Kathmandu. The Chief Marketing Officer (CMO) of Sun Nepal Life Insurance Company is Ganesh Chaulagain. Before joining Sun Nepal Life, he was working at Sanima Reliance Life. There, he was the Chief Business Officer. Chaulagain, who started his career in the insurance sector from Prime Life, also has experience working at the former Sanima Life and IME Life. Chaulagain, who holds an MBA from City Manipal University, India, has a Masters in Management from Tribhuvan University. Summary of the conversation with Chaulagain, who has been active in the insurance sector for almost two decades, on ##Insurance Talk##:
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## ##Insurance is one of the most difficult professions in the world. Even within that, marketing and selling policies are even more difficult. How does it feel to work?
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## Very good. Actually, as you said, every job has its own characteristics and challenges. Life insurance also has its own characteristics. Although this job may seem difficult to those outside, those who have entered it and are doing it have found it easy and have remained so to this day. I think it is a very easy job since it is the best and most important service job in the world.
But, there is a lot of sales pressure in it, isn’t there? You have to go and sell it by force, saying this will happen, that will happen.
This is done in different ways in different countries. In Nepal, insurance is considered ‘force selling’. Since it is force selling, you have to go and tell the customer 10-20 times. At that time, sometimes the customer does not understand and there is a problem. Some have come to take advantage of tax exemptions or to insure themselves for other purposes. Therefore, since it is a necessary thing for everyone, it is easy to sell it. After wheat, shelter and cotton, it is an important and necessary thing. That is why it is also easy.
You talked about tax exemption, how much is it?
Right now it is a little less. Right now it is in the range of 40 thousand rupees. If the state can increase it to 1 lakh rupees like it is in South Asian countries in the future, it can save a lot. This will be convenient for both the people and the state.
Your business style is completely perfect. You made agents, taught them a little bit and sent them door to door. Can’t you do some new innovation like this?
It can be done, right? Now all life insurance companies are studying and researching what can be new, taking the traditional method along with them. We are focusing on how to become technology-friendly in the future. What we say and show more will sell. Now, even as insurance awareness is increasing, the insurance business is positive.
In India, we look at Policy Bazaar.com. There is a very good presence of citizens there. We don’t have that much, do we?
We have also tried to work in the same way. This issue has come up in the new insurance regulations. In the coming days, we can take it forward in an integrated manner. Even now, more than 3 lakh agents are providing services. That too is decreasing now. Looking at this, more than 60 percent of life insurance products are still vacant. That is why its market is very good and big.
You teach agents. You teach them to sell policies but you explain policies less. Why hasn’t this improved?
We are now explaining this to agents. We have now said that the perception of insurance should be positive, that they should understand that there is a future in insurance. We have been giving them another training seat and guiding them.
You are more interested in bringing in motivational speakers than in explaining policies! You have to sell the product, right?
What we sell is the product itself. We explain the features of the product. That is why we have repeatedly said that we do not sell life insurance, but sell the benefits obtained from it. We are also teaching this in seminars. Sometimes we also bring in motivational speakers. Because our aim is to inform agents about topics such as quotations and after-sales service. That is why the situation is different now.
Policies are sold through agents. There are part-time and full-time. How is this segregation done?
Especially, we ask them to be with us full-time. To increase access to insurance, we are now creating an environment for agents to come and work in the office as much as possible. For that, we ask them to join full-time as much as possible. We have been providing desks in the office to our friends who are insuring more than one crore rupees. You can come to the office and work in our branches with pleasure. This will help them sell well when they see their career. Working part-time means having to work in a hurry.
Is it that your business is focusing more on quality than growth?
Yes. We are focusing more on quality. We are working in a sustainable way to satisfy customers. Now we have brought relief to the disaster called Sun Medicare. We have brought innovative products to those who have been self-employed for a long time.
How many products does your company currently have?
We have 14 products.
Which ones are more popular?
Endowment policies are the most popular. The Sun Medicare disaster relief that we have introduced is very popular now. I bought an insurance policy of Rs. 1 million. In which, if I save Rs. 50,000 per year, the treatment expenses equivalent to Rs. 100,000 will be covered. This includes financial coverage for 15 emergencies by paying an additional fee of Rs 1350.
You sell the insurance policy to whom. If the insured meets with an accident, you pay. Then, you get a wonderful appreciation?
. In some cases, I have also thanked our agents and employees. They have overcome the struggle in the beginning. They love their family even in the same house and have bought insurance. You have to imagine how your family will live in your absence and insure it. You inform and advise the potential insured about such things. For that, they consider it difficult at first, not understanding the priority. Then, after paying some installments, they take it positively and become comfortable. Your friend in sorrow is insurance. You should explain that anyone can be your friend in happiness.
