55 min
5 Insurance Industry SECRETS They Don't Want You To Know! - Jon-Paul Hale NZ Business Owners
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- Entrepreneurship
Guest Jon-Paul Hale: https://www.willowgroveinsurance.co.nz/about-us/about-us-j-p-hale-menu
Takeaways
The insurance industry can be complex and challenging, with various pitfalls and potholes that individuals may encounter.
Understanding the client's needs and providing tailored solutions is crucial in the insurance industry.
Underwriters play a significant role in assessing risks and determining coverage terms.
Trust, education, and personalized advice are essential in the insurance industry. Insurance companies consider both medical and financial information when underwriting policies.
Advisors play a crucial role in guiding clients through the application process and ensuring accurate disclosure.
The misconception that insurance companies do not pay out claims is refuted, with statistics showing a high percentage of claims being paid.
The current application process can be inefficient and time-consuming, and there is a need for improvements, such as allowing insurance companies to access medical notes with client consent.
Chapters
00:00 Understanding the Challenges in Business
03:37 Approaching Insurance Sales
07:51 Building Rapport and Understanding Client Needs
09:25 Motivational Interviewing and Client Engagement
10:33 Empowering Clients to Make Decisions
11:53 The Difference Between Sales and Advice
14:29 Developing Skills and Personalizing Delivery
15:31 Setting Boundaries for Advisors
18:15 Staying Educated in the Insurance Industry
26:47 The Role of Underwriters in Insurance
30:59 Underwriting and Financials
32:14 Predicting Mortality
34:30 Role of Advisors and Brokers
36:19 Reinsurance and Risk Spreading
38:39 Financial Strength Ratings
41:17 Misconceptions about Insurance Payouts
44:30 Buying Insurance Online
45:58 Application Process and Claim Rates
51:15 Improving the Application Process
53:38 Value of Advice and Automation
Guest Jon-Paul Hale: https://www.willowgroveinsurance.co.nz/about-us/about-us-j-p-hale-menu
Takeaways
The insurance industry can be complex and challenging, with various pitfalls and potholes that individuals may encounter.
Understanding the client's needs and providing tailored solutions is crucial in the insurance industry.
Underwriters play a significant role in assessing risks and determining coverage terms.
Trust, education, and personalized advice are essential in the insurance industry. Insurance companies consider both medical and financial information when underwriting policies.
Advisors play a crucial role in guiding clients through the application process and ensuring accurate disclosure.
The misconception that insurance companies do not pay out claims is refuted, with statistics showing a high percentage of claims being paid.
The current application process can be inefficient and time-consuming, and there is a need for improvements, such as allowing insurance companies to access medical notes with client consent.
Chapters
00:00 Understanding the Challenges in Business
03:37 Approaching Insurance Sales
07:51 Building Rapport and Understanding Client Needs
09:25 Motivational Interviewing and Client Engagement
10:33 Empowering Clients to Make Decisions
11:53 The Difference Between Sales and Advice
14:29 Developing Skills and Personalizing Delivery
15:31 Setting Boundaries for Advisors
18:15 Staying Educated in the Insurance Industry
26:47 The Role of Underwriters in Insurance
30:59 Underwriting and Financials
32:14 Predicting Mortality
34:30 Role of Advisors and Brokers
36:19 Reinsurance and Risk Spreading
38:39 Financial Strength Ratings
41:17 Misconceptions about Insurance Payouts
44:30 Buying Insurance Online
45:58 Application Process and Claim Rates
51:15 Improving the Application Process
53:38 Value of Advice and Automation
55 min