axa protection account sales skills workshop. this presentation is aimed and directed at...
TRANSCRIPT
This presentation is aimed and directed at professional advisers only3
Protection Sales
Individual Term Assurance(Excluding accelerated
Critical Illness)
Individual Critical Illness(Accelerated & stand alone policies)
Individual Income Protection
Source Swiss Re Term & Health Watch 2006
This presentation is aimed and directed at professional advisers only4
PROTECTION
SALES
WHO WANTS IT?
YouCommission
Thorough Job
Professional
Your Figures / Range of Sales
The BusinessReg Premium Biz
FSA Requirement
Protects customers
Advisers have a professional image
The Customer
Protects them and family
Peace of mind
This presentation is aimed and directed at professional advisers only5
WIIFM… Assuming average mortgage of £150,000 with a married couple male
35 nb n/s & female 32 nb n/s assuming a repayment mortgage over 25 years:-
(1)Procuration fee= £500.00
(2)Proc fee plus joint life first death life cover = £474.03 £474.03+ £500.00 = £974.03
(3)Proc fee plus joint life first event life or earlier critical illness cover = £2433.68 £500.00 + £2433.68 = £2933.68
(4) Proc fee plus (3) plus income protection for male life £604.39 £500.00 + £2433.68 + £604.39 = £3538.07
This presentation is aimed and directed at professional advisers only6
Objectives
By The end of today you will be able to:
Identify a clear protection sales structure
Apply this to your mortgage sale process
Gain commitment from your mortgage clients in the area of protection
This presentation is aimed and directed at professional advisers only8
Objectives
By the end of this session you will be able to:
State your objectives for a mortgage sales meeting
List the key stages of the mortgage sales meeting
Describe the key skills required to conduct an effective meeting
Identify key control mechanisms used during a meeting
List the 4 components of a good ‘signpost’
This presentation is aimed and directed at professional advisers only9
Why set an objective?
Gives a clear purpose for the meeting
Saves time i.e. you know where you want to get to
Assists in a successful outcome.
This presentation is aimed and directed at professional advisers only10
Your objectives?
To have completed, or be in a position to complete, the mortgage sale
Cross sell.
This presentation is aimed and directed at professional advisers only11
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only12
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find (normal process followed) Fact find for protection Revealing a protection need Present your solution
Mortgage (normal process followed) Protection
This presentation is aimed and directed at professional advisers only13
Key Skills
Planning Questioning Listening Recording Understanding Influencing Controlling Gaining commitment
This presentation is aimed and directed at professional advisers only14
Control Mechanisms
Setting objectives Structure Questioning Summarising
This presentation is aimed and directed at professional advisers only16
Objectives
By the end of this session you will be able to:
State your objectives for a mortgage sales meeting
List the key stages of the mortgage sales meeting
Describe the key skills required to conduct an effective meeting
Identify key control mechanisms used during a meeting
List the 4 components of a good ‘signpost’
This presentation is aimed and directed at professional advisers only18
Objectives
By the end of this session you will be able to:
Explain what is meant by commercial rapport State the benefits of building commercial rapport Explain what is meant by setting the scene Describe the benefits of using an agenda to set the
scene for a meeting
This presentation is aimed and directed at professional advisers only19
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only20
Rapport – the purpose?
Sell yourself Develop trust Put yourself and the customer at ease To gain information Can bring focus and direction to the meeting Allows you to get a measure of the customer.
This presentation is aimed and directed at professional advisers only21
Commercial Rapport?
• Rapport relevant to your business objectives.
This presentation is aimed and directed at professional advisers only22
Building commercial rapport
Property Family Career
This presentation is aimed and directed at professional advisers only23
Active listening
Summarising what has been said Asking questions back i.e. supplementary questions Eye contact Nodding – non-verbal and verbal Recording what is being said Not interrupting Not tailgating!
This presentation is aimed and directed at professional advisers only24
Set the scene
Telling the customer what the meeting is going to cover How you are going to conduct the meeting How long it is going to take What the likely outcome will be One or two meeting process.
This presentation is aimed and directed at professional advisers only25
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only26
Using an agenda - benefits
Structure to follow Cannot be forotten Gives you control Reference point throughout the meeting Useful if the meeting goes off track Looks good, looks professional Different to competition Aids the flow of the meeting i.e. the customer knows
what is coming next.
This presentation is aimed and directed at professional advisers only27
Using a written agenda - tips
Personalise e.g. customer’s name, date of meeting Send in advance, if possible Brief headings Sell the benefit Share it with the customer Ask for additions Refer to throughout meeting.
This presentation is aimed and directed at professional advisers only28
Objectives
By the end of this session you will be able to:
Explain what is meant by commercial rapport State the benefits of building commercial rapport Explain what is meant by setting the scene Describe the benefits of using an agenda to set the
scene for a meeting
This presentation is aimed and directed at professional advisers only30
Objectives
By the end of this session you will be able to:
Explain the benefits of fact finding for protection
Understand the key skills required
List the information that you want to gather at this stage of the meeting
This presentation is aimed and directed at professional advisers only31
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only32
Fact finding
What’s in it for you?
What’s in it for your customer?
