At first I would like to congratulate MINT, the way they have gone about analysing the great sun set industry. Last couple a articles are really great and hope it drives the message across to gullible public so called fools who went in and put money into it….I feel they have to check who fooled them.
Is it the agent? Is it the company? Means the Indian part of the company or the knowall international JV partner? Or some smart actuaries? Or IRDA allowed it to fail due to ignorance?
As far as I have understood about this industry, No man/woman with any sense or intelligence… would get up in the morning and look at the mirror and says – he or she wants to be an agent!!! – You should look at the profile of the agents/advisors in the market – they might be 10th or 12th pass at the most.
How do you expect a person who has very basic education - to sell a very complicated insurance product…made complicated by some over intelligent actuaries, and approved by the regulator who never understood what he is approving? If that’s not the case - where they sleeping till now??? And had a great realisation post 1 decade.
Coming back to the point, an agent is only a mode of fooling, in large scale they themselves have not understood what they are doing, except he is able to get money and some international trips at many times and many a time, well worded false promises.
I would like to ask few basic questions?
1. What did the international partners (JV partners) bring to the table – post the sector opened up…..is it a great trick of fooling public. Please look at there sales practices in their home country? Are they doing something similar? – You will not find the same, they are shit scared to do any unwanted activities and per se the market is well aware of the products….and well regulated and audited.
2. So what did they bring? They got over smart actuaries from there respective ventures and planted those in Indian operations to teach Indian partners ABC.... of insurance, So called magicians/tricksters/Con man did a wonderful job of creating products which the market never wanted nor understood. As ever our poor regulator was sleeping,,,,and got paranoid by some firangs coming giving fundas to them…the regulators opened the eyes and listened and never understood. Till the shit hit the fan……well packed in a firang socks.
Summarizing points one and two – JV partners got great magicians/tricksters into partnership thinking of great valuations…and can proudly say to the home investors that they too have operations in India.(as usual 1 Billion story).
Kindly do a check how many of the firangs are still helping our partners? To your surprise, you will find none – they threw the shit and ran out….in fact our press termed some of them as magicians/jadugar etc…Please get some of these Jadugars back to clean up the mess.
Our mammoth LIC was sleeping in its own world 10 to 15 years back, suddenly they also felt the effect of Jadooo,and introduced some ULIPs, thanks to some good leadership ,didn’t fool poor public to this extent.
An agent/advisor is an equal fool to the gullible investor, made some money for sometime….they are vanishing with the sun set, might have to look for 100% FDI in retail to start something new…may not be as easy as Insurance.
This is well thought plan for the Pvt Players to make some quick buck, unfortunately valuations are not as fancy as they thought.Great international JV partners are not able to phantom the effect.....
Sunsets look great!!! With the magicians enjoying it on a nice beach….with martini. And some battery makers and real estate players own insurance companies….Trillion is already stolen - whats left???
