Effective Negotiation in Insurance

Date Format Fees  
02 Apr - 05 Apr, 2024 Classroom ₦300,000 Register
13 Aug - 16 Aug, 2024 Classroom ₦300,000 Register
26 Nov - 29 Nov, 2024 Classroom ₦300,000 Register
02 Apr - 05 Apr, 2024 Classroom ₦300,000 Register

Event Details

Negotiation and influence are crucial skills for insurance professionals. Successfully negotiating a solution within the requirements of the contract whilst maintaining strong relationships can be challenging at times. Whether it’s operational or complex risks, there is a consistent requirement to establish a deal that meets both parties’ needs and protects professional relationships from conflict.

This training program is designed to equip insurance professionals with the essential skills and strategies needed to excel in negotiation scenarios within the insurance industry. Participants will gain insights into the unique challenges and dynamics of insurance negotiations, empowering them to achieve favorable outcomes for both clients and their organizations.

This course allows participants to consider the behavioural side of negotiation using negotiation exercises specifically designed around the roles of underwriters, brokers and claims professionals.

 

COURSE CONTENT

 

Introduction to Insurance Negotiation

  • Overview of negotiation in the insurance context
  • Importance of effective negotiation in insurance
  • Common challenges in insurance negotiations
  • Key principles of successful negotiation
  • Negotiating in shifting insurance market conditions

 

Understanding Insurance Products

  • In-depth knowledge of various insurance products (life, health, property, liability, etc.)
  • Features, benefits, and limitations of different insurance policies
  • How policy details impact negotiation strategies
  • Identifying essential vs desirable needs in a negotiation

 

Stakeholder Analysis

  • Identifying and analyzing stakeholders in insurance negotiations
  • Assessing their interests, priorities, and concerns
  • Tailoring negotiation approaches based on stakeholder analysis

 

Effective Communication Skills

  • Verbal and non-verbal communication techniques
  • Active listening skills
  • Constructive feedback and empathy in negotiations
  • Increasing your influence through the power of language

 

Building Rapport and Trust

  • Importance of trust in insurance negotiations
  • Strategies for building rapport with clients, colleagues, and other parties
  • Building and maintaining professional relationships
  • When to walk away, and how to preserve the relationship when you do

 

Negotiation Strategies and Tactics

  • Different negotiation styles
  • Win-win negotiation techniques
  • Handling difficult negotiations and disputes
  • Dealing with conflict in negotiation

 

Handling Claims and Settlements

  • Understanding the claims process
  • Strategies for negotiating settlements
  • Evaluating and presenting evidence in negotiation

 

Legal and Regulatory Framework

  • Understanding legal and regulatory aspects affecting insurance negotiations
  • Compliance requirements and ethical considerations
  • Impact of laws on negotiation tactics and outcomes

 

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

 

  • Venue

    Alpha Partners Professional Training Conference Centre. 200, Muritala Mohammed Way (3rd Floor), Yaba Lagos.

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