Restaurant entrepreneur Jeevan Shrestha’s attractive progress, Enjoying as Citizen Life insurance’s agent

Kathmandu : Jeevan Shrestha born in Sindhuli district, and became a successful restaurant businessman. He has been successfully moving forward in the restaurant business for the past 16 years, has now added an insurance agent to his profile. Jeevan Shrestha, who is continuing his profession as an insurance agent along with a restaurant business, has found many success formulas of getting success within the country. Since he joined Citizen Life three years ago, insurance agent has also been added to his profile, and life insurance has also been connected with the restaurant business.

Shrestha, who says that there is a lot of potential for life insurance in Nepal, however, says that there is no choice but to accept the reality that young people have to go abroad to support their families and many are struggling for employment because the responsible bodies at the policy-making level cannot adopt foresight.  Reena Khatri’s conversation with Jeevan Shrestha, Agency Manager of Citizen Life Insurance Tokha Branch focusing on the insurance business of Nepal, the state of the insurance market and the state along with the future of insurance agents is as below:

How did you join the insurance industry?

– I had no knowledge about insurance at first. While I was doing the restaurant business, I became interested in this profession as there were various programs related to insurance held in the restaurant. When the insurance program was being held and I saw that they were getting respect. Seeing that I realized that this profession is good as well as working in it will bring respect and prestige in the society. So, I joined this profession.

In your opinion, do you think that the profession of an insurance agent is a service-oriented or commercial-oriented profession?

– In this business, the risk of the insured will be transferred and financial support will be provided when the insured is ill. This service is also because the insured has to be continuously provided services. And, because of this, financial help will also be given to the agent, so this is also a service oriented profession.

While working as an agent, did you find the difference between other life insurance companies and Citizen Life?

– I have found many differences in citizen life. First of all, digital services have come to citizens insurance for the first time. Most of the processes are done electronically or say online. On top of that, I think Citizen Life Insurance is very good because there is a wide range of insurance policies chosen and sought by the insured.

How did you enter the insurance sector?

– I have been in the restaurant business for the past 15-16 years. When I saw insurance programs in my restaurant, respected different personalities and saw how insurance can carry the risk of common people and it can also have a good effect on the social and economic situation then I wanted to enter this field and applied for it.

Did you understand insurance before becoming an insurance agent?

– Before I joined this profession, I didn’t know anything. Friends used to say that insurance should be taken, but what exactly is insurance? How does it work? What are its good aspects? And how does it carry risk? But, he did not say details about these questions.He had heard from his friends that double money will come after insurance, money will come even after death. However, when I started this profession, that’s where I learned about the insurance, I also learned how insurance covers risk and what are its positive aspects.

How do you define an insurance agent?

– Insurance is a purely service profession. It is a sacred profession to give education to those who don’t understand insurance, to provide service facilities and to support them in calamities by bearing their risk. I would like to say to the new friends who want to join it that you enter it only after understanding everything about insurance, it is a very sacred and prestigious profession. It makes a common person very strong economically and socially.

How did you get your first insurance?

– When I remember this, I get still surprised. After getting an insurance agent’s license, I informed my friend who was working with me in the restaurant business and said him that I should get a client for an insurance and informed him about the benefits of an insurance. He got his insurance on my one request. My turning point started from there. As it happened, I got the experience that it is possible to get insurance only after having a good understanding about insurance.

In your opinion, what is a successful agents like?

– In my opinion, in order to become a successful agent, he should first have all the knowledge about insurance about, What are the policies of the company? What are the benefits of this? Must have all knowledge about insurance regarding these questions. A part-time insurance provider can also become a successful agent. He must have perseverance.

It is not enough just to say that I have insured my house and family, now it is done, I have insured my friends, now it is enough, my target has been met. In my view, the successful agent is the one who takes into consideration the situation of the insured and explains to him about how much, what kind of insurance will give the maximum benefit to the insured, and keeps in constant contact with the insured.

What do you think are the obligations of the agent to the insured after the insurance?

