Not sure how many of you deal with American companies or read about the sales practices of the aggressive financial services companies there.

They have something called ‘boiler room sales people’ – people who call clients, create stress and do sales.

Have I found its equivalent?

For those not well versed with the insurance sales business, it is necessary to know the following nomenclature:

1. Business Development / Sales Manager: an employee of the insurance company, paid a pathetic salary, shown a large commission as a carrot. Normally gets hit by the stick, has not ever nibbled at the carrot.

2. IFA: Independent Financial Adviser: Never independent, gets a commission from the insurance company. Commission ranges from 2% to 90% (yes yes 90% of the premium paid)…

Just heard about an insurance companies that has done the following:

1. Managers who had given a commitment were LOCKED UP in a room. They were told – ‘when your IFAs come with the promised premium, we will let you go. A few managers spent the whole night in the office…

2. The security was asked to stop people coming to office without ANY BUSINESS – IF they did not have a form to be logged in.

 

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  1. Point (2) actually makes a lot of sense.It means,if you are not getting enough business just spend time on the the field with the IFAs and try to get business rather than sitting in an AC office without any business.This is much better than firing them one fine day for not getting enough business.

  2. “The security was asked to stop people coming to office without ANY BUSINESS – IF they did not have a form to be logged in”

    This reminds of the 2007/8 IT slump where employees in some companies were stooped by security ppl from entering into office and were given pink slips onspot

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