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Financial Advisor Career

Transition Program

1
Welcome
Fredrik de Beer
• Chief Executive Officer at Adamjee Life

• Started his career in the insurance industry in 1984 with


federated life as a pension’s administrator

• While working for Crusader Life in 1986 he was part of the


team which launched critical illness in South Africa after
which it was introduced to the world and now forms part
of the product that is being offered by most life offices.

• Setup Adamjee Life in Pakistan

• He brings to the company a focused approach with


regards to product development for the local market,
supported by the Hollard philosophy of partnerships.

• Provided the vision for alternate distribution and


branchless insurance distribution in Pakistan

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Welcome
Jehanzeb Zafar
• Chief Strategy Officer at Adamjee Life Assurance

• Young and dynamic Leader

• He is an MBA from Cass Business School, London,


specializing in strategy and innovation.

• He previously worked as a business analyst in


London and on diversified projects in various EU
states.

• Initiated and managing various successful


Bancassurance ventures

• Is part of the team that introduced micro insurance


distribution through telecoms and mobile banking
in Pakistan

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Welcome
Kaleem Abbass
• Head of Agency Distribution at
Adamjee Life

• Mr. Kaleem Abbass is an


experienced professional with over
20 years of rich experience in Life
Insurance and micro insurance
Industry

• Worked in Dawood Family Takaful,


Asia Care Health & Life Insurance
Company Limited, First Micro
Insurance Agency, Jubilee Life, EFU
Life in various post.

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Welcome
Syed Hasan Askari
• Head of Training & Development
Bancassurance Ops at Adamjee
Life

• Over 12 years of diversified


experience in Life Assurance, Banking,
Training, Operations and Sales

• Developed Training & Development


departments in various organization

• Participated in different International


and National Training courses and
workshops

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Welcome
Financial Advisor Career Transition Programme
• To assist you to become integrated into the culture and ethos of
Adamjee Life as well as your role as Financial Advisor as quickly as
possible.
• To create an understanding and insight of:
– our business and sales process
– our products, systems and procedures
– our support infrastructure
– your new work environment and the business challenges.
• To develop a personal 90 day transition plan.
• To become passionate about Adamjee Life and your new career.

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Welcome
Logistics

• 3 Days of intense learning and sharing of knowledge


and experience.
• Start at 9:30 am and end at 5:30 pm daily except.
• Tea/coffee and lunch breaks.
• Evenings – review the work of the day and write
down any uncertainties you may have.

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Programme Overview
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Programme Methodology
Procedure
• We will work through each Module separately.
• Modules are integrated and follow a logical sequence.
• Modules consist of theory and discussion supported by individual and group
exercises.
• We acknowledge YOUR knowledge, skills and experience and would like you to
participate and share it with the rest of the group – ask and/or interrupt at any
point.
• Your views, opinions, input, questions and feedback are valued.
• We are here to learn together as a group and find solutions to the benefit of the
individual, team as well as the organization.
• You will develop a personal 90 day transition plan based on what you learn during
the programme.
• Complete an Assessment at the end of the programme – required pass mark = 80%

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Introduction
Objectives, expectations, reservations and fears
• You have probably all arrived with many expectations as well as
reservations and perhaps even fear.
• Write down in your workbook:
– Overall objective for joining Adamjee Life
– TWO key expectations
– BIGGEST reservation or fear
– ONE word describing how you feel right now
– ONE word describing the reason/motivation for joining Adamjee Life
– Objectives for the next 90 days
• Introduce yourself and share this information with the rest of the group
when asked to do so.

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Introduction
Personal introductions
• Who am I?
• Where do I come from and my previous work experience?
• My …
– Overall objective for joining Adamjee Life
– TWO key expectations
– BIGGEST reservation or fear
– ONE word describing how I feel right now
– ONE word describing the reason/motivation why I joined
Adamjee Life
– Objectives for the next 90 days

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Introduction
Summary

• We are a diverse group coming from different work backgrounds


and experience and it is important that we use that to build a
common understanding of how we can utilise our strengths to
the benefit of the individual, team and organisation.
• Our expectations are broad and we need to manage them and
support each other in achieving them.
• Our reservations and/or fears are real and we acknowledge
them.
• Over the next 3 days we shall deal with these matters and more.

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Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Career Transition
When to make a career change?

• Changing jobs or starting a


new career is never easy.
• In reaching your decision
to join Adamjee Life you
have probably asked
yourself: “Is this the right
time or thing for me to
do?”

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Career Transition
Group exercise

• In your groups discuss the following:


– When is the right time to make a career transition
(change)?
– In doing so are you running away from your current
career/situation or are you running towards a new
career?
– What is the difference in terms of the direction in
which you are running?

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Career Transition
In which direction are you running?

• The difference in terms of the direction in which


you are running is PASSION!
• The best time and reason to make a career move
is normally if it is driven forward by PASSION.
• How does this compare with what you wrote
down earlier as your motivating factor for joining
Adamjee Life?

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Career Transition
Passion

• Anything is possible as
long as you have the
passion to do it?
• Passion is contagious.
Passionate people get the
most and best results.
• Can passion be created
or developed?

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Career Transition
Passion as a driver of success

• “To have moment-to-moment passion in our lives we not


only need to ignite passion but conserve it too. A great day
does not begin in the morning; it begins the night before with
the chalking out of a plan for it. It is pursued the next day as
planned while maintaining the tempo by allowing yourself to
contemplate on the desired ‘means’ and ‘ends’ pertaining to
every new activity before starting it with your best of
attention and intention.” - Zeenat Merchant-Syal

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Career Transition
My passion

• Write down what


your passion is and
how it will be driving
you to achieve your
goals and objectives
in your new career
with Adamjee Life.

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Career Transition
Another reason - money

• Another reason, for


example, why people make a
career transition is money.
This is an important factor in
the equation, but must have
its proper place which is
almost never at the top of
the list of reasons to make a
career transition.

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Career Transition
Conclusion

• There is no one right answer why people make


career transitions and it is normally a
combination of reasons. What is more
important is that you know why you made the
decision to join Adamjee Life and what will be
driving you to be passionate and successful.

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Career Transition
Group discussion

• It is important to know what made you successful in


the past and what will make you successful in the
future.
• What made you successful in the past may however
not necessarily make you successful in the future.
Why is this?
• Discuss this in your groups and provide a short
summary of your group’s view when asked to do so.

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Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Adamjee Life – Our Business
Nishat Group

• Over the years, the Group has diversified


into different sectors, the most
prominent being jute mills, textiles and
the Adamjee Insurance Company
Limited

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Adamjee Life – Our Business
Nishat Group
Nishat Group is a Pakistani multinational conglomerate company headquartered in Lahore established
in 1951.

Nishat group is one of the leading most diversified business groups in South East Asia, with
Fixed/Current Assets of over Rs. 300 Billion (USD 5 billion)

The company comprises numerous subsidiaries and affiliated businesses has in the fields of textile,
cement, financial services, insurance, power generation, paper, hospitality industry, agriculture, Dairy
industry and aviation.
With over 35,000 employees the group is the third largest employer in Pakistan after the government
and the army.

The company has total capitalization of nearly US$10 Billion.

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Adamjee Life – Our Business
Nishat Group

Financial Services
•Muslim Commercial Bank (MCB) is one of the
leading banks with a deposit base of about
Rs.230 billion (US$ 3.8 billion). MCB with
more than 1200 branches country wide is the
Cement largest private bank of Pakistan also
operating Internationally.
•D.G. Khan Cement Company Limited (DGKCC),
a unit of Nishat group, is the largest cement- Since its acquisition, the management has
manufacturing unit in Pakistan with a improved its financial performance and now it
production capacity of 5,500 tons clinker per is one of the most profitable banks of the
Textiles day. nation.
It has a countrywide distribution network and MCB is also the first Pakistani bank to be
•Nishat Mills Limited, the flagship company of enlisted at London Stock Exchange in October
the group was established in 1951. Its annual its products are preferred on projects of
national repute both locally and 2006
turnover for the year ------------ is over Rs.17
billion (US$ 283 million). internationally due to the unparalleled and
consistent quality.
NML with the production facility of 270,000
spindles, 740 looms and dyeing & printing It is listed on all the Stock Exchanges of
capacity of 7 million meters (7.65 million Pakistan.
yards) makes Nishat the largest composite
textile set up in Pakistan.

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Adamjee Life – Our Business
Nishat Group
Nishat Mills Limited Nishat USA Inc.

DG Khan Cement Company Limited


Nishat Papers Products Company Limited
MCB Bank Limited
Nishat Linen Trading LLC
Adamjee Insurance Company Limited

Nishat Power Limited Nishat Hotels and Properties Limited

Pakgen Power Limited Nishat Developers (Private) Limited

Lalpir Power Limited


Nishat Hospitality (Private) Limited
Security General Insurance Company Limited
Nishat Agriculture Farming (Private) Limited
Adamjee Life Assurance Company Limited
Nishat Automobiles (Private) Limited
Pakistan Aviators and Aviation (Private) Limited

Nishat Linen (Private) Limited Nishat Real Estate Development Company (Private) Limited

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Adamjee Life – Our Business

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Adamjee Life – Our Business
Mian Muhammad Mansha

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Adamjee Life – Our Business
Adamjee Insurance Company Limited

• Adamjee Insurance Company Limited (AICL)


was incorporated as a Public Limited Company
on 28 September 1960.
• Listed on all three stock exchanges of Pakistan.
• The head office which was located in Karachi,
recently moved to Lahore.
• UAE (Dubai & Abu Dhabi) Operations.

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Adamjee Life – Our Business
Adamjee Insurance Company Limited
AICL is one of largest insurance companies in Pakistan with a
gross premium income of Rs.10.2 billion in 2008.

Paid up capital of Rs.1.24 billion

Declared as the second best insurance company in the whole


of Asia by Euromoney

Credit rating of A (Excellent) by A.M. Best and AA by PACRA

Best Insurer for Innovation 2009 by Euromoney

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Adamjee Life – Our Business
Adamjee Life – how did it start?

• The formation of Adamjee Life is a result of


the partnership between Adamjee Insurance
and Hollard, South Africa. Both partners are
well established, giving Adamjee Life the
advantage to add tremendous value to the
lives of its customers and the businesses of its
clients.

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Adamjee Life – Our Business
Hollard South Africa

International
Hollard is South
operations and
Africa’s third largest
investments in
short term insurer
Namibia,
and has seen 30
Mozambique,
years of
Botswana, Australia,
uninterrupted
India, Pakistan,
underwriting profits
China and UK

More than 100


Over 6 million policy focused
holders partnerships
worldwide

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Adamjee Life – Our Business
Our profile
Adamjee Life started operations in May 2009 after the grant of
license by SECP.
Is the result of a partnership between Hollard and Adamjee
Insurance Company Ltd.
Young and dynamic team of individuals who are driven by
empowerment.
Strong brand name of Adamjee with international expertise from
Hollard, South Africa and rated ‘A+’ by PACRA.
Innovative solutions to enhance our service quality standards.

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Adamjee Life – Our Business
Our Brand

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Adamjee Life – Our Business
Our Brand

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Adamjee Life – Our Business
Our Brand

• Group Think
– How can we use our brand to our sales
advantage through agency distribution?

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Adamjee Life – Our Business
Our Vision
• “To create a superior Global Insurance Company as the single
largest player in the market through innovation in products,
pricing, packaging and distribution, thereby revolutionizing
the industry.”

