The Insurance Times magazine had published a Interview with Shri.P.Srinivasan, President, Life Underwriters Guild of India in its March 2012 issue. Here are the excerpts of the interview……
1. Please tell us about your organization Life Underwriters Guild of India:
Life Underwriters Guild of India was inaugurated by the then Chairman of LIC of India Shri. S.B. Mathur in the year 2002 at Coimbatore.
LUGI is a self-help organization for persons in the field of marketing Insurance and Financial services.
LUGI was born due to the extensive travel which I had undertaken to attend various international insurance conventions world over. I have been attending these type of Seminars and conventions from the year 1989.
I had an opportunity to interact in the International forums /conventions with the successful people in this profession who constantly joined together share their knowledge and equip themselves with professional certification or a degree or a diploma.
Based on this, I thought in my mind why a organization of this nature if started in India will be of helpful to the insurance and financial professionals in India.
This was the reason for the birth of this organization.
2. Who can become a member of you Guild?
Any insurance and Financial products marketing personnel holding any position can become a member of our Guild – LUGI. It can be an Insurance Agent, Advisor, Development Officer, Agency Manager, Branch Manager, or even Divisional Manager etc. The only one criteria is that they must be in the field of insurance and Financial Products marketing.
3. What is the procedure of getting the membership?
He has to submit the prescribed application form duly filled in along with passport size photo (two copies) and a sum of Rs.1,300/- ( being the Rs.300/- towards admission fee and Rs.1,000/ towards subscription for the first year ). For details he can visit www.lugi.org
4. Â Please inform about the activities of your Guild.
The Life Underwriters Guild of India was inaugurated on 2002 by then Chairman of LIC Sri.S.B.Mathur. 350 number of Agents, Development Officers have attended the meeting which was held at Coimbatore.
We have invited learned speakers from various walks of life which included Actuaries, Industry stalwarts, Motivational speakers to address the gathering.
The members were electrified. Thereafter every year we conduct on 3 day Annual Convention in India.
I have given below the list of conventions and the theme of the convention name of the hotel and place etc.
In addition to the above, we have got individual chapters in various parts of the country. For the present we have spread out effectively in southern part of India and western part of India. We are slowly expanding our organization in other parts of India.
There are chapters in big cities like Chennai, Coimbatore, Salem, Thiruvananthapuram Calicut,  Ernakulam, Bangalore, Hyderbad, Mumbai Thane, Tanjavur etc.
Each Chapter is conducting Annual Conventions.
In addition to the above, we also conduct special conventions as below:
1.   Agents and Spouse meeting - One day Seminar
2.    Underwriting Seminar – One Day Seminar
3.    Marketing Techniques etc.
Life Underwriters Guild of India is also a member in APFinSa (Asia Pacific Life Insurance council an organization consisting members of life insurance marketing personnel of 11 countries namely Australia, Hong Kong, India, Japan, Macau, Malaysia, New Zealand, Philippines, Singapore, Thailand & Taiwan.
Its headquarters is in Singapore.
The undersigned had the privilege of getting elected as Secretary of APFinSA during the year 2005-07 and Chairman of APFinSA during the year 2007-09.
This is the first time an Indian has received this honour.
This organization conducts By Annual Conventions where marketing personnel from 11 countries converge.
LUGI members are attending regularly.
LUGI has been authorized to promote FChFP (Fellow Chartered Financial Practitioner) a designation course sponsored by APFinSA, on the subject of financial planning which is an essential part of the success of an Insurance Agent
We have introduced this successfully in India. 45 number of graduates have already come out. 300 number of students are studying in various parts of the country.
Recently IRDA has sent a proposal for all insurance companies exposure draft on guidelines, on prospect product matrix for life insurance.
If you analyze the same, you will appreciate that those who have qualified for FChFP will be in a position to respond comfortably and they will be in a better position to do business
The following are 6 modules as stipulated by APFinSA
S.No.   Module No.     Name of the modules
1.          FChFP – 01       Fundamentals of Investment and Financial Planning
2.          FChFP – 02       Retirement Planning and Tax Concept
3.          FChFP – 03       Investment Planning
4.          FChFP – 04       Risk Management and Legal Aspects
5. Â Â Â Â Â FChFP -05 Â Â Â Â Estate Planning and Tax Planning for Individuals
6. Â Â Â Â Â FChFP – 06 Â Â Â Â Financial Planning Applications
5. How many chapters do you have and any plans of expansion?
As on date,  we have 10 chapters and God willing, we hope to double it within 3 years.
6. In this age of intense competition it is being seen that education and  training is taking a backseat since most of the advisers are busy in selling a product any how. Your efforts to train and educate your members
I have already answered this point above
7. What is the current strength of your members?
We have on our record owns 2800Â members.
Majority of them are from LIC and substantial number from other insurance companies like ING Vysya, Kotak, Bajaj, Reliance etc.
8. Your views about the IRDA training for insurance advisors. How effective is this training as we often hear that this training is now limited on papers?
Your observation is definitely true, however a good beginning has been made. I am in this profession from the year 1960.
I have been noticing a slow but steady increase in the awareness for training. Not only among the insurance agents, but also among insurance companies.
Anybody who sells big business in the first year generally fails very quickly. It has been my experience.
The reason is very simple. When he taste success quickly and he expects the success to continue for ever, when it does not happen, he quits the business.
Insurance profession is loaded with innumerous disappointments, discouragements, insults, humiliations, which have been experienced by me, in abundance in the early part of my career.
However every insult or humiliation or failure has given me more strength to face the heat and to produce better and better results.
Patience and pursuance alone pays in this profession. Training also can be introduced slowly but steadily
9. How do you educate your members about the ills of mis-selling which is a big menace for the industry?
Large-scale, miss-selling and early lapse are the biggest threat to the industry.
Insurance is a product has to be sold based on needs of individuals and their families. It has to be tailor made. The process of need identification will easily eradicate mis-selling in this industry.
This can be achieved only through constant education of the intermediary.
LUGI plays the responsible role in this process of education by spread heading the concept of FChFP (Fellow Chartered Financial Practitioner) – A financial education to all its members.
10.Do you think post licensing there should be a continuous efforts to train and educate the insurance advisors so that they may get motivation and tap uninsured population?
In countries like Hong Kong, Malaysia and Singapore continuous training is very essential and marks are awarded.
Those who do not get enough marks may be prohibited from selling.
Our regulators has to concentrate on this subject also
11.Any other developments of your Guild which you would like to share?
LUGI believes that if you make one small change in your life, in no time your whole life can take a definite look.
The seminars conducted by LUGI has got a tremendous impact on our members to undergo change.
We teach our people that in the confrontation between the streams and the rock, stream always win, not through strength but by pursuance.
We teach patience and intelligent hard work in abundance.
We impress on our members that selling correct insurance is doing human service.
In whatever way, we serve humanity, we are doing God’s work.
The more and more we do God’s work the more and more God does our work.
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