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Selling and buying insurance

By Herminia S. Jacinto

INSURANCE is sold, not bought! I do not know where I read or heard this statement; neither did I get the meaning until I worked in an insurance company. The buyers of insurance do not go to the insurance company like one would go to the shops or groceries to buy food and clothing. People who are trained to explain the insurance products and the benefits of buying insurance are the agents and of later vintage, the brokers. Agents represent the insurance company whereas the brokers represent the insured. Both are licensed and subject to the jurisdiction of the Insurance Commission. They undergo training and are licensed by the Insurance Commission. As the finance head, I get to meet our insurance agents, our “producers,” up close when they collect their commissions and follow up claims payable to their clients. I would always wonder how they were able to convince their clients to have their lives and properties insured. It must require a special talent and charm to talk to a person about death and other calamities and convince him to buy insurance.

Before the coronavirus pandemic, selling insurance was done face to face where the parties, agent and prospective buyer could meet in a nice and cozy place over a cup of coffee to talk about the product. The prospect could ask all the questions and be answered satisfactorily by the agent. The facial expressions and the body language are very good indicators whether the sale is proceeding well and the client is convinced to buy insurance. Some insurance companies or agencies would gather a number of prospective clients to introduce their products complete with video presentation.


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