Our Mission
• “To deliver outstanding profitability for the benefit of our
customers, our employees and our shareholders while
providing premium service.”

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Adamjee Life – Our Business
Our Core Values

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Our Board of Directors

Mian Umer Mansha – Charman / Director

S.M. Jawed - Director - Din Leather (Pvt.) Ltd.


Mian Raza Mansha - CEO / Director - DG Khan Cement Company Ltd.
Fredrik De Beer - CEO - Adamjee Life Assurance Company Ltd.

Mr. Muhammad Ali Zeb - MD & CEO - Adamjee Insurance Company Ltd.

Mr. Frans Georg Prinsloo - Hollard Insurance Company Ltd.

Francois Potgieter - Hollard Insurance Company Ltd.

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Our Business Operating Model

• Sales & Marketing


• Actuarial & Investment
• Operations
• Finance
• Information System
• Group Life
• Human Resource & Admin

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Adamjee Life – Our Business
Our Family

Our Culture

Success
Apathy
Stories

We care for Our


each other Environment

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Adamjee Life – Our Business
Our product strategy

Innovative products

Competitive pricing

Flexibility

Simplicity

Availability and accessibility

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Adamjee Life – Our Business
Our Competitive Edge

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Adamjee Life – Our Business
Our business growth

• Fastest growing life assurance company in


Pakistan
• Fastest selling Bancassurance products in Pakistan
Future Assure and Save & Assure.
• First online policy issuance system in Pakistan.
• First insurance company in Pakistan to launch
credit card based self assurance platform on
Adamjeelife.com
• First to launch life assurance through mobile

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Adamjee Life – Our Channel Partners
MCB Bank

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Adamjee Life – Our Channel Partners
MCB Bank

MCB Bank Limited, with more than 60 years of experience as one of the leading banks in Pakistan, was incorporated on
July 9 in 1947.

International presence in Dubai (UAE), Bahrain, Azerbaijan, Hong Kong and Sri Lanka

Domestic network of over 1,150 branches and over 690 ATMs across Pakistan

Customer base of 4.96 million

Deposit base of PKR. 545 bln & Total assets of PKR 766 bln

MCB Bank earned Rs11.89 billion during the semi-annual period 2013

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Adamjee Life – Our Channel Partners
MCB Bank

MCB Bank is a major distribution partner offering Adamjee


Life’s investment and Insurance products to its customers
through there branches in 54 cities across Pakistan.

Offering AL’s product through different channels

MCB Bancassurance, MCB Investment Services, MCB


Mobile, MCB Visa Debit Card, MCB Contact Centre

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Adamjee Life – Our Channel Partners
Faysal Bank

Key
Channel
Signed Agreement
in Dec 2013
FBL’s footprint now spreads over more
than 260 branches in over 70 cities

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Adamjee Life – Our Channel Partners
Dubai Islamic Banck

Recent
Partnership

Signed
Agreement
in 2015

Dubai Islamic Bank has a unique distinction of being the world


first Islamic bank, a pioneering institution that has combined
the best of traditional Islamic values with the technology and
innovation that characterise the best of modern banking.

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Adamjee Life – Our Channel Partners
Micro Insurance Initiatives – Empowering the Masses

AL Believes in CSR through product


innovation and mass market
penetration

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Adamjee Life – Our Channel Partners
Mobilink Micro Finance Bank

Signed
Agreement
in July
2015
Global Telecom Holding S.A.E. (“Global
Telecom” – previously Orascom Telecom
Holding S.A.E.) is the major sponsor of
the Waseela Microfinance Bank Limited.

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Adamjee Life – Our Channel Partners
Telenor – Easy Paisa

First comprehensive mobile


wallet- micro insurance
initiative in Pakistan .

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Adamjee Life – Our Business
World Finance Insurance Award Nomination

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Adamjee Life – Our Business
Criteria of Award

Product Empowering Premium


Technology
Innovation The Masses Growth Rate

Customer Average Claim Customer


Risk
Retention Settlement Complaint’s
Assesment
Rate Time Rate

Customer Corporate Team of


Acquisition Social Financial
Rate Responsibility Advisor

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Adamjee Life – Our Business
And The Award Goes too…..

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Adamjee Life – Our Business
Our future
• Continued growth targets.
• Creation of new investment funds and
options to cater for a wider market
segment.
• Stable and secure investment
opportunities for citizens.
• High returns and profitability.
• List on Karachi Stock Exchange.
• State of the art technology solutions. Fred de Beer, CEO

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Adamjee Life – Agency Distribution
Vision – Agency Distribution
Gain access to the large
unbanked market not using
financial service

Reduce third party


dependence in terms of
product development, sales
Increase customer intimacy
and marketing strategies and
customer servicing
experience.

Develop a highly trained and


Contribute to National
skilled team of Financial
economic and social
advisors providing need
development through
based customized financial
employment creation
solution to the customers

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Adamjee Life – Agency Distribution
Vision – Agency Distribution

Group Think
• How will you as Adamjee Life’s
financial advisor make a
contribution to the life industry
in Pakistan?

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Agency Distribution
CSO
Jehanzeb Zafar

Head of Agency
Distribution
Kaleem Abbas

Group Manager

Business
Agency Manager
Operations

Deputy
Manager

Unit Manager
Unit Manager
Development

SC/IA/FA/SFA MBD
SC

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Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Our Products
Insurance products

• Insurance products are


the core component of
any insurance company.
• The challenge is to
provide the best cover
at the lowest cost and
the highest return on
the investment.

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Our Products
Types of insurance

• Tangible
General Insurance • Short Term Contract

• Intangible
Life Insurance • Long Term Contract

• Intangible
Health Insurance • Short Term Contract

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Our Products
Basic forms of insurance

• Term Assurance
• Endowment Assurance
• Whole of life Assurance/
Universal Life
Forms of
Insurance

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Our Products
Basic forms of insurance

Term Assurance
• Least costly of the three.
• Plan does not have an
investment or savings feature.
• Only offers protection and
expenses (if any).

Endowment Assurance
Whole of Life Assurance • Investment makes up most of
• It is a policy that lasts for an the premium.
entire life span of the insured. • In case of death of the life
• Premiums are paid till end of assured with in the chosen term
plan. or on maturity of the plan, a
• Unit Linked/Bonus based. lump sum amount is paid.
• Unit Linked /Bonus based.

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Our Products
Members of a life insurance policy

Policy Owner

Life Assured

Beneficiary

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Our Products
Role of insurance – Family wellbeing
Insurance Plans Provides Funds for
• Children’s Education
• Children’s Wedding
• Retirement
• House Expenses post Retirement
• Succession Planning
• Purchasing a House
• Business and Asset Protection
• Hospital Treatment and Critical Illness
• Life Time Income

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Our Products
Glossary

Key Terms
Sum Assured Riders Lapse

Premium Benefit Term Partial Withdrawal

Adhoc Premium Min./Max. Term Surrender

Premium Paying Term Escalation/Indexation Claim

Premium Mode Redemption Maturity

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Adamjee Life – Our Business
Cash Handling

• Cash collection from policyholder is highly discouraged.


• However, if it is impractical to collect premium through cheque due to any
particular local situation of the prospective policyholder then the agent
must request such prospect to deposit cash directly into our Company's
account (maximum up to Rs. 50,000) in any of the MCB bank branch
through our customized deposit slip and handover deposit slip to the
agent for further action.
• In case of Cash exceeding Rs. 50,000 customer may arrange Pay Order or
Demand Draft in favor of Adamjee Life for further processing.

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Our Products
Secure Mustaqbil

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Our Products
Unitized investment linked

Unitized
investment
linked
assurance
plan

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Our Products
Secure Mustaqbil

• Adamjee Life Secure Mustaqbil is a unique life insurance plan that


offers you a combination of investment and protection solutions and
the flexibility to customize your plan to cater to your specific needs.
• With a variety of riders and features you can tailor your plan to
address the following future financial responsibilities.
• Saving for children’s wedding

Brief • Saving for their Education


• Saving for your own post retirement income
• Saving to buy property or house
• Also provides the Policyholder access to professionally managed
diversified Unit Linked Funds.
• Investment Secure Fund
• Investment Multiplier Fund
• Amanat Fund

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Our Products
Secure Mustaqbil
Plan Type • Unit Linked Plan

• Min 18 Years
Entry Age • Max 65 Years

• Minimum Cover Term 10 years, Maximum Cover Term 25 years or up to


Tenure the Age of 85 years
• Minimum Paying Term 5 Years, Maximum Paying Term 25 Years

Premium Mode and • Monthly PKR. 2000, Quarterly PKR. 4000, Semi Annual PKR. 6000, Annual
PKR 8,000
Min Payment
• Accidental Death & Disability Benefit, Accidental Death Benefit, Critical
Riders Illness, Waiver of Premium (Disability), Monthly Income Benefit, Spouse
Rider, Term Insurance Rider, Waiver of Premium (Death)

• Minimum 5
Cover Multiple • Maximum 200

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Our Products
Secure Mustaqbil

• Ages 18 – 30, Multiple 200


• Ages 31 - 40, Multiple 85
• Ages 41 – 50, Multiple 30
Cover Multiple • Ages 51 – 55, Multiple 20
• Ages 56 – 60, Multiple 10
• Ages 61 – 65, Multiple 7

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Our Products
Secure Mustaqbil

• Saving, Investment and Protection under one umbrella.


• Up to 200 cover multiples
• All Riders are open, Make your own mix as per customer
requirements
• Bonus allocations start from 7th year onward and 30% on
11th year to maximize returns.
USPs • Flexibility to diversify your investment according to
your preference (Investment Secure, Investment Multiplier,
Amaanat Fund)
• Unique plan with Critical Illness cover for 12 life threatening
diseases.
• Ad-hoc premiums can be add and withdrawn at any time
during the policy term

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Our Products
Optional riders

•Covering Natural and Accidental Death.


•Minimum Entry Age 18 & Maximum Entry Age 60.
Term •Cover Expiry Age 65 Years
•Minimum to Maximum Sums assured are PKR 100,000 to PKR 50 Million.
Insurance
Rider

•On death or permanent and total disability of the insured person a fixed monthly amount is payable for the
remaining term of the rider.
•Minimum Entry Age 18 & Maximum Entry Age 60.
•Cover Expiry Age 65 Years
Monthly •Maximum Coverage upto 50% of the annual basic premium
Income •Waiting period for permanent and total disability = 180 days.
•Deferred period for permanent and total disability = 180 days.
Benefit Rider

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Our Products
Optional riders
•On permanent and total disability
•Adamjee Life will pay the initial (un-escalated) basic premium for the remaining term of the rider.
•Minimum Entry Age 18 & Maximum Entry Age 55.
Waiver of •Cover Expiry Age 60 Years
premium Rider- •Waiting period = 180 days.
Disability

•On death of the insured person's spouse during the in force term of this rider, the rider sum assured is
payable.
•Minimum Entry Age 18 & Maximum Entry Age 60.
•Cover Expiry Age 65 Years
•Minimum to Maximum Sums assured are PKR 100,000 to PKR 5 Million For Working Spouse.
Spouse's Rider •Minimum to Maximum Sums assured are PKR 100,000 to PKR 1 Million For Non Working Spouse

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Our Products
Optional riders

• On Death of the insured person, Adamjee Life


will pay the initial basic premium for the
remaining term of the rider.
• Minimum Entry Age 18 & Maximum Entry Age
55.
Waiver of premium • Cover Expiry Age 60 Years
Rider- Death

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Our Products
Optional riders
•On occurrence of listed disease during the enforce term of this rider, the rider sum assured is payable.
Maximum Benefit is 1 million
•Covered diseases: cancer, heart attack, stroke, coronary artery bypass surgery, renal failure, major organ
transplant, multiple sclerosis, Alzheimer disease, aorta surgery, blindness, coma, major burns
•Minimum Entry Age 18 & Maximum Entry Age 55.
Critical Illness •Cover Expiry Age 60 Years
•Waiting period = 90 days.

