Most stories going around in the world are only about dishonest, misselling, cheating agents..do any of you have any idea about a few honest agents?

The agency business is funny. Managers get people who are reasonably good in sales, but not too knowledgeable about the product, and make them agents..

here is a story:

“I have read your article today…if u want to rich “say No. “ sir it is true in my life, one fellow was working in reliance office as advisor,  by deposit money from others, I was worked his brother’s office, so every time he come and compel me to do the work for this policy. I had not money at that time to remit, otherwise I also do it, they said if u deposit 10000 now after 3 years u will get triple amount, there were two poor sisters, they had 15000/- money total asset of their life, they came and deposit through me into it, after three years….the amount become the third one, now I am in a condition to find the rest of the amount to give them from my hand, I didn’t get any single  money through as a commission or anything…even….because they are not educated I can’t say anything to them…..so now I a in a critical condition to collect money to give them back at least the money which they deposited. Also I want to get some suggestion from your side also to obtain this money.

Thanks & Regards

WM”

and I get many mails where the agents pay up quietly from their pockets…because they FEEL that they have done something wrong. The life insurance industry, the regulator, banks…should all wake up to the damage the bad agent is doing…before it is too late.

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  1. Yes, sometimes agents too become hapless victims of intentional or incidental poor training. just an example. I’ve had to argue with people at different levels of three insurance companies (one giant and two kids) on the tax treatment of single premium policies. agents seem to be totally unaware of the difference in taxation of these policies and their trainers (chartered accountant in one case) seem to be ignoring it either to keep things simple or to deliberately suppress the fact. I had to share relevant portions of the IT act to make him understand (not agree!!).

  2. Hi Subra Sir, You said that “The life insurance industry, the regulator, banks…should all wake up to the damage the bad agent is doing…before it is too late”. I would like to know when the Government is not willing to help the normal people, how these agencies you mentioned can change. Rich people get more rich by getting their job done and Government makes policies to show that they are helping poor people. And the middle class only look at all this and cant do anything. Do you really see any light at the end of the tunnel?

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