21MBAFM301

MERCHANT BANKING &

FINANCIAL SERVICES
Topic: Interacting with
Insurance Agent and
understanding the ground reality of insurance
investors
Submitted by
Name: prathik
Class: 2nd YEAR MBA
Specialization: Finance (F1)
USN: 4SF21BA093
Department of Business Administration
Sahyadri College of Engineering and Management
Adyar, Mangaluru.

Submitted To
Prof. Suchithra
Department of Business Administration
Sahyadri College of Engineering and Management
Adyar, Mangaluru

Submission Date: 12-01-2023

Name :Mr dayanad
Place:kadaba
Lic agent

1.      What Are Some of the Qualities That You Need

to Be Effective in This Role?
Every role comes with its inherent set of skills. The interviewer wants to know if you have or
understand what it takes to be on top of the game. Make sure that you only mention skills that
are related to the job.
Insurance agents must have excellent communication and negotiation skills since their job relies on
these. They also need excellent marketing skills, given that part of their job is to convince potential
clients to buy the company’s insurance policies. They must also have vast product knowledge, a great
personality, and persistence.

    2. Briefly Describe Your Experience being

successful
Nobody wants you to narrate your CV or Resume. The interviewer just wants an overview of
some of the roles you have held and the experience you have gained in these roles. Therefore,
make it brief.

This is my fifth year in this industry. I started as an intern at Madison Insurance Company,
where I learned a lot about insurance and marketing. I later joined the Pitt group of
companies as the lead insurance agent. Here I was mandated with winning over lucrative
companies and building long-lasting relationships with their insurance departments. I joined
Bradley Inc. last year, where I worked till a few months ago.

3.      What Are Some of the Strategies and Mindset

That Apply to This Role?
You need the right strategy and mindset to be an effective insurance agent. Keep in mind that
this is a highly competitive field that requires creativity and a level of tact. Mention a
perspective and strategy that has worked for you.

His point

In the years I have spent as an insurance agent, I have come to understand the importance of
consistent communication with clients as a strategy. It makes clients feel valued and
appreciated, which makes them long-term customers. They may also refer some of their
friends based on the services they are receiving. As for the right mindset, one should be
positive and interested in creating value for clients.

4.      What Is the Main Challenge That You Foresee

in This Role?
Did you take some time and research the company before appearing for the interview? The
interviewer expects you to know a few things about the firm to help you identify a challenge
you will likely face. Ensure that you do not throw yourself under the bus.

Sample Answer

Some of the products that your company deals in are relatively new. Most people have not
interacted with them, meaning that I will have to work extra hard to convince potential
clients. However, I believe that I have vast experience and skills to overcome this challenge.
With your help, I am positive that customers will be flooding our doors.

5.      How Do You Stay Motivated in This Job?

Being an insurance agent is not as easy as it sounds. Convincing potential clients that your
company’s plans will offer them better value than the thousands of available options is not as
easy as it sounds. However, ensure that the reasons you give are not material.

I am passionate about helping people get their lives in order. I love explaining how insurance
coverage can help them achieve their financial, social, and economic well-being. I can
therefore say that my passion keeps me going. I have also built my tolerance and persistence
thanks to positive behaviors such as meditation and yoga. The two help me tackle most of the
challenges that I face with a clear mind.

6. Mention a Time That You Failed in This Role and

The Lesson You Learned
Failure is common, especially in such a competitive world. However, your worth as a person
or an employee is pegged on how you react to and move on after these challenges. Give an
experience that is related to this field.

I once lost a good client because our communication was inconsistent. He bought a few
insurance policies and then went mute. He resurfaced and renewed them after a year, and I
did not hear from him again. When I last checked, he had moved to a rival firm which was
lauded because of its consistent communication with clients. I learned the importance of
maintaining an open and consistent line of communication with clients even after purchasing
products. This has helped me retain several clients and build long-lasting relationships.

7 What Makes You Different from Some of the

Insurance Agents That You Have Interacted with?
The interviewer wants to know what makes you different from the rest. What are some of the
extra skills and attributes that you bring to the table? This is a chance to sell yourself.
Therefore, use it well.

I have seen agents who are hungry to get clients and forget about them once they make the
initial sale. However, I understand the importance of being present throughout the subsistence
of the insurance company-client relationship. I give all clients attention and ensure that we
frequently communicate even after the initial sale.

8 Out of All the Sales You Have Registered, Which

One Was the Most Fulfilling?
My most fulfilling sales are those that bring in lots of revenue as well as additional clients.
However, one that brings me so much joy saw me win over a multinational firm with several
claims. I arranged meetings with them where they tabled their needs. What followed were
months of rigorous processes which saw me sell a policy worth $500,000. The firm then
decided to venture into other industries which built companies, which contracted our services.

9. How Would You Advise Someone New in This

Field to Gain Customers’ Attention?
The best way to attract clients is to demonstrate value. This applies to newbies and
experienced sales agents. Ensure that you face the clients and convince them that you can
tackle their needs. Maintaining a physical or online presence also goes a long way to
convince potential customers and even get them to tag along some of their friends. Some of
the most important recommendations for winning clients’ attention are creating content and
having active social media accounts for new companies.

10. How Do You Persuade Customers Who May Have

Rejected Your Products the First Time?
I have managed to hone my persuasion skills over time. Also, I understand how it feels to be
unsure about a given product, given that I have walked in such customers’ shoes at one point.
Whenever I get a no from a client, I gently reaffirm that we are there to offer help and see
that they weed out stress in their lives. I will then remind them of the importance and value
that our proposed plans will bring to their businesses or lives. Most of the time, they are
finally convinced and accept our proposals.

11. How Do You Help Clients to Understand the

Technical Parts of Insurance?
Having been in this field for quite some time, I am always familiar with several insurance
plans and concepts. I understand the finer points that customers struggle with. I break down
these policies for customers who call in search of clarification, however long it takes. I make
sure that I avoid technical jargon and use layman’s language when dissecting these concepts.

12. Have You Ever Been Presented with Unprofitable

Negotiation Terms? How Do You Deal with Such?
This field requires a person with apt negotiation skills. Show the interviewer that you can
bargain well with clients without making the firm make a financial loss.

I have pursued courses on negotiation and sales tactics, which have helped me in my career.
I, therefore, have a deep understanding of how one can bargain and counter bargain during
such instances. However, I ensure that I stay within the appropriate guidelines while
negotiating.