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At what value are electronic devices insured? | • Devices are insured at new (catalogue) value, including any taxes paid (for example VAT, customs duties, transport costs, excise duties) |
For a claim covered by the EEI policy do I have to present the invoices for the appliances? | • Yes |
For what risks can electronic devices be insured? | • Examples of risks covered by the EEI policy:
- Fire or explosion
- Damage caused by water coming from installations or from nature
- Natural calamities
- Natural phenomena (eg storm, hail, avalanche)
- Theft
• plus the following specific risks:
- Acts of people (eg negligence, incorrect handling)
- Bad intent on the ... |
How is EEI insurance better than property insurance? | • In addition to the risks covered by property insurance - for example fire, explosion, natural calamities or theft, EEI insurance also covers human error, technological problems or malicious intent by third parties |
How can I secure the rest of the content? | • The rest of the contents - for example furniture, stock, electronic equipment older than 10 years - can be covered by a building and contents insurance policy, which can be an SME policy or another type of policy |
Is the damage covered under the warranty? | • Not
• Damages covered by a warranty or service contract are not covered by the EEI policy |
When does the sale need to be completed? | • When the customer is about to buy, but hesitates to say so
• How do you know that the customer is about to buy?
• The customer is one step closer to completing the sale when they send buy signals, ie…
- ... ask concrete questions about the policy (what coverage it contains, how it is paid, how to proceed in case of d... |
What are the critical elements of a trading business? | • A trading business is usually conducted in a shop or warehouse, so the critical elements are:
- The building
- Merchandise stock
- The means of transporting the goods |
What are the critical elements of a manufacturing business? | • A manufacturing business usually takes place in a factory, hall or workshop, so the critical elements are:
- The building
- The means of production (machinery, equipment)
- Stocks of raw materials and finished products |
What are the critical elements of a service business? | • A service business is usually conducted in an office, practice, salon or laboratory, so the critical elements are:
- The building
- Equipment used (eg medical equipment or computers)
- Key people (professionals on whom the business is based) |
What information do you require to offer SME insurance? | - the CUI of the company
- Full address
- Year of construction
- The constructive structure, according to the insurer's specifications
- The surface
- Neighborhoods (N, S, E, W)
- Field of activity
- Protective means
- Owner / tenant
- Amount insured on the building
- Amount insured for contents |
What risks can the SME policy cover? | • The SME policy can cover two types of risks: |
What role does the SME policy have for the insured's family? | • The complex IMM policy, which covers property damage, business interruption, and civil liability, simultaneously protects the family's property, savings and income, in the event of an insured risk occurring
• For a family that owns a business, especially if the family lives from the business, the SME policy is an imp... |
What types of buildings are there? | • The typology of the building is established according to the resistance structure and the material of the walls
- Reinforced concrete structure, brick walls
- Reinforced concrete structure, sandwich walls
- Metal structure, sandwich walls |
What does SME mean? | • Each insurer has its own definition of what small and medium-sized enterprises (SMEs) mean
• In general, trade, service or production companies are included, where the total insured amount does not exceed a certain limit (for example 1, 2, or 3 million Euros)
• Firms in agriculture, wood processing, chemical industry... |
The building is made of concrete and iron; what will happen to him? | • Have you heard about the Grenfell Tower fire in London?
• What about the fire at the Prosper complex in Bucharest?
• What about the fire at the Frigoglass factory in Timiș?
• Concrete and iron buildings turned into ruins due to fires
• Continue with the aftermath of the earthquake?
• No human construction can withsta... |
How do you present SME insurance? | • The SME policy ensures the reduction of losses in the event of a risk, by compensating for damage to the building or its contents: stocks, machinery, etc.
