Just got a call from an insurance company call centre. It was an amazing offer: They have a very attractive investment product. The investment component is also not invested in the stock market. They only invest in Government projects and will offer more than 7% p.a. compounded returns over a 25 year term. This is what they are willing to offer in writing. I inquired to the gentleman that how can they offer more than 7% p.a. when Government securities do not offer that much (net of expenses to be charged by the insurance companies). He said, that is where our company's expertise comes in.
After about 2 minutes of monologue (my question came in much later), the gentleman added another attraction. The product also gives life cover. Wow, This is now becoming too good for me to handle. Life cover coming from an insurance company. And all along I thought this call was from an investment company - how stupid of me!
I was pleasantly surprised with the offer. Such a mouth watering proposal !
Unfortunately, I was too naive to not buy this product. God only can save me now.
Showing posts with label tele-call. Show all posts
Showing posts with label tele-call. Show all posts
Wednesday, August 25, 2010
Tuesday, June 29, 2010
Devil's innovations
My friend and a leading financial planner Gaurav Mashruwala loves to share a joke.
Once a news reporter interviewed the Devil. After a long interview, the reporter finally asked, “What is that one thing you did that makes you proud?” The Devil tried to circumvent the question and started giving round about answers, but such questions in superlatives (best, biggest, largest, etc.) are the most favourite among the reporters. He insisted and finally the Devil replied, “The nastiest thing that I ever created is the credit card. It has the potential to ruin many families. Before the inevitable comes, they feel happy using it.”
That’s the innovation called credit cards.
Gaurav’s joke ends here. So let’s start ours.
The news channel carried a story about the Devil’s interview. There were public debates about the interview and the merits and demerits of credit cards. Someone brought out a very interesting point. They said, the Devil did not think much as those sinners who do not have credit cards are spared of the punishment.
The Devil was requested to come for another interview. He obliged. In fact, he could not resist the temptation of the publicity that television gave him.
After a few questions, the interviewer came to the point and asked the Devil (referring to the credit card answer) that the same spared those sinners who do not have a credit card. That way, it fails the test to qualify as your best idea. What do you have in such a case? The Devil’s answer was very simple, “Ever heard of tele-calling? That is for those who do not have a credit card yet.”
Well, the amount of outbound calls are done by the tele-callers is increasing by the day. Time has come for the regulators to introduce “Please call” registry instead of “Do not call” registry as the same does not work. It also involves painful steps in registration, a wait period of 45 days (I fail to understand why that should take 45 days. What do the phone companies do in the wait period? Or is it the proverbial “last chance” for the tele-marketers?). If you get a call after the wait period is over, lodging a complaint is another ordeal. You, the harassed, need to remember the steps to lodge a complaint. How some people can make life more and more difficult – is a puzzle.
The icing on the cake is the attitude of the tele-marketers. The caller thinks that he or she is doing a huge favour to you by selecting to call you. God save us from such Devilish innovations.
Once a news reporter interviewed the Devil. After a long interview, the reporter finally asked, “What is that one thing you did that makes you proud?” The Devil tried to circumvent the question and started giving round about answers, but such questions in superlatives (best, biggest, largest, etc.) are the most favourite among the reporters. He insisted and finally the Devil replied, “The nastiest thing that I ever created is the credit card. It has the potential to ruin many families. Before the inevitable comes, they feel happy using it.”
That’s the innovation called credit cards.
Gaurav’s joke ends here. So let’s start ours.
The news channel carried a story about the Devil’s interview. There were public debates about the interview and the merits and demerits of credit cards. Someone brought out a very interesting point. They said, the Devil did not think much as those sinners who do not have credit cards are spared of the punishment.
The Devil was requested to come for another interview. He obliged. In fact, he could not resist the temptation of the publicity that television gave him.
After a few questions, the interviewer came to the point and asked the Devil (referring to the credit card answer) that the same spared those sinners who do not have a credit card. That way, it fails the test to qualify as your best idea. What do you have in such a case? The Devil’s answer was very simple, “Ever heard of tele-calling? That is for those who do not have a credit card yet.”
Well, the amount of outbound calls are done by the tele-callers is increasing by the day. Time has come for the regulators to introduce “Please call” registry instead of “Do not call” registry as the same does not work. It also involves painful steps in registration, a wait period of 45 days (I fail to understand why that should take 45 days. What do the phone companies do in the wait period? Or is it the proverbial “last chance” for the tele-marketers?). If you get a call after the wait period is over, lodging a complaint is another ordeal. You, the harassed, need to remember the steps to lodge a complaint. How some people can make life more and more difficult – is a puzzle.
The icing on the cake is the attitude of the tele-marketers. The caller thinks that he or she is doing a huge favour to you by selecting to call you. God save us from such Devilish innovations.
Sunday, November 15, 2009
Interesting tele-call
I had a very interesting call from a tele-caller recently. The conversation went like this:
He asked me, “Sir, do you trade in stocks?”
I replied, “No, I do not trade in stocks.”
He asked, “Will you be interested?”
