A life insurance agent is a trustworthy member of the customer’s family. Many agents are a part of the customer’s family social and family functions. It is expected that in such a relationship you will educate your customers about the virus and tell them the importance of taking care. This will go a long way in further bonding and strengthening the relationship with your customers. It will show the customer that you care and also give you an opportunity to interact with your customers on issues that concern them. Continue reading after the colored boxes below

You are welcome to comment on this article and click on the box “Notify me of new posts by email” at the bottom of this article to regularly receive updates on new articles – all designed to equip you with knowledge, skills and techniques to sell life insurance professionally.

Attention all Managers/SBAs/Development Officers/CLIAs train your agents this week on the subject of this article.

Tip
The article describes one way to meet or call up existing customers in the month of March

Educating your customers involves

• Removing your footwear outside the house, in case you are visiting them in person
• The use of a hand sanitizer when you visit the customer’s home and ensuring that the customer also uses the same, before touching any of the papers you may have brought to show him or her.
• The use of a mask to cover nose and mouth when you enter the house of a customer and also encouraging the customer to use one.
• Discussing the corona virus latest developments with the customer so that he or she is sensitized to the need for taking care for at least another 2 or 3 weeks
• Advising your customer to avoid unnecessary travel to public places and to other towns
• Advice your customer to maintain a “social distance” from others. It is recommended that a distance of at least 1 to 2 meters should be maintained. When you visit a customer’s house you should also follow this rule
• And do not forget greetings should be by way of Namaste not a hand shake.
• In case you would like to not move out on the roads, the points mentioned above can also be communicated on phone.

The Virus is not Very Dangerous – But Precaution is Necessary

The virus itself is not very dangerous. But since it it happening as an epidemic – the growth is all too sudden and concentrated in a short time period – there is a strong need to take proper care.

The Growing Spread of the Virus

The Corona Virus is sweeping across many nations. It is important for agents to understand a practical issue related to the virus and offer support to their customers. One of the first things to know about this virus is that it starts slowly and spreads exponentially. That is, initially say 5 people are infected. The 5 infected persons transmit the infection to say 20 persons, who in turn transmit it to another 100 and so on. Such a growth is called an exponential growth.

The Growth of the Virus in USA

Let us take a look at how the virus has grown across the world. For example in USA, there was only one case on 22 Jan 2020. By Jan 26 there were 5 cases. By Feb 20 there were 15 cases. In about 3 weeks, the increase in the number of infected persons, does not seem to be large. But what happened after that? By 1 March, the number of cases went up to 76. A five-fold increase in just 2 weeks. One week later (March 7) the number of cases went up to 417. Now the virus spread more than 5 times in just a week. And in another one week, (by 13 March), the virus spread to 2176 cases. Again a 5-time increase in one week! This is called an exponential growth in the spread of the virus. Globally the experience has been the same. Whether it is in Italy or Spain or China or South Korea.

The Growth in India

In India too the experience can potentially become the same. The next 2 to 3 weeks will be crucial in India. The first case in India was on 31 Jan 2020. Since then the virus has spread. On 3 March it was 9 cases. On 10 March it was 65 cases. As of 17 March it was 125 cases. The next two weeks are crucial for India. Will the virus take the exponential route for growth as it has in other countries? Or will the measures being taken in India contain the spread of the virus? The next two to three weeks will tell us. But a part of the solution is with individuals. Individuals have to take care as indicated above. The life insurance agent is ideally positioned to spread awareness on how to take care.

Engage and Educate your Customers

The next two to three weeks therefore crucial for those of us selling life insurance. This period is a very important customer engagement time for the agents. Help your customers with timely information that can give them a healthy life. Engage and educate your customers on how to take care. In doing so you are addressing the personal risk they face because of the corona virus epidemic and the precautions they have to take. Our primary job is to address the risks faced by the customer in his or her life – whether it is life’s risks, investment risks or personal health risks.

We Sell Risks Not Returns

Look out for articles in the immediate future on ULIPs and how to sell them. Follow ethically correct practices to earn your customer’s trust and confidence and to establish yourself as a successful agent. For a life insurance agent to be successful he or she should …

Sell Risks Not Returns
Because Returns Are Uncertain, While Risks are Certain

Come to IIST Now! We will teach you how to sell risks and not returns. We will teach you how to stick to your product strengths in the financial markets. More than 15,000 sales persons already trained !

Write to iist@iistpune.in or contact N. Ashok Kumar on 98600593097 to know more about the training programs of The Institute of Insurance Sales Training. World class training at an affordable cost at Vadodara, Pune, Chennai, Hyderabad, Bhubaneswar, Jaipur and Agra.
Visit www.iistpune.in for more details of our training programs