2011 Business Excellence Award Application

2011 Business Excellence Awards

The Toronto Board of Trade is awarding Business Excellence Awards on November 9, 2011. The application form requests "as much detail as possible". For the convenience of the judges, here is an nomination with web links to the resources mentioned in the paper version.

CATEGORY: Start-up/New Business Award

NOMINEE: Promod Sharma ("pro-MODE")

BACKGROUND

How do you build trust when the public is skeptical?

ignoringadvisors.png

Surveys routinely show there's low trust in insurance advisors. CFIB found that advisors are the least consulted source of information and advice (click on chart to enlarge).

Toronto Board of Trade supporter, The Globe And Mail reported that insurance advisors are poorly regulated and there are conflicts of interest in the advice they give.

Promod wrote a related blog post about what else is wrongoutlinks.gif in the insurance world.

Transparency

The Internet has brought transparency to many businesses but life insurance remains a mystery. Couple that with low financial literacy (see The ABCs of 123outlinks.gif). It's no wonder that trust is so low.

Yet life insurance is essential for financial peace of mind for loved ones. How can the public be better served?

Promod has devoted his life to insurance. He invested 10 years to become an actuary. Next he designed life/health insurance products for 10 years. He then helped advisors sell insurance for five years. This is when he saw firsthand that the public lacks the knowledge they need to make sound decisions. Where can they go for independent advice they trust? Accountants are the top choice but they receive no formal training in the intricacies and tax advantages of life insurance. Accountants need education too. Where can they turn?

Why not share the best of what you know for free?

The Tool Of Empowerment

Social media makes sharing possible. As an experiment, Promod started blogging in February 2007 (over 400 posts at Riscario Insideroutlinks.gif for the public and Marketing Actuaryoutlinks.gif for entrepreneurs). He later started using LinkedInoutlinks.gif, podcastsoutlinks.gif and Twitteroutlinks.gif. He also showed advisors how they could do this too. Few followed yet the public started contacting him for help.

Introducing Taxevity

In 2010, Promod launched Taxevity to sell life and health insurance. The fresh approach to sharing via social media lead to

Nudging Competitors

Since social media can help other entrepreneurs market better, Promod shares what he learns through blogging (marketingactuary.comoutlinks.gif) and presentations. He even helps his competitors. This year, he spoke to

  • Pro-Seminars (Jan): details
  • Estate Planning Council of Mississauga (Feb): details
  • Conference for Advanced Life Underwriting (CALU) (May): details
  • Strategic Alliance Financial Group (Jun): details

Why? He's committed to seeing the public served better. Life insurance is essential but poorly understood. Education is an neglected path to better decisions by clients and more sales for the life insurance industry. That's a win/win.

WORK HISTORY

Here are work highlights:

  • 1984: Graduated from the University of Western Ontario (4 scholarships)
  • 1993: full actuary (FSA, FCIA); designing life & health insurance products
  • 2005: started helping top advisors sell life insurance
  • 2010: started Taxevity to sell life insurance

You'll find details and testimonials on LinkedInoutlinks.gif

A resident of Toronto since 1991.

PROFESSIONAL ACCOMPLISHMENTS

  • fully-qualified actuary (FSA, FCIA)
  • blogging since 2007 (over 400 posts)
  • President of Goodyear Toastmastersoutlinks.gif

Thanks for considering this nomination for a Business Excellence Award.

PS Network

Market Better
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Spark Insight
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Grasp Risk
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Tame Risk
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