I replied, “No, I do not trade in stocks.” (On both occasions, I had emphasized on the word “trade”.)
The guy was not one to take the clue. He, however, was also not one to give up. Since he understood my answers as someone who may not like stocks, he probably assumed I was risk-averse. So, he followed up with another question.
He asked, “Sir, we also are in insurance sector. Do you invest in insurance?”
I coolly replied, “I do not invest in insurance.”
I understood that he has not got the message. So I repeated, “I do not trade in stocks and do not invest in insurance.”
Incidentally, he still did not get the message.
It is important for most to know what to do with what products or services. In both the above cases, I do use the products offered, but for completely different reasons. I invest in stocks and buy insurance as protection against certain risks.
Unfortunately, most of the sellers – they come in various different names – tele-callers, relationship managers, advisors, distributors – do not do justice to their duty, which is to help customers satisfy their needs. In stead, in most cases, these sellers work to satisfy their own needs.
Investing in stocks is a good idea as it can help an investor create wealth for oneself. But trading in stocks is hazardous for a novice, a common person, a layperson. But it can make lots of money for the broker.
Same is the case with investment products from insurance companies. In most cases, when an insurance product is pushed by a seller, it invariably serves the needs of the seller (who gets high commissions) and not the buyer (who gets inappropriate / lousy product).
It is important for a buyer to know what one is getting into. The words “caveat emptor” (meaning “buyer-beware”) should be remembered at all times. In both the cases, I could have shown interest in the proposition had the seller told me the benefits that I was looking for. Serving the customer needs should be the main motto of the organizations. Many chief executives claim to have “customer first” as their primary objective or core philosophy. But the behaviour of the people on the front lines is exactly opposite. To a great extent the fault lies with the training, orientation and incentivisation of the sales teams.
This means that when someone mentions that they only do “need-based” selling; it is a good idea to ask “whose need?”
“Buyer-beware” is always a good idea. If I am signing the cheque and the application form, I must take the responsibility of my decision and action. It doesn’t help to pass on the blame on someone else, be it the advisor in-between, the service (or product) provider or the regulator. The loss or pain will not be shared by anyone. In that case, it would help to be careful.
This does not suggest that all the sellers are bad. I cannot generalize like this. I have been a salesperson all my life. It would be unfair for me to say that ‘sales’ is always a bad and unethical job, but there are always some bad sheep in the flock. The buyer has the responsibility to safeguard one’s own interests.
Happy investing and insuring!
He asked me, “Sir, do you trade in stocks?”
I replied, “No, I do not trade in stocks.”
He asked, “Will you be interested?”
I replied, “No, I do not trade in stocks.” (On both occasions, I had emphasized on the word “trade”.)
The guy was not one to take the clue. He, however, was also not one to give up. Since he understood my answers as someone who may not like stocks, he probably assumed I was risk-averse. So, he followed up with another question.
He asked, “Sir, we also are in insurance sector. Do you invest in insurance?”
I coolly replied, “I do not invest in insurance.”
I understood that he has not got the message. So I repeated, “I do not trade in stocks and do not invest in insurance.”
Incidentally, he still did not get the message.
It is important for most to know what to do with what products or services. In both the above cases, I do use the products offered, but for completely different reasons. I invest in stocks and buy insurance as protection against certain risks.
Unfortunately, most of the sellers – they come in various different names – tele-callers, relationship managers, advisors, distributors – do not do justice to their duty, which is to help customers satisfy their needs. In stead, in most cases, these sellers work to satisfy their own needs.
Investing in stocks is a good idea as it can help an investor create wealth for oneself. But trading in stocks is hazardous for a novice, a common person, a layperson. But it can make lots of money for the broker.
Same is the case with investment products from insurance companies. In most cases, when an insurance product is pushed by a seller, it invariably serves the needs of the seller (who gets high commissions) and not the buyer (who gets inappropriate / lousy product).
It is important for a buyer to know what one is getting into. The words “caveat emptor” (meaning “buyer-beware”) should be remembered at all times. In both the cases, I could have shown interest in the proposition had the seller told me the benefits that I was looking for. Serving the customer needs should be the main motto of the organizations. Many chief executives claim to have “customer first” as their primary objective or core philosophy. But the behaviour of the people on the front lines is exactly opposite. To a great extent the fault lies with the training, orientation and incentivisation of the sales teams.
This means that when someone mentions that they only do “need-based” selling; it is a good idea to ask “whose need?”
“Buyer-beware” is always a good idea. If I am signing the cheque and the application form, I must take the responsibility of my decision and action. It doesn’t help to pass on the blame on someone else, be it the advisor in-between, the service (or product) provider or the regulator. The loss or pain will not be shared by anyone. In that case, it would help to be careful.
This does not suggest that all the sellers are bad. I cannot generalize like this. I have been a salesperson all my life. It would be unfair for me to say that ‘sales’ is always a bad and unethical job, but there are always some bad sheep in the flock. The buyer has the responsibility to safeguard one’s own interests.
Happy investing and insuring!
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