While we do this monthly, it is always so encouraging to see the attendance rate of our webinars growing! All the more exciting given that we included a couple of bonus topics, sharing about the MAS Digital Acceleration Grant for Intermediaries and the launch of our first-of-its-kind #instantquotemarketplace built specifically for the needs of insurance intermediaries! The session was made even more insightful with the sharing done by the team from Chubb Insurance Singapore where they shared their knowledge about home and personal accident insurance – two products now available for instant quote on our Instant Quote Marketplace feature. For those who were not able to attend, fret not as this article will summarise the key points of the webinar! With the theme of the webinar being ’Tech blended with the human touch’, we broke the webinar down into the following key segments: What technology cannot do What can tech help with in your business? Soft skills that remain relevant in this digital world We also had a bonus topic about understanding the MAS Digital Acceleration Grant for General Insurance and Life Insurance Agencies of Licensed Financial Advisers or Licensed Life Insurers We kicked the webinar off by sharing about what technology cannot replace and some stats and reasons for this. It was shared that especially in Commercial Insurance, In Europe 75% of complex insurance ‘researched online, purchased offline’ while In the US Intermediaries accounted for 70.8% of commercial premiums. Diving deeper into this, we shared about key stats in a research where: We then shared a little about our perspective of why this could be the case – fear and optimism bias. Optimism Bias: Our brain is built to be optimistic as a default. We will first believe that that we are less likely to suffer from misfortune and more likely to attain success. What has it to do with insurance? One of the reasons why the industry always say ‘insurance requires selling’. It is a built-in resistance to purchasing / or being motivated to purchase Insurance. Fear: The brain is trained to to be more afraid of what we can understand, rather than one that seems foreign or abstract What has it to do with insurance? So, how we fear or how we have learnt to ‘prioritise’ fear can explain some of the resistance some Insurance. How I die seems to take higher priority over dying itself. In general, technology will not be able to replace the ‘spark’ to get clients to think about insurance proactively – our brain is just not tuned to WANTING insurance Before we shared about how tech can help, we worked to share some internal research to help attendees first understand where the problems are – after all, if you do not know the problem, then solutions might be futile. Surer had identified that: Understanding the problem to be solved is as important as providing the solution – this segment was to share just that. It was shared that by leveraging technology to digitalise, automate and drive network collaboration, the intermediary of tomorrow can now We went into the meat of the webinar at this point. Having shared about what tech can and cannot do, we jumped into the human touch that remains important in this digital driven world. On the Customer Interaction front, we shared that the following elements are unique to humans and cannot be replicated with tech: Another point of differentiation between human and tech is, of course, Interpersonal skills. Where customer interaction is at the point of conversation, interpersonal skills can be portray proactively… This segment of the webinar closed with our speaker sharing about how, if you combine good customer interaction with interpersonal skills, what you are essentially preventing is buyer’s remorse – something only a human can prevent. While this had been announced a couple of weeks back, we also understand from our users that there are still a number of questions about it. As such we took the webinar as an opportunity to share our understanding of this as well. The webinar ended with the good folks from Chubb Insurance Singapore sharing knowledge about two product lines – Home and Personal Accident. On Home insurance, a couple of stats were shared: Having established the importance of home insurance, it was shared with attendees that there are 3 common types of home insurance: HDB Homes Private apartments or homes with Strata Title, i.e. Condo Landed homes or private property without Strata Title With these insurance, there are two parts to coverage: On Personal Accident insurance, it was shared that the general definition of this is as follow: A personal accident insurance policy is a type of general insurance that provides benefits in the case of accidental death, disability and injury. The benefits usually cover all phases of suffering an accident, from evacuation to hospitalisation and treatment, rehabilitation and recovery. The team also shared some quick tips for intermediaries to share with their clients: — Repeating the bad joke we shared at the webinar… ‘we hope you have good takeaways since dining-in is not allowed for now’! — Question 1: Answer: Question 2: Answer: Question 3: Answer: Question 4: If I am a life agent and have a General Insurance license as well, would I be eligible to clock CPD hours from this webinar for my General Insurance license? Answer: It is fuss-free. No credit card or payment required.Thinking of representing Chubb Insurance Singapore? Simply fill out the form below and a Chubb representative will get in touch with you!
Key highlights
What technology cannot do
What can tech help with in your business?
Clients lean on you for expert advice; someone who has our best interest at heart. Intermediaries should not be bogged down by repetitive administrative matters.
Packaged products are essentially, by design, policies built to cover a generalised representation of the risk rather than the specifics of the policyholder’s business.
A product or service aims to solve a problem for a client and the client in turn, pays for this product or service. So, your first instinct should always be ‘how to solve my client’s problem’ not ‘what I want this client to buy’Soft skills that remain relevant in this digital world
If a client has just suffered a personal tragedy, would you end your conversation with a sign-off that says ‘Cheers!’? Similarly, would you harry your clients and talk business if they are in a difficult period?
Clients of the near future will understand that digital platforms are still ‘pre programmed’. So, when they interact with a human, they expect the human to be exactly that!
If you have a clear idea of what you need, yes, the digital world is bountiful. However, if you do not even have a starting point, this is where the intermediary then becomes a very powerful advisor
Nothing is more valuable than feedback; if taken onboard with the right mindset. When the client takes the time to give you their feedback, be sure to set expectations and then walk the talk!
If an issue really happened, make sure to, explain the situation well, apologise for it, communicate how/when it will be resolved and if it is something that takes time to fully resolve and the solution provided is a temporary fix, be clear on it as well.
This is where intermediaries are the most reassuring to their clients. Help the client get more clarity on the process – you will come across as a pillar of assurance that things will be okay. Help the client problem solve or help them make decisions with confidence.MAS Digital Acceleration Grant for Intermediaries
Read more about this here!
Chubb Insurance Singapore sharing about Home and PA insurance
Source: https://www.scdf.gov.sg/home/about-us/media-room/statistics
Source: https://www.scdf.gov.sg/home/about-us/media-room/statistics
Thank you to all attendees who joined!
Stay tuned to our Facebook or LinkedIn pages to get updates on more of such initiatives!
For those who have attended and have questions with regards to CPD Hours, here’s a quick list of FAQ:
What is the process like for me to get my certificate of attendance?
You will first have to RSVP via the form above with the details indicated. Upon the start of the webinar, you will be required to identify yourself by changing your Zoom username to show the first 4 digit of your NRIC along with your full name. Your attendance will be marked if you stay for the full duration of the webinar. We will then share the attendance list with Singapore Insurance Institute (SII) for verification. We will then share your certification of attendance with you via email. This whole process will take between 5 – 10 business days (after the webinar is concluded).
What if I am only able to join for a portion of the duration of the webinar? Would I be eligible for the certificate of attendance?
No. To obtain a certificate of attendance, all attendees need to be present for the full duration of the webinar.
Is the CPD hours only applicable to General Insurance agents?
Yes. CPD hours is only applicable to general insurance agents only and regardless of your principals. After the training/webinar, a certification of attendance will be emailed to the eligible attendee with the CPD hours endorsed and awarded by the Singapore Insurance Institute. You can then submit this certification of attendance to your principal to clock the CPD hours.
Yes.Are you an Insurance intermediary? Sign up for free now!
Subscribe to our Telegram channel to get the most insightful articles delivered to you automatically!
