Fact-Finding and Presenting a Solution

Agenda

Selling the Problem Fact-Finding & Needs Analysis Presenting the Solution Selling the Solution with product FAB Presenting the Illustration

Selling the Problem

ProtectionAccumulation

Retirement

Need for Financial Security

The 3 corner stones of financial security

Protection against death, disease and

Disability

Accumulation for meeting

financial goals

Retirement planning for a happy old age

3cornerstones

Selling The Problem

Showing the Need for Insurance for Financial Security

Fact-Finding for identifying Emotional needs Financial needs

Analysis of Needs based on customers requirement and income to arrive at a solution

Need for Insurance-Human Life Value

Age Today

35 60

30

Would work till age

Average earning today……

If you do not grow at all, in the next 25 years you would earn…

Great! But what is the guarantee that you would live for these 30 years?

Need for Insurance- Savings/Investment

Age when started working

26 35

10

Age Today

Average earning till 35……

What has been the saving in these 10 years…….%

Great! But why is % saving so low now???

Need for Insurance- Savings/Investment

Working Years

3560

25

Retirement period

Approximate savings till age 60?

Approximate expenses from age 60 to 80?

80

20

Fact-Finding&

Needs Analysis

Fact-Finding

Most important part of the process Validates all your recommendations Learn to read between the lines Get beyond the facts How do they really feel (Feeling Finding)

Steps To Successful Fact-Finding Permission to begin

Needs AnalysisFact gathering Questions (from a fact-finding form)

Feeling gathering Questions

Fact-Finding Form

Priorities

Pure protection (life insurance)

Child’s education funding

Child’s wedding funding

Retirement planning

Loan protection

Need Analysis Form

Converts needs into numbers

Reveals how much money is

needed for all the needs/dreams of

the prospect

Converts need to a want

Case Study- Client Pradeep

Liabilities Liquid Assets

1. Annual Household expenses x 100/ Interest rate

30,000 x 100/5= 72 lacs2. Outstanding Loan House- Nil Car- Nil Personal- Nil3. Medical Contingency-

NilTotal- 72 lacs

Life Insurance- 40 lacs

Savings & Other Assets- Nil

Shortfall- 32 lacs

Case Study continued

Accumulation NeedChildren’s educationChildren’s MarriageAny other long term accumulation need

Rs 15 lacsRs 15 lacs

Total Rs 30 Lacs

Retirement NeedAnnual Retirement Income (a)Number of years after retirement (b)Estimated retirement corpus

Rs 3.6 lacs20 years72 lacs

Role play

Use the fact-finder form to do fact-finding

Presenting the Solution

Solution

Sales Turbin

e

Providing Solution

Providing Solution Provide a solution that meets with the clients:

Needs

Budget

MetLife has an entire range of solutions for:

Protection

Accumulation

Retirement

Get your prospect to Act Now

Revisit the Need

Explain the Urgency

Highlight the Solution Benefits

Feature Advantage & Benefit

FAB to sell the solution effectively

Highlight Product Benefits

not Features

Will a prospect buy the product just by knowing the feature ?

Let us take an example :

You are in an

electronic showroom to buy a television.

You are looking at

different television sets and at that time the showroom sales person approaches you.

Sir, May I help You?

The sales person asks to buy ABC television because it has “Golden Eye Technology”.

Would you buy ABC television because

it has “Golden Eye Technology” ?

You may not be excited to buy ABC television because you have not understood what is “Golden Eye Technology”

Now the sales person tells you that you should by ABC television because it has “Golden Eye Technology” and so it changes its brightness according to the brightness of the room.

Now, you have understood the ADVANTAGE.

Even after understanding the ADVANTAGE, you are not able to take a decision of buying ABC television since you do not know how is this going to help you personally.

Finally the sales person tells you that because ABC television changes its brightness according to the brightness of the room, you and your family including your children will not feel any stress on the eyes.

