Any client engagement resource (that takes into account the clients age, their budget and provides a visual demonstration of what types of insurance cover and what levels insurance should be considered) is based on research on the client psychology of insurance purchases. Studies show that the way to maximise matching insurance solutions appropriately with clients is achieved by clearly advising clients on their life insurance needs with process and openly discussing a clients budget. In fact a doubling of coverage purchased is possible versus advisers who don't provide this sort of engagement.
Data from the Life Insurance and Market Research Association (LIMRA) allows a glimpse into the mind of the life insurance buyers and provides guidance on what works and what doesn't. In a LIMRA study the buying psychology of 3000 life insurance buyers was analysed and it was found that:
- face to face engagement and a needs analysis that was process driven and utilised social proof provided conversions of 73%
- communication effectiveness : the right communication channels with the right clients has a strong correlation with insurance purchases
- online offers were less effective without the opportunity to use visual triggers
- effectiveness was increased when using processes that defined what the types of insurances do and what they can provide when faced with life traumas
But importantly the data took into account the consideration of what the client could afford. When this was not discussed, prospects felt pressured. Using a tool that openly considered and classified budget issues mitigates these negative perceptions and emotions.
The robustness of process was also found to have an impact in a manifestly positive way on the propensity of a client to refer.
Overall however three keys came out of the research that bring us to the core of why clients buy insurance after being advised in a meaningful way:
1) determining if they are getting their money's worth for the cover they are buying versus the risk they face
2) being able to understand the types of cover they have been recommended
3) being able to understand the reasons for the amounts of cover they have been recommended
High income earners raised these three areas as the top of mind considerations.
Risk advisers are faced with the challenge of engaging clients in a meaningful way that not only produces the best outcome for a client in that they are adequately insured but that they are also compelled to refer their social circle to the advisers services. That's the way to ensure that Australians are adequately insured and we address the mis and underinsurance issues. Education and demystification of insurance is key. The value of insurance and the demonstration of such is absolutely paramount. The way to do that is remembering at our core what it is that we are providing. Clients may buy and we make talk about and insurance policy, but what we are selling and what they are buying is simple : it is the peace of mind that when faced with one of lifes risks that the right money goes to the right people at the right time. That's it, it is no more complicated than that and it is what great insurance advisers know and focus on doing well.
When a client is seated with their adviser the core drive they are seeking to meet is the drive to defend, and it is by engagement, communication, storytelling of lifes risks and the proper positioning of an insurance solution that meets and fulfils this drive. The research into human behaviour shows that people who are able to fulfil this drive have greater life satisfaction than those who have not. Remember what we do at our core as life insurance providers and putting process around this conversation and engagement in a way that is meaningful in the context of a life risk discussion is something not to be distracted from are we as an industry to be successful in ensuring more Australians have the vital cover that they need.
Sunday 27 April 2014
Greater Success And Sales Using Emotional Intelligence to Engage Staff and Clients : And What's This Got To Do With Intergenerational Advice?
Research studies have related team performance and team characteristics to effective leadership behaviours. The leadership behaviours in play encompass emotional intelligence and further, emotional intelligence becomes a precursor for the demonstration of transformational leadership.
The conclusions that can be drawn drawn are that facets of brain dominance and emotional intelligence may be potentially useful predictors of transformational leadership behaviours.
So what is emotional intelligence?
Emotional intelligence is described by Herbst and Maree and again by Schelecter and Strauss as a cognitive ability that involves the processing of emotion.
Other models define emotional intelligence in terms of behaviours and skills, including stress management skills (such as stress tolerance and impulse control), self-management skills (such as self-control, conscientiousness and adaptability), as well as social skills (such as conflict management, leadership and communication).
Overall however what is critical in understanding how effective a persons level of emotional intelligence is, is the requirement to understand how an individual perceives, understands, utilises and manages emotions.
Leadership comprises both intellectual and emotional facets and both these facets need to be attended to during the training of managers in order to equip them with sufficient leadership skills.
Transformational leadership behaviour has been found to be positively related to team-leader emotional intelligence and both these are said to be positively related to trust (both in the team leader and in team members) and to team commitment.
It seems that leaders are important creators and sustainers of the processes and dynamics responsible for effective teams.
So in the financial services world - effective client engagement and client servicing comes from having exceptional teams, team members and team dynamics that support a culture of ownership and empathy with the client.
Further the team needs to be crystal clear on the outcome that the business is creating for the client.
Without a leader that can define in client terms the vision for the business with a meaning and relevance that staff can not only believe in but also share the vision and help create it - then the business is only positioning itself for transactions with clients and not transformations of clients and the business itself.
Businesses that are not defining a vision, purpose and message for clients, sharing that vision with staff and building capabilities to deliver on the promise may do well in the short term in purely a transactional sense.
But the businesses that are shaping messages to win the hearts and minds of clients will be the businesses that truly capture the attention and the longevity of client loyalty.