•Cover Accidental Death


•Minimum Entry Age 18 & Maximum Entry Age 60.
Accidental •Cover Expiry Age 70 Years
•Minimum to Maximum Sums assured are PKR.300,000 to PKR 5 Million.
Death Benefit
Rider

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Our Products
Optional riders

• Cover Accidental Death or permanent and total


disability by accident of the insured person
• Minimum Entry Age 18 & Maximum Entry Age 60.
• Cover Expiry Age 70 Years
• Minimum to Maximum Sums assured are PKR
300,000 to PKR 5 Million.
Accidental Death • Waiting Period = 180 days
& Disability Rider • Deferred Period = 180 Days (only incase of disability)

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Our Products
Charge structure
Policy Fee
• NIL

Management (& Administration) Charge


• An annual charge of 1.75% of the Cash Value deducted on a monthly basis.

Bid/Offer Spread
• 5% of all premiums allocated to the Unit Account

Surrender Fee
• Rs. 350/=

Fund Switching
• The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in
that Policy Year.

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Our Products
Premium allocation and surrender charge structure

Policy & Premium % of Basic Premium Surrender Charges


Year Allocated to Unit as % of Unit
Account Account Value

1 30 100
2 80 50
3 90 25
4 & onwards 100 Nil

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Our Products
Bonus

Bonus Allocation applies to Policies that have


remained in force through timely payment of at
least initial Basic Premium and without utilisation
of Partial Withdrawal or Loan facility.
• Policy and Premium Year
• Year 7 and onwards
• % of Initial Basic Premium Allocated to Unit Account = 3%
• Year 11
• % of Initial Basic Premium Allocated to Unit Account =
30%

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Our Products
Other options
Loan Facility

•Maximum up to 50% of Net Cash Surrender Value.

Partial withdrawal

•Partial withdrawals can be made after the policy has been in force for at least 3 yrs
•Partial withdrawals can be taken up to 4 times in any Policy Year and are limited to 50% of the Net Cash Surrender
Value subject to maintaining a minimum Net Cash Surrender Value of Rs. 10,000.

Investment Booster

•Minimum is 10,000/-
•Maximum unlimited
•100% of each ad-hoc premium is allocated to the Policy Unit Account
•Ad-hoc premiums can be made and their unit account value withdrawn at any time during the policy term

Inflation Protection

•5% & 10%

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Our Products
Non medical limits (First Life)
Medical requirements for individual business
Age Sum Assured
18-34 up to PKR 7,000,000
35-39 up to PKR 70,000,000
40-44 Up to PKR 7,000,000

45-49 up to PKR 4000,000


50-54 Up to PKR 2,000,000
55-59 above 1,000,000
60-65 up to PKR 500,000

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Our Products
Code Explanation
A •Proposal Form and Full Health Questionnaire

•Medical Examination, Microscopic Urinalysis, FBS, LFT


B

•Medical Examination, Microscopic Urinalysis HIV,Haematology: RBC,


WBC, PLT, Haemoglobin, Haematocrit, incl. blood cell count Blood
C Chemistry: Liver Function Test, Renal Function Test, Fasting Blood Sugar
Test (FBST), Lipids (tot Chol., HDL Chol, and TG) a reflex HbA1c is required
should FBS be elevated

D •Resting ECG

E •Resting and Exercise ECG

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Our Products
Non Working / Student
Home Maker/ non working

• 18 - 50 years
• Max 1 Million Non Medical

Student

• Max 1 Million Non Medical

CI is subject to Medical Underwriting

Sum Assured of female life in spouse rider will not


exceed male life

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Our Products
Funds Detail
Fund Name

• Investment Secure Fund: Debt Fund


• Investment Multiplier Fund: Equity Fund
• Amaanat Islamic Fund: Islamic (shariah Compliant) Fund

Fund Owner

• Adamjee Life Assurance Company Limited


• Rated A (WITH POSITIVE OUTLOOK) by PACRA

Fund switch option:

• You are entitled to two initial free fund switches at anytime, each subsequent switch
would be charged at Rs.300.

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Our Products
Funds Detail
Investment Secure Fund: Debt Fund

•Is a moderate to low risk profile fund that generates stable & secure returns by balancing the investment in long term
money market investments including with up to 90% in a mixture of PIBs, T-bills & Fixed Income instruments with the
balance in Cash.

Investment Multiplier Fund: Equity Fund

•Is a moderate to high risk profile fund that generates higher returns over the long run with a mix of investments in equities
along with money market instruments with up to 30% in equity type investments and up to 60% in a mixture of PIBs, T-bills
& Fixed Income instruments with the balance in Cash.

Amaanat Islamic Fund: Islamic (shariah Compliant) Fund

•an Islamic open-end asset allocation/ investment fund, which seeks to achieve its objective of stable yet aggressive returns
through investing in a portfolio of shariah compliant investments diversified through the capital market. The fund primarily
invests in high quality SUKOOK/ Islamic bonds strong shariah compliant equities and the balance in cash offering higher
comparative returns.
•Sukuks and Islamic Term Deposits - 70%
•Listed Equities (KMI) and Islamic Mutual Funds - 25%
•Islamic Savings Bank Account - 5%

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Our Product

Secure Munafa

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Our Products
Secure Munafa

• Highest Investment Allocation


• Access to professionally managed Unit
Linked Funds with the benefit of life
insurance cover packaged in.
Description • Affordable Modal Premium Facility
• Optional Supplementary Benefits
• Cover Multiple ranges from 5-200
• Partial Withdrawal & Loan Facilities

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Our Product
Secure Munafa

Plan Type • Unit Investment Linked Business

• Min 18 Years
Entry Age • Max 65 Years

• Minimum Cover Term 10 years, Maximum Cover Term : Age 85 Years


Tenure • Minimum Paying Term 5 Years, Maximum Paying Term : Age 85 Years

• Annually Rs. 10,000


• Semi annually Rs. 6,000
Min Premium • Quarterly Rs. 3,000
• Monthly Rs. 1,500

• Term Insurance Rider, Accidental Death Benefit, Critical Illness, Spouse


Riders Rider, Waiver of Premium (Death)

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Our Products
Secure Munafa

Policy & Premium % of Basic Premium Surrender Charges


Year Allocated to Unit as % of Unit
Account Account Value

1 75 100
2 85 50
3 100 Nil
4 & onwards 100 Nil

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Our Products
Secure Munafa

25% of Initial Basic Premium

50% of Initial Basic Premium

50% of Initial Basic Premium

100% of Initial Basic Premium

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Our Products
Secure Munafa
Loan Facility

• Maximum up to 50% of Net Cash Surrender Value.

Partial withdrawal

• Partial withdrawals can be made after the policy has been in force for at least 3 yrs
• Partial withdrawals can be taken up to four times in any Policy Year and are limited to 50% of the
Net Cash Surrender Value subject to maintaining a minimum Net Cash Surrender Value of Rs.
10,000.

Investment Booster

• Minimum is 10,000/-
• Maximum unlimited
• 100% of each ad-hoc premium is allocated to the Policy Unit Account
• Ad-hoc premiums can be made and their unit account value withdrawn at any time during the
policy term

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Our Products
Secure Munafa
Policy Fee
• NIL

Management (& Administration) Charge


• An annual charge of 1.75% of the Cash Value deducted on a monthly basis.

Bid/Offer Spread
• 5% of all premiums allocated to the Unit Account

Surrender Fee
• Rs. 350/=

Fund Switching
• The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in
that Policy Year.

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Our Products
Secure Munafa

learning for life 100


Our Products
Secure Munafa
• Entry Age: 18 to 60 Years.
• Expiry Age: 65 Years
• Sums assured: PKR 100,000 to PKR 5 Million For Working Spouse
Spouse's Rider • PKR 100,000 to PKR 1.0 Million For Non Working Spouse

• Entry age: 18 to 60 Years.


• Expiry age: 65 Years.
Term Insurance • Sum Assured: Rs.100,000 to Rs. 50 Million.
Rider

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Our Products
Secure Munafa
• Entry Age: 18 to 55 Years.
• Expiry Age 60 Years
• Waiting period = 90 days.
• Deferred Period = 180 days.
• Maximum Benefit is Rs. 1 million
• Covered diseases: cancer, heart attack, stroke,
coronary artery bypass surgery, renal failure, major
Critical Illness organ transplant, multiple sclerosis, Alzheimer disease,
aorta surgery, blindness, coma, major burns

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Our Products
Secure Munafa

• Cover Accidental Death


• Entry Age: 18 to 60 Years.
Accidental •

Expiry Age: 70 Years
Sum assured: PKR.300,000 to PKR 5 Million.
Death Benefit
Rider

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Our Products
Secure Munafa

• On Death of the insured person, Adamjee Life will pay


the initial basic premium (un-escalated) for the
remaining term of the rider.
Waiver of • Minimum Entry Age 18 & Maximum Entry Age 55.
• Cover Expiry Age 60 Years
Premium-
Death

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Our Products
Funds Detail
Fund Name

• Investment Secure Fund: Debt Fund


• Investment Multiplier Fund: Equity Fund
• Amaanat Islamic Fund: Islamic (shariah Compliant) Fund

Fund Owner

• Adamjee Life Assurance Company Limited


• Rated A (WITH POSITIVE OUTLOOK) by PACRA

Fund switch option:

• You are entitled to two initial free fund switches at anytime, each subsequent switch
would be charged at Rs.300.

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Acquisition & Commission

FA Commission Structure

• Year 1= 10%, Year 2 and onwards = 2% of gross


premium

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Acquisition & Commission

Premium Paying Term Commission Payable For

Upto 7 Years Premium Paying Term

From 8 to 14 Years 7 Years

From 15 Years onward 8 Years

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Our Product

Super Sarmaya

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Our Products
Super Sarmaya

• One time Payment


• Access to professionally managed Unit Linked Funds
Brief
Description •

Cover Multiple ranges from 1.25 to 10
Partial Withdrawal & Loan Facility
• 0% Offer & Bid Spread

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Our Products
Super Sarmaya

Basic • Death Claim Value: Sum Assured or Cash value whichever is higher less
any partial withdrawals and Indebtedness.
• Maturity Value: Cash Value Less any Indebtedness

Plan • Net Cash Surrender Value: The unit account value at bid price on the
valuation date following the date of surrender Less a surrender charge
Less any partial withdrawals and Indebtedness.
• Paid up Value: The basic plan will continue as long as the net cash

Value surrender value is sufficient to cover the monthly deductions and cover
charge in the basic plan.

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Our Product
Super Sarmaya

Plan Type • Single Premium Unit Investment Linked Business

• Min 18 Birthday
Entry Age • Max 75th Birthday

• Minimum Cover Term 1 year, Maximum Cover Term


Tenure upto the Age of 80

Premium • Minimum single premium of Rs. 20,000/-

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Our Products
Super Sarmaya
Policy Fee
• NIL

Management (& Administration) Charge


• An annual charge of 1.75% of the Cash Value deducted on a monthly basis.