Now, you have understood the BENEFIT and have decided to buy ABC television because it has a feature of “Golden Eye Technology”.

Using PRODUCT FAB to sell the solution

F FEATURE

A ADVANTAGE

B BENEFIT

PRODUCT FAB

FEATURE : A Characteristic or a Quality

ADVANTAGE :Common to all

BENEFIT : Personalized

PRODUCT FAB

How to make an ADVANTAGE and BENEFIT statement :

ADVANTAGE : Ask “So what?”

BENEFIT : Ask “What is in it for Me?”

PRODUCT FAB

So, in case of ABC television :

FEATURE : It has a Golden Eye TechnologyADVANTAGE : (So what?) So it changes the brightness according to the brightness of the room.BENEFIT : (What is in it for me?)

Because of this you will not feel stress on your eyes.

PRODUCT FAB

It is very important that along with the

FEATURE of the product, we mention the ADVANTAGE and the BENEFIT.

PRODUCT FAB

Write down the benefits of our products:

Met Suraksha ( TA & TROP ) Met Suvidha Met Bhavishya Met Easy

Illustrations

How to make effective illustrations? Personalize each illustrations with prospect’s name and age

Always take at least 3 illustrations to cover each of the prospect’s need

Explain each illustration in order of priority (prospect’s NEED), FUTURE NEED - the tax free maturity values fulfill the

accumulation needs PRESENT NEED - the Sum Assured fulfils the protection need

In case of ULIPs, explain the projections @ 6% and 10%. The historical returns earned on each of the funds can be shared as additional information

Always show withdrawals in the later years and top-ups in the beginning

Version: 1.3.4   Page: 5  Date Prepared: 05 Jun 2003

MET PLATINUM Participating Endowment Policy15 Year Guaranteed Premium Paying Term

 Annual Premium (Rs.) : 28,814Premium Payment Mode :  Annual Total Initial 15 YearBase Policy Face Amount : Rs. 450,000 Risk Class:  Male / Standard  Age: 35 YearsInsured :   a g

Prepared By – MetLife Basic Ledger

DeathBenefit

MaturityBenefit

CashValue

DeathBenefit

MaturityBenefit

CashValue

AnnualContractPremium

AgeYear

End

15 Year Term (Rs.)

  681,924 681,924     450,000

 450,000 28,8145015

  660,752   576,86

4  450,000

 112,375 28,8144914

  640,196   500,14

8  450,000

 103,730 28,8144813

  620,239   430,02

0  450,000

 95,086 28,8144712

  600,863   365,87

3  450,000

 86,442 28,8144611

  570,047   307,16

6  450,000

 77,798 28,8144510

  553,443   253,41

3  450,000

 69,154 28,814449

  537,324   204,17

9  450,000

 60,509 28,814438

  521,673   159,08

0  450,000

 51,865 28,814427

  506,479   117,74

7  450,000

 43,221 28,814416

  491,727   79,853

   450,000

 34,577 28,814405

  477,405   45,095

   450,000

 25,933 28,814394

  463,500   17,289

   450,000

 17,288 28,814383

  450,000   0   450,000

 0 28,814372

  450,000   0   450,000

 0 28,814361

ILLUSTRATEDGUARANTEED 

Rs. 432,210Total Premium Payable under 15 Year Term : Version: 1.3.4   Page: 6  Date Prepared: 05 Jun 2003

Illustration Mr./Mrs Customer, you wanted a plan

to save a total sum of Rs 647,000 for

<child’s> education. This policy has

an illustrated maturity of Rs 681,924

at the end of 15 years.

You have said that it is very important

that this money is available for

<child’s> education, under any

circumstances. This policy guarantees

a sum of Rs 450,000 at any time on the

event of death.

You have also stated that you are

willing to put aside Rs 25,000 per year

for this purpose. The premium for this

plan is Rs 28,814, which will fit into

your budget.

Thanks