The longer they are able to do this, then the longer they will be able to build their capabilities further to provide true family advice, true intergenerational offerings that deliver on providing the unspoken needs of clients.
The conclusions that can be drawn drawn are that facets of brain dominance and emotional intelligence may be potentially useful predictors of transformational leadership behaviours.
So what is emotional intelligence?
Emotional intelligence is described by Herbst and Maree and again by Schelecter and Strauss as a cognitive ability that involves the processing of emotion.
Other models define emotional intelligence in terms of behaviours and skills, including stress management skills (such as stress tolerance and impulse control), self-management skills (such as self-control, conscientiousness and adaptability), as well as social skills (such as conflict management, leadership and communication).
Overall however what is critical in understanding how effective a persons level of emotional intelligence is, is the requirement to understand how an individual perceives, understands, utilises and manages emotions.
Leadership comprises both intellectual and emotional facets and both these facets need to be attended to during the training of managers in order to equip them with sufficient leadership skills.
Transformational leadership behaviour has been found to be positively related to team-leader emotional intelligence and both these are said to be positively related to trust (both in the team leader and in team members) and to team commitment.
It seems that leaders are important creators and sustainers of the processes and dynamics responsible for effective teams.
So in the financial services world - effective client engagement and client servicing comes from having exceptional teams, team members and team dynamics that support a culture of ownership and empathy with the client.
Further the team needs to be crystal clear on the outcome that the business is creating for the client.
Without a leader that can define in client terms the vision for the business with a meaning and relevance that staff can not only believe in but also share the vision and help create it - then the business is only positioning itself for transactions with clients and not transformations of clients and the business itself.
Businesses that are not defining a vision, purpose and message for clients, sharing that vision with staff and building capabilities to deliver on the promise may do well in the short term in purely a transactional sense.
But the businesses that are shaping messages to win the hearts and minds of clients will be the businesses that truly capture the attention and the longevity of client loyalty.
The longer they are able to do this, then the longer they will be able to build their capabilities further to provide true family advice, true intergenerational offerings that deliver on providing the unspoken needs of clients.
Finding Balance : A ReFocus on Priorities
Perspective.....the ability to find perspective allows you to see things as they really are.
It's that ability in any given moment to step out of yourself and have a birds eye view on a situation and assess it for what it is. Perspective allows clarity of thought and that mindfulness leads to better decisions, more creativity and greater satisfaction with life.
The greatest challengers to perspective are time and awareness.
In today's unrelenting modern lifestyles the time for perspective is seldom allocated. Secondly with our minds bombarded more than ever before with information at speeds never before experienced in human history our awareness of our feelings, of situations is challenged and ignored. We become expressions of that which we have knowledge of but not necessarily understood. And that knowledge without understanding applies to ourselves.
We all understand the problem. What's the solution? Awareness is the key. But to give awareness an opportunity to change our direction, our perspective we need to allocate the time to gaining perspective.
Our advice is simple: time block it.
1) Allocate to start 10 mins in the morning and 10 minutes at night to mindfulness. This may start as simply a quiet spot where initially you don't think of anything. So don't take your smartphone with you. Now if you can't find a quiet room at work or home, then multi task. In all seriousness this might be time spent in the lavatory or in the shower. If that's all you can grab then take the opportunity.
2) Move next to assessing your life and how you feel about it. Ask yourself how you feel about certain aspects of your life, rank it on a scale of 1 to 5 and then write about what you want in the future and how you want to feel. This is a great exercise to do as a couple. The areas you are assessing include : relationships, health, fitness, philanthropy, community involvement, friends, spirituality, hobbies, work, house and home, finances, personal space, education and personal development.
3) Identify the three most important areas for you and assess whether you are spending enough time and resources in these areas.
4) By now that 10 mins hopefully has moved to 15 now you need to start a dialogue with your self and significant others : try setting time aside and this may start as only once a week that you and your partner just talk about your world and perhaps it's just as simple as a download of the week. Take turns. Listen don't solve.
5) Start focussing on what's really important (identified in 3)
It's that ability in any given moment to step out of yourself and have a birds eye view on a situation and assess it for what it is. Perspective allows clarity of thought and that mindfulness leads to better decisions, more creativity and greater satisfaction with life.
The greatest challengers to perspective are time and awareness.
In today's unrelenting modern lifestyles the time for perspective is seldom allocated. Secondly with our minds bombarded more than ever before with information at speeds never before experienced in human history our awareness of our feelings, of situations is challenged and ignored. We become expressions of that which we have knowledge of but not necessarily understood. And that knowledge without understanding applies to ourselves.
We all understand the problem. What's the solution? Awareness is the key. But to give awareness an opportunity to change our direction, our perspective we need to allocate the time to gaining perspective.
Our advice is simple: time block it.
1) Allocate to start 10 mins in the morning and 10 minutes at night to mindfulness. This may start as simply a quiet spot where initially you don't think of anything. So don't take your smartphone with you. Now if you can't find a quiet room at work or home, then multi task. In all seriousness this might be time spent in the lavatory or in the shower. If that's all you can grab then take the opportunity.
