The new financial year as well as the next quarter has started from 1st April 2020. Though the new financial year started on a low note given the Coronavirus pandemic, volatile markets and the lockdown, you need to plan your business in the early days. As India is trying to contain the effects of Coronavirus and businesses are on a lockdown, it is an important time for you to do the groundwork for this quarter so that you can begin your business with a bang as the lockdown lifts
“Well begun is half done” – Goes a famous saying and it is quite true. If you put all your efforts in achieving a good start, half of your work would be done instantly. So, utilization of the free time that you have in the current lockdown situation is quite important to have a grand beginning. Here’s, therefore, what you should do when laying the groundwork for your business for this quarter –
- Generate potential list The first thing to do is to create a list of potential customers. Selling insurance is all about customer leads and so you need to prepare a list of customers whom you can approach for selling the different insurance products that you have in your kitty. If you have an existing client cross sell other insurance products. For insurance, your health insurance client might have a vehicle and need motor insurance which you can sell. Take referrals from satisfied customers to build a referral base to whom you can sell your products. Look for family and friends of your existing clients for creating a wide potential list. The wider the list of potential clients that you have the higher would be the number of sales that you can generate using them.
- Check for policy renewalsIf you have existing clients, check which clients’ policies would be up for renewals in the upcoming quarter. Renewal business can also give you renewal commissions and increase your sales. So, along with planning a new customer list, also check your existing customer list for renewals. Inform your clients about the upcoming renewals of their insurance policies so that they can arrange for the premium payment within the due date to avoid lapse. Render them quick and efficient service at the time of renewals so that their policies are renewed without hassles and you can win their trust in your services.
- Upgrade your knowledge The Union Budget 2020 has changed the personal finance domain quite substantially. With the introduction of the new tax regime, the deductions available for insurance premiums and other investments and expenses have been disallowed if the new regime is chosen. The new tax regime, however, is optional in nature. You should, therefore, understand what the new tax regime is so that you can help your clients find out which regime would give them the lowest tax liability. Also take note of all the changes which have been introduced in insurance so that you are equipped with the latest knowledge to help your clients do their financial planning effectively.
- Polish your marketing skillsLearning is an unending process and while you might be established in your insurance business, you should always learn new and improved marketing techniques to achieve higher sale volumes. So, brush up on your interpersonal skills, learn innovative ways to handle objections and market your insurance policies across clients. Attend insurance awareness workshops to find out the about the updated features in insurance plans. Network with other insurance agents and observe their marketing techniques so that you can use their marketing strategy to up your sales volume. With improved marketing strategies you can grow your business and also give your clients better services.Attend workshops, get inspired by those who are successful insurance agent, network in your insurance peer groups – Add this point
Don’t waste the time that you have during this lockdown. Start devising a business plan and do the preparations well in advance so that when the lockdown lifts and business resumes you would be ready. A well-prepared business strategy would help you sell more policies and you would not have to waste time in lead generation when the economy normalises.