Bid/Offer Spread
• 0% of all premiums allocated to the Unit Account
Surrender Fee
• Rs. 350/=

Fund Switching
• The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in that
Policy Year.

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Our Products
Super Sarmaya

Policy & Premium Year % of Basic Premium Surrender Charges as % of


Allocated to Unit Account Unit Account Value
3% in first 11 months,
th
2% from 12 -23rd
month,
1
100% th
1% from 24 -30th
month and Nil
thereafter

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Our Products
Super Sarmaya

Partial Withdrawal

• Surrender penalty within 30 months.


• Up to 4 times in a policy year
• Up to 50% of the net cash surrender value
• Residual Value: Rs. 10,000.

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Funds Detail
Super Sarmaya
Fund Name

• Investment Secure Fund- II: Debt Fund


• Investment Multiplier Fund: Equity Fund
• Amaanat Islamic Fund: Islamic (shariah Compliant) Fund

Fund Owner

• Adamjee Life Assurance Company Limited


• Rated A (WITH POSITIVE OUTLOOK) by PACRA

Fund switch option:

• You are entitled to two initial free fund switches at anytime, each subsequent
switch would be charged at Rs.300.

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Acquisition & Commission

Commission Structure

• Commission: 2% of gross premium

learning for life 116


Performance Standard
What is the standard for Super Sarmaya Plan?

• 2 Super Saramaya cases will be


considered as a 1 full case
• Increase in productivity

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118
Tax Credit

Salient Features
• Tax credit is effective on premiums paid on new and existing
policies from July 2011 onwards.
• There is no minimum of maximum limits of life insurance
premiums to apply for tax credit
• All plan of Adamjee life are eligible for tax credit.

Savings in Tax translates to a reduction in


insurance premium which means you get
higher value for your money from your
insurance policy.

learning for life 119


Which law covers
Tax Credit?

Section 62 of the Income


It gives details of the
Tax Ordinance 2001, allows
method to determine tax
life insurance premium to
credit
earn tax credit

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Tax Credit: The working
• Tax Credit is applicable to individuals who are deriving
income chargeable to tax under the head “salary” or
“income from business”
• To calculate tax credit you need to know the following:
– A. Tax payable for the year, before allowance for any tax
credit
– B. Tax Income for the year.
– C. Minimum of (i) Annual Life Insurance
– Premium
(ii) 20% of Taxable Income
The Formula for Tax credit is:
Tax Credit = (A / B ) x C
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Tax Credit: An Example
• Tax payable for the year = Rs. 120,000 A
• Monthly Income = Rs. 100,000
• Annual Income = 12 x 100,000 = 1,200,000 B
• Annual Life Insurance Premium = Rs. 100,000
• Minimum of (i) Annual Life Insurance
Premium = Rs. 100,000 C
• (ii) 20% of Taxable Income
=20% x 1,200,000 = Rs. 240,000

• The Formula for Tax credit is :


Tax Credit = (A/B)xC = (240,000/1,200,000)x100,000
= 10,000 Tax Saving

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Tax Rebate Benefits
Tax Slabs for salaried individuals

Taxable Income Rate of Tax


400,000 0%
400,001 to 500,000 2% of the amount exceeding Rs.400,000
500,001 to 750,000 2,000 plus 5% of the amount exceeding 500,000
750,001 to 1,400,000 14,500 plus 10% of the amount exceeding 750,000
1,400,001 to 1,500,000 79,500 plus 12.5% of the amount exceeding 1,400,000
1,500,001 to 1,800,000 92,000 plus 15% of the amount exceeding 1,500,000
1,800,001 to 2,500,000 137,000 plus 17.5% of the amount exceeding 1,800,000
2,500,001 to 3,000,000 259,500 plus 20% of the amount exceeding 2,500,000
3,000,001 to 3,500,000 359,500 plus 22.5% of the amount exceeding 3,000,000
3,500,001 to 4,000,000 472,000 plus 25% of the amount exceeding 3,500,000
4,000,001 to 7,000,000 597,000 plus 27.5% of the amount exceeding 4,000,000
7,000,001 and above 1,422,000 plus 30% of the amount exceeding 7,000,000

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Tax Rebate Benefits
Tax Slabs for non-salaried individuals
Taxable income Rate of tax
Where the taxable income does not 0%
exceed Rs.400,000
Where the taxable income exceeds Rs.400,000 10% of the amount exceeding Rs.400,000
but does not exceedRs.750,000

Where the taxable income exceeds Rs.750,000 Rs.35,000 + 15% of the


but does not exceedRs.1,500,000 amount exceeding Rs.750,000

Where the taxable income exceeds Rs.1,500,000 Rs.147,500 + 20% of the amount exceeding
but does not exceedRs.2,500,000 Rs.1,500,000

Where the taxable income exceeds Rs.2,500,000 Rs.347,500 + 25% of the amount
but does not exceedRs.4,000,000 exceeding Rs.2,500,000

Where the taxable income exceeds Rs.4,000,000 Rs. 722,500 + 30% of the amount exceeding
but does not exceedRs.6,000,000 Rs.4,000,000

Where the taxable Rs. 1,322,500 + 35% of the amount exceeding


income exceeds Rs.6,000,000 Rs.6,000,000”;

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Tax Rebate Benefits
Tax credit on Life Insurance Product
Annual Income Annual Premium Salaried Person Non Salaried Person

600,000 50,000 833 1,667

1,200,000 100,000 5,208 8,542

1,800,000 150,000 11,667 17,292

2,400,000 200,000 20,417 27,292

3,600,000 300,000 41,667 51,875

4,800,000 400,000 68,333 76,875

6,000,000 500,000 95,833 101,875

7,200,000 600,000 123,750 126,875

12,000,000 1,000,000 243,750 226,875

18,000,000 1,500,000 262,500 234,583

24,000,000 2,000,000 271,875 238,438

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learning for life 126
Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Sales – The Adamjee Life Way
Sales support framework

• Adamjee Life has developed a framework in


support of the Sales Process and Cycle.
• The aim of the framework is to ensure that
Financial Advisors understand what is
expected of them as well as how the
organisation will support them to achieve
their goals and objectives.

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The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing
After Sales
Support
Build Client
Relationships
Sales Cycle Know your
Clients and
their Needs
Use effective
Sales
Techniques

Provide Best
Advice and
Solutions

129
The Adamjee Life Sales Process
Process steps

• We shall now look at each one of the following


process steps:
1. Know our performance standard
2. Know your role as Financial Advisor
3. Continuously build and develop your skills
4. Know and follow the Sales Cycle

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The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing
After Sales
Support
Build Client
Relationships
Sales Cycle Know your
Clients and
their Needs
Use effective
Sales
Techniques

Provide Best
Advice and
Solutions

131
1. Know our Performance Standard
What is the standard?

• Our sales performance standard is that


all Financial Advisors at Adamjee Life
consistently sell more than TWO policy
per month.

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1. Know our Performance Standard
Group discussion

• In your groups discuss and write down


– What are the benefits?
– How do you think the standard can be achieved
and maintained?

learning for life 133


The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing
After Sales
Support
Build Client
Relationships
Sales Cycle Know your
Clients and
their Needs
Use effective
Sales
Techniques

Provide Best
Advice and
Solutions

134
2. Know your Role as Financial Advisor
Key Performance Indicators (KPI’s)

• The following are the Financial Advisor


Key Performance Indicators (KPI’s)
– Financial
– Customer
– Process
– People - Learning & Growth

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2. Know your Role as Financial Advisor
Key Performance Indicators (KPI’s)

• Financial
–Deliver new business revenue targets
premium and number of policies.
–Renewal premium and persistency.

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2. Know your Role as Financial Advisor
Key Performance Indicators (KPI’s)

• Customer
– Financial advice.
– Customer satisfaction.
– Financial planning review.

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2. Know your Role as Financial Advisor
Key Performance Indicators (KPI’s)

• Process
– Professional advice and selling.
– Ensure internal processes are followed.

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2. Know your Role as Financial Advisor
Key Performance Indicators (KPI’s)

• People – Learning & Growth


–Focus on personal and professional
development and growth.

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2. Know your Role as Financial Advisor
Key responsibilities
• Build and maintain client base
• Conduct financial analysis
• Provide financial advice
• Carry out sales of individual life products
• Achieve sales targets
• Achieve persistency targets
• Ensure customer satisfaction
• Coordinate with internal concerned team members for necessary policy
issuance
• Plan and conduct regular client financial planning
• Develop own knowledge and skills

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2. Know your Role as Financial Advisor
Competency clusters

• Partnering
• Insight
• Solution
• Effectiveness
• Impact

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Competency Model

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2. Know your Role as Financial Advisor
Competency descriptors

• A copy of the Financial Advisor


Performance Contract as well as
information describing each competency
can be found in the “Financial Advisor
Transition Plan Workbook”.

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The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing Build Client


After Sales Relationships
Support

Sales Cycle
Know your
Use effective Clients and
Sales their Needs
Techniques

Provide Best
Advice and
Solutions

144
3. Build and Develop own Skills
The need for learning and development

• As financial markets, products and


information continuously change,
Financial Advisors need to stay abreast of
these changes to enable them to provide
the best financial advice and solutions to
their customers/clients.

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3. Build and Develop own Skills
Adamjee Life Academy – Personal development
• Your Financial Advisor career is a constant
learning experience, always presenting new and
exciting challenges. When you stop learning you
stop growing!
• You are responsible for driving your own personal
development.
• Adamjee Life is there to support your
development.

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3. Build and Develop own Skills

learning for life 147


3. Build and Develop own Skills
Adamjee Life Academy - Purpose

• To provide unique learning and


development opportunities to all staff to
enable them to achieve their full
potential and performance levels.

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About Adamjee Life’s Academy
Latest training modules geared towards development of Insurance Sales Staff/
Financial Advisors, Channel partners and internal staff.

A learning and knowledge sharing platform designed to develop quality


financial services professionals

Providing top quality learning environment and latest courses with


international accreditation

Offers Virtual Learning Solutions through E-Learning Platform and Saylor


Foundation

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The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing
After Sales
Support
Build Client
Relationships
Sales Cycle Know your
Clients and
their Needs
Use effective
Sales
Techniques

Provide Best
Advice and
Solutions

150
4. Know and Follow the Sales Cycle
Prospecting

Build Client
Provide ongoing After Relationships
Sales Support

Sales Cycle
Know your
Clients and their
Needs
Use effective Sales
Techniques

Provide Best Advice


and Solutions

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Prospecting
The challenge

• When you were appointed by Adamjee Life,


we appointed you for one reason, and that is
for YOU to locate people and sell our
products to them at a rate of more than Two
POLICIES PER MONTH.
• This can only be achieved through effective
prospecting.

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Prospecting
Group discussion

• In your groups discuss and write


down a definition of what you think
prospecting is.

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Prospecting
Goal

• For our purpose Prospecting means


identifying prospective buyers of
financial services products (life
insurance) in an attempt to obtain an
appointment to discuss their financial
needs.

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Prospecting
Who or what is a prospect?

A
prospect
is a
person
who
complies
with the
following
criteria

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Prospecting
Finding prospects

• If selling life insurance was easy, then everybody


would be doing it. Selling a life insurance policy is
the easy part, but finding the prospects to sell them
too is the hard part.
• Why is it that some Financial Advisors are super
successful at it, some mediocre and the rest failing at
it?

