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Who’s afraid of the big bad banks?

Well, bank staff if Finsec are to be believed. Finsec recently did a survey of its members and found that they don't like selling insurance much.

Wednesday, June 16th 2010, 10:59AM 2 Comments

by Russell Hutchinson

Ask a silly question, get a silly answer, I say.

Of course they don't like selling insurance. Selling insurance is hard. The hardest bit is doing what society tells us is impolite: which is point out that most people have no plan for how to cope should they die or become disabled. We also point out that their families deserve better, and we've got a solution. Usually the solution costs less than a cup of coffee a day...

Apparently this is all horrid, nasty stuff, that no-one should be doing. But I've a northern friend who says "where there's muck, there's brass". What's more, many life brokers take pride in providing a solution which, if you've been around a while, you've seen relied upon by a desperate, grieving family. There's no reason why a bank staff member should not take the same pride in this vital work.

They even quote, horror of horrors that bank staff are required to ask clients about their ‘children's future' to ‘force the sale'.

Poor wee flowers.

Of course they are. In fact, I can't imagine why you wouldn't talk about the children's future (assuming the client has children) during the course of an insurance sale. It is, after all, about helping them. That's the point. Casting a few quick glances over life insurance training material recently I can't help but notice that it's all about product - how you are insured - and not very much about the purpose - why we are insured. Fortunately Finsec has reminded us that selling insurance is about asking the hard questions. I can't blame the bank staff for not liking it, they are hard questions. But I take a different view of the solution.

Here's a tip, if you are asking the hard questions, you are doing it right.


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Comments from our readers

On 18 June 2010 at 9:59 am Gerard said:
Perhaps then banks should not be selling insurance at all? If the staff can't get their heads around the purpose and really all they want to do is to stitch you into that top-up, Kiwisaver or foreign exchange(what is it that banks do?).I'm sure I could do a reasonable job of talking to my clients about saving and mortgages, but I'm an insurance adviser, not a bank - maybe we should all stick to our knitting!
On 21 June 2010 at 10:12 am Johnny Adviser said:
This was survey from a union remember, the people who care more about another .50c an hour for the members, rather than any contribution that could be made to bank customers life and well being.
Commenting is closed



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