Kamlesh Bhatt,Founder, Kamlesh Bhatt

Over the past decade, the insurance industry has shifted to a digital-first approach, using social media, video calls, and digital presentations to drive growth. In India, only about 10 percent of the population is insured, leaving significant opportunities in a largely untapped market. Having said this, there are always challenges looming, wherein, the main challenge for clients is a lack of understanding of insurance products. Limited knowledge and time constraints often prevent clients from fully grasping policy details.

The competitive market, with 22 players, makes closing sales difficult despite easy prospecting. In general insurance, annual contracts add uncertainty, as clients may not renew, unlike the more stable long-term relationships in life insurance. The key challenge is to convey comprehensive information quickly, as clients tend to focus on minimizing costs while expecting maximum benefits, which isn't always feasible.

Kamlesh Bhatt has robustly positioned itself to address these challenges by focusing on clear communication, educating clients on the value of coverage, and differentiating itself through superior service and follow-up, ensuring that the clients make informed decisions. “We bring to the table 25 years of experience in devising a comprehensive services deliverability. We handhold clients on how much coverage they need, and how to increase it over time.

During meetings, it gathers client information, input it into our software, and generate a detailed PDF that outlines their current insurance status, including coverage, premiums, surrender value, loan potential, and maturity benefits. This helps clients identify any gaps in their coverage. We then advise on additional insurance needs, focusing on areas like income tax planning, child marriage, education, and especially retirement planning—often overlooked,” signifies Kamlesh Bhatt, Founder at Insurance Magician.

A Competitive Edge

What sets Kamlesh Bhatt apart from other players in the market is its comprehensive approach to financial planning and life insurance. The firm guides the clients on where to allocate their money, highlighting both the advantages and disadvantages of each product. Hence, Kamlesh Bhatt doesn't just sell life insurance, but goes beyond to educate clients on when and why they should buy it, considering their specific life stages.

“Unlike others, we focus more on the savings aspect rather than pure investment. We clarify the difference between savings and investments, which is often misunderstood. Savings products, like fixed deposits, Public Provident Funds, life insurance, and government bonds, offer capital, return, and time protection, while investments carry no such guarantees. Our approach involves creating a "map of life" for our clients, offering solutions from the early stages of their child's education, covering healthcare needs, managing regular and festival expenses, and planning for retirement. This holistic process ensures that we provide tailored solutions that cover all aspects of our clients' financial lives, from the time they start a family to their retirement, making sure their needs are met at every stage,” highlights Kamlesh Bhatt.

“For example, if both of your children are in college and you need INR 10 lakh for their fees, we would suggest a balanced approach. Part of the funds could come from your life insurance, and for the remaining amount, we might recommend investments in bonds or mutual funds that can be liquidated for current educational expenses. This approach is part of a broader planning strategy. We categorize products into three types: risk products, savings products, and income products. Each serves a different purpose, and we advise our clients based on their specific timelines and needs, ensuring they have the right financial tools at the right time,” he adds.

A Noteworthy Journey

Kamlesh Bhatt entered the insurance industry in 1999 due to limited job opportunities. Unlike the norm of older agents working part-time, he pursued the role full-time, renting a small office and hiring his first employee in the second year. His initial focus on sales, while his team managed service and claims, was challenging due to the seasonal nature of the business, driven by tax-saving needs from December to March. A turning point came when he learned about a peer earning Rs. 1 crore annually, motivating him to invest in training on prospecting, time management, and client portfolio creation. From 2000 to 2005, he built his client base through daily cold calls and referrals. The rise of digital marketing transformed the industry, and today, his business thrives with 600 prospects, 10 percent of whom generate 50 percent of his revenue.

In 2005-2006, Kamlesh qualified for the Million Dollar Round Table (MDRT) with a commission of INR 3.25 lakhs, marking a significant milestone in his career. His direct sales background gave him confidence in engaging with new prospects, a key factor in his success during the industry boom from 2006 to 2008. Personal challenges in 2015-2017 impacted his business, but Kamlesh rebounded by qualifying for the Court of the Table in 2016-2017. He has since maintained his status in the Court of the Table and earned a place in the Corporate Club, representing the top agents in LIC.

Robust Roadmap Ahead

Kamlesh Bhatt has outlined an ambitious roadmap for the future. His son is set to join the business, which currently manages the insurance portfolios of 516 families, including general, health, and life insurance. The goal is to expand this to 2000 families by 2030. The company is focused on exceptional customer service, handling renewals and documents directly at clients' doorsteps, and maintaining strong relationships with proactive, timely support.