alee INSI037 The Art of Selling Insurance Products Nitu Nanda (Nitu) was an agent of Ruby Insurance Company. She took up this employment to tutlize her leisuretime, Her husband, Vasant Nanda (Nanda) was a marine engineer, He used t0 be away from home for months together. Therefore Nitu began to look for @ part-time job. One day, her friend, Shanti Kapoor (Kapoor), told her about the advertisement of Ruby Insurance Company. Nitu was intially reluctant to apply for this job as she considered the job of a salesperson as the toughest of all. However, Kapoor convinced Nitu by telling her tha, sinee she had a large friend circle, she could generate sales easly. Nitu applied for the job and was selected. She managed to convince many of her friends and relatives to purchase insurance products, Gradually, she began to enjoy her job and soon became a skilled agent. Nanda praised Nitu’s talent and the way she utilized her leisure time. When Nitu decided to become a full-time employee of Ruby, Nanda did not object. She always topped her team. Later she achieved the highest sales in the entire district and one day she was announced the best sales agent in India. ‘Nanda threw a party to celebrate the occasion. All the friends and relatives of Nitu and Nanda were invited. When the party was over, Vanita Sharma (Sharma), the wife of Vasant's friend, told Nitu that she, too, was working as an agent of Sneha Life Insurance Corporation. She said, "Once again ‘my hearty congratulations to you! I have been working for several years with Sneha Insurance. But T have not been able to generate even I/100th of the sales that you have generated in eight years. How did you achieve such a huge target?" L ent. Tt depends upon the effort you putin. For instance, if ‘you take it as a leisure activity or a part-time activity, then the sales will be low. If you are committed to the profession, there is every possibility of generating more sales. Also, selling requires good marketing skills. When we mix talent and hard work, the suecess rate inereases." Sharma said, "At times, | really strive hard to meet objectives, but fail miserably." Nitu asked, "Could you elaborate on how you are doing the job?" Sharma replied, "I visit people in the town and try to explain the concept of insurance to them. If they show interest and ask questions about insurance, then I talk about the company and its products, and also tell them which of these would suit them the best.” Nitu said, "You seem to be wasting a lot of time in meeting all kinds of people instead of meeting the potential policyholders. You should try to reduce unnecessary labor hours. Initially I used to spend lot of time like you do. But fortunately, my company gave me a list of prospective clients. My firm obtains the customer database from newspaper agencies, advertising agencies, trade shows, etc. Such lists help me save time. I invest more time and efforts elsewhere, like answering their queries and closing the sale.” Sharma said, "Closing the sale is an art which I haven't mastered yet." Nitu said, "Yes! Sometimes, you have to use third party evidence. At other times you have to be innovative and use your imagination to close sales.”ran ‘The Art of Selling Insurance Products COCA 0 Sharma said, "I would like to know about it in greater detail. Could we discuss all this on next Sunday? Nitu said, "Certainly." Sharma thanked Nitu and left with her husband, QUESTIONS FOR DISCUSS ON: 1, According to Nitu, sometimes agents may have to use third party evidence and at times they have to be innovative and use their imagination to close sales. What is closing the sale? Discuss two techniques of closing the sale. 2. Ruby Life Insurance Company identifies prospective clients and generates leads for Nitu to pursue. What are the ways in which an insurance company can generate leads?