Datasets:

meetplace1
/

BrainOdata

Dataset card Viewer Files Files and versions Community

Split (1)

train · 514 rows

Question stringlengths 17 1.02k	Answer stringlengths 5 1.71k
At what value are electronic devices insured?	• Devices are insured at new (catalogue) value, including any taxes paid (for example VAT, customs duties, transport costs, excise duties)
For a claim covered by the EEI policy do I have to present the invoices for the appliances?	• Yes
For what risks can electronic devices be insured?	• Examples of risks covered by the EEI policy: - Fire or explosion - Damage caused by water coming from installations or from nature - Natural calamities - Natural phenomena (eg storm, hail, avalanche) - Theft • plus the following specific risks: - Acts of people (eg negligence, incorrect handling) - Bad intent on the part of third parties - Technology (eg material defects or overvoltages)
How is EEI insurance better than property insurance?	• In addition to the risks covered by property insurance - for example fire, explosion, natural calamities or theft, EEI insurance also covers human error, technological problems or malicious intent by third parties
How can I secure the rest of the content?	• The rest of the contents - for example furniture, stock, electronic equipment older than 10 years - can be covered by a building and contents insurance policy, which can be an SME policy or another type of policy
Is the damage covered under the warranty?	• Not • Damages covered by a warranty or service contract are not covered by the EEI policy
When does the sale need to be completed?	• When the customer is about to buy, but hesitates to say so • How do you know that the customer is about to buy? • The customer is one step closer to completing the sale when they send buy signals, ie… - ... ask concrete questions about the policy (what coverage it contains, how it is paid, how to proceed in case of damage, how to proceed with renewal, etc.) - ... browse the insurance offer and conditions and ask for explanations - So it's time to "push" the sale
What are the critical elements of a trading business?	• A trading business is usually conducted in a shop or warehouse, so the critical elements are: - The building - Merchandise stock - The means of transporting the goods
What are the critical elements of a manufacturing business?	• A manufacturing business usually takes place in a factory, hall or workshop, so the critical elements are: - The building - The means of production (machinery, equipment) - Stocks of raw materials and finished products
What are the critical elements of a service business?	• A service business is usually conducted in an office, practice, salon or laboratory, so the critical elements are: - The building - Equipment used (eg medical equipment or computers) - Key people (professionals on whom the business is based)
What information do you require to offer SME insurance?	- the CUI of the company - Full address - Year of construction - The constructive structure, according to the insurer's specifications - The surface - Neighborhoods (N, S, E, W) - Field of activity - Protective means - Owner / tenant - Amount insured on the building - Amount insured for contents
What risks can the SME policy cover?	• The SME policy can cover two types of risks:
What role does the SME policy have for the insured's family?	• The complex IMM policy, which covers property damage, business interruption, and civil liability, simultaneously protects the family's property, savings and income, in the event of an insured risk occurring • For a family that owns a business, especially if the family lives from the business, the SME policy is an important pillar of support for the family's well-being and material security
What types of buildings are there?	• The typology of the building is established according to the resistance structure and the material of the walls - Reinforced concrete structure, brick walls - Reinforced concrete structure, sandwich walls - Metal structure, sandwich walls
What does SME mean?	• Each insurer has its own definition of what small and medium-sized enterprises (SMEs) mean • In general, trade, service or production companies are included, where the total insured amount does not exceed a certain limit (for example 1, 2, or 3 million Euros) • Firms in agriculture, wood processing, chemical industry, as well as some types of warehouses are usually excluded
The building is made of concrete and iron; what will happen to him?	• Have you heard about the Grenfell Tower fire in London? • What about the fire at the Prosper complex in Bucharest? • What about the fire at the Frigoglass factory in Timiș? • Concrete and iron buildings turned into ruins due to fires • Continue with the aftermath of the earthquake? • No human construction can withstand calamities • But humans have invented an ingenious solution to get them out of the impasse • And this solution is called "insurance" • And it is intended for wise and prudent people
