Insuring her success
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Changing stereotypes of insurance agents are women from all walks of society — from the glamorous page three types to an ordinary housewife. KANCHANA BANERJEE examines this phenomenon.
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WHAT is the image that comes to your mind when you think of an insurance agent? A man with a black briefcase, selling policies from door to door. You are forgiven for thinking of such a staid boring image. That's what we have been used to seeing for decades. But things have become a lot more interesting and exciting in the insurance sector. Would you believe that the daughter of Delhi's socialite queen Nafisa Ali — Armana Sodhi — is a Max New York Life agent? Ritu Nanda, wife of industrialist Rajan Nanda of Escorts, daughter of film moghul late Raj Kapoor, is one of the most successful insurance agents, selling policies to lower middle-class families, medical insurance and individual insurance to the high-end group and a privileged member of Life Insurance Corporation's (LIC) Chairman's Club. The list is long and full of interesting, affluent and fashionable women whom you wouldn't associate with selling insurance policies.
The insurance companies who stormed the country a few years ago have not only added the much-needed panache to the sector but have also made it worthwhile for women from the higher echelons of society to be associated with it. Ten or even five years back, one couldn't imagine a rich fashionable woman selling policies but insurance companies realised that these women, because of their large social circle, have a captive audience ready to be tapped. Company officials point out that these women interact with the crème de la crème of society and the corporate world in page three parties. They are members of posh clubs and wine and dine with men and women with tremendous spending power.
Almost all the insurance companies have targeted rich, influential society women and won them over as advisors. The selection isn't an arbitrary one. The women need to be social, outgoing, should love to meet and interact with new people and, if they move around in influential circles, then they are the perfect catch. Some are thorough professionals, dynamic and with a thirst to succeed. And the company doesn't call them agents; they are called advisors or consultants. The companies project it as an interesting job option with the possibility of making big returns.
Apart from attracting the rich and fashionable, almost all insurance companies have also tried to reach out to women and offer them an interesting job option. In recent times, there has been an upsurge among women to "do their own thing and earn money". Many leave lucrative jobs after having a child. Though the desire to do something remains, the thought of leaving their children in the care of domestic servants dissuades many from pursuing their dream. Insurance companies have successfully tapped this to their advantage. Almost all have actively promoted their business to women who want to make good money without having to pursue a full time job.
Delhi-based fashion designer and socialite Bubbal Sethi is the last person you would associate with selling insurance policies. Ritoo Goswami, an aspiring model from Kolkata; Suparna Kapoor, a Delhi-based fitness instructor; Rekha Singh, an ex-airline manager are all unlikely insurance advisors.
Bubbal was approached by Om Kotak Mahindra as the company wanted to cash in on her rich booty of contacts and large social group. A well-known fashion designer in the capital, she has a huge clientele from the affluent upper class. An extremely outgoing woman, she has a large social circle, is a member of her colony's welfare committee, chairperson of the club's beauty parlour and a member of the managing committee of the mata ka mandir. It didn't take long for the company to see that her large social circle and connection would come handy for business. Today, after 100 hours of training, Bubbal has started enjoying her work so much that she has stopped designing.
Both Pratima Kapadia and Suparna Kapoor are excellent performers. While Pratima is aiming to attend the Million Dollar Round Table conference to be held at Las Vegas by Max New York Life, Suparna has already sold 15-20 policies between Rs. 5,00,000 to Rs. 50,00,000 including endowment, term and whole life policies. (She has earned a commission of Rs. 50,000-60,000 a month). For others like Rekha Singh, it was decision to make a career switch, as she didn't want a full-time job. , she is one of Max New York Life's top performers, getting business of around Rs. 6-7 crores and earning a commission of Rs. 4,92,000.
The companies have an intelligent mix of influential society women who can reach out to their cash rich friends; and other women who have never stepped out of their homes but still harbour the dream of earning money without upsetting the family routine.
Sunita Sahni is an advisor with Alliance Bajaj. She says, "I love my work and I can do it without neglecting my husband, children and other household chores." Many like Sunita have found this business a fabulous career option, which gives them the flexibility of choosing when to work.
So whether you're a well-connected society woman or a plain housewife; if you have the drive and desire to do something worthwhile and make good money (read loads of it); being an advisor with any one of numerous insurance companies could be your chosen avenue to realise your dream.
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