• The business interruption clause provides you with the financial support for restarting the business, by covering fixed costs, including additional ones, as well... |
How do you respond to objections about SME insurance? | • How do you respond to objections with the substrate… |
How are the covers determined on the IMM policy? | • The coverages are established based on the risk analysis of the business
• It is important to prioritize major risks, i.e. those that can affect critical elements and destroy the business: |
How are the sums insured on the IMM policy determined? | • The insured sums are determined according to the type of heritage assets: |
How is the amount of compensation determined on the IMM policy? | • The determination of the amount of compensation is determined according to the type of insurance: |
How is the amount insured on the building determined? | • It is recommended that the amount insured on the building represents the new (reconstruction) value, which means the cost of building a building with similar constructive and functional characteristics |
How is the content insured amount determined? | • The sums insured for contents are determined according to the type of heritage assets: |
How is the insured amount for working capital determined? | • The insured sum for working capital represents:
- The cost of production, in the case of goods of own production
- The purchase cost, including taxes, in the case of goods purchased |
How is the sum insured for fixed assets determined? | • The insured amount for fixed assets represents their real value, so it represents the cost of replacing the goods with others of the same type, configuration and quality |
How much money do I get in the event of a claim? | • If you take out the policy correctly, based on my recommendations, then in the event of a claim you will receive the amount necessary to remedy the damage, so that your situation after compensation is as close as possible to the situation before the occurrence of the risk |
If I have several claims in one year will they all be compensated? | • Yes
• But after each claim you will have to make up the sum insured, to avoid underinsurance
• Replenishment of the insured amount is done by paying a difference in premium proportional to the amount of the compensation and the rest of the remaining period of the contract |
If I have several premises how can I insure them? | • Most insurers will require each premises to be insured under a separate policy |
If I make changes to the building, will the policy still be valid? | • It depends on the specifics of the changes
• You must notify the insurer, in writing, of the changes you intend to make, and the insurer will notify you whether or not the policy remains valid, and under what conditions |
If I do the repairs myself, am I compensated? | • Yes, you can be compensated, provided you agree with the insurer in advance on the price of the repairs, and especially on the labor |
Where will the insurers get millions of Euros to pay after an earthquake? | • Where do insurers get money from, since their inception, centuries ago: from reserves
• And from reinsurance, especially in the case of large claims
• The insurance system is very well set up
• The proof is the fact that traditional insurers have been able to successfully overcome world wars, economic crises, natural... |
At what value is a floating stock insured? | • Since the risk can occur at any time, including when the stock is at its peak value, I recommend that you insure the stock at its maximum value |
Am I refunded the VAT I paid if the stock is destroyed? | • Not
• In case of destruction of the goods, you have the right to recover the VAT you paid |
Can I insure goods that do not belong to me (goods in custody)? | • Yes, provided you have a supporting document attesting to the presence of those goods in your company's premises |
How can you make policy changes more efficient? | • If the policies are well concluded from the outset, so they contain actual sums insured and contain the coverages the client needs, policy changes are rare
• For example, changes occur when the customer makes extensions or purchases and the sums insured change or when they take out a loan and the assignment of the po... |
What should be your goals during your internship? | - Get as many new customer (prospect) names as possible
- Make appointments with as many clients as possible
- Make as many offers as possible
- To sell as many policies as possible
• If the expression "as many" seems strange to you, know that it was used not because BrainO does not know how to formulate an objective, ... |
What are BrainO's recommendations for you? | • Learn to work with an agenda; first thing in the morning, when you drink your coffee, consult your diary
• Learn all you can about insurance; use only serious sources of information for this purpose
• Do every day a little of the things you dislike, but which are important; it could be calling customers or asking for... |
What sales actions should you take at the beginning of your career? | - Complete and use the database with prospects and customers
- Calling prospects
- Have customer awareness talks
- Develop insurance solutions
- Communicate insurance solutions
- Explain insurance solutions
- Resolve objections
- You complete the sale |
What do you think you do well (what works for you)? | • Tell, in 30-40 seconds, what are the things you consider you do well |
What do you think you don't do well (what doesn't work for you)? | • You may be dealing with several of the four typical problems, but find it difficult to solve them all at once
• Choose one of the issues you want to focus on next: |
What mistakes to avoid? | • It's very easy for a 10-minute break to turn into 15, then 30, and then 60 minutes...
• You can use the Internet to do prospecting or to waste time...
• You can start the working day at 8, 10 or 12...
• You can end the working day at 6 pm or 12 noon...
• You can work 5 days a week or 1 day a week...
• Freedom can be ... |
What do you need to learn at the beginning of your career? | • With BrainO by your side, you can learn what you need anytime, anywhere |
How can you streamline administrative activities? | • What are the main administrative activities? |
How can you make productive activities more efficient? | • The productive activities are the following:
- Increasing the number of customers
- Development of the policy portfolio
- Indirectly, training is also a productive activity, because if you are better prepared, you will be more efficient; that's only if you apply what you learn...