How do you present SME insurance?	• The SME policy ensures the reduction of losses in the event of a risk, by compensating for damage to the building or its contents: stocks, machinery, etc. • The business interruption clause provides you with the financial support for restarting the business, by covering fixed costs, including additional ones, as well as partially unrealized profit • The policy also covers any damage caused to third parties, such as bodily injury or material damage, thus protecting the company's reserves and assets
How do you respond to objections about SME insurance?	• How do you respond to objections with the substrate…
How are the covers determined on the IMM policy?	• The coverages are established based on the risk analysis of the business • It is important to prioritize major risks, i.e. those that can affect critical elements and destroy the business:
How are the sums insured on the IMM policy determined?	• The insured sums are determined according to the type of heritage assets:
How is the amount of compensation determined on the IMM policy?	• The determination of the amount of compensation is determined according to the type of insurance:
How is the amount insured on the building determined?	• It is recommended that the amount insured on the building represents the new (reconstruction) value, which means the cost of building a building with similar constructive and functional characteristics
How is the content insured amount determined?	• The sums insured for contents are determined according to the type of heritage assets:
How is the insured amount for working capital determined?	• The insured sum for working capital represents: - The cost of production, in the case of goods of own production - The purchase cost, including taxes, in the case of goods purchased
How is the sum insured for fixed assets determined?	• The insured amount for fixed assets represents their real value, so it represents the cost of replacing the goods with others of the same type, configuration and quality
How much money do I get in the event of a claim?	• If you take out the policy correctly, based on my recommendations, then in the event of a claim you will receive the amount necessary to remedy the damage, so that your situation after compensation is as close as possible to the situation before the occurrence of the risk
If I have several claims in one year will they all be compensated?	• Yes • But after each claim you will have to make up the sum insured, to avoid underinsurance • Replenishment of the insured amount is done by paying a difference in premium proportional to the amount of the compensation and the rest of the remaining period of the contract
If I have several premises how can I insure them?	• Most insurers will require each premises to be insured under a separate policy
If I make changes to the building, will the policy still be valid?	• It depends on the specifics of the changes • You must notify the insurer, in writing, of the changes you intend to make, and the insurer will notify you whether or not the policy remains valid, and under what conditions
If I do the repairs myself, am I compensated?	• Yes, you can be compensated, provided you agree with the insurer in advance on the price of the repairs, and especially on the labor
Where will the insurers get millions of Euros to pay after an earthquake?	• Where do insurers get money from, since their inception, centuries ago: from reserves • And from reinsurance, especially in the case of large claims • The insurance system is very well set up • The proof is the fact that traditional insurers have been able to successfully overcome world wars, economic crises, natural calamities and others • The insurer is your most loyal ally when trouble strikes you • Please note this
At what value is a floating stock insured?	• Since the risk can occur at any time, including when the stock is at its peak value, I recommend that you insure the stock at its maximum value
Am I refunded the VAT I paid if the stock is destroyed?	• Not • In case of destruction of the goods, you have the right to recover the VAT you paid
Can I insure goods that do not belong to me (goods in custody)?	• Yes, provided you have a supporting document attesting to the presence of those goods in your company's premises
How can you make policy changes more efficient?	• If the policies are well concluded from the outset, so they contain actual sums insured and contain the coverages the client needs, policy changes are rare • For example, changes occur when the customer makes extensions or purchases and the sums insured change or when they take out a loan and the assignment of the policy is required • In some cases, policies require risk inspection or are even issued by other, specialized persons • In order for the subscription and issuance process to be as short as possible, it is good to have contact persons in the specialized departments, who will serve you promptly • It will go a long way in creating an internal support network if you are polite and kind to those you need • Don't forget an old proverb - "a sweet word brings a lot"...
