You have often heard that your future success or failure is based on the choices you make today. The Corona virus brings this stark reality to your doorstep. Your performance in post-virus world depends on what you choose today.

First the Bad News

There is a lot of negativity in the air. We hear bad news everyday. People dying of the virus, many post-virus ailments, vaccines in shortage, medicines being sold in black, limited hospital beds and oxygen – the list is endless. Many people known to us are getting affected by the virus. Many of our colleagues are serious. There are lockdowns everywhere. Most people are in a self-imposed isolation. People have lost jobs or income. There is fear and apprehension all around us. We are unable to go to the field to sell life insurance.

There is a Positive Side Also

There is also good news for life insurance agents. Public now is more aware of the need for life insurance. There is a consciousness on the need for saving to meet difficult times. People are now willing to listen on how to plan for their future. People are beginning to understand the need for long term financial savings. Most important of all, people are willing to consider safe investments. The pandemic has created a high risk environment for individuals and families. There is a realization that when life itself is risky, the investments at least should be safe. People now realize that mutual funds and shares may not help when the need arises. Especially since they are seeing volatile financial markets.

There is a good side and a bad side

In the air you have two types of news – negative and positive. Which one will you choose? The window to sell life insurance is wide open. Actually the door has opened, not just a window. Can you walk in? Will you walk in?

How do you walk in?

Customers do not want to let you in to their homes. They are scared. You should not move in the market, you are putting yourself and your family at risk. Then what is the solution?

Use the phone and the internet

Modern technology has given you two wonderful tools – the smart phone and the internet. Use them liberally. You have already spent the money to buy a smart phone. You have already enrolled or subscribed for an internet service. You need not spend any more. In financial terms the expenditure you have incurred on a smart phone and the internet service is, currently, a sunk cost. That is expense incurred which cannot be recovered or stopped now. Now convert the sunk cost to an investment. Prepare a well thought out plan to conduct relationship building activities during this period of isolation, using the smart phone and the internet. Some examples, that I have trained agents on are given below.

Isolation period activities

• Call 20 customers daily. Enquire about their health and their well being. Connect with them
• Offer free policy servicing
• Regularly educate your customers on financial planning
• Send regular articles already published on the importance of life insurance
• Organize seminars on health or tax planning or yoga or any other popular topic once a month through Zoom. Use experts on the subject to deliver seminars
• DO NOT SELL YOUR PRODUCTS, UNLESS ASKED FOR

Be seen, Be Heard, Be Felt

Do you know your customer as a friend? Does your customer know you as a friend? Or are you (in the mind of the customer) an insurance agent, like many others? You have to be seen, you have to be heard. You have to be active in talking to your customers. You have the whole year to sell. But you have only a few weeks left to build strong relationships. Make the best use of it. Make your customers feel that they have a good relationship with you.

IIST has trained agents on relationship building during Corona Times

I have trained agents on relationship building during Corona times. The biggest gain that these agents have experienced is enhanced relationships. They have realized they now have a relationship that is beyond buying and selling life insurance. The agents have connected to their customers. They have developed a bond that will last a lifetime. They will reap the full benefits when things get better.

The choice is yours

There is bad news and there is good news.
Following the bad news, you can choose sitting at home and wait for the situation to improve.
Following the good news however, you can choose to sit at home and build superior relationships with your customers.
Please remember if you do not choose the positive side – the good news – there are others who currently are. Choosing the positive side will provide massive gains to you as and when things improve. After all bad situations cannot remain forever. The virus will one day go and the world will be normal again.
Prepare yourself for that day.

The choice is yours. Make the right choice today!