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2. Needs,Fact-find,Solution on Insurance
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Transcript of 2. Needs,Fact-find,Solution on Insurance
Fact-Finding and Presenting a Solution
Agenda
Selling the Problem Fact-Finding & Needs Analysis Presenting the Solution Selling the Solution with product FAB Presenting the Illustration
Selling the Problem
ProtectionAccumulation
Retirement
Need for Financial Security
The 3 corner stones of financial security
Protection against death, disease and
Disability
Accumulation for meeting
financial goals
Retirement planning for a happy old age
3cornerstones
Selling The Problem
Showing the Need for Insurance for Financial Security
Fact-Finding for identifying Emotional needs Financial needs
Analysis of Needs based on customers requirement and income to arrive at a solution
Need for Insurance-Human Life Value
Age Today
35 60
30
Would work till age
Average earning today……
If you do not grow at all, in the next 25 years you would earn…
Great! But what is the guarantee that you would live for these 30 years?
Need for Insurance- Savings/Investment
Age when started working
26 35
10
Age Today
Average earning till 35……
What has been the saving in these 10 years…….%
Great! But why is % saving so low now???
Need for Insurance- Savings/Investment
Working Years
3560
25
Retirement period
Approximate savings till age 60?
Approximate expenses from age 60 to 80?
80
20
Fact-Finding
Most important part of the process Validates all your recommendations Learn to read between the lines Get beyond the facts How do they really feel (Feeling Finding)
Steps To Successful Fact-Finding Permission to begin
Needs AnalysisFact gathering Questions (from a fact-finding form)
Feeling gathering Questions
Fact-Finding Form
Priorities
Pure protection (life insurance)
Child’s education funding
Child’s wedding funding
Retirement planning
Loan protection
Need Analysis Form
Converts needs into numbers
Reveals how much money is
needed for all the needs/dreams of
the prospect
Converts need to a want
Case Study- Client Pradeep
Liabilities Liquid Assets
1. Annual Household expenses x 100/ Interest rate
30,000 x 100/5= 72 lacs2. Outstanding Loan House- Nil Car- Nil Personal- Nil3. Medical Contingency-
NilTotal- 72 lacs
Life Insurance- 40 lacs
Savings & Other Assets- Nil
Shortfall- 32 lacs
Case Study continued
Accumulation NeedChildren’s educationChildren’s MarriageAny other long term accumulation need
Rs 15 lacsRs 15 lacs
Total Rs 30 Lacs
Retirement NeedAnnual Retirement Income (a)Number of years after retirement (b)Estimated retirement corpus
Rs 3.6 lacs20 years72 lacs
Role play
Use the fact-finder form to do fact-finding
Solution
Sales Turbin
e
Providing Solution
Providing Solution Provide a solution that meets with the clients:
Needs
Budget
MetLife has an entire range of solutions for:
Protection
Accumulation
Retirement
Get your prospect to Act Now
Revisit the Need
Explain the Urgency
Highlight the Solution Benefits
Feature Advantage & Benefit
FAB to sell the solution effectively
Highlight Product Benefits
not Features
Will a prospect buy the product just by knowing the feature ?
Let us take an example :
You are in an
electronic showroom to buy a television.
You are looking at
different television sets and at that time the showroom sales person approaches you.
Sir, May I help You?
The sales person asks to buy ABC television because it has “Golden Eye Technology”.
Would you buy ABC television because
it has “Golden Eye Technology” ?
You may not be excited to buy ABC television because you have not understood what is “Golden Eye Technology”
Now the sales person tells you that you should by ABC television because it has “Golden Eye Technology” and so it changes its brightness according to the brightness of the room.
Now, you have understood the ADVANTAGE.
Even after understanding the ADVANTAGE, you are not able to take a decision of buying ABC television since you do not know how is this going to help you personally.
Finally the sales person tells you that because ABC television changes its brightness according to the brightness of the room, you and your family including your children will not feel any stress on the eyes.
Now, you have understood the BENEFIT and have decided to buy ABC television because it has a feature of “Golden Eye Technology”.
Using PRODUCT FAB to sell the solution
F FEATURE
A ADVANTAGE
B BENEFIT
PRODUCT FAB
FEATURE : A Characteristic or a Quality
ADVANTAGE :Common to all
BENEFIT : Personalized
PRODUCT FAB
How to make an ADVANTAGE and BENEFIT statement :
ADVANTAGE : Ask “So what?”
BENEFIT : Ask “What is in it for Me?”
PRODUCT FAB
So, in case of ABC television :
FEATURE : It has a Golden Eye TechnologyADVANTAGE : (So what?) So it changes the brightness according to the brightness of the room.BENEFIT : (What is in it for me?)
Because of this you will not feel stress on your eyes.
PRODUCT FAB
It is very important that along with the
FEATURE of the product, we mention the ADVANTAGE and the BENEFIT.
PRODUCT FAB
Write down the benefits of our products:
Met Suraksha ( TA & TROP ) Met Suvidha Met Bhavishya Met Easy
Illustrations
How to make effective illustrations? Personalize each illustrations with prospect’s name and age
Always take at least 3 illustrations to cover each of the prospect’s need
Explain each illustration in order of priority (prospect’s NEED), FUTURE NEED - the tax free maturity values fulfill the
accumulation needs PRESENT NEED - the Sum Assured fulfils the protection need
In case of ULIPs, explain the projections @ 6% and 10%. The historical returns earned on each of the funds can be shared as additional information
Always show withdrawals in the later years and top-ups in the beginning
Version: 1.3.4 Page: 5 Date Prepared: 05 Jun 2003
MET PLATINUM Participating Endowment Policy15 Year Guaranteed Premium Paying Term
Annual Premium (Rs.) : 28,814Premium Payment Mode : Annual Total Initial 15 YearBase Policy Face Amount : Rs. 450,000 Risk Class: Male / Standard Age: 35 YearsInsured : a g
Prepared By – MetLife Basic Ledger
DeathBenefit
MaturityBenefit
CashValue
DeathBenefit
MaturityBenefit
CashValue
AnnualContractPremium
AgeYear
End
15 Year Term (Rs.)
681,924 681,924 450,000
450,000 28,8145015
660,752 576,86
4 450,000
112,375 28,8144914
640,196 500,14
8 450,000
103,730 28,8144813
620,239 430,02
0 450,000
95,086 28,8144712
600,863 365,87
3 450,000
86,442 28,8144611
570,047 307,16
6 450,000
77,798 28,8144510
553,443 253,41
3 450,000
69,154 28,814449
537,324 204,17
9 450,000
60,509 28,814438
521,673 159,08
0 450,000
51,865 28,814427
506,479 117,74
7 450,000
43,221 28,814416
491,727 79,853
450,000
34,577 28,814405
477,405 45,095
450,000
25,933 28,814394
463,500 17,289
450,000
17,288 28,814383
450,000 0 450,000
0 28,814372
450,000 0 450,000
0 28,814361
ILLUSTRATEDGUARANTEED
Rs. 432,210Total Premium Payable under 15 Year Term : Version: 1.3.4 Page: 6 Date Prepared: 05 Jun 2003
Illustration Mr./Mrs Customer, you wanted a plan
to save a total sum of Rs 647,000 for
<child’s> education. This policy has
an illustrated maturity of Rs 681,924
at the end of 15 years.
You have said that it is very important
that this money is available for
<child’s> education, under any
circumstances. This policy guarantees
a sum of Rs 450,000 at any time on the
event of death.
You have also stated that you are
willing to put aside Rs 25,000 per year
for this purpose. The premium for this
plan is Rs 28,814, which will fit into
your budget.
Thanks