What should be your goals during your internship?	- Get as many new customer (prospect) names as possible - Make appointments with as many clients as possible - Make as many offers as possible - To sell as many policies as possible • If the expression "as many" seems strange to you, know that it was used not because BrainO does not know how to formulate an objective, but because, in the case of intermediaries who sell composite insurance, it is practically impossible to made a standardization • One thing you should understand from the beginning: your working day must be full • This does not mean not eating, not resting, or not solving your personal problems • This means not falling into the trap of having dead times and periods of unnecessary lamentation
What are BrainO's recommendations for you?	• Learn to work with an agenda; first thing in the morning, when you drink your coffee, consult your diary • Learn all you can about insurance; use only serious sources of information for this purpose • Do every day a little of the things you dislike, but which are important; it could be calling customers or asking for referrals, or maybe something else… • Tell everyone, whenever you have the opportunity, that you deal with insurance; not just cheap RCA, but insurance • When talking to a client to whom you want to sell insurance, always ask yourself: "What does he want to hear from me to buy insurance?" • People don't buy insurance, people buy people; customers will buy from you if, first and foremost, they like you • Dare to ask uncomfortable questions; insurance itself is not a nice thing, but a necessity • Aim to become, little by little, the only insurance intermediary for each client; if you are good and offer good products, what reason would there be another middleman...? • Serve your customers impeccably; most will appreciate this • Build a network of technicians (underwriters, product managers, claims inspectors, etc.), at each insurer, to serve you well and quickly; you will have an advantage over other intermediaries • Learn to use technology; you will gain time and customers
What sales actions should you take at the beginning of your career?	- Complete and use the database with prospects and customers - Calling prospects - Have customer awareness talks - Develop insurance solutions - Communicate insurance solutions - Explain insurance solutions - Resolve objections - You complete the sale
What do you think you do well (what works for you)?	• Tell, in 30-40 seconds, what are the things you consider you do well
What do you think you don't do well (what doesn't work for you)?	• You may be dealing with several of the four typical problems, but find it difficult to solve them all at once • Choose one of the issues you want to focus on next:
What mistakes to avoid?	• It's very easy for a 10-minute break to turn into 15, then 30, and then 60 minutes... • You can use the Internet to do prospecting or to waste time... • You can start the working day at 8, 10 or 12... • You can end the working day at 6 pm or 12 noon... • You can work 5 days a week or 1 day a week... • Freedom can be an opportunity or a trap • Some activities you will like more, and you will do them with pleasure, and others less or not at all, and you may be tempted to avoid them; but remember that it is a chain, which is never stronger than its weakest link • If you neglect, or worse, if you omit to do what you dislike, you will create the conditions for failure to succeed • In conclusion, the two big mistakes that can compromise your dream are: - The rose - Superficiality • Their opposite are two qualities that will help you see your dream with your eyes: - Diligence - Seriousness • PS: if it seems to you that the word "must" has been used too often, think like this: you have to realize your dream, or will you be satisfied even if you miss it...?
What do you need to learn at the beginning of your career?	• With BrainO by your side, you can learn what you need anytime, anywhere
How can you streamline administrative activities?	• What are the main administrative activities?
How can you make productive activities more efficient?	• The productive activities are the following: - Increasing the number of customers - Development of the policy portfolio - Indirectly, training is also a productive activity, because if you are better prepared, you will be more efficient; that's only if you apply what you learn... • Your efforts towards the two productive activities vary differently over time • You mean? • With the development of the portfolio... • ... spend less and less time looking for new customers, because new customers end up looking for you • ... spend more and more time developing your policy portfolio to provide your customers with enough insurance • In dedicated modules, BrainO gives you ideas for prospecting and sales techniques
How can you streamline the notification of due dates, for installments and renewals?	• Here's a way of working that can save you good hours, or even days if you have a lot of clients, and gives you just as many hours - or days - for productive activities in return • Instead of calling customers, to inform them that they have to pay an installment or renew a policy (it takes 3...5 minutes for a customer), you can use the online communication templates - it takes 20...30 of seconds for a customer! • BrainO provides you with online communication templates for announcing installments and renewals
How can you streamline claims assistance?	• First of all, each customer must know what rights and what obligations they have in case of damage • It will be inconvenient for the client and uncomfortable for you too if the client is asked for various documents, photographs, statements, minutes, etc., one after the other, instead of all these things being requested from the beginning • For this to happen, make lists of all the documents that are required for the claim, for each type of policy, at least for the usual risks (for example car accidents or damage to the water installations) • Then make some mockups yourself to send to customers who have had a claim, and text them a few minutes after you've been notified • Customers will appreciate your gesture • Remember: in order to sell the policy, you made some promises to your client, which he believed • After all, the time has come to honor your promises • A satisfied customer pays his installments • A satisfied customer renews his policy • A satisfied customer buys other policies • A satisfied customer recommends you • A satisfied customer puts money in your pocket, year after year
How can you streamline the transmission of policies?	• Renewed policies can be sent online, on WhatsApp or by email, accompanied by a brief description and the presentation of the information required for online payment • Using online communication templates, the process of submitting the policy takes 2...3 minutes, compared to 30...60 minutes for the round trip and handing over the policy in person • BrainO offers you templates for online communication that contain the brief and to-the-point presentation of common policies, both for family and business