2) Move next to assessing your life and how you feel about it. Ask yourself how you feel about certain aspects of your life, rank it on a scale of 1 to 5 and then write about what you want in the future and how you want to feel. This is a great exercise to do as a couple. The areas you are assessing include : relationships, health, fitness, philanthropy, community involvement, friends, spirituality, hobbies, work, house and home, finances, personal space, education and personal development.
3) Identify the three most important areas for you and assess whether you are spending enough time and resources in these areas.
4) By now that 10 mins hopefully has moved to 15 now you need to start a dialogue with your self and significant others : try setting time aside and this may start as only once a week that you and your partner just talk about your world and perhaps it's just as simple as a download of the week. Take turns. Listen don't solve.
5) Start focussing on what's really important (identified in 3)
Wednesday 2 April 2014
Your thoughts don't need to define you
Especially if they're negative! We love the work by Susan David (CEO of Evidence Based
Psychology) and Christina Congleton, an associate at Evidence Based Psychology on how effective leaders manage their negative thoughts and feelings (Harvard Business Review November 2013).
They recognise and remind us that all of us have thoughts and feelings that can include criticism, doubt, and fear.
Where this becomes an issue is when we start believing what our inner voice is saying. What that voice is often doing is looking at a situation and working through the scenarios : akin to a process like De Bonos thinking hats, this happens though often without our conscious control and is our brain at work navigating solutions for us.
Where we come unstuck is when we don't recognise the thoughts and emotions for what they are : thoughts and emotions : they do not have to become the defining feature of us in that moment or determine our outcomes.
Being able to practice mindfulness and consciously assess the thought for what it is, is a great first step in determining our outcomes. Realising we are having a negative thought is ok as is how we feel about that thought.
David and Cohen put forth that effective leaders don’t suppress their inner experiences but rather practice emotional agility. A process where according to David and Cohen they recognise patterns; label thoughts and emotions; accept them; and act on their values.
What this relies on is a base of values that define who you are as an indvidual as a human being. What you stand for and the committment you have to those values are incredibly powerful drivers of your ability to practice mindfulness and in doing so be able to enact positive changes in your and others worlds even when the voice of doubt and potential failure enter your head.
This is about being true to yourself and that comes with the first step of knowing who you are.
Who you are is a construct of your experiences and interactions : the socialisation and combination of social structure and social engagement : but it's deeper than that : it is the very essence of not only who you are as a result but who you are wanting to be.
That's when you can reach for the positive affirmations, and the picture of the ideal you and understand where the gap is between the self you are now and the person you want to be. That defines the values you need to stay true to and the ones that will be challenged along the way.
With that clear understanding when you are challenged, fearful, anxious, conflicted or have just made a bad choice you will have the mindfulness to recognise the feeling that is out of kilter with your ideal self acknowledge that thought, accept it and take the action the positive action to rectify it and stay or move closer to the values that the ideal you embodies.
Psychology) and Christina Congleton, an associate at Evidence Based Psychology on how effective leaders manage their negative thoughts and feelings (Harvard Business Review November 2013).
They recognise and remind us that all of us have thoughts and feelings that can include criticism, doubt, and fear.
Where this becomes an issue is when we start believing what our inner voice is saying. What that voice is often doing is looking at a situation and working through the scenarios : akin to a process like De Bonos thinking hats, this happens though often without our conscious control and is our brain at work navigating solutions for us.
Where we come unstuck is when we don't recognise the thoughts and emotions for what they are : thoughts and emotions : they do not have to become the defining feature of us in that moment or determine our outcomes.
Being able to practice mindfulness and consciously assess the thought for what it is, is a great first step in determining our outcomes. Realising we are having a negative thought is ok as is how we feel about that thought.
David and Cohen put forth that effective leaders don’t suppress their inner experiences but rather practice emotional agility. A process where according to David and Cohen they recognise patterns; label thoughts and emotions; accept them; and act on their values.
What this relies on is a base of values that define who you are as an indvidual as a human being. What you stand for and the committment you have to those values are incredibly powerful drivers of your ability to practice mindfulness and in doing so be able to enact positive changes in your and others worlds even when the voice of doubt and potential failure enter your head.
This is about being true to yourself and that comes with the first step of knowing who you are.
Who you are is a construct of your experiences and interactions : the socialisation and combination of social structure and social engagement : but it's deeper than that : it is the very essence of not only who you are as a result but who you are wanting to be.
That's when you can reach for the positive affirmations, and the picture of the ideal you and understand where the gap is between the self you are now and the person you want to be. That defines the values you need to stay true to and the ones that will be challenged along the way.
With that clear understanding when you are challenged, fearful, anxious, conflicted or have just made a bad choice you will have the mindfulness to recognise the feeling that is out of kilter with your ideal self acknowledge that thought, accept it and take the action the positive action to rectify it and stay or move closer to the values that the ideal you embodies.
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