– You asked a very good question. The main problem is here. There is a widespread problem of agents trying to get as much premium insurance as possible without understanding the condition of the insured, but not continuing. If someone wants to have an insurance for 15 years then can the insured pay the premium for 15 years or not?, usually insurance agents do not count that.

For your own personal interests and benefits, you should not get insurance in such a way that the insured interests may be killed. First, how much is the insured’s income? Insurance should be provided accordingly. In the beginning, the insured may see big dreams and later the insured surrenders the insurance because of not being able to pay the premium. Whereas after insuring, the insurance agents also stays calm thinking that his/her job is done and they won’t take care about the situation of the insured weather they can pay the premium in coming years or will they get any problems in the future?  These kind of information should be taken in details before insuring someone. And finally the insured also trusts the agent. If this can be done, he will encourage his friends and relatives to get insurance as well. And the insurance increases!

There is a problem of claims payment existing in the market. Why does this happen? What effect will this have on the insurance sector in the future? 

– You asked a natural question. As far as claims are concerned, if you continue to pay the premium at the time of paying the premium, there will be no problem in the claim. The policy dies when the insured does not pay the premium on time. After this, if something happens to the insured in the meantime, the company will not pay the claim. Because the company has to be paid the premium at the given time.

The policy is terminated after the premium is missed. The insured does not know this, the insurance agent did not tell him/her. And because of this, the problem of claim payment occurs.

These kind of information and such problems about not paying insurance premium in time must have been well explained to the insured by the agent while insuring the insurance. If you pay attention to these things, there will be no problem in paying the claim tomorrow and the insured will get claim payment easily in the future when needed.

It is said that the tendency of the insured not to study the policy and to depend entirely on the agent has also caused a problem, is that true ?

– This is also an existing problem in the insurance sector. Rather than relying solely on the agent without understanding the policy, it is more appropriate to get insurance with a thorough understanding of the policy. The agent should also provide insurance to the insured only after explaining everything in the policy well.

While insuring, the insured must have a thorough understanding of the policy and its provisions and the claim payment process.

How many insurance policies have you sold so far and how many claim payments?
– I have sold more than 100 insurance policies. By God’s grace, nothing has happened to any of the insured that I have insured till date. Therefore, not a single claim has been paid. However, I am ready at all times to provide immediate claim payment if anything happens to anyone that I have insured.

What is the response of the insured to your company’s claim payment?

– Our company also is not very old. It’s been 6 years now. That is why not so big claims have been paid. Looking outside, insurance companies have different criteria for getting insurance claims payment. It is said that they only provide the payment if all those criteria are fulfilled.

In the context of Nepal, How is the insurance agent’s profession taken as?

– Looking at the context of Nepal, it is understood as a broker rather than an insurance agent. It looks better than a customs agent, doesn’t it? It is difficult to run a company without an agent. In other countries, insurance agents are viewed very well. In the context of Nepal, it is seen in a slightly different way.

Will the insurance awareness program be given by the government or by the company?

– In particular, insurance awareness should be done by the government. We are helping the government to provide insurance. As Nepal government has brought a health insurance of 3500 rupees. It is a very useful insurance for people who are economically weak. In this, the insured gets treatment up to one hundred thousand rupees. We have heard and seen many people died before due to lack of treatment. It will prove to be very useful if the government of Nepal adds life insurance and makes insurance compulsory. That is why the government should pay attention to it.

What is your opinion about the system of taking an exam to become an agent?

– It is a very good thing that the insurance authority should take the exam to become an agent. It would have been better if the concerned company had given the agent as much class as possible and explained everything about the company’s insurance policy to the field.

A persons who becomes an agent after passing the exam is an agent who understands insurance. It now helps a lot to create a successful insurance agent. Agents who come in this way are long-term and can also explain about insurance. This is a positive aspect. Agents are defined as brokers in the upcoming insurance regulations, what will be the effect?

