Episode description

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