Secrets of Success in Insurance Business Part 03

In this article of Jeevan Bima Bazaar, the third part of "Secrets of Success in Insurance Business" is being presented. Life Insurance Business is one such business in the world, in which an Insurance Agent or Development Officer can earn as per his wish.

To be successful in life insurance business, you have to understand this business closely and you have to make your attitude positive towards your business. This is very important for the success of the Insurance Business.

So let's understand in detail what you should do and what things you should keep in mind to get success in this business?

Third rule of Success in Insurance Business-

You have to understand that if you do the same things that other people do, then you will get the same results that others get. Most of the agents associated with the insurance business do not even know the real reason for their failure.

As a trainer, I keep interacting with many agents. I ask many agents how is your business doing? The answer to many of them remains the same.

The answers of those agents are – people in our area do not have income, people have already bought Insurance Policies and so on. Then I ask them that if this is true then no New Insurance Policy would be registered in your branch. This is answered in different ways by different people.

If you want to be successful, you have to face reality. Because until you do not know the real problem, you cannot solve it. Here I would like to say with apologies that if you are not able to sell Insurance Policies, then the problem is not in your area or in your branch office. But the real problem is in you.

If you are not selling enough insurance policies then I am sure you are not tapping your full potential. Most insurance agents fail to sell enough insurance policies simply because they do not try to contact enough potential customers. I say this even if you do not have enough knowledge of your insurance policies. Despite this, you can sell a very good policy. Now you must be thinking how is this possible?

Sell Insurance by Asking Negative Questions-

Here I am going to tell some simple methods and I want you to check it with full sincerity. If I ask you to ask people a small question - "Will you not buy a Life Insurance Policy?" So how many people can you ask just this one question in a day?

I can say from my own experience that if you ask this question to 60 people, you will definitely find one who will tell you that if there is a good Insurance Policy, I will definitely buy it. I have a feeling that maybe you are not trusting me on this. If you are not sure, then try this method.

If you are Development Officer or CLIA Agent and you want to work for appointing agent. So here I would like to give you a small but amazing suggestion. if you just tell 100 people that "Don't you want to be a Life Insurance Agent?" Then you will definitely find such a person, Who will say to you that if doing this will benefit me, then I would definitely like to become an agent.

These are the small ways with the help of which you can easily get a positive potential customer. This would be a customer who would be willing to listen and understand what you have to say. You can complete the sale by telling the features of your policy to such a person or you can appoint an agent by telling the benefits of Agency Business.

Remember, to be successful in the Insurance Business, you will always have to meet new potential customers. The more potential customers you will have, the more successful you become in this business. Here I have told you a very small way to make a potential customer. There are many effective ways to generate potential customers. Whose information will be presented through upcoming articles.

Fourth Rule of success in Insurance Business-

Life Insurance Business is really a wonderful business. But despite this very few people are able to achieve great success in this business. Only that person can be successful in this business, who sees this business from a positive perspective. People with negative attitude either leave the business or keep saving their agency by completing the minimum business target. Let us now understand how you can make your negative attitude positive?

I want to share my experience once again from my childhood when four of our friends were collecting funds to make the Navratri program a success. When I used to knock on the doors of 10 houses, then there were three such doors, which either did not open, If it were open, I would have met the small children of the house, Who often used to say that father is not at home. You will come in the evening and contact him.

There were three such people who used to tell me some problem or the other and refused to donate. I used to get one or the other donation from four people. In 1995 I was a high school student. Only 4 out of 10 people give donations. To tell the truth, I felt very bad at that time. The time was also very less in the Chuki Puja program, so I was feeling very unsuccessful.

Now when I took the agency of LIC, even then a similar effect was being seen. In the initial days of the agency, when I used to try to meet 10 potential customers, I used to meet 3 such people who got irritated on hearing the name of insurance and flatly refused to talk. Altogether only seven meetings could be fixed. But at the last moment three people would get some work or the other. Due to which three out of seven meetings were cancelled.

It was very annoying in the early days of the agency. If after covering a distance of 4 to 5 kilometers by bicycle in the month of summer, all your hard work goes in vain. So how does it feel? Unfortunately, I could explain the features of my policy to only 4 people. But only one policy was sold. It was a very difficult time for me.

I was also told in office meetings that if you talk to 10 people, you will get one Insurance Policy. This is what was happening, but still I was quite dejected. Many times I thought that such an agency should be left. Something similar was happening to me as happens with a normal agent.

Today I can say that this was happening to me at that time only because my attitude was negative. I used to look at my hard work and feel the repeated defeat. Nine times to win once, it's tough. Let us now know how you can earn from all your potential customers? Whether he buys the policy from you or not.

Suppose you contact 10 potential customers and you succeed in selling a policy. Now if you get a commission of Rs.1000 from this one policy. So think about it, you have been able to sell this policy only when you have contacted 10 potential customers. If you had not contacted these 10 people, you might not have been successful in selling this policy.

That is to say, to get a commission of Rs.1000, you have to meet 10 people. Means you are getting profit of 100 rupees from one person. When I started my business with this thought. So I started getting huge benefits from it. Because now when no one used to give time to understand the insurance policy, then it did not affect me much.

If after understanding the benefits of the policy, someone refused to buy an insurance policy, I didn't get sad even when it happened and would enthusiastically move on to the next potential customer. When I used to sell the policy, I used to sit and calculate that how much profit I have received from each potential customer?

Today I have understood that I was not successful even in my childhood. Even though donations are received from four houses. But even then I was in profit according to this math.

Remember guys, if you want to be successful in the Life Insurance Business, you have to approach each and every potential customer with enthusiasm. You can be enthusiastic only if you have a positive attitude towards your business.

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03 March 2023