– In Nepalese society, being an agent is viewed in a negative way. It would have been better if it had not been called agent or broker. In my opinion it is still positive to be an insurance agent as we provide risk bearing insurance to the people.

Is there any example that you succeeded in getting insurance only by convincing an insured for a long time while you were providing insurance?

– When I got insurance, it has not been so difficult till today. However, there was a brother who used to come to my restaurant with whom I used to say that he also should get an insurance. He didn’t take the insurance right away, but after about a year, he himself called and, said that he wants to get an insurance through me.

Then I have insured that brother as well. From this incident, what I thought was that when I explained the insurance well, he felt that even though he was unable to get insurance immediately due to his critical condition or other reasons, he would come to get insurance after the situation was favorable.

Can you make a future by becoming an insurance agent or is it okay to do it only part-time?

-If you want to spend full time on it, it is very good. However, if you have a business that cannot be left, then only do it part-time. If I haven’t had a restaurant business, I would have done it full time. If I had been able to get into it full time, I could have gotten more insurance than this.

You are doing business and as agent both, do you like agent of business?
-Since both these professions are service oriented, both seem to be the same. In one occupation, it is possible to serve the insured and in another occupation, the customer. Moreover, even though I have been working in the service sector for a long time, both jobs seem similar to me.

Has there been any change in your lifestyle after becoming an agent ?

– After I joined the insurance agent profession, there have been many positive changes in my working style and lifestyle. Before, only a limited number of people knew me but now when I start this profession, many people has known me. Now, if there is something related to insurance or there is a dispute, people call and ask me.  The trust and respect that I get from the clients have brought positive changes in many things.

Insurance agent profession is called independent profession, why?

– First of all, no one should enter in this profession in someone pressure. Nobody gives you pressure regarding the numbers of policies that you have to get. You can do your work confidently and independently. That is why this profession is an independent profession.

In the market, what kind of policies do the insured choose?

– In the market, the insured chooses the policy he is involved in or the policy that benefits him the most. There is no single policy that will choose. I have also assured you that this policy will be useful by looking at the insured’s occupation and insurance business situation.

Is insurance for the poor or for the capitalist?

-Insurance is not meant for capitalists or the poor. This is for everyone. But if we look a little analytically, it is more inevitable for the poor. Why can’t the poor get treatment in case of major diseases in the future? In such a situation, insurance takes care of it. The rich have the ability to spend when such a situation occurs. This is why insurance is even more essential for the poor.

How has the economic recession affected the insurance sector?

-Economic recession has affected all sectors. Due to the recession, everyone’s income has decreased. There is insurance even in economic recession, but in a small amount. Insurance policy sales have also decreased. My insured did not say it, but according to what I heard in the market, it is said that due to the economic downturn, the insured had difficulty in conducting business, that the insurance was not matured and they came to ask for the accumulated amount.

What will happen if the agent is not included in the new insurance law?

– It seems that the insurance authority is over shadowing us. The insurance sector has been running as an agent. We are the backbone of insurance. The insured does not come and get insurance by himself. Insurance will be provided through an agent. From the 20th year, there is a reduction in the service facilities provided to the agents. If you look at the market, now the price has increased a lot.

In such a situation, instead of increasing the service facility, can it be reduced? And, another thing, the authority or the company does not know about the market. It is the agent who understands the market. That is the reason why the agents should be included in making the law. It is certain that the authorities have ignored it.

When looking at the risks of other professions and insurance’s agent professions, what do you see more?

– I am also a restaurateur. Business did not run well due to economic recession. If customers stop coming, my business will collapse. I have to pay the staff and my investment is stuck on it. But in the insurance profession, it doesn’t matter if I can’t bring any clients. If you can bring it, it will be beneficial. However, it doesn’t matter if you can’t bring it. There is no investment in it.

What should Nepal government, insurance authority or company do to make the future of insurance agents brighter?

– In my opinion, it would be easier if the Nepalese government or companies mandated more service facilities or insurance for the agents. After that, there is no need to fight for government jobs. I don’t even have to go abroad to raise a family.