Explaining the benefits of insurance to people who aren’t interested
In India, we’re only at 20% insurance coverage, yet 100% of the people will die. There’s a lot of room for growth in our industry. But because so many people think they’re never going to die, I talk about replacement of income instead of insurance. I tell clients, “The biggest asset your family has is your income. No matter what happens, continuation of your income is very important to your family.” There are several different ways I explain what insurance does and what I do.
Insurance as a caretaker
Hindus and Muslims must remove their shoes before entering the mosque or temple. If you have expensive shoes, you hire a caretaker to watch over your shoes while they’re outside. I say to my clients, “You take insurance for your shoes, but not yourself? Shoes are much easier to replace than your income. Rich people protect their assets.”
Insurance agents as specialists
In India, we also face competition from banks who want to sell people insurance when they go for loans, yet they don’t do a needs analysis for clients. At banks, insurance isn’t their specialty. They don’t truly understand what the client needs because they haven’t looked at that particular client. I ask clients, “If you had a heart attack, would you go to a cardiologist or a regular doctor? I’m like the cardiologist you need for your heart.”