In response to The Perils of Speaking in Jargon
“There’s nothing wrong with using technical terms. In fact, if you don’t, you may end up on the wrong side of a compliance issue. The key is to use what every agent has been taught to use for the last 50 years — a bridge linking a fact or feature to a benefit. For instance: ‘The high carbon cast iron disc brakes improve thermal mechanical resisitance, WHICH MEANS TO YOU, MR. PROSPECT … you’ll stop this car on a dime — safely and effortlessly.’ OK, I got it. Great feature, great benefit. Right? Right! Let’s not complicate things or invent problems that are not there. Speaking in technical terms and linking features to benefits has been around since midway through the last century. Don’t be afraid to use terms like ‘cap,’ ‘participation rate,’ ‘mortality risk charges,’ or whatever. Your client needs to have some understanding of these terms. Just be sure he or she understands the associated product benefit.”
Colleen King wrote:
“Cost containment is key, along with increasing efficiencies in health care delivery and insurance carrier plan administration. And if you think government-run health care is the way to go, check out the story about how markedly the folks here in California underestimated the potential claim cost for the guaranteed issue Pre-existing Condition Insurance Plan (PCIP). Enrollment was lower than they expected, claim costs were much higher, so now they are looking at potentially capping enrollment into the plan. Can you imagine the mess once something like this goes national?
“There are other ways to improve the system, which certainly needs to be improved. And eliminating agents, some peoples’ goal, is not efficient. Creating another government agency to ‘place’ people in plans is not efficient. Agents don’t get paid unless they sell. We provide our own workspace, supplies and benefits. Can’t say the same for government agencies, can we!”
In response to “Lame” Industry Image Needs to be Debunked
Lew Nason wrote:
“As a branch manager for Met Life, from 1989 to 1993, I hired 23 brand new agents. Each of those agents started their careers by selling mortgage insurance (using whole life or universal life). Over 10 years later, 18 of those agents were still in this business, and they were all making well over $100,000 per year. Today, many of them are making $200,000, $300,000 and much more. Consider, according to LIMRA (Life Insurance Marketing and Research Association), the failure rate for new agents coming into this business is over 86% in the first 5 years. I was able to achieve an 80% success rate. And, they have incomes that are double and triple the industry averages! The problem in our industry is that there is no real marketing and sales training. It’s become all about products.”