Clients are sometimes suspicious of all the different types of insurance they are offered. They can find it hard to believe that they really need income protection, or trauma insurance. A great way to help them with that decision is to show them some stats from a trusted third-party.
We got a local actuarial firm to provide us with some tables of risks that we could build into Quotemonster to make it really easy for you to include these in your insurance reports.
As with the pricing and research on Quotemonster we personalise these statistics to the age and gender of the person or people that you have entered into the quote. This makes the information so much more powerful: it isn’t just any number; it is a number relevant to them based on New Zealand experience.
To add a client risks report you need to prepare a quote just like usual – remember this is so we can choose the statistics relevant to them. When you get to the report stage you need to put a tick in the client risks report. Then hit the view report button, and you’re done.
Scroll through the report. Near the end of the document (depending on how many other items you added to the report) you will find this page. Note that there are risks given for each of the main risks you can quote on: death, becoming totally and permanently disabled, suffering a critical illness, and becoming temporarily disabled. We don’t have medical insurance on the list as nearly everyone that lives could claim on it at some point in their working lives.
Now look at the columns. There are risks shown for ‘just you’ which is the risk for just the one client. But the next two columns are more interesting: what is the risk that one out of a couple will suffer one of these problems? That’s higher. It is also the number that is more of a concern to most of the people you are creating reports for. We also show the risk for one out of four business partners to show how the risk grows with the size of the group – ideal for business insurance discussions.
The risk percentage shown is the risk that between the client’s current age and age 65 they will experience the problem – death or disability for example.
There are some oddities we are often asked about. Why does a male smoker have a slightly lower working-life risk of temporary disability? That’s because of the higher numbers of early deaths.
Anyway. Do use the client risks report and see how it can help you discuss risks with your clients and hopefully get them to extend the range of cover that they buy. We hope it will also get them to buy cover for their partners and business partners.