• Your efforts towards the two produc... |
How can you streamline the notification of due dates, for installments and renewals? | • Here's a way of working that can save you good hours, or even days if you have a lot of clients, and gives you just as many hours - or days - for productive activities in return
• Instead of calling customers, to inform them that they have to pay an installment or renew a policy (it takes 3...5 minutes for a customer... |
How can you streamline claims assistance? | • First of all, each customer must know what rights and what obligations they have in case of damage
• It will be inconvenient for the client and uncomfortable for you too if the client is asked for various documents, photographs, statements, minutes, etc., one after the other, instead of all these things being request... |
How can you streamline the transmission of policies? | • Renewed policies can be sent online, on WhatsApp or by email, accompanied by a brief description and the presentation of the information required for online payment
• Using online communication templates, the process of submitting the policy takes 2...3 minutes, compared to 30...60 minutes for the round trip and hand... |
How can you streamline the transmission of policies? | • There are situations in which traveling to the client is justified, because it represents an opportunity to sell him enough insurance
• This is the case for wealthy customers who can afford to purchase all the insurance they need, as well as business people
• Especially in the case of businesses, selling enough insur... |
How can you make the collection of installments more efficient? | • Here's a way of working that can save you good hours, or even days if you have a lot of clients, and gives you just as many hours - or days - for productive activities in return
• Instead of collecting installments in cash like 20 years ago, teach customers to pay online |
How can you use the time you have effectively? | • An intermediary does two types of activities:
- Productive activities, those that increase production
- Administrative activities, those that preserve its production
• The limited time allocated to insurance requires minimizing the time allocated to administrative activities, in order to maximize the time allocated t... |
How should you work if you are a part-time agent? | • If you carry out another activity, but the schedule is not rigid, so you have "windows" often enough, you can combine the two activities
• But if you also have a job that requires a fixed schedule, from the hour... to the hour..., then things get complicated
• What are the new premises in this case?
- First of all, y... |
How do you plan your activity if you can only work in the evening? | • If you can deal with insurance only in the evening, then it means that:
- You can call prospects only in the evening
- You can only have meetings in the evening
- You can do all the rest of the sales actions (bidding, issuing) only in the evening
- You can only study in the evening
• Meeting with the client must alwa... |
How do you plan your activity if you can also work during the day? | • Take advantage of the "windows" you have at work to...:
- Calling prospects
- You prepare offers
- Issue policies
- Learn
• Be careful when meeting with clients; tuck them in between tasks at work or put them on in the evening
• It is mandatory to call customers with the agenda in front of you, to see when you have t... |
How do you plan your daily activity? | • "Fill" your day with Prospecting + Phones + Meetings + Bidding + Learning
- Start using a personal database
• Write in it all your knowledge - yes, all -, without making assumptions about who will be insured and who will not; over time, experience will confirm that surprises can arise
• Then write down, daily, all th... |
How can you set your priorities? | • To deduce what is a priority and what can be postponed, filter each action you intend to take with the following question:
• What do I lose if I delay?
• If the answer is "I don't lose anything concrete", then postpone and do something that is important and urgent
• If the answer is "I lose..., that is, I lose someth... |
Why do people buy insurance? | • Why do people buy insurance?
• What does financial security mean?
• What risks can affect a family's financial security?
• What does it mean for a family to have enough insurance? |
Where can you get your motivation from? | • From your dream
• Yes, your dream of having lots of money and time to spend it can come true in insurance
• Think about it this way: what are the highest paying professions in our time?
• IT scientists, lawyers, doctors, notaries...
• Can you do ITst?
• Can you become a lawyer?
• Or doctor?
• Most likely not; if it w... |
Digitization: an ally or a foe for insurance intermediaries? | • Digitization is much more of an ally than an enemy
• Why enemy?
• Because, gradually, some of the compulsory policies and some of the popular policies will be easy to buy on the Internet
• And more and more customers will
• Why ally?
• First of all, because Romanians are not used to taking care of themselves; or in o... |
Who should you choose as a role model? | • Someone who makes money in a way that you can too
• If you will choose as your model an intermediary who earns well, but sells, for example, CAR policies worth tens of thousands of Euros, because he has relations at the mayor's office or in a party, and you do not have high-level relations either town hall, nor to an... |
What clauses for the insured (eg the parent) can be attached to the child's policy? | - Death insurance from any cause
- Accidental death insurance
- Permanent disability insurance
- Insurance of exemption from the payment of premiums in case of invalidity
• The types of clauses differ by insurer |
What child clauses can be attached to the child's policy? | - Surgery insurance
- Hospitalization insurance
- Insurance for burns
- Insurance for fractures
- Medical expenses
• The types of clauses differ by insurer |
What clauses can be attached to the policy for the child? | • The savings plan for the child can be attached...
• Additional clauses for the parent
• Additional clauses for the child |
What is the child savings plan? | • The child savings plan provides the child with a fixed amount at a fixed time, regardless of whether the insured - usually one of the parents - is alive or deceased during the term of the policy |
What information do you require to offer the child savings plan? | - What is your salary?
• Or the alternative: in which range are your incomes?
- How old are you?
- How old is the child?
- At what age do you want the child to receive the money saved (18...25 years old)?
