When I propose products to customers, some will sign up immediately, some not immediately, and some will decide not to make their purchase with me.
There could be many reasons to this, such as comparing different companies’ product features, or comparing prices, customers think they don’t need that certain feature, or finances not allowing, etc.
I also can’t help but think, is trust one of the reasons?
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A client might think my advice is not sound.
As you may have noticed from my recent posts, I’m an advocate for investment-linked (ILP) insurance. This is because it gives the policy a flat-rate payment structure as the person becomes older, and it is also cheaper in the long run. There are certain exceptions to my advice, such as if the client only needs a short-term life insurance, or a medical plan for an expat family if they are not sure how long they’re residing in Malaysia, or if the client is not financially able to subscribe to an ILP.
This hasn’t always been the case. Insurance can be a difficult concept to explain, the agent has to break down the policy contract put up by the actuary, legal team and the product managers to the customer, without impairing the integrity of the contract.
My past explanation to customers may not get across as well as I hoped for it to be, and as a result having a bias towards the product that can be easily understood and sold.
I developed the explanation skill over time, understanding customer needs better and introduce solutions that they think is suitable, not by recommending the easiest product to sell.
- A client might also think that I’m motivated to sell him/her something because of the potential commissions, or if I might be selling a product that may not give the best bang-for-buck, such as packaging a savings plan with life insurance when the client is only looking for a savings or investment instrument. Do I recommend products based on the commission I earn? No. I believe that with more clients signing up with me, eventually the money will come, no matter how small the purchase is.
- Do I service my clients well? Yes. I never delay processing anything. As soon as a client has a request, it’s done the next day. Sometimes the company might take longer to process it, and it will only become longer if I don’t submit it immediately.
My friends, thank you for the trust you have placed in me.