How can you streamline the transmission of policies?	• There are situations in which traveling to the client is justified, because it represents an opportunity to sell him enough insurance • This is the case for wealthy customers who can afford to purchase all the insurance they need, as well as business people • Especially in the case of businesses, selling enough insurance can be done both by updating policies (up-sell) and by diversifying policies (cross-sell) • For example, an SME type business can develop, which can involve both increasing the insured sums and adding new clauses on the policy that is being renewed (up-sell), but also covering new risks, through other types of policies (cross-sell) • You decide, in the end, if you want to meet the client and talk with him, or are you content with sending the policy • So that the client does not perceive online communication as negligence, or even disinterest, ask him from the beginning of the relationship with your way of working and ask for his consent • Concretely, during the first meeting with the client, you can say something like this... • For you, insurance means safety • For me it is a business, and I do everything I can to make it efficient • In this sense, I usually agree with clients that the transmission of due dates, renewal notices, offers and including policies, should be done mainly online • This in no way diminishes the care I have for each individual client, on the contrary, we both have a record of communication, as all messages remain on the phone or laptop • And it gives me time to develop my business by expanding the number of clients • Is it okay if we also work together in this way? • By posing the issue this way, the customer has no reason to disagree
How can you make the collection of installments more efficient?	• Here's a way of working that can save you good hours, or even days if you have a lot of clients, and gives you just as many hours - or days - for productive activities in return • Instead of collecting installments in cash like 20 years ago, teach customers to pay online
How can you use the time you have effectively?	• An intermediary does two types of activities: - Productive activities, those that increase production - Administrative activities, those that preserve its production • The limited time allocated to insurance requires minimizing the time allocated to administrative activities, in order to maximize the time allocated to productive activities
How should you work if you are a part-time agent?	• If you carry out another activity, but the schedule is not rigid, so you have "windows" often enough, you can combine the two activities • But if you also have a job that requires a fixed schedule, from the hour... to the hour..., then things get complicated • What are the new premises in this case? - First of all, your financial objective is moving away, by some years; you need to set realistic expectations so you don't get disappointed - Secondly, the possibility of having sales meetings is significantly reduced; realistically speaking, how many meetings can you have in the evening, after 6pm...?
How do you plan your activity if you can only work in the evening?	• If you can deal with insurance only in the evening, then it means that: - You can call prospects only in the evening - You can only have meetings in the evening - You can do all the rest of the sales actions (bidding, issuing) only in the evening - You can only study in the evening • Meeting with the client must always be a priority; even if you have something else planned for tonight, if a client has accepted you in the meantime, you will go to the meeting and countermand the other activities • You must prepare a specific telephone approach; it can be like this: • "I could visit you tomorrow afternoon, after 6pm to be precise... Is that okay? Where can I find you at that time, are you still at work or can we meet at your home? What time is convenient for you? Please book 20...30 minutes for discussion. Can you give me the address please?" • You will also benefit from specializing in online communication; online you can communicate anytime and from anywhere • BrainO provides you with online communication templates for all stages of the sales process
How do you plan your activity if you can also work during the day?	• Take advantage of the "windows" you have at work to...: - Calling prospects - You prepare offers - Issue policies - Learn • Be careful when meeting with clients; tuck them in between tasks at work or put them on in the evening • It is mandatory to call customers with the agenda in front of you, to see when you have the "windows" • In the telephone approach, when you propose the meeting, you can say like this: • "I have a window today between 10 and 11; is that okay with you?" • If the answer is "No", then be prepared to continue: • "Then I could tomorrow at 2pm; is that all right?" • It will help you a lot to specialize in online communication; online you can communicate anytime and from anywhere • Braino provides you with online communication templates for all stages of the sales process
How do you plan your daily activity?	• "Fill" your day with Prospecting + Phones + Meetings + Bidding + Learning - Start using a personal database • Write in it all your knowledge - yes, all -, without making assumptions about who will be insured and who will not; over time, experience will confirm that surprises can arise • Then write down, daily, all the people you learned about that day • Do this from the first day of work, throughout the time you will be an insurance intermediary - First thing in the morning, consult your diary and check what meetings are planned - Call customers • How many calls to make? BrainO recommends that you set a daily goal that you can't deviate from even if you don't want to. For example, 30 phones every day; regardless of their outcome. But let 30 be 30, not 20 and not 10! - Go to meetings with clients • An appointment can last, on average, an hour to an hour and a half, which includes the journey to and from the client; so in a day you have time for 2-3 meetings - Set aside an hour every day to study • You can choose an interval, always the same, in which your mind is more receptive, or you can use the time between meetings for learning • Because you use the BrainO application, you can learn anywhere: at the office, at home, in the car... - Learn about insurers' issuing programs • This is the only way you will be able to issue quickly and correctly - Learn the financial and administrative procedures of insurers - Learn to use digitization in customer communication and prospecting
How can you set your priorities?	• To deduce what is a priority and what can be postponed, filter each action you intend to take with the following question: • What do I lose if I delay? • If the answer is "I don't lose anything concrete", then postpone and do something that is important and urgent • If the answer is "I lose..., that is, I lose something important", then do that thing, with priority • For example, if you are in doubt about what to do tomorrow - send messages to customers or renew policies that expire soon - then renew the policies; the best customer is the customer you already have • But if you originally set out to collect some installments tomorrow, which are not yet due, but you have some prospects you could meet with, meet the prospects; you can collect the installments the day after tomorrow, or online
Why do people buy insurance?	• Why do people buy insurance? • What does financial security mean? • What risks can affect a family's financial security? • What does it mean for a family to have enough insurance?