- What amount do you want to save, annually (I recommend 5...8% of income)? |
What information do you require to offer the child savings plan? | • Try to propose a percentage of 7...8% of the income to begin with
• After you have obtained a level of the available premium, you can add with the question: "Do you agree to put the allowance?"
• Avoids the question "What amount do you want the child to receive at maturity?", because clients do not have the knowledge... |
What part of the insurance premium is invested? | • Part of the insurance premium is represented by the costs related to the policy (for example the risk premium, commissions, medical tests, FGA tax, correspondence, printing)
• Part of the insurance premium is invested; this part is called investment premium
• Little is invested in the early years because there are hi... |
What part of the insurance premium is invested? | • To the question "Well, isn't all my money invested, like at the bank?", the answer must be:
• We are not talking about a deposit, but about insurance, and protection has a cost
• Because the policy covers two risks – death and survival, the customer pays for each of them
• And the money for the risk of death is not r... |
What risks does the child savings plan cover? | • The actual policy covers two risks:
- Death of the insured, by taking over the payment of the premiums
- Survival of the beneficiary (child), by paying the guaranteed insured sum
• Recommendation:
• Complements the protection with death insurance and exemption from payment of premiums in case of invalidity of the ins... |
What is the role of the savings plan for the child? | • The policy guarantees the child that he will receive the insured amount at maturity, either if the parent is with him, or if a tragedy snatched him from the family life prematurely |
What happens to the child savings plan if premiums are waived? | • The policy remains valid but for a lower sum assured, called reduced sum assured |
What happens to the child savings plan if premiums are waived? | • In this case, the child will still have a savings plan, but "smaller", without the insured paying anything more
• A great advantage, isn't it?
• The guaranteed accumulated sum (or mathematical reserve) will continue to be invested, and the insurer will continue to guarantee the same technical interest |
What happens to the savings plan in the event of the insured's death? | • The savings plan for the child includes the clause of exemption from the payment of premiums in the event of the death of the insured
• This means that, in the event of the death of the insured, the insurer takes over the payment of the premiums, and when the policy matures, the child receives the same amount of mone... |
What happens to the savings plan in the event of the insured's death? | • The automatic inclusion of the exemption clause from the payment of premiums in the event of the death of the insured is a major advantage of the savings plan for the child
• However, optimal protection is offered to the child by the policy which contains, in addition to the savings plan for the child, two additional... |
What happens to the savings plan if the child dies? | • In the event of this tragedy, the insured, who is usually the parent, has two options:
- To collect the amount accumulated on the policy, without any penalty (so to receive the mathematical reserve and not the surrender value), plus the additional profit
- To convert the savings plan for the child into a mixed life i... |
What happens to the child's policy if the insurer goes bankrupt? | • Bankruptcy of a serious insurer is unlikely
• If, however, it does, then you are paid the surrender value on the date of bankruptcy
• The redemption value is paid...
- From the insurer's reserves, if they are sufficient
- From the Insured's Guarantee Fund, if the insurer's reserves are insufficient
• So whatever happ... |
What happens to the child's policy if they die? | • In this case, the "third parent" - i.e. the insurer - continues saving, instead of you, and the child receives the same amount at the maturity of the policy
• This is a unique advantage; no other savings instrument, which involves periodic, staggered payments, continues after the person's death |
What happens to the child's policy if I stop paying it? | • Your child will receive less money when the policy matures
• Specifically, he will receive a reduced sum assured, specified in the contract, plus additional earnings |
What amount does the insurer pay in case of termination of the child savings plan? | • The surrender value is the amount received upon termination
• The redemption value is a percentage of the guaranteed accumulated amount (mathematical reserve) |
What amount does the insurer pay in case of termination of the child savings plan? | • Terminating policies and obviously receiving a lower amount than what was paid is one of the main reasons for customer dissatisfaction
• Be prepared to deal with this topic
• Termination of the policy means breach of contract
• In order to pay the client the money due, the insurer must liquidate some investments
• Th... |
What total amount does the beneficiary (child) receive when the policy matures? | • The guaranteed technical interest is a minimum value that the insurers obtain, throughout the duration of the contract
• In reality, insurers usually get higher investment returns (improperly called "interests").
