The following is a Q&A with Jiang Bo, an eight-year member of the Million Dollar Round Table (MDRT). Conducted via e-mail and translated from the Chinese, the interview explores Jiang Bo’s practice, observations about the market in China and lessons learned that might benefit U.S. advisors.
LifeHealthPro: Please describe the focus of your practice. What insurance and financial services products and services do you offer? What is your target market?
Jiang: The insurance and financial products that I focus on are lifetime health insurance, lifetime hospitalization allowance, whole life insurance, long-term care payment, annuities, child education funds and long-term benefits. My target markets are business owners, white collar corporate entities and professionals.
LifeHealthPro: How well is your insurance and financial services practice doing? How do sales for your business this year compare with last year?
Jiang: I have steady annual growth, with a margin of 20-30 percent. This year sales were the same as previous years and also rose steadily, but, this year, my market has put more emphasis on lifetime hospitalization allowance, long-term care payments and retirement funds.
LifeHealthPro: How is your practice evolving? What new products or services are you offering or planning to offer? What factors or industry trends have prompted these changes?
Jiang: Since I participated in courses and established a sale builder group this year, year-to-date sales have gone smoothly. Following the large forecast increase in domestic worker benefits, I am currently preparing to add some social insurance offerings.
LifeHealthPro: What legislative, regulatory or competitive challenges are you facing in your practice? How are you addressing these challenges?