115. Tips on how to re-start a stalled (insurance) career

There comes a time in the life of quite a number of insurance professionals that their career seems to hit a plateau, having given their all and achieving a certain level of success, the need on how to continue growing and generating income for sustenance places a lot of us in a situation of loss and hopelessness.

I have been in this same situation quite a number of times not just in my insurance career but also in the other jobs I had in my long years in the financial services industry.

I have chosen this industry as a way to make a living, while selling products is the most straightforward way to create income, there are actually other ways to create value and be paid for it.

Do an "honest" self-assessment - at this stage of my career what are my strengths and weakness? in terms of the market I am trying to penetrate, are my skill sets updated and relevant? Are there any areas I need to enhance? 

One example would be during the recent Covid lockdowns, selling life insurance for me is difficult as the HNI market I am focusing on is not so keen of taking on a new insurance policy "online", as their needs are more complex than the usual saving for education or retirement track- there is a need to "meet them in person" for a careful and deliberate discussion to surface these issues and create a financial plan to address them, mobility restrictions obviously prevented these from happening.

As I cannot sell at this time, I shifted my focus to what I can do.

The ability to sell a financial product is the end result of a series of various activities that includes but are not limited to prospecting, qualifying, presenting and finally the close. 

How we brand ourselves as competent and reliable financial advisors can help a lot in the prospecting stage of the process, we can help build our brand by sharing our ideas and insights through public (online) forums!

This is what I did! instead of sulking and being weigh down by inactivity, I offered numerous speaking gigs to agency groups and companies to keep myself busy, I talked about the various challenges we are all facing and suggesting course of actions on how all of us can overcome. Some found it of value and I got paid for it, some I did for the purpose of building up my personal brand to stay relevant.

I can't honestly say that these created positive impacts to everybody who attended my talks. but it sure helped rebuild my self-confidence and place me on track for opportunities that came later.

So, if you are now feeling lost and unsure on how to move forward, the best way out is to remain "active" and identify ways and means on how to stay relevant.

Some things that you can do to stay on track:

Continuous Learning: Stay curious and open-minded, and actively seek out opportunities to acquire new knowledge and skills. This could involve taking courses, attending workshops, reading books, and staying up to date with industry trends.

Stay Informed: Regularly consume news and information related to your field of interest or industry. Follow reputable sources, subscribe to newsletters, and engage in discussions to stay aware of the latest developments.

Networking: Build and maintain a strong professional network. Connect with colleagues, mentors, and peers in your industry. Networking can provide insights, opportunities, and collaborations that help you stay relevant.

but the most important is to be adaptable and be open to embrace changes, be willing to pivot your skills and strategies when needed. The ability to adjust to new circumstances is a key trait for staying relevant.

I am now consulting for a couple of life insurance companies to help them create products and expand distribution channels, work opportunities that most likely will not happen if I just let circumstances affect me negatively.

All the best my friends!

#acgadvice

114. I asked ChatGPT, Will AI replace the insurance advisor?

 

In the dynamic world of insurance sales, the ability to create a successful insurance career goes far beyond mere policy offerings. It hinges on delving into the psychology of your clients, comprehending their unique needs, and addressing their concerns on a personal level. This process involves an artful blend of empathetic understanding, trust-building, and a deep grasp of the psychological triggers that influence decision-making. 

What AI can't and the insurance advisor can! A human-to-human interaction!

Empathy and Listening Skills: The Foundation of Effective Communication

To truly resonate with your customers, start by mastering the art of active listening. Empathize with their situations, pay attention to their spoken and unspoken cues, and genuinely connect with their emotions. This not only aids in comprehending their requirements but also showcases your authentic concern for their well-being.

Building Trust and Credibility: The Bedrock of Successful Relationships

In the world of insurance, trust reigns supreme. Transparency and honesty should be your guiding principles. Share information freely, even if it doesn't directly lead to a sale. By showcasing your expertise and integrity, you lay the groundwork for building credibility and fostering trust over time.

Addressing Emotional Needs: Transforming Fear into Security

Insurance decisions are often underpinned by emotions such as fear, the need for financial security, and a desire to protect loved ones. Tailor your conversations to address these emotional triggers. Paint a vivid picture of how your insurance solutions can offer peace of mind, shielding their most cherished assets from uncertainties.