• Correct is the investment result and not the interest because the interest is specific to bank deposits... |
What total amount does the beneficiary (child) receive when the policy matures? | • For short-term contracts, so when the child is over 7 years old, the additional earnings can compensate for the fact that the guaranteed amount at maturity is lower than the amount of the premiums
• The additional profit is paid in any situation of termination of the contract: death, survival or termination |
What does capitalization mean? | • Capitalization (in popular terms "interest on interest" or "snowball effect") means the annual, repeated reinvestment of the amount existing at the end of the previous year
• It is important to remember that the guaranteed capitalization mechanism, specific to traditional life insurance, guarantees the client that hi... |
What does capitalization mean? | • There are also capitalized bank deposits
• But bank deposits usually have a duration of one year, the money can then be withdrawn without penalty, while a life insurance with capitalization has a long duration, usually 20...30 years
• Different financial instruments with different purposes |
How does the child savings plan work? | • Can you sell the child savings plan without understanding how it works?
• The truth is... yes
• But, out of ignorance, you risk misinforming or deceiving the customer
• Knowing how it works will give you security and help you logically answer questions and objections |
How can you present the savings plan for the child? | • The child will receive the amount of... lei at maturity, no matter what happens to you:
• May you be with him, and celebrate together
• Whether a misfortune took you away from your family
• In this tragic situation, your wife will receive, immediately, once again, the same amount that the child will receive at maturi... |
How do I answer questions about the child savings plan? | • To be more convincing, before answering the client, you can ask him a question about what you have already explained
• Involving the customer in the discussion will make them better understand the benefits of the insurance |
How do I answer questions about the child savings plan? | • Whatever the client asks, your answer must relate to two major aspects:
- Death protection and
- Guaranteed savings, including in the event of the parent's death |
How is the child savings plan inflation protected? | • An example of a mechanism:
• The insured amount increases annually with the inflation index
• The insurance premium increases with a percentage communicated by the insurer |
How is child policy inflation protected? | • The insurer annually increases the insured amount by the percentage of inflation
• In exchange for increasing the insured amount, the insurer requests an increased premium, correlated with the increase in the insured amount |
How do you get the guaranteed amounts at the end of each year? | • In terms of guaranteed (traditional) life insurance, of which the child savings plan insurance is also a part, capitalization means the following: every year the amount existing at the end of the previous year (called mathematical reserve) is invested, together with the premium of investments from the year starting
•... |
How do you get the guaranteed amounts at the end of each year? | • Remember: the guaranteed technical interest is guaranteed for the entire duration of the policy
• This means that no matter what happens in the economy, no matter how interest rates fluctuate, the insured, respectively the beneficiary - i.e. the child, benefits from the same minimum interest for the entire duration o... |
How is the money paid for the child's policy an investment? | • In order to obtain the guaranteed sum at the maturity of the policy, in any economic conditions, insurers invest the life insurance capital mainly in safe instruments
• At the level of the entire life insurance market in Romania, the structure of investments is as follows:
• ≈ 85% in bonds
• ≈ 15% in deposits, shares... |
How much money does the child get at the end? | • When the policy matures, the child receives the insured amount plus the additional earnings
• That is, he receives at least the sum insured, which is guaranteed by the contract |
How much money do I get back if I cancel the child's policy? | • If you cancel the policy within the first 3 years, you get nothing back
• If you terminate the policy from the 4th year onwards, you get the surrender value plus additional earnings on the date of termination
• The redemption value is specified in the contract for each individual year |
How do I know the insurer will pay all these amounts on the child's policy? | • You conclude a contract with the insurer
• Both you and the insurer must comply with this contract |
Can the child's policy be changed? | • Yes
• Most insurers accept policy changes on your anniversary
• If you wish to increase the insured amount, the insurer will request the completion of a new medical questionnaire |
What is an objection? | • An objection is a way of expressing dissatisfaction or concern
• Some customers, when they have a doubt, ask
• Others, when they have a concern, prefer to object, so as not to appear ignorant...
• If there were no objections, agents would probably sell many more policies….
• ... but the commissions would be much lowe... |
The client turned you down and nothing really happened to him; so was he right to refuse you? | • It is a very common situation
• The client refuses, months or years pass, nothing happens to him, and he concludes that he is invulnerable and therefore does not need insurance
• Is this conclusion logical?
• Not
• The only logical conclusion is that he was lucky in the past
• Are you right that he doesn't need insur... |
How do you find out the real objection by the "shut up and find out" method? | • The client nods implicitly; it is clear that something is bothering him
• What the?
• Shut up and wait
• If you're patient, it's possible that at some point the customer will say something like:
- "Who the hell can you trust anymore? Can't you see I'm going bankrupt one after another?" (so the objection is disbelief)... |
How do you find out the real objection by "ask and find out"? | • Ask
• You ask the client to say what is on his mind
• Here are some examples of clarification questions:
- Is it just me or is something bothering you?
- I feel that you have a dissatisfaction; this is true?
- I would like to move on, but I can tell that you have something on your mind... what is it about?
- Your loo... |
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