How to sell insurance?

Frankly this is not a ‘how to sell life insurance or mutual fund’ tutorial but just a note on how desperate the industry is to sell!

ALL the life insurance companies – Aviva, Hdfc Standard Life, Icici Prudential, Tata AIG, Birla Sunlife, Max New York Life, Reliance, Kotak, – have called me at least 10 times to recruit me as an agent. Of course their sales pitch is ‘Here is a business opportunity for you…’ spiel which is sickeningly overdone. Recently 2 of these companies have also started calling me for some ‘new plans’ which will suit me.

I am beginning to see the pattern. Life insurance company is doing badly. They commission a search and find a new ceo or head of sales. He comes and tries exactly the same trick that he did in 2001 for one of the companies. It worked then, so it will work again. What is it? Pick the AMFI list of advisers and call them. After all if a person can sell mutual funds he can sell unit linked insurance, can he not?

There is only one problem. The amfi list has about 90000 people. Many of them are dummies – there is somebody else who is calling the shots. Of these 90k people only about 16k have GOT AT LEAST ONE CHEQUE in the past 6 months! So much for this list. This list has been skimmed off all the water, milk and blood that it had. Unfortunately there are a few active telephone numbers and correct addresses in that list…so it is another gory ride. Best of luck.

Recently a friend suggested what seems to be a convenient idea¬† – suggest a meeting with a rider – “I have a cold and cough – some vomitting and body pain too. Not sure whether it is swine flu..but of course you can come for half and hour explain…..!!

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One Response to “How to sell insurance?”

  1. Have you notice experts on television have a pattern of recommendation even in mutual funds? Rarely would you see them recommending Hdfc, Templeton, AiG, Mirae, JP Morgan – the reasons are not far to seek. These AMCs do not have too much of an ‘advertising’ budget. This is also because they do not have IPOs every month, so again not much advertising! So it is Birla, Tata, Reliance (highest ad budget in the industry)…whose schemes get RECOMMENDED by advertising driven recommedors. Ha ha ha…

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