Antony: Dearest Madhu Boss, let me start with a very serious question. Now a days people are least interested with Insurance Industry. Recruiting Advisors has become the toughest task, Managers are struggling to get the right people in the frontline, people are running away from Insurance people and despite of that the Industry is growing rapidly at a rate of 112% per Annum. What could be the reason?
Madhu: Insurance is still a Sun rise Industry in India. Its theory of economics.......When you look forward to have max people on board in the given time, availability,proximity,price and quality may not be under the lence. Who ever put their best efforts and shown talent are ruling this industry and those who do not have leadership quality have vacated themselves. In order to become successful in Insurance, man management skill and patience is required to greater extend. Without which no man is successful in Insurance.
Antony: Great! How relevant is Insurance in Indian Society? People are being tackled by the Sales force by showing the Growth prospects and opportunity of greater returns in Indian Market. Nowhere the concept of Insurance is emphasized. A Person taking a Policy is not aware of the benefits and ironically we call it as a Relationship business. Is this a right practice?
Madhu: Fortunately, India is the second largest growing nation in the world. There is no mistake in telling the growth story to customers as it is the fact. Our responsibility is to explain how well this economic growth can be benefited to public for their wealth creation, child education and marriage, Risk of short living, long living,debt,health etc by avoiding Risk of Inflation.
Antony: Insurance Industry is full of hype. A person who cannot create hype and relationship will not be successful in Insurance. But in foreign countries, Insurance is sold on the basis of need Analysis and Financial Planning. Why Indians in a different path? Are we afraid that need analysis would not work out?
Madhu: You meant is developed countries. It’s too early to compare India with any developed countries not only for insurance but also in any matter. The myth in Indians are that(incl. recruiting managers)insurance advisor society and eligible population are financially and educationally backward and in order to prove it otherwise ,certain amount of hype is important. Moreover any sales person is supposed to be groomed well and especially a sales person who ask investments from someone need to be with extra degree.(This is for psychological balance or to get upper hand)
Antony: Is Utmost Goodfaith practised well in Insurance Industry??
Madhu: The aggressive sales and aggressive underwriting happen every where. No such serious violation is noticed. No customer would like to keep anything as secret if the concept explained well as his money and purpose will be null if proven anything wrong in future date especially when the advisor is not there to help his cust
Antony: How is Health Insurance Sales compared with ULIPS?
Madhu: Health Saver is a classic Health product and its a ULIP. There is no difference for Health vs ULIP so no scope for comparison.
Antony: Recently some companies like Bharti Axa has started hiring Vendors for the recruitment of Agents, while some other companies are shutting down the Agency Development Channel? In your opinion what could be the best method of building up distribution?
Madhu: Distribution ramp up is a key area in any new business like Insurance in India. One to One or Face to Face business opportunity presentation is the best ever time tested method for any distribution build up.
Antony: What was your biggest achievement as an Insurance Person?
Madhu: Leadership Award from ICICI Pru life and received with my wife and child is the biggest achievement.
Antony: Can you share something about your personal and family life?
Madhu: My wife Beena and Only daughter Bhavana studying in 2nd Standard.I would like read more books and spend time with my family.
Antony: What is your biggest aim in Life?
Madhu: Need to be a Speaker and empower people through out of life.
Antony: Any unforgettable moments in life?
Madhu: Every morning I get up from the bed
Antony: Your Message for Rural Mama Members?
Madhu: In a dynamic & and fast changing environment, it is imperative that all of us demonstrate agility for sustainable competitive advantage.
Thankyou Very Much Dear Madhu Boss for spending some time with Rural Mama. Your words will definitely create a positive wave to all our members. May God Bless you and Family tremendously.
Regards
Antony Rebeiro.
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