​LIC Gyan: For Agents - 5 ways to increase your customer base

Knowledge is Power

In any sales field, Knowledge is power and Customer is always the King. Having information on the recent changes in the Environment and keeping the customer's requirements close to heart always helps an insurance agent to better help his clients. Also, techniques used by other agents can be successfully replicated for increased sale. Given below are certain tips to increase your customer base.

1. Environment Change: Increased limits for Child plans

In March 2013, IRDA allowed the increase of limit from 2 lakhs to 5 lakhs, the sum assured for child's policies, without considering the amount of insurance cover of the parent. 
The Opportunity:

If you have existing customers to whom you have proposed till 2 lakhs, you can now approach them again proposing to increase the limit.
For a new customer, you can increase the coverage limit at initiation.

The Target:

High net-worth individuals with children and free cash
Previous customers who wanted more cover for their children

2. Environment Change: Policies closing in the near future

High net-worth individuals
Prospects who have a potential benefit from the older policies, e.g., investors who want short-term plans or unit plans
The list of policies in retirement is updated here

3. Information: Jeevan Akshay for UK Returnees

People who have legally stayed in the UK for a considerable time - 5 years or more - have some insurance balance go into their NHS accounts. These funds can be transferred only into a pension plan in India. This is the perfect opportunity for Jeevan Akshay. So find all your contacts returning back from the UK to explore this opportunity.
The Target:

Persons who returned back or are planning to return from the UK
Ask existing clients who have relatives and ask for a refrerence.

4. Information: Jeevan Arogya Benefits

Jeevan Arogya is a health plan from LIC. Currently, for claims, the photocopy of the bills is sufficient proof of spending. So this can be proposed to all those persons who already have cashless facility with other insurers. Also, you can target those employees who already have health insurance from their employers. A way of scouting for suspects are to get to the nearest corporate hospital who have had expenses greater than Rs.15,000 in the previous year.
The Target:

People who already have health insurance from their employers
People who already have health insurance from other companies, cashless or otherwise.
People who are in non-permanent jobs.

5. Technique: Join with a CA

Most of the big-ticket businesses are driven by Chartered Accountants (CA). This is typically the modus operandi:

The CA has clients who needs different types of investment plans to cover their tax and other liabilities.
The CA suggests the options to the client. The CA also lets you know the client who needs a big-ticket insurance
You approach the client to service his insurance needs (life and health)

This is a win-win for everybody involved.

Keep your Purpose in Mind

While the above techniques would anyway help you garner good sales, please bear in mind that LIC of India aims to provide insurance to every one. The aim is to cover all the families with at least the breadwinner's life covered. So please target at increasing coverage. And use the standard time tested techniques:

Make a Suspect List
Mark your Prospects
Meet them on a regular basis
Network for mutual benefit

Happy Selling!

LIC AGENT tRAINING

Bhavna Rai

Development Officer

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