As at January 1, 2016 there were 222 licensed insurance agents by the Pensions and Insurance Authority (PIA). This number does not include sales representatives who are employed through these agent licences.
However, these are still low numbers compared to the potential in this area.
Being an insurance sales agent is a career we have not heralded in many developing countries. The field itself has not just failed to attract a lot of talent but many of those who pursue it take it as a temporal job that should lead them to a ‘better job’.
Nothing wrong with such an approach but one’s attitude towards something will determine how far they go.
“Sales are contingent upon the attitude of the salesman not the attitude of a prospect” sales W. Clement Stones.
Infact we must realise that everyone in an organisation is a sales person like Zig Ziglar says “I have always said that everyone is in sales. Maybe you don’t hold the title of salesperson, but if the business you are in requires you to deal with people, you, my friend, are in sales”.
Any company that does well in insurance must have very good sales people.
Dave Ramsey puts it this way “we are all in the business of sales. Teachers sell students on learning, parents sell their children on making good grades and behaving, and traditional salesmen sell their products”.
An insurance sales agent is trained financial advisor who sales insurance products to a customer and is also a linkage between an insurer and the insured. He is by law required to be tied to one insurance company.
He is contracted under principal agent relationship which is regulated by the PIA.
When discussing with a customer he represents the interest of the insurer/principal. On the other hand a sales agent will represent the interest of the customer when transacting with the insurer.
One might be asking why the need for an insurance agent to represent them. First of all in this busy world, there are some clients whose schedules are so tight such that would want someone to transact insurance on their behalf.
A sales agent is one option.
It is not just individuals who can engage sales agents, corporate entities can as well. The same benefits enjoyed by the individual applies to corporates as well.
Sales agents ideally are well conversant with products offered by the principal and should be able to advise the customers fairly well. In areas where they are not sure, agents are able to quickly get solutions from their principal than would a client as they are able to relate cases with suitable products much better than customers who might be professionals in other areas.
Agents also stand in a better position to negotiate better terms on behalf of their customers.
Like in other financial dealings, every transaction involving a sales agent must have some documentation. I know some relationships are based purely on trust which is very important, but it would be more prudent to trace your dealings with some official documents, for example each time you pay by cash request a receipt otherwise issue a cheque which is more safer and easily traceable.
As for sales agents or those who want to pursue this profession, first and foremost, this is a rewarding career but just like any other field it demands hard work to realise optimal results.
Jeffrey Gitomer says “there is no lotion or potion that will make sales faster and easier for you-unless your potion is hard work.
Fortunately, we have an example of someone who started as a sales agent with Zambia State Insurance Corporation (ZSIC) in those days but today he owns a group of companies called Lawrence Sikutwa and Associates (LSA), which includes the likes of Madison General, Madison Life, etc. This is Doctor Lawrence Sikutwa.
With hard work, a sales agent is able to earn more money than a permanent employee of an insurance company. He is only limited by what he sales.
It is such a flexible career which many of those that have stayed at it can attest to how fulfilling and rewarding it is. One can still successfully to do other businesses as well and ride on such networks to maximize sales.
When one is just starting things maybe a bit rough as you are trying to establish a clientele base.
But once you are established, you begin to enjoy your rewards in direct proportion to your input. When your customer service is top notch, your client will always what to be attended by no one else apart from you.
Consider what Mary Kay Ash said, “pretend that every single person you meet has a sign around his or her neck that says ‘Make me feel important.’ Not only will you succeed in sales, you will succeed in life.”
If you want to become a sales agent see any of the insurance companies and present your case. For further advice on the procedure of becoming one, please do not hesitate to engage me.
Comments: webster@picz.co.zm or webster_tj@hotmail.com or on face book search for Insurance Talk-Zambia page or call/text 0977 857 055
(The Author is a Chartered Insurer with more than eleven years industry experience)