Where can you get your motivation from?	• From your dream • Yes, your dream of having lots of money and time to spend it can come true in insurance • Think about it this way: what are the highest paying professions in our time? • IT scientists, lawyers, doctors, notaries... • Can you do ITst? • Can you become a lawyer? • Or doctor? • Most likely not; if it were possible, you would already be an IT, lawyer or doctor • Why is it not possible? • Because it means long and hard years of learning, exams, stress, which you are not willing to go through • In these professions a lot of money comes, it is true, but after years • But there is another way to get time and money together: selling insurance • But here too, as in highly skilled professions, the benefits appear over time • At the beginning you work a lot and the earnings are small; after years of work, you will earn very well with much less effort • If you understand this, this will be your motivation • If you don't understand it, this will also demotivate you • And you'll end up studying the job ads again...
Digitization: an ally or a foe for insurance intermediaries?	• Digitization is much more of an ally than an enemy • Why enemy? • Because, gradually, some of the compulsory policies and some of the popular policies will be easy to buy on the Internet • And more and more customers will • Why ally? • First of all, because Romanians are not used to taking care of themselves; or in other words, there are few Romanians willing to buy insurance, other than RCA, casco and housing • We are after 30 years of private insurance and only 1 in 5 Romanians have their home insured, and their number has been stagnant for years • And only 1 in 7 Romanians have life insurance • Yes, they will find insurance on the Internet, but only those who will search for insurance on the Internet • There will still be a lot of people who won't go online, and will wait for someone to convince them to get insured • Who? • For example, you • The job of prospecting and approaching customers still remains the responsibility of intermediaries • Second, complex policies, which have a laborious underwriting and issuing process, require and will continue to require the input of a professional consultant • And here come dozens of types of policies and clauses, such as business insurance, i.e. corporate policies, civil liability insurance or life insurance • Remember the nuance: clients will need professional consultants, who can justify their commission by the added value they bring to the client
Who should you choose as a role model?	• Someone who makes money in a way that you can too • If you will choose as your model an intermediary who earns well, but sells, for example, CAR policies worth tens of thousands of Euros, because he has relations at the mayor's office or in a party, and you do not have high-level relations either town hall, nor to any party, then you will probably be disappointed • But you can "steal" work from any intermediary who does something good; it can be a statement, a question, a gesture, an inflection of the voice or a work strategy • In any case, your role model must be a good professional and a person of integrity • It would be good to be an intermediary that has built its strategy around the idea of providing enough insurance to customers • That's what BrainO teaches you, and that's what you should be able to learn from it too • Because that's what customers need
What clauses for the insured (eg the parent) can be attached to the child's policy?	- Death insurance from any cause - Accidental death insurance - Permanent disability insurance - Insurance of exemption from the payment of premiums in case of invalidity • The types of clauses differ by insurer
What child clauses can be attached to the child's policy?	- Surgery insurance - Hospitalization insurance - Insurance for burns - Insurance for fractures - Medical expenses • The types of clauses differ by insurer
What clauses can be attached to the policy for the child?	• The savings plan for the child can be attached... • Additional clauses for the parent • Additional clauses for the child
What is the child savings plan?	• The child savings plan provides the child with a fixed amount at a fixed time, regardless of whether the insured - usually one of the parents - is alive or deceased during the term of the policy
What information do you require to offer the child savings plan?	- What is your salary? • Or the alternative: in which range are your incomes? - How old are you? - How old is the child? - At what age do you want the child to receive the money saved (18...25 years old)? - What amount do you want to save, annually (I recommend 5...8% of income)?