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Prospecting
Prospecting is a process

• “Prospecting should not be a problem for anyone


selling insurance. It should be a process.
However, prospecting is a problem for most of us,
simply because a process can take some
time and effort to set up - and even more time and
effort before it begins to produce results.”
Dan Vinal - Financial Sales Professional

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Prospecting
Develop a prospecting system

• It is ultimately up to you to develop strong work


habits and develop a system whereby you create an
ongoing supply of prospects to see.
• Unfortunately many Financial Advisors ignore, don’t
understand or don’t spend enough time on this
most important aspect of selling life insurance.

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Prospecting
Why a system is needed

• Generating leads is the art of YOU developing


an inventory of names to sell your insurance
products. No inventory, no one to sell to, you
fail. That is why a system has to be put in
place. Remember, you must learn to prospect
or you will not be successful.

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Prospecting
The prospecting ladder

• Generating life insurance leads and a good system is crucial to


the sales process. As we start out in the insurance business
we go through a progression of different ways (ratios in terms
of the type of leads) to generate leads and prospects, which
we call the prospecting ladder concept.
• However, the problem is that most Financial advisors are
looking for some type of secret formula or method whereby
they can receive good quality insurance leads without working
too hard to get them.

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Prospecting
Prospecting ladder ratios
Lets look at some prospecting ratios.
• The following is an example of the calls to interview ratio based on the type of lead
(warmest at top to coldest at bottom).
Warmest Names/Contacts
• Ratio..... Type of lead
• 2-1........ A referred lead
• 3-1........ Eyeball to eyeball contacts
• 4-1........ A name obtained through a group information session
• 5-1........ A name provided through an association
• 7-1........ A name with a one need - new baby, new house, new job, etc.
• 12-1...... Just a name or list of names, no information, resulting in a cold call
Coldest Names/Contacts

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Prospecting
Prospecting ratios

• So as you can see, a new person just starting out may have to call
120 people to get 10 appointments.
• Whereas a person using the referred lead concept will only have to
call 20 people to get 10 appointments set up. As you can see by
this illustration warm insurance sales leads are the best.
• Another aspect of calling on referred leads vs. cold names is that
your closing ratio will be better with the referred leads than the
colder leads. A referred insurance sales lead should generate about
a 1 to 2.5 closing ratio vs. a 1 to 4 closing ratio on cold calls.

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Prospecting
Building a prospecting system
The following is a possible framework to assist you with building your own
prospecting system:
1. Identify where you are currently on the prospecting ladder and set yourself
a target where you would like to be in the next 3 to 6 months and 7 to 12
months
2. Develop a clear customer/client (prospect) profile
3. Identify markets supporting your customer/client profile
4. Select the best possible prospecting method linked to your customer/client
profile and market(s) with the view to qualify/disqualify potential
prospects to minimise waste of time and effort
5. Pilot your system, review results and adjust your system
6. Implement your system
7. Continuously measure your results and improve your system

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Prospecting
Hints & Tips – Create a prospect profile steps
These are the suggested steps to follow building your ideal prospect
profile:
1. Analyse your customer base.
2. Identify your ”biggest and best” customers.
3. Find their common characteristics, e.g. age, gender, location,
marital status, family size, education, lifestyle, occupation, income,
social class, position in society and FINANCIAL NEEDS as well as the
market(s) they belong to.
4. What were the financial solutions you suggested and they
selected/bought from you and why?
• If you are new to this profession and do not yet have an existing customer base
you need to develop your responses based on your own assumptions.

learning for life 164


Prospecting
Hints & Tips – Identify specific markets

• Identify specific markets you would like to target for your business.
• Networking - the longer you do it, the more fun it becomes. It yields
cumulative results. People get to know you and what you do better
and better, as you build a history with them. You actually start
looking forward to attending events, seeing old friends, and
meeting new ones. It's certainly a lot cheaper than other forms of
advertising.
• You can earn an unlimited number of qualified prospects by
networking with those people and organizations connected to the
type of client you are looking for.

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Prospecting
Hints & Tips – Other leads generating options
The following is a range of additional options to consider and select from to
generate leads linked to your customer profile and market(s):
1. Data mining my existing portfolio.
2. Leads from existing customers.
3. Leads from family and friends.
4. Leads from work place and other colleagues and acquaintances.
5. Competitor client data base.
6. Civic Bodies and Social Clubs – (Rotary, Lions, Young President’s, Jaycees).
7. Stock Exchange members list.
8. Professional Association membership lists ( Doctors, Lawyers, Engineers).
9. Chamber, trade and industry membership association lists.
10. Cellular companies, utility companies.
11. Company staff lists.

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Prospecting
Hints & Tips – Leads generating model

Family &
• This range of Friends

prospecting options
can be summarised
as follows. Customer
Profile
Networking
Colleagues
& Name Lists
&
from various
Co-workers
sources

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Prospecting
Hints & Tips – Direct vs Indirect approach

Direct Approach Friends & Relatives

List of Existing School, College


Customers references

Direct Interaction
Social gatherings,
with customer
marriage, parties
through cold calls

learning for life 168


Prospecting
Hints & Tips – The value of referrals
The client has
• The best way to find prospects introduced you to
the next prospect
always has been, and forever with good words.

will be, a referral.


He has given you
• If you want to grow your the information
about new
referral base, it's very simple prospect.

just help people get what they


want and avoid what they The prospect has
given his
don't. If you help them and permission that
you may contact
forget about yourself, they will him.

provide referrals.

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Prospecting
Hints & Tips - Networking

• The insurance business is all about being in front of people, so it's


time to get out of your office and start attending multi-prospect
venues and events. You should always accept invitations to attend
community or charitable events. However, you must make these
events a productive use of your time. Do some research prior to the
event. Who will be attending? Whom do you want to meet?
• If someone brings up their need for financial advice or other related
services, ask if they'd like you to call them. Sometimes it's best to
be proactive in order to get people to take a look at available
services.

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Prospecting
Hints & Tips – Relationship approach

• You can take the transactional route or the relationship


approach when it comes to prospecting. The relational method
works best and you will have significant success building your
practice.
• Your advice, empathy, and integrity are needed more than ever.
Make sure that you always place your client's interest first.
• First impressions are everything. Be sure that you are
consciously aware of what your clients will see (appearance) and
hear when they meet with you (first impressions are lasting).

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Prospecting
Hints & Tips - Recordkeeping

• Keep accurate records of your prospecting activities. The most


successful producers know exactly what their key metrics are
at any given. The least successful don’t.
• The act of keeping records will enable your subconscious
mind to constantly improve your results. Plus, by having a
clear picture of how you’re performing in your most
important prospecting activities you can quickly and easily
make changes.

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Prospecting
Hints & Tips - Planning

• Set aside time on a regular basis to attend to prospecting.


• Don't wait until you run out of prospects or suddenly need
more.
• Discipline your prospecting so it's something you do every
day, every week.
• Schedule time for prospecting each day, and have specific
goals for the number of calls/contacts you want to make.
• At the end of the week look back and assess how well you
kept your activities on track.

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Prospecting
Hints & Tips - Planning
• To be able to measure your
weekly success it is required to
have specific targets in place, • 24 Kias
e.g. • 12 Leads
WAS
• Kia Aap ko maloom hai? • 06 Presentation
(Weekly • 03 Fact Finds
Kia aap ko maloom hai k Activity • 01 Sale
hamaray company nei
aap kay bacho ki aalah Standard)
taleem kay liye behtreen
plan banaye hein?

• What is your KIA?

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Prospecting
Hints & Tips - Executing
Question:
• What does it mean to set aside time on a regular basis to attend
to prospecting?
• What do I do during this time?
Answer:
• You utilise this time to …
– Obtain names
– Call potential customers
– Face to face contact, e.g. networking
– Confirm and set up appointments

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Prospecting
Phoning prospects

• Regardless of which prospecting method(s) you


select most of your appointments will be set up by
phone.
• A different telephone approach will be followed
depending on the type of prospect you are
contacting, e.g. the conversation with a referral will
be different to that of a cold call where you only have
a name.

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Prospecting
Phoning prospects
• To be able to use the telephone effectively as a prospecting
tool needs proper preparation and scripting. The following
are some guidelines to follow planning and scripting the call:
– Opening statement
– Create interest and make a benefit statement (why should the person
listen to you)
– Anticipate questions and possible responses
– Specific questions you need to ask
– Obtain commitment
– Set/confirm the appointment, time and date

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Prospecting
Be persistent
• Statistics show that 80% of sales happen after the 5th
contact
– 80% of all sales are made after 5 or more client contacts
– 48% of all producers give up after the initial sales call
– 25% more give up after the 2nd sales call
– 12% more give up after the 3rd sales call
– 5% more give up after the 4th sales call
• Only 10% of all producers continue past the 4th contact,
which means that the persistent 10% are making 80% of the
sales. Make sure you are ONE of them!

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Prospecting
Conclusion

• Prospecting is a series of continuous, planned


actions. It's not just one thing - it's a complete
system: a system that you need to develop in order
to minimize expenses and maximize your
sales and income... to guarantee your long-term
success!

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learning for life 180
4. Know and Follow the Sales Cycle
Prospecting

Provide ongoing After


Sales Support

Build Client
Relationships

Sales Cycle Know your


Clients and their
Needs

Use effective Sales


Techniques

Provide Best Advice


and Solutions

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Building Client Relationships
Primary function
• If our primary function is to
provide personalised
financial advice and services
to develop and implement a
financial plan focused on the
client’s specific short and
long term financial needs
and goals, then how do we
build relationships with our
clients to enable us to do it?

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Building Client Relationships
Aim of this section

• The aim of this section is to understand:


1. The importance of and how to build a
relationship with your 'IDEAL' prospects over
time.
2. How to identify the financial needs of your
clients and then select and design the best
solutions for them.

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Building Client Relationships
Understanding human behaviour

• A critical requirement for building


relationships is having a basic understanding
of human behaviour.
• If you can identify your client’s behaviour and
react accordingly your chances of building
successful relationships and closing sales will
be much better and more successful.

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Building Client Relationships
Human behaviour

• Human behaviour is …
– the range of behaviours exhibited by humans and which are
influenced by culture, attitudes, emotions, values, ethics,
authority, persuasion and/or genetics.
– experienced throughout an individual’s entire lifetime and it
includes the way they act.
– greatly influenced by the attitudes we use on a daily basis.
• The way a person thinks produce different actions or
behaviour from each person.

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Building Client Relationships
Inputs vs Outputs

Behavior = INPUTS Results = Outputs

INPUTS can be changed NOT Outputs

The WORLD will NOT CHANGE for you so your only option is to
CHANGE your BEHAVIOR to achieve different RESULTS

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Building Client Relationships
10 Core sales behavior inputs
1. Goals and
Planning

10. Offering to
Help Others
2. Prospecting OUTPUTS
Achieving
9. Closing the
Sales
3. Contacting by
Tele
performance
standard of
INPUTS
consistently selling
8. Handling 4. Meeting
Objections Customers more than one
policy per month.
7. Offering 5. Cross Selling /
Solution Benefit Referring

6. Quick Needs
Analysis (QNA).

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Building Client Relationships
Understanding human behavior

• Extraordinary financial
advisor establish strong and
lasting relationships with
their customers.
• They do so by understanding
the temperament, behavior,
motivations, likes and dislikes
of their customer and others.

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Understanding
Human Behaviour

By Understanding, the temperament, behavior,


motivations, likes and dislikes of others

A look at a proven method to understand people by


observing their behavior.

