Sharpening the Axe; the Success Prima of Insurance Broking

June 30, 2022 in Insurance Broking



Sharpening the Axe; the Success Prima of Insurance Broking

This is the story of Mr. Ragevendra Jinnah (obviously the name is altered), a Senior Regional Manager in one of the renowned insurance broking firms in Pune, and his assistant Mr. Ram Krishna, who had different opinions about the latest technological interventions in the insurance broking industry.

Mr. Ragevendra has been dealing with different kinds of policies and customers since he began his career in 2004 in Delhi. He is also a good human being with an unmatched industry experience of 17+ years. Once, on a fine evening, he and his associates were having a tea break. They were discussing the new IRDA amendments and current changes in health insurance coverages with the flavors of hot samosas and masala tea. As the discussions heated up, the topic of insurance broking software came up.

“I think some of those options are really nice. They help us to manage our prospects, policies, claims and I think they deal with pretty much everything.” Ram, one of his assistants raised his opinion.

There were 4 or 5 associated with him, and everybody was keen to hear Mr. Ragevendra’s opinion on insurance broker software, as he is the group’s senior broker.

“Yeah, it offers something. But paper records and hardcopies are the best way to do business. We don’t know when these softwares will bunk off. Seriously I won’t recommend those.” These were his words.

He seemed not at all interested in the conversation as well as the practice of using insurance brokering softwares in the business.

Being an infant in this humongous industry you may be obsessed with these readymade insurance softwares. But in order to serve an opinion, you have to grow a little bit more, as a professional and as an insurance expert. So better keep your opinions to yourself.” Ragavendra added.

Hearing the experienced guy speaks, the rest of the group threw a pity face toward Ram who spoke positively about the insurance software products and their benefits.

Days passed. Work went as usual.

One day, Mr. Ragevendra was about to meet one of their new potential prospects in his office. There were looking for a corporate health insurance policy for their staff of around 150+ people across different branches. To flavor up the scene, he took two of his best associates as well as one of his senior colleagues to the conference hall.

The initial meeting started and the conversations were going much more pleasant than they expected. When the discussions headed towards their in-house task force and policy management, one of the representatives of the client enquired about the automation that they practice and the technological implications the firm is equipped with. The man seemed so confident about its purpose and Ragavendra wasn’t even ready to open his mount to deny it.
His questions become much more precise and he wants to know more about their automation and other kinds of stuff. Unfortunately, Ragevendar was not at all resourceful with the benefits of insurance broking software.

He was about to break. The business was about to lose.

Seeing his senior searching for words in the thin air, Ram quickly moved in and said they were in talks with some of the major insurance broker software providers in the country and it is expected to happen in a span of one month. But that doesn’t satisfy the client. He wanted to know specific details about the broker software that they are going to purchase. Fortunately, Ram was very much aware of the best insurance softwares available in the market right now and he held up his end by throwing some trustworthy names and some handpicked benefits insurance broker software offers.

Sooner, they moved to other queries related to policy coverages and exclusions. Now, Raghavendra was all ready to pitch in again and explain the details. The conversation went well and the company was able to grab a handsome deal with that client.

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More importantly, Ragevendara, learned his lesson that day. He didn’t expect a situation where his assistant knew better than him. He was so happy that he learned something new. The next day itself he asked his associates to come up with the details of the best three insurance broking software available in the market right now. And he patted his hands on Ram’s shoulders for showing him the right way. Ram was happier than ever.

Again tea breaks happened so as their tiny conversations. When his associates always looked at Ram’s face, they always wonder about one thing.

Is Ram’s knowledge about the insurance broker software or the ability of these insurance broker software itself helped them to win that huge business?

Well, I think you know the answer. Yeah, you knew.

Always sharpen your axe; no matter how much experienced you are, always try to look on the positive side, gain knowledge and adapt to the new changes, and your business will automatically nourish.

That’s more of a moral I think.

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