Storytelling and Relatability: Forging Bonds Through Narratives

Stories have a remarkable power to connect people. Share real-life instances where insurance has made a significant impact. Craft narratives that mirror your customers' situations, allowing them to envision the benefits of insurance within the context of their own lives.

Urgency and Scarcity: Encouraging Timely Action

Harness psychological triggers like urgency and scarcity to prompt action. Illustrate the repercussions of delaying insurance coverage or highlight limited-time policy availability. These prompts encourage customers to take action promptly.

Positive Framing and Language: Shaping Perceptions

Craft your language to focus on positivity. Instead of dwelling on worst-case scenarios, emphasize the benefits and security that insurance provides. Position insurance conversations around opportunities for a brighter future.

Visual Aids and Simplicity: Simplifying Complexities

Insurance can be intricate, but simplification is key. Utilize visual aids, diagrams, and straightforward explanations to enhance comprehension. Visual representation aids clarity and bolsters customer confidence.

Follow-Up and Relationship Building: Beyond the Initial Interaction

The psychology of sales stretches beyond the initial pitch. Stay in touch with your customers, offering ongoing value post-sale. This approach cements your role as a dependable resource for their evolving insurance needs.

Incorporating the psychology of insurance sales isn't just about selling policies – it's about fostering lasting connections. By tapping into your customers' emotions, needs, and perspectives, you're not only enhancing your sales prowess but also positioning yourself as a trusted advisor on their financial journey. Remember, understanding the psychology behind the decisions is the key to forging meaningful, lasting relationships in the world of insurance.

All the best my friends!

#acgadvice

113. Will focusing on HNIs help or hinder you from qualifying to the MDRT?

 

The High-Net-Worth Market - the Holy Grail of insurance agents?

HNIs are wealthy prospects, they have substantial resources coming from their own business or the practice of a profession, some inherits it, and some married into it.

This is the profile of THE "ideal prospect" for most insurance agents.

The reason is obvious... working with HNIs gives us the opportunity to conceptualized, create and recommend creative financial solutions to serve their unique needs, whether to set up a perpetual paying fund for grandchildren, ensuring his business pass on to a preferred offspring, creating a legacy fund to finance the building of a school in their name or simply creating an efficient financial vehicle to ensure the maximum preservation of their wealth.

and if we are successful, the rewards are also substantial! 

I am quite fortunate to know personally some people who belongs to this category, in the early phase of my insurance career, I have worked with some of them and qualified to the Million Dollar Round Table!

SUCCESS BREEDS HUBRIS! Because of my early success, my insurance career workflow became centered on this segment, all I need is two or three large policies per year, and I am home free to the MDRT?

Big Mistake!!

The HNI market is fiercely competitive! it is not unusual for them to be pursued by a lot of agents at any given time, offering them a myriad of products from real estate, fast cars, investment and insurance products just to name a few, most of them would have numerous policies already, the challenge now is how to sell a new policy on top of whatever they already have.

Some other challenges we faced are:

HNIs often have high expectations regarding the level of service and the quality of products they receive. They expect personalized and tailored solutions that cater to their unique financial situations and goals. Meeting and exceeding these expectations can be demanding.

They are very busy!! trying to get them to sit down and meet with us is a constant challenge.

HNIs tend to be well-informed and may conduct extensive research before making financial decisions, we need to be well-versed in our products and services, capable of providing in-depth information and answering detailed questions.

Because of these challenges, the conversion number from prospects to client is very low!!

My "big mistake" is not approaching and talking to a bigger number of prospects! I may have qualified to the MDRT, but I failed to qualify to the Macaulay, why? because I lack the necessary number of unique policies.

What did I learn?

A successful insurance career is not just about getting the production requirements in terms of premiums, it is also equally important in getting the minimum number of policy holders to remain sustainable. 

In conclusion: Focusing on HNIs and thus talking to a fewer number of prospects will hinder us from qualifying to the MDRT, Focusing on HNIs AND building a wider network of prospects will help us qualify!

All the best my friends!!

#acgadvice