The 2 Competitors against Insurance agent

I had previously mentioned financial advisory services are still consider as essential services during the circuit breaker period. There were some who were asking why are we considered as essential services when everyone should be practicing safe distancing. Thus, I had another post. Financial services or the job of an insurance agent is not just sales and commission. Of course, there are the black sheep who are one-off agents but I’m glad to say my colleagues and majority of the financial practitioners that I know of are  here to stay and help during this testing period. In this post, I had mentioned a client who needs to make a claim. As a financial adviser, do we say let’s do it now or we hold till Circuit Breaker is over? As a client, what do you want your agent to do?

Then there are people who says,” Yeah, insurance agent can go out there and do servicing but should not be selling.”

In my 20 over years in financial advisory, I am not worried to lose a deal to another agent. It could be his company offer a better solution or he is better in skills and knowledge. I have no worries if another agent reaches the prospect before I do. I can win the client back in future as long as I’m in business. In any of the cases above, the client still gain a policy, may it be protection or wealth accumulation. The 2 competitors that I fear most are – Death and Health. If any of these two reaches the prospect before I do, I will lose the deal and the client gains nothing!

Just today, an insurer send the following memo –

With immediate effect, a waiting period for insurance applications will apply to customers who have been diagnosed with Covid-19. This means that we will only consider the application if it was submitted after the waiting period following full recovery from Covid-19. Applications submitted within the waiting period will be
postponed.

The waiting period is:
a) One (1) month for Death Benefit;
b) Three (3) months for TPD, Critical Illness, Hospital & Surgical and Disability Income Benefits.
We are monitoring the development of Covid-19 closely and will update you if there is any change.

Please also be reminded that you should not prospect the following customers:
a) Those currently serving or had served Quarantine Order (QO), Stay Home Notice (SHN) or Leave of Absence (LOA) in the past 1 month;
b) Have close contact with person(s) who is awaiting Covid-19 test results, or is currently serving or had served QO, SHN or LOA in the past 1 month.”

While we strongly advise safe distancing and minimal physical contacts because there is an increased number in community spreading of COVID-19. However, financial advisory activities are still conducted via video conferencing because we never know who might be next despite all the safety measures taken. I am not saying this job is as important as some of the front liners who are risking their lives to make us safer. But I personally don’t think it is potentially put anyone in an unfavorable condition as mentioned above. Not forgetting anything outside of COVID-19 can happen within this Circuit Breaker period.

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