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The 4 Core Behavioral Styles

1. DIRECT BEHAVIOR

2. INDIRECT BEHAVIOR

3. OPEN BEHAVIOR

4. SELF CONTAINED BEHAVIOR

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4 Core Behavioral Styles
Indirect & Direct Behavior
INDIRECT BEHAVIOR DIRECT BEHAVIOR
• Cautious about change, risk, decision making • Aggressive about change, risk, decision
• Minimize contribution in conversations making
• Less gestures or voice inflections • Animated talkers
• Qualify statements • More gestures & voice
• Reserve opinions • Emphatic statements
• Patient & cooperative • Express opinions
• Diplomatic • Competitive & impatient
• Gentle handshake • Argumentative
• Follow rules & policies • Firm handshake
• Intense & assertive
• Against rules & policies

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4 Core Behavioral Styles
-
Open & Self Contained Behavior
SELF CONTAINED
• Guard their feelings
OPEN BEHAVIOR • Decisions on facts
• Show & share feelings • Formal & proper
• Decisions on feelings • Fact & task oriented
• Appear Relaxed & warm • Takes time to befriend
• Express opinions & feelings • Like to work independently
• Easy to befriend • Limited facial expressions
• Like working with others • Display less enthusiasm
• Expressive Face • Formal handshake
• Display more Enthusiasm • Give limited non verbal feedback
• Friendly firm handshake • Talk about reality, experiences, facts
• Give lots of non verbal feedback
• Talk about visions, concepts, dreams

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2 Behavioral Tendencies
4 Basic Behavioral TYPES.
Direct
Direct and Self Direct and Open
Contained
Socializer
Relater (DOP)
(IDOP)
Self Indirect and Self Indirect and Open
Contained Contained.
Open
Director
Thinker (DSC)
(IDSC)

Indirect
193
Building Client Relationships
Ego states
• Ego states help to explain how
we are made up, and how we
relate to others. They
P Parent
categorise the ways we think,
feel and behave and are called
Parent, Adult, and Child. A Adult
• Irrespective of age everybody
has these ego states and each
of them get activated at an
C Child
appropriate time when we
interact with others.

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Building Client Relationships
Ego states - Parent
• The Parent ego state
is a set of feelings,
thinking and
behaviour that we
have copied from
our parents and
significant other
authority figures.

learning for life 195


Building Client Relationships
Ego states - Parent

• As we grow up we take in ideas, beliefs, feelings and


behaviours from our parents and caretakers. For example, we
may notice that we are saying things just as our father,
mother, grandmother may have done, even though,
consciously, we don't want to.
• We do this as we have lived with this person so long that we
automatically reproduce certain things that were said to us, or
treat others as we might have been treated.

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Building Client Relationships
Ego states - Adult

• The Adult ego state is


about direct responses
to the here and now.
We deal with things
that are going on today
in ways that are not
unhealthily influenced
by our past.

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Building Client Relationships
Ego states - Adult

• The Adult ego state is about being spontaneous and aware


with the capacity for intimacy. When in our Adult ego state
we are able to see people as they are, rather than what we
project onto them.
• We ask for information rather than stay scared and rather
than make assumptions. Taking the best from the past and
using it appropriately in the present is an integration of the
positive aspects of both our Parent and Child ego states.

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Building Client Relationships
Ego states - Child

• The Child ego state is


a set of behaviours,
thoughts and
feelings which are
replayed from our
own childhood.

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Building Client Relationships
Ego states - Child

• Perhaps the boss calls us into his or her office, we may


immediately get a churning in our stomach and wonder what
we have done wrong. If this were explored we might
remember the time the head teacher called us in to tell us off.
• Of course, not everything in the Child ego state is negative.
We might go into someone's house and smell a lovely smell
and remember our grandmother's house when we were little,
and all the same warm feelings we had at six year's of age
may come flooding back.

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Building Client Relationships
Transactions
• When two or more people
interact with each other,
this results in a social
transaction.
• These transactions will
determine and impact the
relationships we develop
with others as well as how
we communicate.

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Building Client Relationships
Transactions

The transaction is either …


• Complementary if the desired result is obtained and both
people are at the same level. Here, both are often thinking in
the same way and communication is easier, e.g.
– “What is the time?” … “It is 12 o’clock”.
• Crossed if the desired result is not achieved and each person
is talking to a different level. Here, each person is often
thinking differently and problems occur. e.g.
– “What is the time?” … “I will not tell you”.

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Building Client Relationships
Transactions

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Building Client Relationships
Adult-Adult relationship

• The ideal line of


communication is
the mature and
rational Adult-
Adult relationship.

learning for life 204


Building Client Relationships
How to identify ego states
Ego State Physical Clues Oral Clues
Angry or impatient body language Always, never, for once and for all,
and expressions, finger pointing, judgemental words, patronising and
Parent patronising gestures. posturing language.
Attentive, interested, straight- Why, what, how, who, where and when,
forward, tilted head, non- how much, in what way, comparative
threatening and non-threatened. expressions, reasoned statements, true,
Adult false, probably, possible, I think, I realise,
I see, I believe, in my opinion.

Emotionally sad expressions, Baby talk, I wish, I don’t know, I don’t


despair, temper tantrums, whining care, oh no, not again, things never go
voice, rolling eyes, shrugging right for me, worst day of my life, bigger,
Child shoulders, teasing, delight, biggest, best, many superlatives, words
laughter, speaking behind hand, to impress
raising hand to speak, squirming
and giggling

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Building Client Relationships
Conclusion

• We can develop and build strong relationships with


our customers and achieve our performance
standard by:
– Changing and sustaining our behaviour (INPUTS)
– Identifying and understanding the customer’s
behaviour.
– Operate from the “Adult” state of behaviour when
interacting with customers and colleagues.

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4. Know and Follow the Sales Cycle
Prospecting

Provide ongoing After


Sales Support

Build Client
Relationships

Sales Cycle Know your


Clients and their
Needs

Use effective Sales


Techniques

Provide Best Advice


and Solutions

learning for life 207


Identifying Client Needs
A need must exist

• A client will only buy a financial services product


provided that he realises that he has a need to buy it.
If he does not know or realise that he has a need he
will not buy.
• Often clients don’t know that they have a financial
need and it becomes the Financial Advisors duty to
know the client and his short as well as long term
financial needs.

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Identifying Client Needs
Financial needs

• Financial needs are generally


associated with life stages
and change as we move
through them. This allows
the Financial Advisor the
opportunity to continuously
provide service and sell new
products to his clients.

learning for life 209


Identifying Client Needs
Financial needs
• A financial need can be linked to one or more of the following
categories:
– Family (children’s education, house hold expenses)
– Savings and investments
– Income protection
– Retirement and/or estate planning
– Assets/property
– Business ventures
– Insured/underinsured /not insured

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Identifying Client Needs
Role of insurance – Personal and family wellbeing
• Insurance could provide funds for …
– Children’s Education
– Children’s Wedding
– Retirement
– House Expenses post Retirement
– Succession Planning
– Purchasing a House
– Business and Asset Protection
– Hospital Treatment and Critical Illness
– Life Time Income

learning for life 211


Identifying Client Needs
Insurance provides for …

Funds in
crisis

Ensures
Protects
Business
Assets
Continuity Insurance
Provides

Maintains
Savings for
Standard
Rainy Days
of Living

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Identifying Client Needs
Life Insurance Sector – Professionals
• Doctors, Dentists, Lawyers,
Professionals Accountants, Architects, etc.

• Children education, weddings; Family


Insurance need income protection and retirement
planning; Practice Protection etc.

• Fair, real purchasers long term


Type of prospect planners.

• Very busy – need definite


Type of worker appointment.

Traits • High earnings, fixed expenses.

Access key • Referrals and networking.

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Identifying Client Needs
Professional – Key focus

Self Employed Segment – loss of


practice or income

• Project how their income is


secure in case of the 3 D’s
• Retirement planning
• Child education and marriage
planning

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Identifying Client Needs
Group think

What plans do you pitch


to such customers?

learning for life 215


Identifying Client Needs
Life Insurance Sector – Businessmen
• Retailers, traders, factory
Business Men owners, importers, exporters etc.

• Protection at very low cost –


Insurance need business protection package.

• Very difficult, non believer of


Type of prospect insurance takes time to decide and
build faith.
•Unorganised, non time keeper, makes
people run after them, does not like
Type of worker strangers, likes to be admired, cold call will
not work.

Traits • Variable earnings and expenses.

Access key • Referrals and networking.

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Identifying Client Needs
Businessmen – Key focus

Business Segment – loss of


business or income

• Project how their income is


secure in case of the 3 D’s
• Business protection - Succession
planning

learning for life 217


Identifying Client Needs
Group think

What plans do you pitch


to such customers?

learning for life 218


Identifying Client Needs
Life Insurance Sector – Company executives
Company • People working in top positions at
Executives Multinationals or Local Companies.

•Always have group cover but may not be


Insurance need adequate – top it up through education,
mortgage protection and retirement planning.

• Organized, highly salaried


Type of prospect income.

• Easier to convince, need for


Type of worker savings and investments.

Traits • High earnings, variable expenses.

Access key • Referrals and networking.

learning for life 219


Identifying Client Needs
Company executives– Key focus

Salaried Segment – loss of very


high income
• Family protection
• Mortgage protection
• Loss of job and income through
permanent and total disability
• Education protection
• Retirement
• Life style continuity

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Identifying Client Needs
Group think

What plans do you pitch


to such customers?

learning for life 221


Identifying Client Needs
Life Insurance Sector – General workers
• Office administrators, retail
General workers assistants, educators, etc.

• Well being of their family and


Insurance need retirement planning.

• May understand the value of


Type of prospect insurance but more short term
focused.

•Some company benefits but not sufficient to


Type of worker cover needs; requires additional cover and
long terms savings.

• Fixed earnings and escalating


Traits expenses.

• Family, friends and alternative


Access key prospecting methods.

learning for life 222


Identifying Client Needs
General workers – Key focus

Business Office Segment –


wellbeing of family
• Family protection
• Mortgage protection
• Loss of job and income through
permanent and total disability
• Education protection
• Retirement

learning for life 223


Identifying Client Needs
Group think

What plans do you pitch


to such customers?

learning for life 224


Identifying Client Needs
Life Insurance Sector – Mass market
Mass market • Factory and other labourers

• Well being of their family –


Insurance need cover, savings and job
protection.

Type of prospect • Organized, salaried.

• Easier to convince but difficult to


Type of worker get an decision, requires
direction and pressure.

• Limited resources, low


Traits earnings, varying expenses.

• Association member lists,


Access key company staffs lists, cold calling.

learning for life 225


Identifying Client Needs
Factory and other labourers– Key focus

Mass Market Segment – saving


and growing money
• Insurance must be sold as assets
and empire protection package.
• Education package as a means of
empire expansion for future
generations and pride for the
family.

learning for life 226


Identifying Client Needs
Group think

What plans do you pitch


to such customers?

learning for life 227


Identifying Client Needs
Need Analysis

• The two key techniques


available to you to identify
and recording your customer’s
financial needs are:
1. Asking the right questions
2. Active listening

learning for life 228


Identifying Client Needs
3 Types of probing questions
Type of question Question Possible Response
Open Ended How are you? These probes have uncontrolled
responses and allows for the customer to
give an explanation as a response. You
would use an open probing question to
gather information about the customer to
right size a plan that best suit their needs.
Close Ended Are you doing well? These probes prompt for a one-word
answer usually ‘yes’ or ‘no’!.
Leading You are doing well, right? These probes prompt the customer for an
agreeing response. You should end every
sentence with this type of probing
question in order to assume the sale

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Identifying Client Needs
The power of listening

• Good or the right questions requires great listening skills!

