• Always have the courage to sell more by cross-selling or bundling products.
• By effective prospecting, create demand to buy life insurance.
• Increase visibility through online and offline platforms.

Life insurance is all about awareness. Customers need to be educated about the benefits of life insurance. If customers are aware of their future needs, retirement planning and contingency, it becomes very easy for them to purchase an adequate amount of insurance. But if you force them to buy life insurance, then they may refuse and will have the opinion that it is the agent/advisor who wants to earn a commission by selling insurance.

Insurance is often perceived as an alternative investment option even though the returns from this mode of investing may be less than optimal. With the existing customer base, I try to keep going back to them with newer products, or I don’t feel shy asking them for referrals. It is true that a satisfied customer gets me five more. My prime focus always, therefore, is to be at the beck and call of my existing clients. Even while I am traveling overseas in a different time zone, I am just a phone call away from my customers. This brings them immense satisfaction; after all, we are in a business to sell protection.

A simple method I use very often

Whenever I ask my prospects to gift their spouse an obnoxious amount of money ― for example, 5 crores ($700,000) ― they often stare back in surprise and say that they do not have so much liquid cash. Most of the time their money is invested in business or elsewhere. Life insurance is the only avenue by which one can assure monetary protection to your dependents in the long run. This miracle can only be done through a life insurance premium, which is just a fraction of the sum insured.

Assets should remain intact in the absence of a breadwinner

No assets can be easily sold or converted to cash. In the absence of a breadwinner, if there is no cash liquidity in the family, then they have to dispose of their equity/bonds/property/jewelry. Debtors and banks and the taxman start following up to get their dues, and no creditors turn up. Keeping in mind all of these events, life insurance is the only replacement of human earnings in the absence or death of the breadwinner of the family. We, as insurance agents, have a great responsibility to society to educate clients and create the need of insurance. A good salesperson always convinces the client and achieves sales, which is a by-product. An insurance salesperson should focus prospects on the need for insurance while making them emotionally feel the severity of the problem before moving into a product presentation.

Insuring the human assets

We must help our clients realize that while they insure all their assets, the plant and machinery, vehicles, stock, even the furniture and chairs on which they sit, they have not insured the most valuable asset of all ― themselves. It is not necessarily a lack of belief but more a lack of understanding.

I tell my clients, “It isn’t the stock or machinery that makes the money. It’s you. The only income-producing asset in your business is you and you only. You haven’t insured the most valuable asset of all: YOU!”

It is important that our prospects understand that the people running a business are more valuable than the business they run. Say to your clients, “If you were running a puppet theater, would you insure the puppets, or would you insure the man who pulls the strings?”

You can avoid paying the premium, but you cannot avoid the problems. If you avoid the premium, you just leave the problem to your family or your business. The premium is only a fraction of the size of the problem. You have the choice.

Retire gracefully

Dying early is not a problem due to the advancement of medical facilities, but living long is a bigger problem. I always try to sell a product mix, i.e., term insurance (life cover) with a pension provision for life. This allows the insured to live gracefully in society. I even say, “If you do not have money to pay the premium, remain without food once a day and try to save money to pay the premium. If you skip food (especially dinner) once a day, you will definitely not die but will gain good health, but if you cannot afford to pay the premium, your family will definitely die without insurance money. Keep adequately insured.” Lots of wasteful expenses by prospects against which no benefits are derived can easily be diverted for insurance premium. Always preach to the clients, and they will buy themselves.

Only survivors understand the value of life insurance

No one wants to insure as if he or she will never die, but no survivor in the world has ever felt that the breadwinner has adequate life insurance. I always say that only a widow or dependent knows the value of life insurance, but it is too late then. I tell my clients that only lucky people get insurance who fulfill two mandatory requirements: good health and being able to afford to pay the premium. If either one is missing, one cannot get insurance. Make the decision immediately since tomorrow is not guaranteed. For any insurance salesperson, I say that tomorrow never comes. Always try to explain the challenges they can face by not insuring themselves. Give an example to the client of any family who is facing financial trouble and whose breadwinner dies having no insurance or inadequate insurance. Insurance gives a feeling of security and confidence to family members.

Do your job

Approach anyone and everyone for insurance. Even if they don’t buy, I am satisfied that I have done my duty to society by giving them the message of insurance. All the big corporations advertise in various media about their products. Why should we be shy about selling our product, life insurance? Use social media extensively by branding, sending reminders and constantly being visible, especially now during COVID-19 times.

Always love your profession

I always love this profession. I am a second-generation agent in my family, and also my daughters have been roped into the same profession. I feel that, as insurance agents, it is our prime duty to give full coverage to clients. Insurance is only an expression of love to a family.

Insurance is in my blood. I always think insurance, do insurance, and, even when I sleep, dream insurance.

Ramesh Kumar Damani, an agent at Life Insurance Corporation of India since 1984, started his carrer with a humble salary of INR 250 (4 USD) per month . Being a second generation insurance professional from his family, his sheer passion towards his job has made him one of the topmost insurance advisors in his country. He continues to excel both in Life & General Insurance with an annual premium protfolio of more than 5 Million USD. He sold the largest single life insurance policy for INR 50 Million in 1996 and once again sold another single life insurance policy for INR 1000 Million in 2019. He has conducted various training seminars for aspiring life insurance agents in India. He is on the advisory board of multiple top General Insurance Companies in India. He is a Gold Medal recipient from the Ministry of Finance, Government of India. Blessed by two daughters Moulishree & Vishakha who are continuing both in Life & General Insurance.