You or your organisation will thus be known as the policy owner. The insurance company receives payment in the form of premium and will compensate you in the event of losses or damages sustained by you.

Takaful is a protection plan based on Shariah principles. By contributing a sum of money to a common takaful fund in the form of participative contribution (tabarru), you undertake a contract (aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a defined loss.

I first found a job in insurance partly because it was a booming industry in which I could network and work closely with a wide variety of people and offer an essential service to customers. I want to bring that passion to your company, where I hope to be in a position to grow over time and gain more experience in the insurance field. I want to put my marketing skills to use to support the company and increase your base of loyal customers. It is important to me to be a part of a supportive, forward-thinking team.

The products under general takaful are:

☛ Home takaful
☛ Motor takaful
☛ Personal accident takaful

Most clients are trying to drill down to a set of competency-based questions that they can measure objectively against. “Look at the company’s values and extrapolate from those values what their core competencies might be. For example, if a value is ‘client service,’ the competencies might be strong team focus, thinking outside the box, or being a self-starter.

☛ Medical and health insurance
☛ Retirement annuity
☛ Travel insurance
☛ House owner insurance
☛ Investment linked insurance
☛ Life insurance
☛ personal accident insurance

☛ Investment linked takaful
☛ Motor takaful
☛ Medical and health takaful
☛ Personal accident takaful
☛ Family takaful
☛ House owner takaful
☛ Marine takaful
☛ Fire takaful
☛ Travel takaful

If you have ever been made redundant, this will definitely come up. Think carefully for a reason. Ensuring you are not unemployable.

There are 2 types of takaful:

☛ Family takaful
☛ General takaful

It sounds obvious, but few people really look into the role or the company and struggle to come up with something meaningful. “The key is to come up with something current and interesting and then be able to turn the question around to the interviewer. I noticed you did this, can you tell me more about it?

This can be identifying new revenue streams, finding solutions, or something outside of work. “I often offer up the fact that – as a fire warden at the World Trade Center during the 9/11 attacks – I forcefully convinced some fellow office workers to exit when they wanted to stay in the office. They’ve all since thanked me.

Travel insurance coverage is usually limited to the period of your travel. However, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies for a frequent traveller.

Banca means bank and assurance is for insurance. The selling of life assurance and other insurance products and services by banking institutions is called bancassurance.

When it comes to buying a policy, always:

☛ Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price.
☛ Ensure that your vehicle is adequately insured as it will affect the amount you can claim.
☛ Give all material facts about your vehicle, including previous accidents (if any), modification to engines, etc. When in doubt, it is best to ask your insurance company.

Banks want to find out whether you’re trustworthy and whether you’re going to put your interests before theirs or vice versa. “They want to ensure you’re not going to embarrass them or cost them money.

Medical and health insurance, is an insurance policy which is designed to cover the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery. Medical and health insurance also ensures that you will not have to worry about the cost of seeking treatment during emergencies. In addition, medical and health insurance also provides you with an income stream while you undergo treatment.

You can buy an insurance policy or participate in a takaful plan:

☛ Directly from insurance companies or takaful operators
☛ Through registered agents or licensed brokers
☛ From banking institutions that have bancassurance arrangements with insurance companies or takaful operators
☛ Via the internet

A travel insurance can be purchased for you or your family to insure against travel-related accidents, losses or interruptions, such as:

☛ Personal accident
☛ medical-related expenses
☛ loss of travel or accommodation expenses due to cancellation or curtailment of the journey
☛ losing your baggage, belongings and money
☛ losing your passport
☛ personal liability
☛ delayed baggage
☛ travel delays
☛ hijacking
☛ repatriation

The organisation is very important for me as it is one 4 abc insurance company.

I usually say something like, if I were to go out for a drink with your manager, what would he say about you? If we stayed out for a while, what will they really say?

Im from a middle class family.. if der is a loss, i know how it will bw.. bt insurance schemes replaces the loss by any means..

☛ Which of your qualities make you a great salesperson?
☛ How do you keep up with trends in the real estate?
☛ What’s excellent customer service for a leasing consultant?
☛ How do you use technology to organize your work?
☛ What kind of lodges/properties have you dealt with in the past?
☛ How do you handle overlapping deadlines?

☛ How do you use social media to promote properties? What other advertising techniques do you use?
☛ What questions would you ask to evaluate a potential tenant’s requirements? What questions would you ask the property owner?
☛ How would you go about verifying a tenant’s application?
☛ Imagine a potential renter asks you a question about a property but you don’t know the answer. How do you handle this?
☛ If a property was burned or flooded, what would be your responsibilities?

☛ Tell me about a time you were faced with an ethical problem. What did you do in the end?
☛ Recall a time when you had to mediate a dispute between property owner and their tenant. What was your role and how did you help the situation?
☛ Describe the most difficult sale you had to make. Why was it difficult and how did you close it?
☛ Tell me about a time you persuaded a renter to renew their lease

☛ Tell me about a time when you had not done a task correctly because you were not trained propperly?
☛ Can you multi-task? What experiences have you done that represent to me how well you multi-task?
☛ Have you ever coordinated an event? How did it go?
☛ Have you prepared invoices in the past?
☛ How do you keep motivated while working in an office setting?
☛ Why do you want to work in the insurance industry?
☛ Tell me about your education.
☛ Why do you want to enter the insurance field?
☛ Tell me about your goals?
☛ How does this position, fit into your career plans?
☛ Why do you want to work for our company?
☛ Tell me about the most difficult supervisor you have ever worked with, and how you went about working with him or her?
☛ What was your main weakness at your last job that you would like to improve upon at this one?
☛ How important is organization to you?
☛ How can we become a better insurance company, to compete with our competitors?
☛ Tell me a time when you had to handle something drastic, but no one was around, how did you do it?
☛ Have you created a bonding report before?
☛ Customers can have a nasty attitude for no reason, either way, what techniques do you employ to calm down customers when they are irratated?
☛ Describe a bad customer service experience you have had in the past and how you handled it?
☛ What is your ideal company to work for?
☛ Tell me about a time when you missed some important details about a report, what happened?
☛ Who are our competitors?
☛ How proficient are you with technology?
☛ Walk me through a typical day for you at your last office.
☛ You have been asked to set up a meeting, quickly go over the steps you take to make this meeting happen?
☛ What do you dislike most about working in this position/field?
☛ What office experience do you have?