What information do you require to offer the child savings plan?	• Try to propose a percentage of 7...8% of the income to begin with • After you have obtained a level of the available premium, you can add with the question: "Do you agree to put the allowance?" • Avoids the question "What amount do you want the child to receive at maturity?", because clients do not have the knowledge to correlate the insured amounts with the costs and may "jump" at exaggerated amounts
What part of the insurance premium is invested?	• Part of the insurance premium is represented by the costs related to the policy (for example the risk premium, commissions, medical tests, FGA tax, correspondence, printing) • Part of the insurance premium is invested; this part is called investment premium • Little is invested in the early years because there are high expenses • For this reason, if the insured terminates the policy in the first years (for example in the first three years) he does not recover any of the money paid; it is good to tell the customer this, so that they do not confuse the savings plan with a bank deposit... • Starting from the fourth year, the investment premium represents an increasing percentage of the insurance premium, reaching values of 90-95% in most of the contract
What part of the insurance premium is invested?	• To the question "Well, isn't all my money invested, like at the bank?", the answer must be: • We are not talking about a deposit, but about insurance, and protection has a cost • Because the policy covers two risks – death and survival, the customer pays for each of them • And the money for the risk of death is not returned
What risks does the child savings plan cover?	• The actual policy covers two risks: - Death of the insured, by taking over the payment of the premiums - Survival of the beneficiary (child), by paying the guaranteed insured sum • Recommendation: • Complements the protection with death insurance and exemption from payment of premiums in case of invalidity of the insured
What is the role of the savings plan for the child?	• The policy guarantees the child that he will receive the insured amount at maturity, either if the parent is with him, or if a tragedy snatched him from the family life prematurely
What happens to the child savings plan if premiums are waived?	• The policy remains valid but for a lower sum assured, called reduced sum assured
What happens to the child savings plan if premiums are waived?	• In this case, the child will still have a savings plan, but "smaller", without the insured paying anything more • A great advantage, isn't it? • The guaranteed accumulated sum (or mathematical reserve) will continue to be invested, and the insurer will continue to guarantee the same technical interest
What happens to the savings plan in the event of the insured's death?	• The savings plan for the child includes the clause of exemption from the payment of premiums in the event of the death of the insured • This means that, in the event of the death of the insured, the insurer takes over the payment of the premiums, and when the policy matures, the child receives the same amount of money
What happens to the savings plan in the event of the insured's death?	• The automatic inclusion of the exemption clause from the payment of premiums in the event of the death of the insured is a major advantage of the savings plan for the child • However, optimal protection is offered to the child by the policy which contains, in addition to the savings plan for the child, two additional clauses: - Death of the insured - Exemption clauses from the payment of premiums in case of invalidity of the insured • In the modules of BrainO, you will find this set of covers under the generic name "saving package for the child" • The savings package for the child is the ideal tool for ensuring the future of the child, from a financial point of view, both in good times - the insured lives, is healthy and earns money - and in bad times - the insured person dies or becomes disabled and unable to work • Theoretically, every parent who has a child of preschool age, and average income or above, should buy a savings package for the child • A better performing financial instrument, for the child, does not (yet) exist, at least in Romania
What happens to the savings plan if the child dies?	• In the event of this tragedy, the insured, who is usually the parent, has two options: - To collect the amount accumulated on the policy, without any penalty (so to receive the mathematical reserve and not the surrender value), plus the additional profit - To convert the savings plan for the child into a mixed life insurance for the insured, for the rest of the remaining period of the contract • There may be other options depending on the insurer
What happens to the child's policy if the insurer goes bankrupt?	• Bankruptcy of a serious insurer is unlikely • If, however, it does, then you are paid the surrender value on the date of bankruptcy • The redemption value is paid... - From the insurer's reserves, if they are sufficient - From the Insured's Guarantee Fund, if the insurer's reserves are insufficient • So whatever happens, you get back the surrender value, specified in the contract
What happens to the child's policy if they die?	• In this case, the "third parent" - i.e. the insurer - continues saving, instead of you, and the child receives the same amount at the maturity of the policy • This is a unique advantage; no other savings instrument, which involves periodic, staggered payments, continues after the person's death