Your ability to Poor listening


really Whereas the can cause the
The average
understand average rate customer to
Listening is rate of speech Bad listening
the message of hearing is feel
not a passive is about 150 may cost you
your customer close to 750 unimportant,
activity. words a the sale!!
is sending is words a become
minute.
critical to minute. frustrated and
your success. irritated.

learning for life 230


Identifying Client Needs
Summary
• Observe and identify your
client’s behaviour (ego state).
• Remain in the “Adult” state.
• Ask direct, relevant and open
ended questions.
• Listen to what the client tells
you.
• Record the client’s needs on
the Life insurance need
analysis document.

learning for life 231


learning for life 232
4. Know and Follow the Sales Cycle
Prospecting

Provide ongoing After


Sales Support

Build Client
Relationships

Sales Cycle Know your


Clients and their
Needs

Use effective Sales


Techniques

Provide Best Advice


and Solutions

learning for life 233


Provide Best Advice and Solutions
Financial plan

• Having obtained all the


client’s relevant financial
information it is time to
develop a financial plan
focused on the client’s
specific short and long term
financial needs and goals.

learning for life 234


Provide Best Advice and Solutions
Steps to follow
• The following are the steps to
follow building the financial plan:
1. Analyse the need

2. Consider affordability

3. Select solutions and build the


Financial Plan

4. Prepare the client presentation

learning for life 235


Provide Best Advice and Solutions
1. Analyse the need

• It is advisable to first do a high level analysis of the available


information to ensure that there are no gaps in terms of the
client’s …
– Short term financial needs
– Long terms financial needs
– Amount he can comfortably afford to invest
• If any gaps are identified it is necessary to conduct a further
fact finding call or interview with the client.

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Provide Best Advice and Solutions
1. Analyse the need – fact finding
The purpose of
fact finding is to A careful Fact-
find (more) facts Finding It is the
about the analysis helps diagnosis of
customer and to the Fin. the
verify the Advisor to customer’s
information gain his/her financial
already with the customer’s needs and
Fin. Advisor. trust. wants.

Sometimes The Fact-


the customer Finding
is not aware Interview can
of his financial be linked to
needs. the diagnosis
of the need.

learning for life 237


Provide Best Advice and Solutions
2. Affordability

• It is important to find the


balance point in terms of
what the client can afford.
• Quoting too little might not
be sufficient to achieve his
goals.
• Quoting too much might
scare him off and he might
not buy at all.

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Provide Best Advice and Solutions
3. Select solutions and build the financial plan

• Even though your goal is ultimately to


conclude a sale, your primary function as
Financial Advisor remains to provide the client
with the best possible financial advice and
convince him that the personalised financial
plan that you have put together is in his
and/or his family’s best interest.

learning for life 239


Provide Best Advice and Solutions
3. Select solutions and build the plan
1. Life
protection

2. Asset
10. Retirement
protection

9.
OUTPUTS
3. Mortgage
Hospitalisation
and illness
INPUTS protection
Personalised short
Financial and long term
8. Disability needs 4. Income
protection
financial plan.

7. Savings and
5. Education
Investments

6. Life events

learning for life 240


Provide Best Advice and Solutions
3. Select solutions and build the plan
• Individual Exercise
– Complete the section on building the financial
plan in your workbook
– Present the plan when we asked to do so

learning for life 241


Provide Best Advice and Solutions
4. Prepare the client presentation
• The Sales presentation is important in terms of how it is put
together and presented to the client. This is what the client
will see, hear and experience during the presentation and it
will either convince him to buy or not.
• The aim of the presentation is to ensure that the client has a
clear understanding of his short and long term financial needs,
what his options are and how it will be addressed and
achieved as well as to get his commitment to accept and
implement the solution(s) presented to him (concluding the
sale).

learning for life 242


Provide Best Advice and Solutions
4. Prepare the client presentation

• The following are the key components of an effective


Sales presentation:
– Logic and emotion (stating the personal need for the
solution)
– The reason for buying (short and long terms benefits)
– Logical sequence (taking the client on a financial journey)
– Consequences if solution is not selected and implemented

learning for life 243


Provide Best Advice and Solutions
Features and Benefits

Features Benefits

So What? Sounds Good

learning for life 244


Provide Best Advice and Solutions
Features and Benefits

• Customers are NOT


interested in the
FEATURE (Yay Kia Cheez
Hay)
• They are interested in
the BENEFIT (Iss say
MUJHEY kia FAIDA?)

learning for life 245


Provide Best Advice and Solutions
Features and Benefits – Example (Fayeda)

Feature (Cheez)
XYZ Bank has 812 “ON LINE” branches in Pakistan
• Benefit (Faida)
• You can conduct most transactions through any of
these 812 different locations all over Pakistan. For
example a customer depositing money in your
account via our Bahawalpur branch will be instantly
credited into your Islamabad account.

learning for life 246


Provide Best Advice and Solutions
Sequencing - Presenting costs

Do not reveal
the cost too
early
Minimize the
cost

Relate to an
everyday cost

Be confident

learning for life 247


Provide Best Advice and Solutions
Conclusion
• At the end of the presentation there must no doubt
in the customers mind that the only option he has is
to accept and implement the proposed financial plan
and related solutions.
• Putting together the Sales presentation requires
careful planning and time to build it as this could
make or break the sale.
• Obtain and Include the product illustration from
system.

learning for life 248


Provide Best Advice and Solutions
Conclusion
• Illustration
• Proposal form

learning for life 249


learning for life 250
4. Know and Follow the Sales Cycle
Prospecting

Provide ongoing After


Sales Support

Build Client
Relationships

Sales Cycle Know your


Clients and their
Needs

Use effective Sales


Techniques

Provide Best Advice


and Solutions

learning for life 251


Use effective Sales Techniques
Sales presentation

• Reaching this point in the Sales Cycle is critical. You


are about to make the Sales Presentation to your
client. You have worked hard doing the prospecting,
building client relationships, identifying and
understanding your client’s short and long term
financial needs, built the financial plan and compiled
the Sales presentation. You do not want to fail at this
point of the process.

learning for life 252


Use effective Sales Techniques
Sales presentation

• You are now ready to do the Sales Presentation and


your goal is to ensure that the client accepts your
proposal and that it will result in a sale.
• Taking the client through the presentation and
getting his commitment to sign the contract is no
easy task and requires certain sales techniques.

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Use effective Sales Techniques
Sales presentation

• When you approach your client you have certain expectations


in mind, e.g. to conclude a sale and sell a certain product or
combination of products.
• In the same way the client has certain expectations, e.g. buy a
product or combination of products at a certain cost which will
provide a return on his investment.
• Some clients might not even consider buying anything when
you approach them and you will have to convince them
otherwise.

learning for life 254


Use effective Sales Techniques
WAS - Weekly Activity Standard

• Start off by setting a • 24 Kias


realistic Weekly Activity • 12 Leads
WAS
Standard (sales target) • 06 Presentation
(Weekly • 03 Fact Finds
so that you can measure
Activity • 01 Sale
your progress and
Standard)
success at the end of
every week.

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Use effective Sales Techniques
Sales approach

2. Listen to the
1. Meet and Greet customer
the customer
7. Building Life
6. Customer
Time Relationship
Appreciation

3. Paraphrase / Confirm
understanding / Fact
Finding

5. Complete task 4. Advise the Customer like


Close/ Underwriting you’re his/her real friend

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Use effective Sales Techniques
Meeting the customer face-to-face

Do not
Use the first impose your
few minutes to self on to the
convince your customer
The first thirty
seconds are customer that
very crucial. you have
Impression something to
you make say that is
during the worth
first few listening.
First time minutes will
face to affect the
face with course of the
the entire
customer. interview.

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Use effective Sales Techniques
Introduction script

• If it is the first time you meet the


customer an effective introduction
would be required.
• The introduction would include
the following elements:
1. Greeting
2. State your name and
organisation/company
3. State the purpose of the
meeting
4. Seek permission to speak/talk

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Use effective Sales Techniques
Create an interest

Greeting The Customer

Utilizing Voice Qualities

Pace

Understanding inflection

Active Listening

Features & Benefits (Right


Sizing Customers )

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Use effective Sales Techniques
Effective listening

• As indicated before
listening is one of
the most effective
skills for successful
selling.

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Use effective Sales Techniques
6 Facets of effective listening

1. Encourage the person to talk

2. Visualize

3. Pay attention

4. Monitor non verbal’s

5. Paraphrase and
repeat
6 . Make no
assumptions

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Use effective Sales Techniques
Effective listening
6 Facets Description
1. Encourage the person to talk To maintain the information flow it is a good idea to provide
positive feedback and to guide the person through purposeful
and relevant questions.
2. Visualize Increase the attention by reflection and visualization of the
person’s message.
3. Pay attention Do not reply immediately, but listen to understand. Let the
person communicate the message in full without interruption.
4. Monitor non-verbals Take note of the person’s body language to see if it matches
what they say.
5. Paraphrase and repeat Confirm correct understanding by repeating and paraphrasing
the person’s message
6. Make no assumption Ask probing questions to clarify what the person says.

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Use effective Sales Techniques
Effective communication

• Use open ended Adult to Adult questions and


statements, e.g.
• Why, what, how, who, where and when, how much, in what way,
comparative expressions, reasoned statements, true, false,
probably, possible, I think, I realise, I see, I believe, in my
opinion.

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Use effective Sales Techniques
Closing
Most important stage
in the sales process.

Most often the


What should the Fin.
customer is found to
Advisor do at this
be still hesitating to
stage?
sign his proposal.

Customer mind is Does not mean that


swinging between customer does not
“Yes” and “No”. want to buy insurance.

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Use effective Sales Techniques
Closing techniques

Assumptive
Closing
Techniques

Silent
Techniques

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Use effective Sales Techniques
Handling objections
• During most Sales presentations the
Financial Advisor will be faced by
objections from his customer.
• It is not necessarily a bad sign, but
rather an indication that the
customer is in his mind not
completely convinced “To Buy” or
“Not to Buy”.
• It is the Financial Advisor’s task to
tactfully lead the customer through
the objection and help him to reach
the decision “To Buy”.

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Use effective Sales Techniques
Handling objections

• An objection is normally a buying signal. The customer is interested in the


financial plan you are presenting him with and that is why he raises an
objection and not to through you off track.
• An objection is not a rejection, it is merely an opportunity to clarify the matter
in the customer’s mind.
• Do not dismiss them, deal with them.
• Do not take them personally.
• Handle them tactfully and professionally.
• Put yourself in the customer’s shoes and see it from his viewpoint.
• Don’t answer an objection immediately, but follow a process to resolve it.

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Use effective Sales Techniques
Handling objections - Process

Process of Objection Handling


• Listen to the objection carefully and note the key concerns.
• Repeat the objection with key concerns to confirm.
• Answer the objection in a sequence addressing the key
concerns.
• Verify if he/she understood your answers and proceed for
close.
• Listen to the customer attentively and empathize with them.

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Use effective Sales Techniques
Handling objections – Common objections
• Why should I buy Life Insurance from you?
• What additional benefits will I get should I buy
from you?
• I will first discuss it with my spouse.
• I cannot afford to pay the premium.
• I do not need more life insurance.
• Life insurance is not a good investment.
• Life Insurance is “Haram” (unlawful) in Islam and
there is an Interest (Ursury) in it.
– (LIFE INSURANCE is against the Will of God)
• I can only buy if I am given a discount.
• I want to discus this with someone in my family
or with friends.
• Why should I buy an Insurance product rather
than a banking product?

