Sumedh Basani is a 25 year old financial firm owner that is considered an insurance prodigy. He began his insurance brokerage Basani Financial in 2018 after working at various insurance companies. From being homeless in Cleveland with no car to living in a 3-story penthouse with multiple foreign cars, Sumedh is a success story out of a movie. But how did this 7-figure entrepreneur get his start?
Raised by his mother after his father died when he was 12, Sumedh pursued a career in medicine as his entire family pushed him to be a doctor. When he realized that medicine wasn’t the right path for him, he decided to drop out of school to pursue entrepreneurship. This broke his mother’s heart, as he threw away what he worked for his entire life.
“I come from a typical brown family that values education,” he said. “For them it was medicine, engineering, or law. My decision to pursue financial services shattered my mother’s world and caused her a lot of anxiety. My father wanted me to be a doctor and it was not easy for me to let go of the career the person I loved the most wanted me to be in. The most important thing to me at the time was being able to provide for my mother in retirement and not study for another 12 years and drown in college debt. She did everything for me and it was time I started being there for her. “
Sumedh left school and started working for various insurance companies. He loved the industry, but didn’t fall in love with the companies he worked for. He described most of them as greedy, focused on making profit of the clients and their employees. Company after company Sumedh found the same thing throughout the entire financial sector, and he wanted to do something about it. So he did, Sumedh took all of his savings and created Basani Financial, a company that was focused on serving agents and clients with integrity, fairness, and transparency.
Here agents would be equipped with the best pay schedules, residuals, and resources to succeed. Clients on the other hand would receive the best products, the proper marketing/info for their needs, and consult with agents trained under Basani Financial’s code of ethics. Most people think you can’t have both but Sumedh was determined to make his dreams and reality. Being the first and only employee, decided to set the bar high and wrote over 6 figures in production in one month, something top level agents never get to accomplish.
Agents from all over began to take interest in Sumedh due to his company’s structure, his leadership, Basani Financial’s massive back end database of resources, and Sumedh’s powerful partnerships with insurance carriers. In 2018 Basani Financial made tremendous growth and demonstrated how influential their place would be in the financial world. But 2019 is where Basani Financial truly shined, and what made Sumedh a multi-millionaire entrepreneur. Sumedh is known for his rare insurance contracts and his ability to provide agencies with top-level business consulting. His rapid climb in to wealth has gained him the nickname “The Wolf of Life Insurance,” which is a reference to Jordan Belfort.
“It’s funny that people call me that as I do not try to emulate the Wolf mainly for the reason that the Wolf scammed people with bad penny stocks. That’s not something we do, we genuinely go out of our way to help our clients and make sure they are protected in all gaps of coverage. Our goal these days is to setup the right agents for clients in need. “
It’s 2020 and Sumedh is bulldozing the competition in a competitive industry. Creating a futuristic sales empire, Sumedh has mastered electronic docu-signs, voice signatures, electronic signatures, and e-apps to allow his company to become the insurance capital of the world. His biggest goal now is to make insurance easier to get for the consumer and to educate others on the correct forms of insurance.