What happens to the child's policy if I stop paying it?	• Your child will receive less money when the policy matures • Specifically, he will receive a reduced sum assured, specified in the contract, plus additional earnings
What amount does the insurer pay in case of termination of the child savings plan?	• The surrender value is the amount received upon termination • The redemption value is a percentage of the guaranteed accumulated amount (mathematical reserve)
What amount does the insurer pay in case of termination of the child savings plan?	• Terminating policies and obviously receiving a lower amount than what was paid is one of the main reasons for customer dissatisfaction • Be prepared to deal with this topic • Termination of the policy means breach of contract • In order to pay the client the money due, the insurer must liquidate some investments • This involves a cost, which is borne by the insured
What total amount does the beneficiary (child) receive when the policy matures?	• The guaranteed technical interest is a minimum value that the insurers obtain, throughout the duration of the contract • In reality, insurers usually get higher investment returns (improperly called "interests"). • Correct is the investment result and not the interest because the interest is specific to bank deposits, or insurers mainly invest in bonds, where the gain is called "coupon" • If the investment result exceeds the guaranteed technical interest, an investment surplus appears • The investment surplus is divided between the insurer and the beneficiary (the child), based on the profit sharing scheme: - The greater part belongs to the insured (85-90%) - The smallest part goes to the insurer (15-10%) • When the policy matures, the beneficiary (child) receives the guaranteed sum insured plus participation in the winnings • That is, he gets at least the sum assured, never less
What total amount does the beneficiary (child) receive when the policy matures?	• For short-term contracts, so when the child is over 7 years old, the additional earnings can compensate for the fact that the guaranteed amount at maturity is lower than the amount of the premiums • The additional profit is paid in any situation of termination of the contract: death, survival or termination
What does capitalization mean?	• Capitalization (in popular terms "interest on interest" or "snowball effect") means the annual, repeated reinvestment of the amount existing at the end of the previous year • It is important to remember that the guaranteed capitalization mechanism, specific to traditional life insurance, guarantees the client that his sums will always increase, so they will never decrease: today the insured has more money than yesterday, and tomorrow he will have more money than today
What does capitalization mean?	• There are also capitalized bank deposits • But bank deposits usually have a duration of one year, the money can then be withdrawn without penalty, while a life insurance with capitalization has a long duration, usually 20...30 years • Different financial instruments with different purposes
How does the child savings plan work?	• Can you sell the child savings plan without understanding how it works? • The truth is... yes • But, out of ignorance, you risk misinforming or deceiving the customer • Knowing how it works will give you security and help you logically answer questions and objections
How can you present the savings plan for the child?	• The child will receive the amount of... lei at maturity, no matter what happens to you: • May you be with him, and celebrate together • Whether a misfortune took you away from your family • In this tragic situation, your wife will receive, immediately, once again, the same amount that the child will receive at maturity (if the insured's death clause was attached)
How do I answer questions about the child savings plan?	• To be more convincing, before answering the client, you can ask him a question about what you have already explained • Involving the customer in the discussion will make them better understand the benefits of the insurance
How do I answer questions about the child savings plan?	• Whatever the client asks, your answer must relate to two major aspects: - Death protection and - Guaranteed savings, including in the event of the parent's death
How is the child savings plan inflation protected?	• An example of a mechanism: • The insured amount increases annually with the inflation index • The insurance premium increases with a percentage communicated by the insurer
How is child policy inflation protected?	• The insurer annually increases the insured amount by the percentage of inflation • In exchange for increasing the insured amount, the insurer requests an increased premium, correlated with the increase in the insured amount
How do you get the guaranteed amounts at the end of each year?	• In terms of guaranteed (traditional) life insurance, of which the child savings plan insurance is also a part, capitalization means the following: every year the amount existing at the end of the previous year (called mathematical reserve) is invested, together with the premium of investments from the year starting • The insurer guarantees that the minimum investment return will be equal to the guaranteed technical interest • In this way, the minimum amounts are guaranteed at the end of each year of the contract; these values are called mathematical reserves • Since the minimum amount at the maturity of the contract is guaranteed, it follows that the intermediate values (mathematical reserves) over the entire duration of the policy are also guaranteed • The notion of mathematical reserve can be difficult for the client to understand; if you end up discussing these details with him, instead of a mathematical reserve, you can use the phrase "guaranteed accumulated sums" • It is important to note – and to communicate to the client – that these accumulated guaranteed amounts are guaranteed to the client both by the insurer, by contract, and by the ASF, through the FGA • The bottom line is this: traditional life insurance (that is, with a guaranteed technical benefit) is among the safest long-term investments • Westerners have known this for hundreds of years - the first life insurances appeared in the 19th century; Romanians are only now (re)learning... • That's why in the insurance market in developed countries, life insurance holds the largest share, as in gross annualized premiums (PBA)
