Secrets of Success in Insurance Business Part 01

Secrets of Success in the Insurance Business Part 01

The attitude of looking at any situation tells that you are a person of which ideology and your ideology only determines how successful you will be in your life?

There is a special art of seeing any situation and this art develops gradually. When you stan you learn the rules of your business closely and follow them wisely, then your chances of success become much higher.

In this article on Jeevan Bima Bazaar, we will learn all the secrets to get success in Life Insurance Business. If you are a Life Insurance Agent, then you must read all the chapters of this subject carefully in a systematic manner and adopt it for your business.

Five Rules of success in Insurance Business-

This was the first time when we along with friends had decided to organize a program for Navratri Puja. It was not enough for us to just decide. Because we had no idea that what we have to do to make this program successful?

Where will this event be organized, what items will be needed to complete this event, how all the work will be completed by the scheduled date and most importantly, how much money will be spent to complete this event and its How will it be managed?

At that time it was our success to complete this event and believe me, during that time there were many occasions when all of us friends felt that we would not be able to successfully complete this event. At times we all also felt that maybe it was a wrong decision for all of us to decide to have this event.

First of all, we contacted such people to get information about the expenses incurred in organizing the Navratri worship program etc. who already had experience with it. We friends were benefited by this that the place for this event was easily identified.

What items would be required for this event and how much it would cost to complete this event, after talking to experienced people, we got an idea about it. Now the first challenge before us was that how to arrange the money to complete the program?

We all decided to collect donations from people to manage the money. It was a very challenging task for all of us. Many people used to donate easily for Navratri Puja, but many people also refused to donate, due to which we were very short of money.

For our target, people's denial was becoming intolerable. We all friends sometimes felt like returning the donations received from people and postponing the program this Navratri.

All of our friends were very disappointed and sad. At the same time an elderly person came to us and asked the reason for our sadness. We put our problem in front of him. Whose very easy solution was told by him.

Today when I am working as a consultant in life insurance business. I follow the rules told by that old man and I get success. First of all, I want to tell you that when you are starting this business, Then you must also get information from experienced people. However, I am sharing my experiences with you.

I would like to name this rule for insurance business as "The Success Mantra for Insurance Business". I can say with a claim that no one can stop anyone who adopts this rule for life insurance business from being successful.

This mantra of success can be taken as that player, the more one practices, the more one's playing ability develops and by making continuous efforts, the player succeeds in presenting himself as a champion.

Create a strategy for success-

We were working without any strategy to make our event a success. Especially when we were raising funds. Only a group of four of our friends was doing this work. Perhaps this was the reason that in spite of trying hard, we could get only ten percent of the requirement.

The old man said, "It is good that you all know the goal. You have also fixed the time limit, that is also good. These are the two essential steps to complete any task. You have completed it, it shows your success."

Now you have to work hard to collect donations, so you should try more for this. But remember if four people try. So the result will be equal to four people. But ten people will cooperate in this work of yours. So its result will also increase. That's why you should try that some more people join you and collect funds to make this program a success.

While collecting donations, you also have to keep in mind that when you go to meet people at their homes, then that member of the family who is giving the donation should be present at home. Otherwise the children of the family will send you back saying that father is not at home, please contact in the evening.

It is very important to make this type of strategy for the success of Life Insurance Business. You should try that there must be some people working for you in all the areas in which you work.

Here you also have to think that why would someone work for you? But I can say from my own experience that by working with the right strategy, you can connect many people with you who will work for you.

Its detailed description will be given in the upcoming articles. But here I am presenting a simple example. Suppose you sell an insurance policy. Because of which you get a commission of 100 rupees. Now if you get a similar policy by some other person, but that person gives you that policy in this greed, because he knows that because of this policy you will give him 80 rupees.

Now suppose that 10 people who work through this condition get ready, then what will happen? If you work hard yourself and sell 10 Insurance Policies in a month. In which you get a commission of ₹ 100 from each Insurance Policy, then you will find that you will get a commission of ₹ 1000 with your own hard work.

But these 10 people who are trying for you, suppose each of them gives you only one insurance policy in that month. In this way you will find that with the help of other people you will get 10 more policies in the same month. If each policy fetches a commission of ₹100, then each person has to pay ₹80 on each policy. But in spite of this you will get a profit of ₹20 from each policy i.e. from 10 additional policies you will get an additional profit of ₹200.

Now think for yourself, if you had worked alone, then your earning would have been only ₹ 1000. But by adding 10 other people, your earning becomes ₹ 1200. So to earn this extra ₹200 you will need to make a better strategy.

Similarly, to sell a Life Insurance Policy, it is most important that you need to have a conversation with the family member who is the decision maker. It has been seen in many families in India that only one member of the family takes the decision to do any work. This member of the family is called the decision maker for that family.

Now suppose you are talking to someone about an insurance policy. You have explained all the features of your Insurance Policy to him. But if that person is not the decision maker, then he will tell you that I will ask my father or my wife or any member of the family who has the capacity to take the decision. Hence, you need to make sure that you talk to someone in the family who has the decision-making capacity to buy your policy.

Now suppose the people of the area in which you are working work in a company. The duty of such people is already fixed. Some person does 8 to 4 duty, some person does 4 to 12 duty and maybe some person does 12 to 8 duty.

If you want to get success in your life insurance business, then you must keep such small things in mind. It means to say that you have to make such a strategy that you have direct contact with the decision maker and when you go to contact him, he is available at home.

So our advice to you would be that every evening when you return home after completing your business. Then you will need to have a good strategy for the next day.

01 March 2023