This presentation is aimed and directed at professional advisers only33
Key Skills
Questioning
Listening
Speed (but accurate)
This presentation is aimed and directed at professional advisers only35
Example Signpost “That’s the mortgage sorted out. (From)
What I’d like to do now is understand what protection arrangements you currently have in place for yourself and your family were you not around or ill for a prolonged period. (To)
The way I am going to do that is just spend a few minutes asking you some quick questions about the arrangements that you might have and I’ll take a note of the detail. (How)
The reason for doing this is, as we said earlier, a mortgage is probably the biggest financial commitment you will ever take on so it’s important to ensure that it is safeguarded in any event. This will allow me to establish whether you have any gaps in your current financial planning and, if so, we can deal with those and give you and your family complete peace of mind. Is that ok?” (Why)
This presentation is aimed and directed at professional advisers only36
Key Skills
Questioning
Listening
Speed (but accurate)
Signpost at outset
This presentation is aimed and directed at professional advisers only37
Question types
Closed
Assumptive
Probing
This presentation is aimed and directed at professional advisers only38
Key Skills
Questioning
Listening
Speed (but accurate)
Signpost at outset
Question types i.e. closed, assumptive, probing
This presentation is aimed and directed at professional advisers only39
Preparation
“One of the areas that we will also look at is ensuring that your mortgage is protected in any event and, in order to make the most effective use of the time that we have, it would be very useful if you could bring along details of any existing protection policies that you have.”
This presentation is aimed and directed at professional advisers only40
Tips
Signpost throughout Park items Constantly check Be relevant Help the customer Mini summaries Outstanding information Thank the customer
This presentation is aimed and directed at professional advisers only41
Objectives
By the end of this session you will be able to:
Explain the benefits of fact finding for protection
Understand the key skills required
List the information that you want to gather at this stage of the meeting
This presentation is aimed and directed at professional advisers only43
Objectives
By the end of this session you will be able to:
Understand the protection reveal need process
Understand how to include this in your mortgage sale process
Demonstrate revealing protection needs with your customers
This presentation is aimed and directed at professional advisers only44
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only45
Revealing A Protection Need
WANTS ≠ GOTS
This presentation is aimed and directed at professional advisers only46
Revealing A Protection Need
A – Agreement
W – Wants
P – Proof
This presentation is aimed and directed at professional advisers only47
Revealing A Protection Need
Logic 20%
Vs
Emotion 80%
This presentation is aimed and directed at professional advisers only48
Revealing A Protection Need
A – Agreement
W – Wants
P – Proof
I – Implications
N – Next Steps
This presentation is aimed and directed at professional advisers only49
Supplementary Questions?
Exact objective – e.g. capital or income Amount required Life, CI or both, PHI. Smoker? JL / SL Budget In trust? Health Deferred period Timescales
This presentation is aimed and directed at professional advisers only50
Objectives
By the end of this session you will be able to:
Understand the protection reveal need process
Understand how to include this in your mortgage sale process
Demonstrate revealing protection needs with your customers
This presentation is aimed and directed at professional advisers only52
Objectives
By the end of this session you will be able to:
Explain where the presentation of your solutions fits into the Mortgage Sales meeting
State the key stages of the ‘Double Buying Process’ used to re-sell a problem and sell a solution
List the key stages of a second meeting.
This presentation is aimed and directed at professional advisers only53
Meeting Structure
Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution
Mortgage Protection
This presentation is aimed and directed at professional advisers only54
Revealing A Protection Need
A – Agreement
W – Wants
P – Proof
I – Implications
N – Next Steps
This presentation is aimed and directed at professional advisers only55
Double Buying Process
Re-sell the problem Sell the solution
A
W
P
I
N
This presentation is aimed and directed at professional advisers only56
Re-sell the problem
‘AWPIN’ model
TELL not consultative
Seek agreement as you recap
Use the customer’s own words and phrases
Emphasise the ‘Implications’ stage
This presentation is aimed and directed at professional advisers only57
Re-sell the problem
A Issue to be discussed
W Recap wants, why, importance, how much, how met
P Re-introduce the shortfall
I Recap the implications
N Seek agreement and check commitment
This presentation is aimed and directed at professional advisers only58
Sell the solution
A Confirmation that you have a solution
W Confirm planning considerations taken into account
P Present the solution
This presentation is aimed and directed at professional advisers only59
P Present the solution
1. Concept - diagram or verbally
2. Contract – the name of the product
3. Cost – the premium.
This presentation is aimed and directed at professional advisers only60
Sell the solution
A Confirmation that you have a solution
W Confirm planning considerations taken into account
P Present the solution
I State the BENEFITS
N Ask for the business
This presentation is aimed and directed at professional advisers only61
2nd Meeting Structure
Re-establish rapport Set the scene Recap previous meeting Check for changes Present your mortgage solution Sell your protection solution (Double Buying Process) Confirm next steps
This presentation is aimed and directed at professional advisers only62
Objectives
By the end of this session you will be able to:
Explain where the presentation of your solutions fits into the Mortgage Sales meeting
State the key stages of the ‘Double Buying Process’ used to re-sell a problem and sell a solution
List the key stages of a second meeting.
This presentation is aimed and directed at professional advisers only64
Protection Sales Skills WorkshopWhat have we covered?
Structuring a mortgage sales meeting Control mechanisms Building commercial rapport Setting the scene Fact finding for protection Revealing a protection need Presenting your protection solution
This presentation is aimed and directed at professional advisers only66
PROTECTION
SALES
WHO WANTS IT?
YouCommission
Thorough Job
Professional
Your Figures / Range of Sales
The BusinessReg Premium Biz
FSA Requirement
Protects customers
Advisers have a professional image
The Customer
Protects them and family
Peace of mind