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STRATEGIES FOR THE LIFE INSURANCE AGENTS TO ACHIEVE TRIUMPH IN SELLING POLICIES

Strategy is a term that comes from the Greek word ‘strategia’, meaning ‘generalship.’ In the military, strategy often refers to maneuvering troops into position before the enemy is actually engaged. In this sense, strategy refers to the deployment of troops. Once the enemy has been engaged, attention shifts to tactics. Here, the employment of troops is central. Substitute ‘resources’ and the transfer of the concept to the business world begin to take form.

Corporate strategy is the pattern of decisions in a company that determines and reveals its objectives, purposes or goals; produces the principal policies and plans for achieving those goals and defines the range of business the company is to pursue; the  kind of economic and human organization  it is or intends to be and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities.

Noted experts on ‘Business Strategy’ suggested that adopting the concept of strategy from military use for business was easy because very little change is required to be adopted in style. In business, as in the military, strategy bridges the gap between policy and tactics. Together, strategy and tactics bridge the gap between ends and means. Now let us focus on specific requirement of an agent as detailed below:

Life Insurance agents require –

  1. To become more professional as per the need of current market of too many insurers.
  2. To obtain better returns for the resources invested by them.
  3. Their goal setting require :-
    • Increase in Business;
    • Increase in Commission income;
    • Increase in area of coverage;
    • Increase in products variety sold;
    • Target prospect in professional manner.
  4. Their action plan require :-
    • Setting clear time-bound plan;
    • Plan of Action should not include more than 5-6 issues;
    • Should be measurable in terms of accomplishment;
    • Spell out specific terms, conditions, rules & regulations adequately to the prospects.

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