Takaful agent is an entrepreneur thus his earning depends on how well he observe the key success factors of being an excellent takaful agent. The approach is known as DOME:
1. DIAGNOSIS - You should conduct a comprehensive evaluation of your current status against your desired goal. This will lead to a gap analysis result where you compare between your existing achievement against your objective or goals as set at inception. For instance, you have set to close 4 certificates per month however you had only achieved 2 per month so far on average. Thus, your gap is 2 certificates to be closed per month. Similarly, you may have set a target of RM2,400 per certificate for average annual contributions whilst your current achievement is only RM1,800 thus your gap is RM600 per certificate. For leaders, you may have set to recruit 120 agents per annum whilst your current achievement is only 60 agents thus creating a gap of 60 agents to be recruited. You may have also set persistency as your key diagnosis.
2. OBJECTIVE - After conducting a comprehensive diagnosis, you then set your objectives to minimize or zerorised the gap. For instance, your objectives are to close 4 certificates per month, contribution target of RM2,400 per certificate for annual contribution, recruit additional agents of 60 agents in the next X no. of months.
3. METHODOLOGY - Now you have to lay out the strategic initiatives that will lead to your achievement of the objectives as set above. For instance, if your closing rate is 20% then in order to recruit 60 additional agents you need to have a prospect agents of at least 300 persons (60 / 20%). Similarly, if you want to close 4 certificates per month you need to have prospects of at least 20 per month if your success rate is remain at 20%. Furthermore, if your success rate for appointment or meeting is say 20% again then you need to have at least 100 leads or referral. This is also known as Prospect 100. Basically, it is an activity game plan.
4. EXECUTION - Finally, a plan will remain just a plan if it is not well executed. Therefore, all the above in item 1 - 3, shall be properly documented in a project management plan (PMP) in order for ease of execution. PMP usually comprises of at least What to do, Who shall be responsible, and When it is due.
In addition to the above, there are also certain behavioral elements which ensure greater success in takaful agency business which can be summarised as EHSAN:
1. Excellent - always perform your duty to the best of your ability and take extra milestone to deliver excellent services to your clients
2. Honesty - always being honest when dealing with your clients
3. Solution - remember that you are offering the best solution to help ease the burden of your client when the mishap arises
4. Assurance - always give your assurance that you are always there when the need arise
5. Nurture - you should always nurture the best in whatever you do to delight your client.
I will share a new concept in your endeavor to become an excellent takaful agent in my next posting.