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Use effective Sales Techniques
Handling objections - Method

Seek for the


hidden
Tell an Objection:
interesting
• The use of words
human story like ‘what’, ‘why’
Turn the
and ‘how’ will
Objection to
help you uncover
your these hidden
advantage objections.
Postpone
the answer

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Use effective Sales Techniques
Handling objections
Power phrases
You do not buy a life insurance policy; you buy an education for the kids, a lifetime income for your
spouse, a pension for an old person. You buy peace of mind, happiness and contentment when you buy
life insurance.
Life insurance is not what you buy; it is an instrument to carry out your plans.
Life insurance is called life insurance because it insures future living of those whom you leave behind.

A parent could not write a more sincere love letter than an application for life insurance for his/her
children.
By purchasing life insurance, you have obtained assurity for your family and future security.

If you get sick or hurt, there are four sources of income for your family: relatives, friends, charity and
insurance. Which would you prefer?
Life insurance is a short cut to the longest journey in life.
The greatest killer of mankind is financial worry. The life insurance eliminates that worry for you

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Use effective Sales Techniques
Handling objections - Conclusion

• “There are as many Listen

objections as there Close Encode

are customers and as


many answers as Confirm
Acknow-
ledge

there are sales


people” Answer Decode

Ben Friedman (World Renown Sales Probe


Person)

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Use effective Sales Techniques
Summary – Sales Pitch
ASK FOR
INTRODUCTION REASON FACT FIND ADVISE CLOSE
REFERRALS
•AOA, How you doing •Mr. / Ms. _______I •Mr. __________ I •We have an amazing •Mr. _____, we have •Mr. _______ you will get
today Mr. / Ms. would like to inform you understand, you have a saving plan for your child flexible payment options the documents within 7
_________? My name is about our new and son (name) and like all education called available Monthly, working days at your
Hasan from Adamjee Life exciting products , which loving fathers, you are Endowment Plan which Quarterly, Half yearly & home address. One last
Co. LTD. I would like to we are offering interested in his higher provides a substantial Annually. What option thing Mr. Ahmed as you
talk to you because I exclusively to our education. Then you amount at the time do you want to select? know it’s a great saving
have some information, selective XYZ customers. probably have started when your child is going Mr. ______ I would plan would you like to
which has been of real Mr. / Ms. _______We saving money already. for higher education and require few information refer any of your friend
interest and value for have an amazing savings But there is a possibility, its also cover you to of yours to fill out the and family member?
you. “ would you mind & protection products may be it is so slight, against unforeseen form kindly confirm me
to spend 5 mins of your which caters to yours but a possibility circumstances. your full name?
time where I can explain financial requirements nevertheless that you •This plan ensures that
you and show you the including your child might not live to the required funds are
benefits of the plan" education or wedding or complete your plans for available for the child’s
may Be Buying a new financing his education future education even if
house or planning for and he would be the parent is not there.
retirement. deprived of it. Am I Remember take your
right? If I show you an time do not rush
exciting plan which
guarantees that funds
will be there whether
you alive or not, and also
guarantees your son’s
education, if any mishap
occurs. You’d be
interested? Wouldn’t
you?

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Use effective Sales Techniques
Summary
• The Sales presentation is a critical
step in the Sales Cycle.
• A positive attitude supported by
proven Sales Techniques will enable
you to close the deal:
– Understanding the customer’s
expectations
– Providing best advice
– Active listening
– Open Questions and probing for
understanding
– Dealing with objections
– Closing the sale appropriately
– Complete the Application form

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4. Know and Follow the Sales Cycle
Prospecting

Provide ongoing After


Sales Support

Build Client
Relationships

Sales Cycle Know your


Clients and their
Needs

Use effective Sales


Techniques

Provide Best Advice


and Solutions

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Provide Ongoing After Sales Service
Overview

• The conclusion of a sale is


not the end of the Sales
Process or interaction
with the customer, it is an
opportunity to continue to
provide service and best
advice to the client for
many years to come.

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Provide Ongoing After Sales Service
Group think

• In your groups list the opportunities and


after sales services you can provide to
the customer.
• Share your responses with the larger
group when asked to do so.

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Provide Ongoing After Sales Service
Relationship building

On Policy delivering take a small


present to client like a cake, Sending a card on his birthday
sweets or company souvenir and and Eid will strength your
build a friendly relationship by relationship.
welcoming him to the family.

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Provide Ongoing After Sales Service
Policy lapses

• One of the key focus areas of after sales


support service to your client is to
prevent that policies lapse.
• Policies normally lapse for a number of
reasons and once it lapses it has an
impact on a number of parties.

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Provide Ongoing After Sales Service
Why polices lapse
Under
selling

Lack of
Over
after sales
selling
service

No need Pressure
selling selling

Wrong Rebated
selling selling

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Provide Ongoing After Sales Service
Who suffers if a policy lapses

Client (who once planned to


buy protection for his family,
looses the much needed
protection)

Financial Advisor (who


not only looses the
renewal commission but Company (who looses
also the market from renewal premium and a
where he could have satisfied client)
generated a lot more
business)

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The Adamjee Life Sales Process
1. Know our 4. Know and
2. Know your Role as 3. Continuously build and
Performance follow the
Financial Advisor develop your own skills
Standard Sales Cycle

Prospecting

Provide ongoing
After Sales
Support
Build Client
Relationships
Sales Cycle Know your
Clients and
their Needs
Use effective
Sales
Techniques

Provide Best
Advice and
Solutions

283
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Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Our Support Infrastructure
Support

• Our business model


is structured to
provide the best
products and service
to our clients and
stakeholders.

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Our Support Infrastructure
Our departments and functions

• Our departments and functions are


integrated to provide a seamless
operation from designing the product
through to handling claims.
• Most of our functions are underpinned by
our strong IT systems and processes.

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Our Support Infrastructure
Our departments and functions
Sales

Finance
Bancassurance
Agency Distribution Operations & Actuarial
Alternate Human Resource
Distribution Compliance Information System
Customer Services
Marketing Admin
Underwritting Business
Channel IS Operations Development
Development Business Processs
Infrastructure
Training & Claims Group Life
Development Technical Support
Actuarial Services
Banca Ops

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Chief Financial Officer
& Company Secretary
• Financial Management
• Compliance
• Human Resource
• Company Secretarial Matters
• Claims
• Administration

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289
Financial Management

• General Accounting
• Treasury & Investment
• Financial Reporting
• Budgeting

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290
Compliance
• Insurance, Company & Taxation Laws
• Company’s Policies & Procedures
• Internal Audit
• Legal Matters

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291
Human Resource
• Recruitment & Selection
• Compensation & Benefits Administration
• Policies Administration
• Performance Management
• Training & Development
• Personnel Record Management

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292
Claims

• Case brief
• Investigations
• Decision making (with claims committee’s
consent where necessary)
• Authorization / Payment
• Management of disputed claims
• Cases pending at legal courts and ombudsman

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293
Administration
• Office Infrastructure & Facilities Management
• Security and Insurance of Company’s Property
• Supplies Management
• Travel & Accommodation

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294
Our Support Infrastructure

• We shall now explore a few selected functions being performed by


our departments:
1. Acquisition
2. Underwriting
3. Customer Service Administration
• Cancellations
• Alterations
• Surrenders
• Renewals
• Claims
• Technology

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Our Support Infrastructure
Underwriting

• Receive application.
• Underwriting / Risk Evaluation within company
guidelines and regulatory compliance.
• Reach a decision to accept or decline risk
• Reinsurance – sharing risk.

Steps • Information exchange and support to other


functions and distributions channels.

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Our Support Infrastructure
Selection and classification of risk
Selection Classification Risk
Life Insurance
Life Insurance Company decides to
It is the financial
Company considers accept the risk and
loss that is
the application for specifies the
expected to occur
protection against premium it would
(Death, Disability
potential financial charge for the
or Disease) of the
loss. amount (Sum
Applicant.
Assured) and Benefits
requested.

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Our Support Infrastructure
Critical risk assessment information

General Medical
Financial
Name, age, gender, Non medical
Financial questionnaire,
address, occupation questionnaire, medical
bank statement, financial
history, medical
investigation
examination

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Our Support Infrastructure
Reinsurance – Sharing of risk portions

• Swiss Re

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Our Support Infrastructure
Policy cancellation

• A policy contract can


be cancelled by the
policy holder within
the “Free Look”
period.

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Our Support Infrastructure
Cancellation within “Free Look” period

• Cancelation Request.
• Original Policy
Documents Documents.
Requirement

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Our Support Infrastructure
Policy alterations

• A policy alteration or
change can be made
if the client’s
financial needs
change during the
term of the policy.

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Our Support Infrastructure
Financial alteration

Financial Alteration Can be


Process Similar to Non
done only on policy
Financial Alteration
Anniversary

Financial Alteration can


be, change in premium
In Some Cases NMQ/DHQ
mode, increase or
may be required or
decrease premium,
Medical as well
Increase Sum Assured, Add
or Delete Riders etc.

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Our Support Infrastructure
Policy surrender

• A policy holder can


surrender a policy if it
no longer meets his
financial needs and/or if
he can no longer afford
it.
• Certain conditions will
apply.

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Our Support Infrastructure
Policy surrender

• Surrender form
• Original Policy Documents
Documents • Zakat Declaration
Requirement

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Our Support Infrastructure
Policy renewal

• A policy contract
normally gets
renewed on an
annual basis.

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Our Support Infrastructure
Technology

CoreApp

• Instant Policy Issuance


• Quickest Policy Delivery
• No Hidden Surprises
• Simple & Easy
• Peace of Mind

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Our Support Infrastructure
Claims

• A claim is the payment


made by the insurer to
the insured or claimant.
• A claim is the demand
that the insurer should
redeem the promise
made in the contract.

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Our Support Infrastructure
Claim validation
• Whether the policy is in active state?
• Whether the policyholder has performed his part?
• The policy status with regard to payment of premium, age
admission, outstanding loan & interest, if any, legal restrictions such
as under MWP Act, Foreign Exchange Regulations, report of
investigation, police report, if any.
• Whether insured event has taken place?
• What are the obligations assumed under the contract, which are
required to be performed like payment of bonus, survival benefits,
payment of SA in installments, waiver of future premiums, etc.?

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Our Support Infrastructure
Requirements for claims processing

• Policy document(s)
• Deeds of assignments / reassignments
• Proof of age, if not already admitted
• Certificate of death
The following will be • Legal evidence of title, if the policy is not
necessary before assigned or nominated
settlement of a death
claim: • Form of discharge executed and witnessed

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Programme Modules
Introduction
Module 1: Career Transition
Module 2: Adamjee Life – Our Business
Module 3: Our Products
Module 4: Sales – The Adamjee Life Way
Module 5: Our Support Infrastructure
Module 6: Revision and Assessment
Close

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Revision and Assessment
Modules

• We have worked Welcome

through a number of Module 1: Career Transition


modules over the last
few days. Module 2: Adamjee Life – Our Business

• The following are the Module 3: Our Products


key points we have
Module 4: Sales – The Adamjee Life Way
covered in each of the
sections. Module 5: Our Support Infrastructure

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Close
Born to win

• "You were born to win, but to be a winner,


you must plan to win, prepare to win, and
expect to win."

Zig Ziglar - Author, salesman, and motivational speaker

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