axa protection account sales skills workshop. this presentation is aimed and directed at...

AXA Protection Account

Sales Skills Workshop

This presentation is aimed and directed at professional advisers only2

Hands Up Please!


Protection Sales

Individual Term Assurance(Excluding accelerated

Critical Illness)

Individual Critical Illness(Accelerated & stand alone policies)

Individual Income Protection

Source Swiss Re Term & Health Watch 2006


PROTECTION

SALES

WHO WANTS IT?

YouCommission

Thorough Job

Professional

Your Figures / Range of Sales

The BusinessReg Premium Biz

FSA Requirement

Protects customers

Advisers have a professional image

The Customer

Protects them and family

Peace of mind


WIIFM… Assuming average mortgage of £150,000 with a married couple male

35 nb n/s & female 32 nb n/s assuming a repayment mortgage over 25 years:-

(1)Procuration fee= £500.00

(2)Proc fee plus joint life first death life cover = £474.03 £474.03+ £500.00 = £974.03

(3)Proc fee plus joint life first event life or earlier critical illness cover = £2433.68 £500.00 + £2433.68 = £2933.68

(4) Proc fee plus (3) plus income protection for male life £604.39 £500.00 + £2433.68 + £604.39 = £3538.07


Objectives

By The end of today you will be able to:

Identify a clear protection sales structure

Apply this to your mortgage sale process

Gain commitment from your mortgage clients in the area of protection

AXA Sales Skills Workshop

Meeting Structure and Control


Objectives

By the end of this session you will be able to:

State your objectives for a mortgage sales meeting

List the key stages of the mortgage sales meeting

Describe the key skills required to conduct an effective meeting

Identify key control mechanisms used during a meeting

List the 4 components of a good ‘signpost’


Why set an objective?

Gives a clear purpose for the meeting

Saves time i.e. you know where you want to get to

Assists in a successful outcome.


Your objectives?

To have completed, or be in a position to complete, the mortgage sale

Cross sell.


Meeting Structure

Build commercial rapport Set the scene Mortgage fact find Fact find for protection Revealing a protection need Present your solution

Mortgage Protection


Meeting Structure

Build commercial rapport Set the scene Mortgage fact find (normal process followed) Fact find for protection Revealing a protection need Present your solution

Mortgage (normal process followed) Protection


Key Skills

Planning Questioning Listening Recording Understanding Influencing Controlling Gaining commitment


Control Mechanisms

Setting objectives Structure Questioning Summarising


Signpost

From To How WHY?


Objectives


State your objectives for a mortgage sales meeting

List the key stages of the mortgage sales meeting

Describe the key skills required to conduct an effective meeting

Identify key control mechanisms used during a meeting

List the 4 components of a good ‘signpost’


Commercial Rapport and Setting the Scene


Objectives


Explain what is meant by commercial rapport State the benefits of building commercial rapport Explain what is meant by setting the scene Describe the benefits of using an agenda to set the

scene for a meeting


Meeting Structure


Mortgage Protection


Rapport – the purpose?

Sell yourself Develop trust Put yourself and the customer at ease To gain information Can bring focus and direction to the meeting Allows you to get a measure of the customer.


Commercial Rapport?

• Rapport relevant to your business objectives.


Building commercial rapport

Property Family Career


Active listening

Summarising what has been said Asking questions back i.e. supplementary questions Eye contact Nodding – non-verbal and verbal Recording what is being said Not interrupting Not tailgating!


Set the scene

Telling the customer what the meeting is going to cover How you are going to conduct the meeting How long it is going to take What the likely outcome will be One or two meeting process.


Meeting Structure


Mortgage Protection


Using an agenda - benefits

Structure to follow Cannot be forotten Gives you control Reference point throughout the meeting Useful if the meeting goes off track Looks good, looks professional Different to competition Aids the flow of the meeting i.e. the customer knows

what is coming next.


Using a written agenda - tips

Personalise e.g. customer’s name, date of meeting Send in advance, if possible Brief headings Sell the benefit Share it with the customer Ask for additions Refer to throughout meeting.


Objectives


Explain what is meant by commercial rapport State the benefits of building commercial rapport Explain what is meant by setting the scene Describe the benefits of using an agenda to set the

scene for a meeting


Fact Finding for Protection


Objectives


Explain the benefits of fact finding for protection

Understand the key skills required

List the information that you want to gather at this stage of the meeting


Meeting Structure


Mortgage Protection


Fact finding

What’s in it for you?