How do you get the guaranteed amounts at the end of each year?	• Remember: the guaranteed technical interest is guaranteed for the entire duration of the policy • This means that no matter what happens in the economy, no matter how interest rates fluctuate, the insured, respectively the beneficiary - i.e. the child, benefits from the same minimum interest for the entire duration of the policy • If the question "so what?" crosses your mind, it would not hurt to consider the following realities: • In the years 1995-2000, when the sale of life insurance took off in Romania, the guaranteed technical interest had the value of 5.5% • A customer who bought a traditional life insurance in 2000, with a duration of 30 years, benefits from the same minimum interest until 2030 (!) • When you talk to your client about saving for the long term, when you get to present the benefits of traditional life insurance, focus on safety, not profit • The safety argument will not be able to contradict it, while the profit argument, yes... • There are other investment instruments that can generate a higher return than traditional life insurance; remember the nuance: "can"
How is the money paid for the child's policy an investment?	• In order to obtain the guaranteed sum at the maturity of the policy, in any economic conditions, insurers invest the life insurance capital mainly in safe instruments • At the level of the entire life insurance market in Romania, the structure of investments is as follows: • ≈ 85% in bonds • ≈ 15% in deposits, shares, etc
How much money does the child get at the end?	• When the policy matures, the child receives the insured amount plus the additional earnings • That is, he receives at least the sum insured, which is guaranteed by the contract
How much money do I get back if I cancel the child's policy?	• If you cancel the policy within the first 3 years, you get nothing back • If you terminate the policy from the 4th year onwards, you get the surrender value plus additional earnings on the date of termination • The redemption value is specified in the contract for each individual year
How do I know the insurer will pay all these amounts on the child's policy?	• You conclude a contract with the insurer • Both you and the insurer must comply with this contract
Can the child's policy be changed?	• Yes • Most insurers accept policy changes on your anniversary • If you wish to increase the insured amount, the insurer will request the completion of a new medical questionnaire
What is an objection?	• An objection is a way of expressing dissatisfaction or concern • Some customers, when they have a doubt, ask • Others, when they have a concern, prefer to object, so as not to appear ignorant... • If there were no objections, agents would probably sell many more policies…. • ... but the commissions would be much lower • From the client's perspective, the objection is an indirect way of saying: "Convince me!"
The client turned you down and nothing really happened to him; so was he right to refuse you?	• It is a very common situation • The client refuses, months or years pass, nothing happens to him, and he concludes that he is invulnerable and therefore does not need insurance • Is this conclusion logical? • Not • The only logical conclusion is that he was lucky in the past • Are you right that he doesn't need insurance? • Not • Are you abandoning him? • Not • You persist, because... risk is a certainty in our lives • The risk is unpredictable, so it can occur at any time • And it is vital that at that time the family has the right insurance • BrainO offers you various methods and scenarios for customer awareness ("warming up"), including online
How do you find out the real objection by the "shut up and find out" method?	• The client nods implicitly; it is clear that something is bothering him • What the? • Shut up and wait • If you're patient, it's possible that at some point the customer will say something like: - "Who the hell can you trust anymore? Can't you see I'm going bankrupt one after another?" (so the objection is disbelief) - "Why should I spend money on insurance? This block is rubbish, it didn't even have an earthquake" (so the objection is the lack of need)
How do you find out the real objection by "ask and find out"?	• Ask • You ask the client to say what is on his mind • Here are some examples of clarification questions: - Is it just me or is something bothering you? - I feel that you have a dissatisfaction; this is true? - I would like to move on, but I can tell that you have something on your mind... what is it about? - Your look tells me that something is wrong; I'm here to help you, so... I'm listening - My flair says that something is bothering you and I can only help you if you are honest and tell me what is bothering you