Connect with us

Entrepreneurs

Ohio Entrepreneur invests all his savings in starting insurance brokerage, becomes multimillionaire

Published

on

Ohio Entrepreneur invests all his savings in starting insurance brokerage, becomes multimillionaire

When Sumedh Basani dropped out of college to join the insurance field, he was leaving a career in medicine he worked all his life for something he knew nothing about. All he saw was the opportunity and the platform to change lives for the better.

Sumedh began working at many large insurance carriers, some exclusively and others in partnership. What he noticed was that the insurance world seemed to have a terrible rep because managers and agency owners were so focused on making money off their agents and not placing them in the positions to succeed. Overpriced products, unimpressive commissions, low residual amounts, and shady practices were something that Sumedh saw in every company he worked for no matter where he went, he wanted to do better. It seemed that everyone was out to just make money and not do what was best for their agents or clients.

Sumedh left and started his own company all by himself. In March of 2018, Sumedh spent all of his life savings into insurance leads and wrote over 6 figures in insurance production placing him in the crosshairs of every top insurance carrier. This is not an easy task and requires a massive level of dedication, attention to detail, and product knowledge to execute. He then used all of his connections and made powerful relationships with some of the top-level insurance carriers. describing his vision and company ideas to them so that they would put him in a position of power to grow. He already had the proof of production and they allowed him to market their products directly through his own organization. Armed with the top contracts of the financial field Sumedh was able to unite some very large organizations and agencies under his corporate umbrella and offer them more value. Many large insurance brokerages contacted Sumedh about private consulting and to become a part of his business to benefit their agencies. This is the creation of Basani Financial, a company made by agents for agents.

Till this day Sumedh plays a very active role in the company and works very closely with every agency that has placed their business under his company. Basani Financial offers its agents top-level contracts, the highest quality agent resources, and most importantly offers a degree of transparency not seen in the financial industry. All these qualities combined with a constant evolution in the training of insurance professionals have pushed Sumedh to the top of the leaderboards. Basani Financial pumps out an extremely healthy level of insurance premium annually, making it a well-regarded brokerage nationwide.

There is not much information on which exact organizations work directly with Sumedh, but he is known by many agents and top-level agency owners as a silent but renown sales trainer. He tends to shy away from attention and operates mostly from the backend of his many businesses. All of Sumedh’s top agents enjoy a great deal of success and are known as industry leaders. Agents from his many organizations dominate carrier leaderboards and owe much of their success to his agent resources and training material.

Now 25 years old, Sumedh is a force in the insurance industry quickly snowballing into a titan. His story started off very simple as he was just a college student who worked part-time at a nightclub/bar at the weekends. Through networking at his club, he met a few people who inspired him to join the financial industry.

“It was a really tough decision,” says Sumedh “I gave up everything I worked for my entire life, everything my family wanted me to do, just off a strange feeling I had when I met some people at a club. Sounds very impulsive, but at the time I knew I wanted to do something I was passionate about, and this industry felt right.” Right indeed, very few have had the explosive growth that Basani Financial received in an industry that is filled with companies over 100 years old. Sumedh is living every entrepreneur’s dream earning multiple millions at such a young age.

However, let it be known that Sumedh’s goal isn’t focused on the money, but more so focused on growing the industry’s integrity and helping more clients in the right ways. Sumedh has spent a great deal contracting with the right providers to make sure clients get the best deal, in addition to marketing to the right demographics that need the products the most.  

“It’s simple,” he said.  “If we connect agents trained by our code of ethics who do good by the client to the clients that actually need the products then we create a better world. Too often people don’t focus on the bigger picture and end up sacrificing longevity. You take short cuts and you will always get cut short. This is a product that changes lives yet is criminally underestimated in today’s world. We should all seek to protect our assets and loved ones at all times, and this is the best product that does that and more.”

 

CEO of Penske Media Group. Experienced Content Editor with a demonstrated history of working in the newspapers industry. Spoken on stages around the globe - NYU, US Embassy, P&G Toronto and much more.

Newsletter

Facebook

Trending