What’s in it for your customer?


Key Skills

Questioning

Listening

Speed (but accurate)


Signpost

From To How WHY?


Example Signpost “That’s the mortgage sorted out. (From)

What I’d like to do now is understand what protection arrangements you currently have in place for yourself and your family were you not around or ill for a prolonged period. (To)

The way I am going to do that is just spend a few minutes asking you some quick questions about the arrangements that you might have and I’ll take a note of the detail. (How)

The reason for doing this is, as we said earlier, a mortgage is probably the biggest financial commitment you will ever take on so it’s important to ensure that it is safeguarded in any event. This will allow me to establish whether you have any gaps in your current financial planning and, if so, we can deal with those and give you and your family complete peace of mind. Is that ok?” (Why)


Key Skills

Questioning

Listening


Signpost at outset


Question types

Closed

Assumptive

Probing


Key Skills

Questioning

Listening


Signpost at outset

Question types i.e. closed, assumptive, probing


Preparation

“One of the areas that we will also look at is ensuring that your mortgage is protected in any event and, in order to make the most effective use of the time that we have, it would be very useful if you could bring along details of any existing protection policies that you have.”


Tips

Signpost throughout Park items Constantly check Be relevant Help the customer Mini summaries Outstanding information Thank the customer


Objectives


Explain the benefits of fact finding for protection

Understand the key skills required

List the information that you want to gather at this stage of the meeting


Revealing a Protection Need


Objectives


Understand the protection reveal need process

Understand how to include this in your mortgage sale process

Demonstrate revealing protection needs with your customers


Meeting Structure


Mortgage Protection


Revealing A Protection Need

WANTS ≠ GOTS



A – Agreement

W – Wants

P – Proof



Logic 20%

Vs

Emotion 80%



A – Agreement

W – Wants

P – Proof

I – Implications

N – Next Steps


Supplementary Questions?

Exact objective – e.g. capital or income Amount required Life, CI or both, PHI. Smoker? JL / SL Budget In trust? Health Deferred period Timescales


Objectives


Understand the protection reveal need process

Understand how to include this in your mortgage sale process

Demonstrate revealing protection needs with your customers


Selling the Protection Solution


Objectives


Explain where the presentation of your solutions fits into the Mortgage Sales meeting

State the key stages of the ‘Double Buying Process’ used to re-sell a problem and sell a solution

List the key stages of a second meeting.


Meeting Structure


Mortgage Protection



A – Agreement

W – Wants

P – Proof

I – Implications

N – Next Steps


Double Buying Process

Re-sell the problem Sell the solution

A

W

P

I

N


Re-sell the problem

‘AWPIN’ model

TELL not consultative

Seek agreement as you recap

Use the customer’s own words and phrases

Emphasise the ‘Implications’ stage


Re-sell the problem

A Issue to be discussed

W Recap wants, why, importance, how much, how met

P Re-introduce the shortfall

I Recap the implications

N Seek agreement and check commitment


Sell the solution

A Confirmation that you have a solution

W Confirm planning considerations taken into account

P Present the solution



1. Concept - diagram or verbally

2. Contract – the name of the product

3. Cost – the premium.


Sell the solution

A Confirmation that you have a solution

W Confirm planning considerations taken into account


I State the BENEFITS

N Ask for the business


2nd Meeting Structure

Re-establish rapport Set the scene Recap previous meeting Check for changes Present your mortgage solution Sell your protection solution (Double Buying Process) Confirm next steps


Objectives


Explain where the presentation of your solutions fits into the Mortgage Sales meeting

State the key stages of the ‘Double Buying Process’ used to re-sell a problem and sell a solution

List the key stages of a second meeting.


Course Close


Protection Sales Skills WorkshopWhat have we covered?

Structuring a mortgage sales meeting Control mechanisms Building commercial rapport Setting the scene Fact finding for protection Revealing a protection need Presenting your protection solution


Practice critical areas


PROTECTION

SALES

WHO WANTS IT?

YouCommission

Thorough Job

Professional

Your Figures / Range of Sales

The BusinessReg Premium Biz

FSA Requirement

Protects customers

Advisers have a professional image

The Customer

Protects them and family

Peace of mind


Course Close

axa protection account sales skills workshop. this presentation is aimed and directed at...

Documents

mortgage sales meeting

protection needpresent

effective meeting

mortgage clients

repayment mortgage

plus income protection

key stages

mortgage sale cross